John Lee pledges to showcase Hong Kong’s financial strengths at Apec meeting

Hong Kong’s leader pledged to showcase the city’s financial strengths to the world as it hosts the two-day Apec Finance Ministers’ Meeting for the first time.

Observers said the event, which began on Tuesday and runs until Wednesday, would also help dispel foreign misunderstandings about Hong Kong’s economy and development, while drawing business leaders from around the world.

Speaking at a summit on Greater Bay Area development, Chief Executive John Lee Ka-chiu expressed gratitude for the country’s trust and support in allowing Hong Kong to host the meeting for the first time, as well as Beijing’s “high recognition” of the city’s status as an international financial centre.

“As the final ministerial-level meeting ahead of next month’s Apec Economic Leaders’ Meeting in Shenzhen, this finance ministers’ meeting holds great significance for Hong Kong in leveraging its financial strengths to serve the Apec China Year,” he said.

“Hong Kong will seize this high-level international platform to share its experience as an international financial centre, showcasing to attending Apec finance officials, representatives of international organisations and the global community our comprehensive development across the economic, financial and social sectors.”

Lee said Hong Kong would also highlight its dual advantages as a core city in the Greater Bay Area, connecting national and international opportunities.

About 500 guests, including finance chiefs and senior officials from the 21 member economies, are expected to attend the meeting at the Hong Kong Convention and Exhibition Centre in Wan Chai.

Billy Mak Sui-choi, an associate professor in Baptist University’s department of accountancy, economics and finance, said hosting the meeting carried significant importance because it would help clear up foreign misunderstandings about the city’s economy and development.

“This reflects member economies’ recognition of Hong Kong as a suitable host for this international event, a financial platform that allows different countries to pursue regional cooperation,” he said.

“Also, after the city’s social unrest in 2019, the Covid-19 pandemic and Sino-US tensions, many countries hold misunderstandings about the city’s development. This event allows them to witness the true Hong Kong, helping dispel their misunderstandings and restore their confidence in the city.”

Mak added that the meeting would reinforce Hong Kong’s role as a “superconnector”, deepen financial cooperation among countries and regions, and benefit the further development of the city’s offshore renminbi business.

As the meeting will discuss topics including fiscal policies supporting livelihoods and the promotion of inclusive finance, Mak noted that it could enable different nations to use Hong Kong for financing, such as developing payment systems and establishing multilateral rules.

Lawmaker Alan Chan Chung-yee, who is also chief operating officer of Miramar Group, said Hong Kong’s hosting of the high-level meeting had pushed high-end hotels in Wan Chai and Causeway Bay to full occupancy.

“The occupancy rate of four-star and five-star hotels in Wan Chai and Causeway Bay is actually at 98 per cent, with average room rates exceeding HK$2,000,” he said.

“The event has attracted business visitors from around the world. Five-star hotels in Tsim Sha Tsui and on the Kowloon side have also benefited, with occupancy rates of 95 per cent.”