Hong Kong is a natural bridge to Central Asia’s growing economy, HKAB’s Stephen Chan says

Central Asia is gradually becoming one of the new growth engines of the global economy, said Stephen Chan Man, acting chairman of the Hong Kong Association of Banks and deputy chief executive of Bank of China (Hong Kong). 

As Sun Yu, chairman of the Hong Kong Association of Banks and vice chairman and chief executive of Bank of China (Hong Kong), will join Chief Executive John Lee Ka-chiu to visit Central Asia next month, Chan noted that the two major economies in the region – Kazakhstan and Uzbekistan – are actively promoting market opening, financial reforms, and infrastructure modernization.

Kazakhstan and Uzbekistan are hubs for foreign investment entering Central Asia, while Hong Kong is a hub for foreign investment entering East Asia and Southeast Asia. Chan said that if these two hubs are effectively connected, they can form an efficient, stable, reliable, and trustworthy financial and commercial corridor.

Central Asian countries face continuously rising demand for services like cross-border payments, letters of credit, and supply chain financing, especially in the fields of energy, minerals, agricultural products, and manufacturing, he said.

Chan also said Hong Kong is the world's largest offshore yuan hub, with the largest dim sum bond market and the most comprehensive yuan financial ecosystem, including deposits, foreign exchange, bonds, and liquidity pools.

Furthermore, Chan said Hong Kong's status as a commodity and gold trading center is increasingly consolidated, which can provide tailored capital financing solutions for Central Asian advantage industries like mining companies, attracting them to finance or list in Hong Kong.

He noted that Hong Kong serves as both a super-connector and a capital bridge linking global capital to emerging opportunities in Central Asia. During the trip, Chan said HKAB will explore cooperation in areas ranging from financial infrastructure and project financing to capital market operations.

Following the industry forum between HKAB and Kazakhstan in April, Chan stated that the association's delegation visit in June will enhance their understanding of local policies and market prospects.
 

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