GUANGZHOU, CHINA – APRIL 6: Chinese Vice Premier He Lifeng prepares for a meeting with U.S. Treasury Secretary Janet Yellen on April 6, 2024 in Guangzhou, China.
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Chinese Vice Premier He Lifeng on Tuesday vowed to boost Hong Kong’s competitiveness by investing in the city’s innovation and strengthening its financial policies.
Speaking at the third Global Financial Leaders Investment Summit, hosted by the Hong Kong Monetary Authority, He reiterated Beijing’s commitment to “explore and implement” measures aimed at building Hong Kong as an “international financial center.” That’s according to CNBC’s translation of his spoken Mandarin.
Beijing’s stimulus measures have already “benefited” Hong Kong, said He, who oversees a top-level economic and financial policy-making body. “The upward trajectory of the economy is more certain.”
Following He’s speech, Li Yunze, minister of China’s National Financial Regulatory Administration, along with with Wu Qing, Chairman of China Securities Regulatory Commission and Zhu Hexin, deputy governor of People’s Bank of China, are set to discuss mainland China’s financial developments in a panel.
Some of the world’s largest banks have moved to scale back operations and cut jobs in Hong Kong and mainland China amid a prolonged dearth in listing and deal-making activities.
The exodus of capital made the city’s Hang Seng the worst-performing major index last year, according to LSEG data.
Operators of Hong Kong’s stock exchange have pointed to signs of pickup in the third quarter as Beijing unveiled a raft of stimulus measures to bolster its flagging economy.
Speakers at the three-day conference include high-profile global bankers such as JPMorgan Chase President Daniel Pinto, Morgan Stanley chief executive officer Ted Pick, Citigroup CEO Jane Fraser and Goldman Sachs CEO David Solomon.
This is a developing story. Please check back later for more updates.
