In the latest instalment of our “CEO 123 Tell Me More Series,” the distinguished Frederick Ma Si-Hang led a lively and illuminating talk centred on what’s in store for Hong Kong in the next five years.
The former Secretary for Commerce and Economic Development explored a range of topics and answered questions from the audience. Drawing from his considerable experience in the public and private sectors, Ma discussed the various industries that can be shored up to boost the economy. He also highlighted the need to burnish Hong Kong’s standing as an international financial centre of repute, and explained why the city’s future remains bright.
Taking on recent claims in the media that “Hong Kong is over,” Ma explained that the city was going strong as it possessed seven unique characteristics that set it apart from the rest, along with backing from the Mainland under “one country, two systems.” These include a buoyant financial sector, the city’s role as an international financial centre, free flow of capital and people, an independent judicial system, internet freedom, competitive education opportunities, plus it is a top destination for international talent. Ma explained that the authorities need to take advantage of these qualities to give Hong Kong the impetus it needs, especially in the face of external factors like geopolitical conflicts and high interest rates, which cannot be controlled.
Ma reiterated that since Hong Kong enjoyed a high credit rating, there was no cause to worry about falling into debt. He also pointed out that the city’s banking and insurance sectors and the bond market were performing very well. The wealth management policies have been effective in attracting more family offices to our shores. According to statistics from the Securities and Futures Commission, the net inflow of funds domiciled in Hong Kong grew to HK$87.1 billion in 2023, marking a year-on-year increase of 92.9%.
In regard to the stock market, Ma said the performance was a little unsatisfactory, but added that stocks would rise once global interest rates fell and the Mainland economy experienced an uptick. He also gave particular attention to Hong Kong sectors such as tourism, which he said could benefit from measures to attract high-end visitors, such as improving the taxi service.
Explaining the need to look beyond traditional markets such as Europe and the United States, Ma said the authorities were turning to regions such as the Middle East and ASEAN nations, which offer plenty of investment opportunities and potential for growth.
CEO 123 Tell Me More Series
Hong Kong: The Many Splendored Futures
Our next speaker in the series is Professor Christine Loh, Chief Development Strategist, Institute for the Environment at The Hong Kong University of Science and Technology, and Asia Society Hong Kong’s Scholar in Residence (2023-24). She will address Hong Kong’s current predicament and the possible “futures” that the city could choose. She will also discuss the Mainland’s development, demographics, technology trends, and achieving environmental and social sustainability.
Date: 10/4/2024
Time: 12:30-14:00
Book your seat on the Chamber’s website today: www.chamber.org.hk