China News Service, Hong Kong, November 11 (Reporter Wei Huadu) Hong Kong Special Administrative Region Chief Executive John Lee attended the second International Financial Leaders Investment Summit in Hong Kong on November 7 and delivered a speech. He said that last year he described Hong Kong's return to the world stage, and this year Hong Kong is now at the centre of the world stage, creating opportunities for business, finance and investment. With the advantages of "one country, two systems" and the rule of law, Hong Kong remains one of the most competitive economies in the world.
Lee said that although Hong Kong's economy has recovered, the global situation is more complex and challenging than ever, and the low inflation and low interest rate environment of the past 10 years is no longer replaced by a macro environment dominated by high interest rates, which suppresses export demand and economic growth. Geopolitical risks multiply, squeezing international trade and complicating global supply chains.
Mr Lee said that as a free and open economy, Hong Kong is inevitably affected by headwinds in the global economy. However, benefiting from the "one country, two systems" arrangement, the implementation of the same common law as many major financial centres around the world, and Hong Kong's position as a gateway between the Mainland and the international market and a conduit for global capital flows, Hong Kong's unique advantages as an international financial centre have been enhanced.
Mr Lee said a vibrant capital market is critical to its continued success as an international financial centre, and in his new policy address he proposed a reduction in stamp duty rates on stock transactions, a capital investment entrant scheme to attract foreign capital, and a strengthening of asset and wealth management businesses, financial services and related professional services. Hong Kong will also continue to strengthen its economic and financial ties with the Mainland, especially with the Guangdong-Hong Kong-Macao Greater Bay Area. (ENDS)