The highly anticipated global financiers and bankers meeting closed on Thursday last week. It ended hopeful for Hong Kong investors, as foreign attendees welcomed their unopposed involvement as proof that the city can now halt Covid-19 restrictions. In general, “business as usual” was the primary message attendees reinforced and repeated throughout the meeting. The city has now opened its borders to leisure & corporate travel.
HKMA (Hong Kong Monetary Authority) led the event on Tuesday in a closed-door meeting between the city’s financial officials and some invited bankers at the de facto central bank’s office. On the other hand, the first day of the public summit featured several panel discussions with C-suite leaders from the most prominent investors, funds, and banks. They discussed corporate governance, social life, the future of finance, sustainable finance, and uncertainties.
Meanwhile, three financial regulators from China spoke in pre-recorded English discussions, reiterating the mainland government’s pledge to enhance and develop the city’s role as an economic hub. All the speakers did not wear masks, pushing China to halt Covid-19 restrictions. The final day featured two-panel dialogues seeking to move Hong Kong forward to paperless transactions. Besides, they discussed value management during volatile markets and its creation amid uncertainty.
According to the attendees, markets, talent, lingering post-Covid-19 economic impacts, climate change, geopolitical tensions, and global inflation were the primary concerns across mainland China, Hong Kong, and other neighboring economies. Singapore was a concerning economy as various international financiers and banks struggled with an exodus of workers fed up with the previous Covid-19 restrictions in Hong Kong.
Overall, the summit did not end without causing some drama. Two United States lawmakers pushed US bankers to reconsider their participation in the meetings a few days before the conference started. They claimed that their involvement would contribute to human rights abuses laws across the Chinese government. Unfortunately, their call got roundly condemned and ignored mainly by Hong Kong officials.
Although the summit ended last week, some financiers and bankers are still traveling over the city to meet clients and staff. For instance, HSBC’s Quinn is still in the city to attend the Hong Kong Sevens since the bank sponsors rugby tournaments in the city. Above all, the HKMA looks forward to hosting another similar summit in 20223 to mark its 30th anniversary. Luckily, many attendees were satisfied with the event and were willing to attend the meeting next time.
Thank you for your attention and stay tuned for the most recent financial market changes. KQ Markets also provides an opportunity to open a free demo trading account. One can also start trading journey by learning to trade and practise at demo account. You can also direct access economic calendar here for free.
Inflation Report Shows Consumer Prices Rose 7.7% from Year Earlier
