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HONG KONG, China, June 15 – In the face of escalating geopolitical challenges, looming sanctions and intensifying regional competition, John Lee Ka-chiu, general manager of the Hong Kong Special Administrative Region, on Tuesday highlighted the SAR’s strengths in technology, the pool of talent and capital as it charts a determined course to consolidate its status as a financial center and deepen its integration into the Guangdong-Hong Kong-Macao Greater Bay Area.

“Hong Kong has always been fortunate to be an international city, fully connected to the world and at the same time part of China,” Lee said.

“We are endowed with this unique advantage that we can enjoy connectivity with the world as well as connectivity with entities on the mainland,” he added, noting that no other city in the world enjoys such a privilege.

To reap its benefits while meeting its challenges, Lee said Hong Kong is actively working on integration with the mainland, especially the GBA.

During this process, technological integration has become a top priority for the SAR as it strives to promote high-quality development and the growth of new high-quality manufacturing forces.

“We believe that technology integration is essential for Hong Kong’s growth. It not only benefits our city, but also contributes to our country’s overall competitiveness,” said Lee, adding that Hong Kong’s commitment to technological advancement is underlined by its efforts to attract high-quality professionals from around the world to attract.

Following the COVID-19 pandemic, the Hong Kong government introduced measures to optimize access programs for outstanding talent, resulting in a population growth of approximately 7.5 million people, surpassing pre-pandemic levels. This influx of talent is expected to drive innovation and entrepreneurship, support the development of existing industries while paving the way for emerging sectors.

Capital integration

In addition, Hong Kong is also actively pursuing capital integration to strengthen its financial sector. Despite the challenges posed by geopolitical dynamics, the city’s financial system remains stable and lucrative, with active stock market trading and greater financial connectivity with mainland China.

On Monday, SAR Financial Secretary Paul Chan Mo-po told China Daily in an interview that Hong Kong’s financial sector has been resilient and the city remains “a robust international hub.”

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“With total deposits reaching HKD 16.2 trillion ($2.07 trillion) in the banking sector in March 2024, the Hang Seng Index rose 19.9 percent from its January low, rising the average daily trading volume in the Hong Kong stock market by 3%. percent year-on-year,” Chan said. “Hong Kong’s position is unwavering as an essential gateway for international investors seeking access to both Chinese and global financial markets.”

Nevertheless, Hong Kong faces challenges, mainly of a political nature, as the SAR financial center has experienced some fluctuations under the influence of political gestures from the Western powers.

“However, wise investors recognize Hong Kong’s long-term potential and its ability to weather short-term disruptions,” Lee said, adding that political influence on the market is transitory, and wise investors base their decisions on economic development and opportunities rather than short-term fluctuations.

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