The Boao Forum for Asia (BFA) and the Hong Kong Monetary Authority (HKMA) co-organise the Financial Cooperation Conference today (Tuesday) in Hong Kong. The theme of the Conference is “Stimulating Growth in the Real Economy: the Role of Finance”. The Chief Executive Mr C Y LEUNG and the Financial Secretary Mr John C TSANG addressed the launch ceremony and luncheon respectively. The five sessions of the Conference were devoted to economic and financial issues of wide concern, including monetary policy and economic growth, cross-border capital flows, infrastructure and its financing, and Asian financial cooperation, etc. Participants shared their valuable views and advice at the sessions.
In his speech delivered at the luncheon of the Conference, Mr John C TSANG said that Asia, and in particular China, will continue to be the main engine of growth for the world economy in the 21st century. With its enviable location at the heart of Asia and its extensive economic and cultural connections, Hong Kong can play a unique role directing capital between Asia and the rest of the world, and further profit from Asia’s continued ascendancy.
In his welcoming remarks, Mr ZHOU Wenzhong, Secretary General of the BFA, said, “Financial cooperation is a major key and entry point for promoting the integration of Asian economies. Since the outbreak of the sub-prime crisis in 2007, a strong thrust for global growth has been lacking. Themed on financial cooperation, the Conference in Hong Kong seeks to bring forth innovative solutions through brainstorming among regulators, finance community and real economy actors, with a view to enhancing the role of finance in the development of the real economy. Various topics, such as how to avert liquidity traps with the deployment of monetary policies, how emerging economies can deal with the impact of capital flows, and how finance may serve the needs of infrastructure, will be considered. Besides, with the UK’s vote on leaving the European Union, attention now also focuses on the path ahead for Asian financial cooperation.”
Mr Norman TL CHAN, Chief Executive of the HKMA, said, “It is our privilege to co-organise this large-scale Conference with the BFA. It marks the first major public event following the formal launch of the HKMA’s Infrastructure Financing Facilitation Office. In bringing together senior representations of financial institutions and multilateral organisations from around the world, the Conference provides an exciting chance to explore the development prospects of infrastructure investment and financing from both policy and business perspectives. This will help foster a greater understanding and interest of various stakeholders in the infrastructure investment and financing opportunities under the Belt and Road initiative.”
Other guests and speakers attending the Conference included (in alphabetical order of their last names) Mr Samir ASSAF, Chief Executive of the Global Banking and Markets of the HSBC; Mr Shaukat AZIZ, former Prime Minister of Pakistan; Mrs Laura M CHA, Chairman of the Financial Services Development Council; Mr Victor FUNG, Chairman of the Fung Group; Mr Stephen P. GROFF, Vice President of the Asian Development Bank; Ms HU Xiaolian, Chairman of the Export-Import Bank of China; Mr JIN Liqun, President of the Asian Infrastructure Investment Bank; Mr Philippe LE HOUÉROU, CEO of the International Finance Corporation; Mr Mark MACHIN, President and Chief Executive Officer of the Canada Pension Plan Investment Board; Ms WU Xiaoling, Vice Chairperson, Financial and Economic Affairs Committee of the National People’s Congress of China; and Mr ZHENG Zhijie, President of the China Development Bank.
The Conference received encouraging response, attracting some 250 participants including representatives from regulatory authorities, international bodies, financial institutions, multinational corporations and academia from different countries.
Boao Forum for Asia
Hong Kong Monetary Authority
5 July 2016