Christopher Hui concludes UK trip

Secretary for Financial Services & the Treasury Christopher Hui highlighted the vast financial services opportunities Hong Kong has to offer the UK before he concluded his tour of London on April 18.

Mr Hui shared such opportunities with relevant stakeholders while delivering a speech at a luncheon with the Hong Kong Association, which acts as a focus in the UK for promoting the long-standing business and trading relationship between the Hong Kong Special Administrative Region and the UK.

As he summarised Hong Kong’s financial services opportunities, he listed five major areas that include locating in the heart of Asia, doing business as usual, connectivity with the Mainland market, digitalisation of financial services and emphasis on Environmental, Social and Governance (ESG).

Mr Hui stressed that Hong Kong could foster closer collaboration with the UK in terms of financial services.

"As two of the most important global financial centres, Hong Kong and London have plenty of opportunities to co-operate and thrive together."

Later in the day, Mr Hui gave a briefing to Asia House, an independent think tank based in the UK, on green and sustainable finance development in Hong Kong.

He pointed out that to achieve the targets of 50% reduction in carbon emissions before 2035 and carbon neutrality before 2050, the Hong Kong SAR Government has been working with financial regulators and the industry through a multipronged strategy.

"Hong Kong is indeed a very active market, with total green and sustainable debt including both bonds and loans issued in Hong Kong, increasing by over 40% from 2021 to US$80.5 billion in 2022. As at the end of last year, there were 177 ESG funds authorised by our regulator with a total assets under management of US$142 billion."

Moreover, Mr Hui discussed issues of mutual concern during bilateral meetings with Minister of State in the Department for Business & Trade Dominic Johnson, Minister of State (Indo-Pacific), Foreign, Commonwealth & Development Affairs Anne-Marie Trevelyan and Economic Secretary to the HM Treasury Andrew Griffith.

Mr Hui also paid a courtesy call to Chinese Ambassador to the UK Zheng Zeguang.

He is scheduled to join Financial Secretary Paul Chan on April 20 for a visit to Beijing.