13th January 2025 – (Hong Kong) During his speech at the Asian Financial Forum today, Chief Executive John Lee highlighted Hong Kong’s robust position as a leading international financial centre and its readiness to drive future economic growth. Addressing an audience of around 3,600 influential financial leaders, policymakers, and business executives from over 50 countries, Mr Lee emphasised the theme of this year’s forum: “Powering the Next Growth Engine.”

Mr Lee noted that Hong Kong continues to thrive as a nexus for finance and investment, positioned strategically between East and West. He highlighted that Asia’s economy, excluding Japan, is projected to grow by approximately 4.4% this year, significantly outpacing the global average of 2.7%. This growth is expected to be buoyed by Hong Kong’s ongoing initiatives and policies aimed at enhancing its market competitiveness.

The Chief Executive cited several key indicators of Hong Kong’s financial health, including its ranking as the third-largest global financial centre and first in Asia, according to the latest Global Financial Centres Index. He highlighted the strong support from mainland China, facilitated by the “one country, two systems” framework, which has allowed Hong Kong to strengthen its global ties.

Mr Lee also discussed the city’s achievements in trade agreements, with Hong Kong having signed 24 investment agreements and nine free trade agreements to date. He expressed optimism about joining the Regional Comprehensive Economic Partnership, which would further enhance Hong Kong’s trade network.

In terms of wealth management, Mr Lee revealed that Hong Kong managed approximately $4 trillion in assets in 2023, with a notable increase in family offices, indicating a growing interest from ultra-high-net-worth individuals. He projected that by 2028, Hong Kong could emerge as the world’s largest cross-border wealth management centre.

The Chief Executive elaborated on Hong Kong’s position as the foremost hub for offshore Renminbi transactions, processing about 80% of the world’s offshore Renminbi payments. He noted significant growth in the stock market, which surged by 18% last year, solidifying Hong Kong’s status as a major player in initial public offerings.

Looking forward, Mr Lee outlined three strategic areas of focus: enhancing existing advantages in asset management, exploring new growth opportunities such as an international gold trading centre, and expanding Hong Kong’s overseas network, particularly within the Belt and Road Initiative.

Sources: Dimsum Daily