Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Hong Kong leader Carrie Lam tells Asian Financial Forum the city is withstanding protests, US-China trade war

City’s status as a global financial hub has not been undermined by anti-government unrest and other unprecedented pressures, chief executive says. Lam tells overseas investors and leading lights in finance world that Hong Kong ‘will bridge our divide’

Hong Kong’s financial system has not been undermined by the protests and remains stable, the city’s leader told overseas investors and policymakers on Monday.

Carrie Lam Cheng Yuet-ngor acknowledged in her speech to the Asian Financial Forum that the city had faced unprecedented challenges over the past two years from the global economic downturn, US-China trade war, political uncertainties and months of anti-government unrest in Hong Kong.

But in a bid to reassure delegates, who included leading finance experts, she said the city was withstanding the pressure and the divisions in society would be resolved.

“If we cannot direct the wind, we can surely adjust our sails,” Lam said at the opening of the two-day forum in Wan Chai, which is attended by thousands of global investors and policymakers.

She added the “strengths and resilience” of the city’s financial systems “have not been undermined despite [the fact] we have experienced considerable unrest and challenges in recent months”.

“Through the concerted efforts of the government and the people of Hong Kong, I am confident that we will bridge our divide,” Lam said.

The annual forum, co-organised by the Hong Kong government and the Trade Development Council, gathered more than 100 financial experts to examine the global economic landscape in forums and panel discussions at the Hong Kong Convention and Exhibition Centre.

At one of the plenary sessions at the forum, hundreds of participants were asked to vote on what would be the major challenge for global growth this year.

Thirty-nine per cent chose trade tensions between China and the United States, while 34 per cent saw intensifying geopolitical risks as the biggest obstacle.

Lam said amid “large and alarming” geopolitical concerns, the administration appreciated the city’s unique role in fast-growing Asia, and had been “busy making the most of Hong Kong’s manifold advantages” and forging connections between businesses, investors and financial markets.

She added Asian economies would this year surpass the rest of the world combined for the first time in purchasing power, which she described as “a quantum leap” on a few decades ago.

The embattled chief executive said financial technology would remain as one of the high priority sectors.

Last year the government issued eight virtual banking licences and two virtual insurer licences, Lam added, while an instant payment system launched in 2018 now handled transactions totalling HK$2,385 million (US$307 milion) every day.

The protests started in June with a peaceful mass rally against the now-withdrawn extradition bill, but have escalated into a wider anti-government movement fuelled by allegations of police brutality and the campaign for more democracy, with hard-core elements resorting to violence.

Despite Lam’s reassurances, Mohamed Hasan, business development manager of India-based company Transvision Shipping, said it would not be easy to rebuild business confidence dampened by the months long anti-government protests, especially with their business partners in mainland China, who had been reluctant to visit the company’s Hong Kong office.

He said: “Until last week, our Chinese agents would still rather go to Macau or Shenzhen but not Hong Kong for meetings. They don’t feel safe here.

“How can we make our business flourish even when transport can sometimes be a problem [when protests take place]?” he said, adding he hoped the government would provide constructive political solutions to end the turmoil.

Saliba Sassine, managing director of BlueMount Capital, an Australian company which provides advisory services to Chinese companies, said while Hong Kong’s political unrest triggered anxiety in many sectors, he remained positive for the city’s important role in connecting them to mainland investors.

Sassine said the protests were an "internal matter and would become manageable, adding: "We will have to be patient. We still count on Hong Kong to connect us to the huge China market in long run.”

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Altman Says GPT-5 Already Outpaces Him, Warns AI Could Automate 40% of Work
Russian Research Vessel 'Yantar' Tracked Mapping Europe’s Subsea Cables, Raising Security Alarms
Global Cruise Industry Posts Dramatic Comeback with 34.6 Million Passengers in 2024
U.S. Demands Brussels Scrutinize Digital Rules to Prevent Bias Against American Tech
Private Equity’s Fundraising Surge Triggers Concern of European Market Shake-Out
Tokyo’s Jimbōchō Named World’s Coolest Neighbourhood for 2025
European Officials Fear Trump May Shift Blame for Ukraine War onto EU
The Personality Rights Challenge in India’s AI Era
Italy Considers Freezing Retirement Age at 67 to Avert Scheduled Hike
Italian City to Impose Tax on Visiting Dogs Starting in 2026
Study Finds No Safe Level of Alcohol for Dementia Risk
Trump Says Ukraine Can Fully Restore Borders with NATO Backing
Europe Signals Stronger Support for Taiwan at Major Taipei Defence Show
Germany Weighs Excluding France from Key European Fighter Jet Programme
Cyberattack Disrupts Check-in and Boarding Systems at Major European Airports
Björn Borg Breaks Silence: Memoir Reveals Addiction, Shame and Cancer Battle
When Extremism Hijacks Idealism: How the Baader-Meinhof Gang Emerged and Fell
JWST Data Brings TRAPPIST-1e Closer to Earth-Like Habitability
Trump Orders $100,000 Fee on H-1B Visas and Launches ‘Gold Card’ Immigration Pathway
France’s Looming Budget Crisis and Political Fracture Raise Fears of Becoming Europe’s “Sick Man”
Three Russian MiG-31 Jets Breach Estonian Airspace in ‘Unprecedentedly Brazen’ NATO Incident
European manufacturers against ban on polluting cars: "The industry may collapse"
Turkish car manufacturer Togg Enters German Market with 5-Star Electric Sedan and SUV to Challenge European EV Brands
Christian Brueckner Released from German Prison after Serving Unrelated Sentence
World’s Longest Direct Flight China Eastern to Launch 29-Hour Shanghai–Buenos Aires Direct Flight via Auckland in December
New OpenAI Study Finds Majority of ChatGPT Use Is Personal, Not Professional
The conservative right spreads westward: a huge achievement for 'Alternative for Germany' in local elections
Pope Leo Warns of Societal Crisis Over Mega-CEO Pay, Citing Tesla’s Proposed Trillion-Dollar Package
Poland Green-Lights NATO Deployment in Response to Major Russian Drone Incursion
U.S. and China Agree on Framework to Shift TikTok to American Ownership
Le Pen Tightens the Pressure on Macron as France Edges Toward Political Breakdown
Czech Republic signs €1.34 billion contract for Leopard 2A8 main battle tanks with delivery from 2028
Penske Media Sues Google Over “AI Overviews,” Claiming It Uses Journalism Without Consent and Destroys Traffic
Indian Student Engineers Propose “Project REBIRTH” to Protect Aircraft from Crashes Using AI, Airbags and Smart Materials
One in Three Europeans Now Uses TikTok, According to the Chinese Tech Giant
Could AI Nursing Robots Help Healthcare Staffing Shortages?
NATO Deploys ‘Eastern Sentry’ After Russian Drones Violate Polish Airspace
The New Life of Novak Djokovic
German police raid AfD lawmaker’s offices in inquiry over Chinese payments
Volkswagen launches aggressive strategy to fend off Chinese challenge in Europe’s EV market
France Erupts in Mass ‘Block Everything’ Protests on New PM’s First Day
Poland Shoots Down Russian Drones in Airspace Violation During Ukraine Attack
Apple Introduces Ultra-Thin iPhone Air, Enhanced 17 Series and New Health-Focused Wearables
Macron Appoints Sébastien Lecornu as Prime Minister Amid Budget Crisis and Political Turmoil
Vatican hosts first Catholic LGBTQ pilgrimage
Apple Unveils iPhone 17 Series, iPhone Air, Apple Watch 11 and More at 'Awe Dropping' Event
France joins Eurozone’s ‘periphery’ as turmoil deepens, say investors
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
×