Multilateral Cooperation for a Shared Tomorrow - Asian Financial Forum 2024
AFF is co-organised by FSTB and the Hong Kong Trade Development Council (HKTDC). Let me review the highlights and features of this year's forum.
Exploring Key Topics
The theme of this year's AFF, “Multilateral Cooperation for a Shared Tomorrow”, was chosen in response to the volatile and rapidly changing world, elevated geopolitical tensions, and high risks of economic decoupling. AFF provided a platform for participants to explore how to rekindle multilateral cooperation, guide the world towards sustainable development, and achieve a future of mutual benefits. The forum thus invited Professor Jeffrey D. Sachs, President of the United Nations Sustainable Development Solutions Network, to share insights on how responsible capitalism can shape a new blueprint for sustainable development. Professor Douglas W. Diamond, the Nobel Laureate in Economic Sciences in 2022 and a professor of finance, also provided alerts about the trends of geopolitical tensions and global economic fragmentation. I also personally moderated two Plenary Sessions on multilateral cooperation, which was joined by finance ministers from various countries and management of multilateral institutions, to have effective exchanges on facilitating cooperation and promoting sustainable development.
AFF has always been known for its diverse and in-depth discussions. This year’s forum included high-level topics such as international financial cooperation and promoting economic resilience, as well as discussions on specific subjects such as RMB internationalisation and opportunities in the Mainland China. It encompassed subjects such as global economic outlook and investment trends, while also addressing hot topics like green and sustainable finance, and fintech. I am delighted that AFF attracted over 140 distinguished speakers who shared their insightful analysis and perspectives.
Facilitating Exchanges
In addition to discussing how to promote cooperation, the forum also provided a platform to promote substantive collaboration by allowing more than 3 600 participants from over 50 countries or regions to get to know each other, exchange ideas and seek opportunities for cooperation. Personally, I am very happy to have the opportunity to reunite with officials from ASEAN, the Middle East and Europe, with whom I have developed connections during my duty visits. This opportunity allowed me to engage with them on world, regional and bilateral issues, as well as to share first-hand information about the current situation in Hong Kong.
In addition, two important documents were signed at AFF, including the Comprehensive Avoidance of Double Taxation Agreement between the Hong Kong Special Administrative Region Government and the Government of Croatia, and the memorandum of understanding between the Financial Services Development Council of Hong Kong and the Financial Sector Development Program of the Kingdom of Saudi Arabia, serving as new avenues for strengthening cooperation and enhancing connectivity.
Making Good Use of Hong Kong’s Advantages
AFF effectively leveraged Hong Kong’s characteristics as a “super connector”, bringing together businesses and capital from around the world and providing them with commercial and investment opportunities. In particular, AFF featured the InnoVenture Salon and FintechHK Startup Salon, where startups showcased their innovative ideas. Additionally, the AFF Deal-making arranged over 700 one-on-one meetings over two days, successfully connecting investors with projects owners.
At the same time, we and the HKTDC made good use of the opportunity – that participants from diverse sectors gathered for the forum – to tell the good story of Hong Kong and showcase Hong Kong’s vibrant colours. This year, AFF arranged with multiple partnering organisations special experiential activities for participants, including free admission to the Hong Kong Palace Museum, tour of Hong Kong aboard an open-top sightseeing bus or Hong Kong's iconic red-sail junk boat, dining discounts, guided tours, etc. to show them Hong Kong’s culture and vibrancy. I also took up the role of a host and invited Dilma Rousseff, President of the New Development Bank, to a local “cha chaan teng” in Wan Chai to savour authentic Hong Kong cuisine.
National Support for Hong Kong
One of the highlights of this year’s AFF is that The Minister of the National Financial Regulatory Administration (NFRA), Mr Li Yunze, came in person and delivered special remarks. Minister Li pointed out that the NFRA will continue to strengthen bilateral regulatory co-operation with Hong Kong, promote higher-level opening up to Hong Kong and Macao under the framework of CEPA, and fully support Hong Kong to leverage its unique advantages under the "one country, two systems" principle, so as to continuously reinforce and enhance Hong Kong's status as an international financial centre. The initiatives include further deepening the connectivity between the financial markets in the Mainland, Hong Kong and Macao; enhancing opening up of Mainland's banking and insurance sectors to Hong Kong and Macao; supporting Hong Kong in consolidating its role as a global offshore Renminbi business hub; and supporting Chinese financial institutions to anchor in serving the Hong Kong market.
Minister Li’s presences clearly demonstrated the support of our country for Hong Kong’s development, buttressing our efforts in consolidating Hong Kong’s position as an international financial centre. We will continuously enhance the competitiveness of the financial services industry, while further deepening financial co-operation with the Mainland and actively integrating into the national development of the reforming and opening-up of the financial market.
To Conclude
The longstanding success of AFF can be attributed to Hong Kong’s unique advantage as a “super-connector” and a “super value-adder”. As Minister Li Yunze said at the forum, “as an international financial centre where East meets West and charm abounds, Hong Kong will definitely develop greater vitality and competitiveness, further contributing to prosperous development of the Asian regions.” We will certainly make true Minister Lee’s kind words and encouragement, maximise utilisation of Hong Kong’s advantages, actively integrate into the overall national development, and contribute to the development of the region and the world.
Regarding the successful organisation of AFF, I would like to express my sincere gratitude to the co-organiser, HKTDC, for their professional performance, to the partnering organisations for their wholehearted support, and to friends from all over the world for their active participation. It is thanks to all of you that the forum has achieved such great success. I eagerly look forward to the arrival of the next edition of the forum.
Lastly, I would like to take this opportunity to extend my early Chinese New Year greetings to everyone. May this year bring prosperity in business, good health, and smooth sailing in all endeavours.
29 January 2024