Global summit in Hong Kong focuses on new model of global economic development

HONG KONG, April 8 (Xinhua) -- A global investment summit held by the HSBC Group kicked off on Monday in Hong Kong, highlighting the shaping of the global economy by new networks of influence, finance &trade, and innovation.

The three-day-summit provided a platform for exchange of thoughts and ideas between around 3,000 attendees, including investors, corporate representatives, regulatory representatives and academics from around the world. They will discuss new geopolitical challenges, new trends in global investment, Hong Kong's economic prospects, and some other topics.

John Lee, chief executive of the Hong Kong Special Administrative Region (HKSAR), said at the summit that Hong Kong's long-term prospects are bright and wide-ranging under the "one country, two systems" principle, which ensures the continuous growth of Hong Kong's long-standing institutional strengths, from the rule of law and the world-renowned judiciary backed with independent judicial power, a low and simple tax regime, and much more.

These longstanding advantages enable Hong Kong to play a unique role as a "super connector" and "super value-adder" between the Chinese mainland and the rest of the world, Lee added.

Lee said that Hong Kong will continue to build on its well-established position as an international financial center, increase mutual market access with the Chinese Mainland, and reinforce Hong Kong's status as the world's offshore Renminbi hub.

The city is also determined to sustain its green bond issuances.

At the end of 2023, Hong Kong's stock market had a capitalization of almost 4 trillion U.S. dollars, which was more than 10 times Hong Kong's GDP, indicating that Hong Kong remains among the world's top fundraising destinations, Lee said.

HSBC Group Chairman Mark Tucker said that China's economy is transforming into a more diversified and sustainable growth model that can contribute to the global economy. The HSBC Group is positive about China's medium and long-term development prospects and is confident in the opportunities brought by China as a consumer market and investment destination.

Tucker believed that Hong Kong will continue to be a major international financial center in the world and play a more critical role with the economic growth of the Chinese mainland and the deepening of opening up to the outside world.