China's financial policymakers are in Hong Kong this week meeting bankers to seek ways to bolster the city's status as a hub for investments, deals and talent.

The Ministry of Finance convened a meeting yesterday with bankers as authorities step up efforts to bolster confidence, people familiar with the matter said, asking not to be identified discussing private information. HSBC (0005), Standard Chartered (2888), and Bank of China (Hong Kong) (2388) are among those invited, the people said.

The discussions will center on how to enhance Hong Kong's position as an international finance center, its risks and challenges, and how strengthening ties with mainland China can help consolidate its status as a hub, the people said. The ministry didn't respond to a fax seeking comment.

This came as Hong Kong was criticized as "a ruin of global financial center" despite the government's denial, with its local stock market being among the worst-performing globally this year and a plunge in initial public offerings.

Rival hubs including Singapore have been the beneficiaries with heavy inflows of money, and India's stock market is fast gaining on Hong Kong's market in terms of size.

China's top leaders in early November committed to fully back Hong Kong in maintaining its unique status and strengths. Central bank governor Pan Gongsheng has pledged to intensify collaboration with Hong Kong, emphasizing the city's pivotal role as a link to international markets. He also met with international banks including Morgan Stanley and Goldman Sachs Group.

City leaders have been adamant that Hong Kong is open for business and not losing its luster. They have sought to stem the brain drain by issuing new visas for top talent, taken steps to lure more family offices and have held high-level summits with top bankers.

Meanwhile, Hong Kong stocks dropped 145 points, or 0.9 percent to close at 16,228 points as a key economic meeting in Beijing disappointed investors due to lack of greater stimulus.

Separately, the Hong Kong Associations of Banks is holding a two-day "International Digital Inclusion Community Programme" carnival to raise awareness among different age groups about identifying and preventing various scams.

The local bourse has been the worst performer globally this year. Sing Tao

Chinese leaders meet local bankers in bid to revive hub