Hong Kong Economy: Paul Chan Urges Beijing for Enhanced IPO Listings

Hong Kong Economy: Paul Chan's Lobbying Efforts

Hong Kong will continue to lobby Beijing to encourage more mainland Chinese companies to list in the city and improve the flow of people, data, and capital within the Greater Bay Area, the finance chief has said. “We continue to lobby the central government for policies that are good for Hong Kong,” Financial Secretary Paul Chan Mo-po stated during a three-day visit to New York, following a trip to Peru for an Apec meeting.

Addressing Sanctions and Economic Strategies

Chan added that Hong Kong was also lobbying Beijing to define areas of autonomy and strengthen the city’s role as an intermediary between the mainland and the rest of the world. According to the government, the minister introduced Hong Kong’s latest economic situation and development strategies during a lunch with about 80 representatives from businesses and institutions.

Investor Confidence and Property Prices

Chan noted that investor confidence was returning, despite sanctions imposed by the US Treasury Department on officials, including Chief Executive John Lee Ka-chiu. He stated that Hong Kong’s property prices were starting to stabilize after a significant downturn, while financial services have surged due to recent Chinese stimulus measures.

Future Growth Looking to Technology

Looking ahead, Chan emphasized targeting artificial intelligence, financial technology, biotechnology, and new materials to spur economic growth and employment. He stated, “Hong Kong remains the best international city in the world,” encouraging foreign investment.

Addressing Legal Concerns

However, questions about the jurisdiction and legal environment remain amid actions prohibiting the song “Glory to Hong Kong.” Chan argued such measures are necessary to counter those attempting to disrupt governance.