CHRISTOPHER HUI MEETS ADB PRESIDENT

Secretary for Financial Services & the Treasury Christopher Hui today started his visit to Manila, the Philippines, where he met Asian Development Bank (ADB) President Masatsugu Asakawa.

During their meeting, Mr Hui told Mr Asakawa that amid the uncertainties faced by the global economy, ADB and its staunch supporter, Hong Kong, would work together particularly in infrastructure investment to raise productivity in the region.

He added that leveraging on the opportunities from the National 14th Five-Year Plan, the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt & Road Initiative, Hong Kong would strive to play an active role in supporting infrastructure financing in the region.

Earlier today, Mr Hui had a bilateral meeting with ADB Executive Director Tony McDonald, who represents Hong Kong's constituency on the board of directors of ADB.

The treasury chief said he was pleased to note that ADB raised over US$928 million through bond issuances in Hong Kong last year.

Adding that the volume of green and sustainable bonds arranged in Hong Kong amounted to US$31.3 billion in 2021, accounting for one-third of the Asian green and sustainable bond market, he encouraged ADB to make use of the broad availability of financiers in the city for fundraising.

In addition to introducing Mr McDonald to the rapid development of offshore renminbi business in Hong Kong, Mr Hui elaborated on how the current interaction between the global, Mainland and Hong Kong interest rate markets had created a favourable market environment for the issuance of dim sum bonds.

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