Financial Secretary Paul Chan’s visit to Germany focuses on financial cooperation

Photo shows Mr Chan (right) in a photo with the President of European Central Bank, Madame Christine Lagarde (left) before the meeting.

27th September 2023 – (Frankfurt) Financial Secretary, Mr Paul Chan, embarked on a visit to Germany following his stay in Berlin. On 26th September, Frankfurt time, Mr Chan arrived in Frankfurt to continue his engagements in the country.

During his visit to Frankfurt, Mr Chan had an important meeting with Madame Christine Lagarde, the President of the European Central Bank. The discussion centred around the latest economic and financial market developments in Hong Kong, with Mr Chan sharing valuable insights gathered during his European visit. Responding to Madame Lagarde’s inquiries, Mr Chan emphasised Hong Kong’s unwavering commitment to the “one country, two systems” principle, ensuring the long-term preservation of the common law system, the rule of law, and the free flow of capital, information, people, and goods. He also emphasised the continued maintenance of the linked exchange rate system. Furthermore, Mr Chan expressed Hong Kong’s dedication to fostering a more vibrant financial market, strengthening ties with the mainland’s financial markets, attracting international enterprises to leverage Hong Kong’s fundraising platform, and further developing the offshore renminbi business. These efforts aim to bolster Hong Kong’s position as a leading international financial centre. The two representatives also exchanged views on economic landscapes and trends in the Mainland, Asia, Europe, and the world.

Photo shows Mr Chan (second left) calling on the President of European Central Bank, Madame Christine Lagarde (first right).

Later in the afternoon, Mr Chan visited Deutsche Bank, where he met with the President and Chief Financial Officer, Mr James von Moltke. The purpose of the meeting was to gain insights into Deutsche Bank’s business development in both Hong Kong and global markets while also discussing the collaboration between the financial markets in Hong Kong and Germany. Mr Chan highlighted Hong Kong’s commitment to maintaining an open and transparent financial regulatory system aligned with international standards. He also emphasized the expansion and deepening of the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, which presents significant opportunities for international financial institutions to expand their asset and wealth management businesses in Hong Kong. Mr Chan further extended a warm welcome to international financial institutions, including Deutsche Bank, to hold board meetings in Hong Kong, as this facilitates a better understanding of the city’s actual situation and the vast opportunities offered by the Greater Bay Area.

Before concluding his visit in Frankfurt, Mr Chan paid a visit to a local accelerator company that offers services to fintech startups. This provided an opportunity for him to gain insights into the company’s operations and business model. Mr Chan took the opportunity to brief the company’s co-founder on Hong Kong’s thriving startup ecosystem while exchanging ideas on fostering innovation and technological development through enhanced cooperation between startups and established enterprises.

Having completed his engagements in Germany, Mr Chan departed Frankfurt on the evening of 26th September, Frankfurt time. His return to Hong Kong is expected in the afternoon of 27th September, Hong Kong time, where he will continue his efforts to strengthen economic ties and promote financial cooperation.