Li Jiachao: Hong Kong's leading position in global finance is indispensable. The first September IPO raised about 50 billion US dollars, second in the world

The Zhitong Finance App learned that Hong Kong Chief Executive Li Jiachao said in his speech at the International Financial Leaders Investment Summit that the summit brought together about 280 global financial leaders, including about 120 group chairmen and chief executives, showing that despite profound changes in the global situation, Hong Kong is still indispensable for global financial leadership.

Li Jiachao pointed out that the theme of this summit is “Thinking for Change and Exploring New Situations.” He said that long-standing market assumptions are being tested, that strategies that worked in the past can no longer guarantee success, global financial rules are being rewritten, and artificial intelligence is completely changing the competitive landscape of various industries and economies. He mentioned that the government released Hong Kong's first five-year plan earlier, which sets a clear direction for consolidating Hong Kong's position as an international financial center, a global offshore RMB business hub, an international asset and wealth management center, and an international risk management center, and provides certainty to the market.

Li Jiachao said that while formulating a strategic blueprint for Hong Kong's development, ensure that its value proposition remains the same, that is, Hong Kong's competitive advantages under “one country, two systems”: the vitality of the common law system, the free circulation of capital and information, the free market with zero tariffs, a simple and low tax system, and the advantage of connecting the huge mainland market to the world. Finance will continue to be Hong Kong's strength. In the first nine months of this year, Hong Kong's initial public offering raised about 50 billion US dollars, ranking second in the world. Hong Kong is still the world's leading offshore RMB business hub.

Li Jiachao said that at a time when the global financial layout is being reshaped, investors' demand for certainty, clarity and confidence remains unchanged, and Hong Kong can meet these needs. He said that Hong Kong is making a big splash on the stage with fresh ambitions.