HK has an edge on rivals says Yue

Finance | Staff reporter 24 Mar 2021

Hong Kong Monetary Authority chief executive Eddie Yue Wai-man said Hong Kong's financial system is competitive, as indicators such as the capital adequacy ratio and bad debt ratio of the banking industry are ideal compared to other international financial centers.

Coupled with the advantages of professional services such as law and accounting, and the internationally recognized common law, Hong Kong's financial industry is a cornerstone for future development, Yue told an online forum.

Speaking on the prospects for Hong Kong's financial industry, Yue reckoned that they mainly revolve around three major opportunities: the mainland's integration with international standards, financial technology and green finance.

Financial Secretary Paul Chan Mo-po told the forum that Hong Kong expects economic growth of between 3.5 and 5.5 percent this year.

However, Peter Wong Tung-shun, the deputy chairman and chief executive of The Hongkong and Shanghai Banking Corporation, said that the impact of the pandemic on the global economy has not fully emerged yet.

And Hong Kong Exchanges and Clearing (0388) chairman Laura Cha Shih May-lung said the bourse has launched microstructure enhancements such as volatility control mechanisms to stabilize the market.

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