Financial Secretary Paul Chan promotes Hong Kong’s economic advantages during U.S. visit

Photo shows Mr Chan (first left) interacting with local guests at the luncheon.

29th May 2024 – (San Francisco) Paul Chan, the Financial Secretary of Hong Kong, embarked on his visit to the United States on May 28, commencing his trip in San Francisco. During his visit, he delivered a keynote speech at a business luncheon and witnessed the signing of a Memorandum of Understanding (MOU) between Invest Hong Kong (Invest HK) and partners in the San Francisco Bay Area.

The business luncheon, co-organised by the Hong Kong Economic and Trade Office in San Francisco and the Bay Area Council, provided an opportunity for Mr. Chan to showcase Hong Kong’s current economic situation and development directions to local businesses and innovation sectors. He emphasised the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), highlighting Hong Kong’s role as an international financial centre and a hub for innovation and technology. He also highlighted Hong Kong’s position as a “super connector” within the GBA, creating business opportunities for companies from Silicon Valley and the San Francisco Bay Area. Mr. Chan emphasised Hong Kong’s innovation capabilities, comprehensive financial services, thriving venture capital ecosystem, concentration of international research talent, and the convergence of Mainland and international data, all of which make it an attractive destination for innovative enterprises seeking to enter the GBA and other parts of Mainland China and Asia.

In his speech, Mr. Chan also emphasised that Hong Kong continues to operate under the “one country, two systems” principle, maintaining the common law system, free flow of capital, talent, information, and goods. He highlighted Hong Kong’s low tax regime, linked exchange rate system, robust law and order situation, and alignment with international business standards as clear advantages for investors.

During the luncheon’s panel discussion, key figures from Hong Kong’s financial and technology sectors, including the Executive Director of the Hong Kong Monetary Authority, the Co-Head of Markets at the Hong Kong Exchanges and Clearing Limited, and the Chief Public Mission Officer of the Hong Kong Cyberport Management Company Limited, highlighted developments in financial markets, initiatives supporting innovation and technology, and support for start-ups.

Additionally, Invest HK and the Bay Area Council signed an MOU to promote investment promotion exchanges between Hong Kong and the San Francisco Bay Area, focusing on green economy and sustainable development cooperation.

Mr. Chan also visited start-ups from the Hong Kong Science Park, engaging with companies involved in biodegradable materials, new building materials, online marketing, smart robotics, and AI inspection. He encouraged collaboration between these start-ups and local institutions to enhance Hong Kong’s innovation and technology ecosystem.

Furthermore, Mr. Chan met with Jim Coulter, Founder and Executive Chairman of TPG, an alternative asset management company, to gain insights into their development plans in Hong Kong.

During his visit, Mr. Chan also met with the Consul General of China in San Francisco, Mr. Zhang Jianmin, to discuss cooperation between the GBA and the San Francisco Bay Area, China-US relations, and the latest developments in Hong Kong.

On 29th May, Mr. Chan will lead a delegation from the Hong Kong Special Administrative Region Government (SAR) to participate in the Bay to Bay Dialogue between the California Bay Area and the Guangdong-Hong Kong-Macao Greater Bay Area, as well as the US-China High-Level Event on Subnational Climate Action, alongside delegations from Guangdong Province and the Macao SAR.