Finance a ‘battleground without gunpowder smoke’, says Paul Chan

Securing the city’s financial safety is not only important to Hong Kong but also to China, says finance minister Paul Chan Mo-po as he describes finance as a “battleground without gunpowder smoke”. 

In an interview with Sing Tao Daily, Chan said people with ill intent can wreak havoc in a place via finance and Hong Kong – also an important international financial hub for the China – must stay very vigilant. 

The city has to ensure the smooth operation of the financial market and monitor the flow of capital as it enters and exits Hong Kong so as to reduce the possibility of exposing the mainland to unnecessary risk, he added. 

Chan continued that the task force led by him comprises different government department and financial institutions and monitors the market round-the-clock. 

“We will not allow situations, like how the stock and currency markets were impacted after the handover, to pose risks [to Hong Kong] again,” he said. 

The government has also formulated different proposals to “extinguish” possible financial risks and has a communication mechanism in place among various financial regulators. 

Chan agreed to the saying that Hong Kong has a rock-solid financial firewall that is hard to penetrate and noted that the government also has a communication mechanism with the mainland so that it can swiftly respond to troublemakers alongside Chinese counterparts. 

The finance chief also said the government always receives the same clear message from international financial bodies and funds that a safe and stable environment is the top priority for them when considering to make investments. 

Investors were deterred by the social environment of Hong Kong when it was rocked by the unrest in 2019, Chan added, saying that safety is a premise for development.