Shanghai, Hong Kong key drivers of China's financial system: Standard Chartered HK chief

Standard Chartered Hong Kong's chief has described Shanghai and Hong Kong as “twin engines” driving China's financial system, underscoring the two cities' pivotal roles and complementary strengths in the country's broader financial development strategy.

Speaking at the Lujiazui Forum in Shanghai, Mary Huen Wai-yi, chief executive of Standard Chartered Hong Kong and chair of the Hong Kong Association of Banks, said both cities can work together to offer more financing options for innovation-driven companies at different growth stages – supporting China's drive for high-quality development through the rise of so-called “new productive forces.”

Huen said Shanghai's development as an international financial center is a key part of China's national strategy, supported by a comprehensive market structure and rapid progress in fintech. Hong Kong, she added, serves as a vital bridge between mainland China and global markets, facilitating the flow of capital and resources in both directions.

Huen also highlighted the growing potential for financial collaboration between mainland China, Hong Kong, and the Middle East. She noted that governments in the Gulf region are increasingly interested in sectors such as renewable energy, artificial intelligence, digital assets, and tokenization of financial infrastructure – a trend that aligns with China's push to develop new productive forces overseas.

STAFF REPORTER