Financial Secretary Paul Chan Mo-po will attend the annual meetings of the International Monetary Fund (IMF) and World Bank Group (WBG) in Washington this week as a member of the Chinese delegation.
In his blog on Sunday, Chan noted that in the face of persistent geopolitical and economic uncertainties, he believes that communication, dialogue, and open exchanges can help eliminate misunderstandings and enhance mutual understanding, leading to greater trust.
During his visit to the United States, he plans to meet with local financial institutions and investors to introduce Hong Kong’s latest developments and advantages, particularly the potential of the Northern Metropolis and the opportunities in the Greater Bay Area.
The IMF and WBG meetings will run from Monday to Saturday, covering topics including the current state and outlook of the global economy, finance, international trade, global supply chains, climate change, and digital transformation.
Chan noted that there are uncertainties in global economic and market outlooks each year, but factors such as geopolitical tensions, protectionism, unilateralism, tariff wars, and the financial market conditions of major economies raise concerns about the risks facing international markets in the coming year.
Despite an overall positive trend in global financial markets this year, the international gold price has reached a historic high, and prices of certain digital assets have fluctuated significantly, reflecting a global market increasingly focused on diversifying away from the US dollar to reduce risk, he said.
Chan added that Hong Kong’s financial market is thriving this year, with robust initial public offering (IPO) activities, and the stock market has increased by about 30 percent to date.
The participation of international investors in the local stock market, bond market, foreign exchange, and wealth management sectors has significantly increased, especially in the IPO market, where the funding and participation rate of foreign cornerstone investors have reached a five-year high, he said
