I still remember that when I addressed the inaugural Summit in 2022, a time when the world was emerging from the COVID-19 pandemic, I said the event showed that Hong Kong was onstage again.

Three years on, I am proud to say that Hong Kong now shines on the global stage, radiating prosperity, confidence and much-needed reassurance.

Do not just take my word for it. In September, the Canadian-based Fraser Institute ranked Hong Kong as the freest economy in the world – that is number one in economic freedom. Also this September, the Swiss-based International Institute for Management Development (IMD), in its World Talent Ranking, rated us fourth in the world and first in Asia – our highest-ever ranking in the report.

Still with the IMD, Hong Kong finished third in its World Competitiveness Yearbook this year, up two places from 2024. And in the Global Financial Centres Index, we placed third in the world, just one point back of London, and two behind New York.

Ladies and gentlemen, you are here, some 300 global financial leaders from all over the world, including more than 100 group chairpersons and CEOs, to see Hong Kong for yourselves. You are here, too, to get the latest financial and investment insight and intelligence, from the summit's high-profile speakers, and to network with a world of like-minded aficionados of finance.

I am sure you enjoyed last night's Welcome Dinner at the Hong Kong Palace Museum, where East meets West in a dazzling integration of modern architecture and traditional Chinese cultural elements. Because more than global rankings, Hong Kong also dazzles with cultural diversity.

The theme of this 2025 Summit, "Trekking through Shifting Terrain", resonates with yet another facet of Hong Kong's inimitable appeal. I am talking about our remarkable network of prized hiking trails. You can explore them in our 25 country parks, covering about 40% of Hong Kong's total land area. Waiting for you, and your hiking boots.

Trekking through trails, marked and unmarked, shares a good many similarities with what financial leaders – all of you here today –  face every day in this time of geopolitical uncertainty, market volatility and headlong technological advance.

I am here to tell you that there's firm footing in Hong Kong, your steadfast partner. We offer certainty and clarity, together with confidence and opportunity, for global investors and businesses seeking to diversify their assets and minimise risks.

For the next few minutes, allow me to put a spotlight on two elements of compelling interest to all of you here: our financial markets and fintech.

Hong Kong's financial markets remain vibrant, despite the uncertain global outlook. Our stock market has soared over 30%, year-to-date, while average daily turnover has exceeded US$32 billion, nearly double that of last year.

In the first ten months of the year, Hong Kong recorded 80 initial public offerings (IPOs), raising over US$26 billion – and that, I am pleased to say, puts us number one in IPO fundraising worldwide.

To maintain the momentum, we are pressing ahead with reforms to the listing regime, enabling the financing of overseas companies, enhancing trading and risk management efficiency, and promoting the trading of stocks in renminbi.

In September, we published a Roadmap for the Development of Fixed Income & Currency Markets. It is designed to attract primary market issuance, boost secondary market liquidity, expand our offshore renminbi business, and develop next-generation infrastructure.

It will offer global investors more choices, as they seek to re-allocate assets, and help companies raise funds in these mutable times.

Meanwhile, Hong Kong is poised to become the world's largest cross-boundary wealth management centre in the next few years. To fast track that development, we are enhancing the preferential tax regimes for funds, single-family offices and carried interest, to make the sector all the more attractive.

We are also pursuing new growth areas, including building an international gold trading market. That rides on the substantial global demand for gold as a hedging investment product and reserve asset.

Then there is financial technology. Blockchain and artificial intelligence are reshaping financial markets at an unprecedented pace. They can bring tangible benefits to financial markets and the real economy, enhancing efficiency and reducing transaction costs.

Hong Kong is home to more than 1,200 fintech companies. In September's Global Financial Centres Index, we ranked number one, globally, in fintech.

No surprise to the 37,000 professionals here from more than 100 economies, for Hong Kong Fintech Week and the StartmeupHK Festival, which opened yesterday. It is, by the way, the 10th anniversary editions of both international gatherings, drawing in fintech and startup enthusiasts to our enterprising city.

In June, we published our second policy statement on digital asset development, a refreshed take on our determination to establish Hong Kong as a global hub for digital assets.

We are working with our regulators on a future-proof regulatory regime, key to enabling the healthy and sustainable development of digital assets in Hong Kong.

Licensing aside, our sandboxes allow promising fintech applications to be tested in controlled environments. Among them, Project Ensemble explores the tokenisation of assets, and the development of common industry standards.

The Monetary Authority will promote live transactions of tokenised assets, exploring tokenisation's potential in digital trade and other areas.

Trekking through shifting terrain is not a recommended solitary behaviour, for companies or for economies. It is why I am grateful for the continuing support of market leaders – of all of you here today.

Hong Kong was built on reaching out, on seeking international partnerships and mutual opportunities. Our unique "one country, two systems" framework enables that, allowing Hong Kong to reach out to a world of prospects, while maintaining unparalleled access to China, our country.

I have just returned, this Sunday, from Korea for the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting. There, I had the pleasure of representing Hong Kong, China, a full and separate member of APEC, and meeting and working with leaders from a world of economies, to advance the important cause of open trade and multilateralism.

Later today, I will depart for Shanghai to attend the China International Import Expo. Also joining the expo will be 380 Hong Kong companies, which will promote their products and services, and put a bright spotlight on the Hong Kong brand.

The Shanghai trip will also mark the first major promotional event by the newly established GoGlobal Task Force. The task force will make it easy for Mainland companies to find foreign markets and global capital, as the world looks to our country for its quality products and services.

In finance, the term "leverage" refers to the use of borrowed funds for further investments. Here in Hong Kong, we leverage more than funds. We leverage our financial prowess for the benefit of investors, economies and, importantly, humanity.

I am pleased to note that the Asian Infrastructure Investment Bank (AIIB) announced, just yesterday, that it will set up an office in Hong Kong. The AIIB is a multilateral development bank that supports developing countries in infrastructure improvements.

As a committed member of the AIIB, Hong Kong will do all we can to support its establishment of an office here. That includes leveraging our vibrant capital markets, world-class professional services, and diversified products. We will also help the AIIB in project financing, bond issuance, investment management, and much more.

These examples, ladies and gentlemen, are more than business missions, meeting dignitaries and commercial operations. They are "one country, two systems" hard at work. They are shining examples of how the principle – how Hong Kong – helps connect the world with the Chinese market.

My thanks to the Hong Kong Monetary Authority, this summit's main organiser, and to each and every one of you for your invaluable presence.

When you are here, do make the most of all that Hong Kong has to offer. That includes the scenic hiking trails I have mentioned. That also includes this very hotel we are at, which I am glad to say has just been crowned number one in the World's 50 Best Hotels ranking. And our many Michelin-starred restaurants and award-winning bars – one of which came first in the World's 50 Best Bars last month, recognised as the world's best bar.

Asia's best, world's best – all here for you to experience. To eat, drink, sleep, and spend some good time in. Some good money in!

Chief Executive John Lee gave these remarks at the Global Financial Leaders' Investment Summit on November 4.

This year marks the conclusion of the 14th Five-Year Plan period, the preparatory year for the 15th Five-Year Plan and also the 80th Anniversary of Victory in the Chinese People's War of Resistance Against Japanese Aggression and the World Anti-Fascist War, a milestone prompting us to remember the past and create a better future together.

Looking back over the past three-quarters of a century, the Chinese nation has gone through an extraordinary journey. With the arduous struggles from victory in the war of resistance to the beginning of the founding of the country, and the rapid economic growth from the country's reform and opening-up to a new era of high-quality development, the Chinese nation has achieved a tremendous transformation from standing up and growing prosperous to becoming strong. Today, our country has secured its status as the world's second largest economy and has become the world's largest manufacturer and merchandise trader. With powerful national strengths, our country has garnered global attention with its achievements and wielded significant international influence.

On September 3, I led a delegation of over 300 members from different sectors of the community to Beijing to attend the commemorative rally and military parade marking the 80th Anniversary of Victory in the War of Resistance. We witnessed our country's commemoration of victory, remembrance of history and the tribute paid to fallen heroes in the most solemn and respectful way. For this, I felt deeply exhilarated, honoured and proud. This was a military parade since our country had forged ahead on the new journey through the Chinese path to modernisation, a vivid portrayal of the country's great capabilities in safeguarding national sovereignty, security and development interests as well as world peace. Prior to the commemorative rally, President Xi Jinping warmly shook hands with six veterans, including 94-year-old Mr Lo King-fai, a Hong Kong veteran of the Dongjiang Column, at the viewing stand of the Tiananmen Tower, indicating clearly that the Central Authorities attach great importance to and care for Hong Kong.

To commemorate the 80th Anniversary of Victory in the War of Resistance, the Hong Kong Special Administrative Region has organised a series of activities. As entrusted by the Central Committee of the Communist Party of China, the State Council and the Central Military Commission, I have had the honour to present commemorative medals to the surviving veteran soldiers, veteran heroes, resistance commanders or their descendants in Hong Kong. I have attended large-scale roving exhibitions, officiated at a ceremony at Tsam Chuk Wan Martyrs Memorial Garden and the unveiling ceremony of the couplet at the memorial pavilion for martyrs, and visited the "Commemorating the 80th Anniversary of Victory in the War of Resistance in Guangdong and Hong Kong" exhibition at the Museum of the War of Resistance & Coastal Defence. In my Policy Address delivered last month, I have also stated that we will comprehensively review and conduct restoration and protection work on historic sites relating to the participation of the Communist Party of China in the War of Resistance in various districts, with a view to integrating them into tourism routes and educational activities. This will serve to enhance public understanding of the history of the War of Resistance in Hong Kong.

Our country remains committed to opening up and pursuing high-quality development, offering Chinese wisdom for the reform of the global governance system and demonstrating its responsibility as a major power. Proactively aligning with national development strategies and leveraging Hong Kong's unique advantages under "one country, two systems", the Government will spare no efforts in three aspects:

First, to fully co-ordinate security and development in a bid to ensure high-quality development with high-level security.

Safeguarding national sovereignty, security and development interests is the highest principle of "one country, two systems". The Government is committed to continuously enhancing the legal system and enforcement mechanism for safeguarding national security to ensure security and promote development, striving for a vibrant economy, pursuing development and advancing infrastructure construction.

We will devote all efforts in preparing for the upcoming general election for the eighth-term Legislative Council on December 7 this year, ensuring that the election is conducted in a fair, just, honest, safe and orderly manner.

Second, to facilitate economic growth and improve people's livelihood.

My ultimate objective in governance is to improve people's livelihood. The economy and people's livelihood complement and reinforce each other: economic growth is the bedrock of livelihood improvement for it creates job opportunities and wealth, and livelihood improvement will in turn spark new social demands that stimulate market development, further promoting economic growth.

The dividends of economic development and livelihood improvement are interconnected and generate synergy effects. Economic development could lead to the creation of more high-quality jobs and drive wages up, while a vibrant economy could boost government revenues and enable the Government to provide additional infrastructure as well as services. In this interplay process, some sectors like finance and trading can enjoy the dividends more promptly, while some other sectors may share the dividends in a more indirect way. Nevertheless, these dividends will eventually be shared by the whole community, with every one of us enjoying the fruits of development as well, evidenced by the increase of median household income by 11% over the past three years. The Government strives to adopt effective measures to eliminate bottlenecks in the generation of dividends and shorten the time needed to realise efficiency gains, in order that citizens can benefit from the fruits of economic development more quickly and extensively.

Third, to put into practice the policies and principles outlined in the Policy Address, deepening reforms for our people and leveraging our strengths for a brighter future.

I attach great importance to swiftly resolving livelihood issues, as well as setting out long-term planning and systematic layout. Over the past three years or so, I have been actively promoting reforms, both within the Government and in the wider community, and various polices have been implemented. They are gradually delivering results. We have seen not only increases in people's income and the hustle and bustle of a thriving economy, but also consistent improvements in our performance in international ratings.

Hong Kong's ranking as a global financial centre moved up one place last year, and we have since become the third-ranked global financial centre. Hong Kong has climbed four spots to rank third globally in overall competitiveness. We have risen 12 places to fourth globally in talent competitiveness over the past two years, and are ranked seventh among the world's top ten safest cities. More than testifying that our governance is on the right track and showing the united efforts of the Government and the people of Hong Kong, these objective rankings are testament to the promising economic outlook and confidence of the international community in Hong Kong, as well as our strong vibrancy under "one country, two systems".

An ancient Chinese poem goes: "With high tide and tailwind, it is time to sail a smooth ride." Amid accelerating global changes unseen in a century and rapid changes arising from fast scientific advancement, we are moving through an irreversible economic transition, an essential process for a more robust economy in the future. Hong Kong is at the critical juncture of advancing from stability to prosperity. I am confident that by working together, innovating and embracing reforms, we will turn our beloved Hong Kong into an even better home for everyone. The Pearl of the Orient will keep shining brighter than ever before.

I wish prosperity and stability for our motherland and Hong Kong. May all of you enjoy good health and achieve success in every endeavour. Thank you very much.

This is a translation of Chief Executive John Lee’s speech delivered at the National Day Reception in Celebration of the 76th Anniversary of the Founding of the People's Republic of China on October 1.

Today marks the 28th anniversary of the establishment of the Hong Kong Special Administrative Region of the People's Republic of China and the third anniversary of the current term of the Government. Over these three years, the Government has forged ahead with reforms to build a safe and stable Hong Kong, and striven to develop the economy and improve people's livelihood. Our efforts are gradually delivering results.

I have changed the culture of the Government and formed a "result-oriented" Government. We have fulfilled the constitutional duty by enacting the local legislation for Article 23 of the Basic Law, a historic task long envisioned by previous terms of the Government but unrealised until now. We have rebuilt a safe Hong Kong. This year, Hong Kong is ranked seventh globally in the safety index.

The Government has spared no efforts in addressing land and housing issues. The waiting time for public housing has been shortened by about nine and a half months, from 6.1 years to 5.3 years. In our combat against the abuse of public rental housing resources, another 8,700 or so housing units have been recovered, equivalent to about 11 public housing blocks and a saving of around $8.7 billion in construction costs. We have acted swiftly to build Light Public Housing for intake by over 9,500 households within this year, relieving the imminent housing needs of more than 9,500 families.

Since we assumed office, Hong Kong's economy has shifted from negative to positive growth. Median monthly household income during the period has risen by $3,000, an increase of over 11%. We attach great importance on labour rights. The abolition of the Mandatory Provident Fund offsetting arrangement has taken effect, and the review cycle of the Statutory Minimum Wage has now been revised from every two years to every year.

We have strengthened mutual market access, relaxed the listing requirements for biotechnology and specialist technology companies, established a licensing regime for stablecoin and simplified listing procedures, thereby enhancing the competitiveness of the financial sector. Hong Kong has climbed up one place in its ranking as a financial centre and secured the third place globally.

We have endeavoured to trawl for talent, compete for enterprises, and attract companies and investment to Hong Kong. Over 210,000 professionals, top talent and quality migrants have arrived in Hong Kong, boosting the city's competitiveness. We have attracted 84 strategic enterprises from frontier technological industries to Hong Kong, bringing in investment amounting to some $50 billion and creating over 20,000 job opportunities. We have simplified the regime for company re-domiciliation, with two major global insurance companies readily expressing their interest in re-domiciling to Hong Kong. Hong Kong's global position in the World Competitiveness Yearbook has improved for two consecutive years, rising from the seventh to the third place. For World Talent Ranking, Hong Kong has returned to the top ten, climbing up seven places to the ninth position.

Amid economic restructuring, Hong Kong is faced with challenges as well as opportunities. With the advantages of the "one country, two systems" principle, the challenges we face would be outweighed by the opportunities available to us. Looking ahead, our major tasks will cover three areas:

First, to safeguard high-quality development with high-level security. We will actively co-ordinate the coherence between security and development. Under the "one country, two systems" principle, Hong Kong will remain steadfast in maintaining national security, fully seize national opportunities and proactively integrate into the overall national development, with a view to fostering economic growth and development while assisting enterprises in upgrading their operations and expanding domestic and overseas sales markets. We will deepen international exchanges and co-operation, explore new markets and opportunities, bolster the provision of extensive supply chain services, expand and strengthen regional trade with the aim of offsetting the risk of over-reliance on a single market in business trade. In addition to dedicating our efforts to the development of innovation and technology and expanding digital trade and supporting the development of local enterprises, we will introduce new technologies and industries, and continue to compete for talent and enterprises, further securing our position as an international financial, shipping and trade centre.

Second, to speed up the development of the Northern Metropolis. The Northern Metropolis, which takes up around one-third of Hong Kong's area and will later accommodate one-third of our population, is a new engine for the development of Hong Kong. By introducing new concepts and new methods, removing potential barriers and leveraging market forces, we aim to enhance the speed and efficiency of developing the Northern Metropolis, the San Tin Technopole, and the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone. With a focus on industry development and innovative technology, our goal is to attract scientific research talent from around the world and concentrate innovation resources, in order to promote the establishment of Hong Kong as a hub for high-calibre talent and drive the overall development of Hong Kong.

Third, to improve people's livelihood proactively. Our policy objective is to make Hong Kong a better place for living and working – for people to enjoy better living and accommodation, for young people to fully realise their potential, and for the elderly to be well taken care of.

The Hong Kong SAR Government will sustain its efforts in improving people's livelihood in such aspects as housing, medical health, education and welfare, thus enhancing people's quality of life. We will remain committed to accelerating the supply of public housing to further reduce the waiting time, and ensure the timely provision of Light Public Housing to meet pressing demand. The registration of compliant Basic Housing Units, which will replace substandard subdivided units, is expected to begin in March next year. The Government will continue to deepen the reform of the healthcare system and improve public and primary healthcare services. We will remain committed to the strategy of targeted poverty alleviation, focusing on directing resources to those most in need. On transportation, the Government will take forward the implementation of the Hong Kong Major Transport Infrastructure Development Blueprint, pressing ahead with various railway projects, including the Hong Kong-Shenzhen Western Rail Link connecting Hung Shui Kiu and Qianhai, the Northern Link Spur Line, as well as local smart and green mass transit systems.

As a Chinese saying goes, "Is there anything too hard in the world? With determined efforts, a hard task becomes easy; otherwise, an easy job may become difficult". We would rather be reformers who rise to challenges than become complacent idlers. Amid an ever‑changing geopolitical landscape and constantly increasing uncertainties, Hong Kong is able to showcase exactly to the world the certainties of safety, stability and development opportunities. These are precisely what the world needs and seeks. Hong Kong is a place where national and global opportunities converge. As long as we are determined to fully seize the opportunities, keep enhancing our value and competitiveness, undertake reforms for progress and foster innovation, I am confident the wisdom and experience of the people of Hong Kong will help our Pearl of the Orient shine brighter than ever on the world stage! 

This is a translation of Chief Executive John Lee’s speech delivered at the reception in celebration of the 28th anniversary of the Hong Kong Special Administrative Region’s establishment on July 1.

I am delighted to join you on this historic occasion: to celebrate with you the signing of the Convention on the Establishment of the International Organization for Mediation (IOMed).

Gathered here today, in the Hong Kong Special Administrative Region of the People's Republic of China, are high-level representatives of over 80 countries from Asia, Africa, Latin America and Europe; and from the United Nations and about 20 international organisations. A very warm welcome to Hong Kong!

It is a privilege for us to host this signing ceremony, and to serve as the IOMed headquarters, once the convention enters into force.

This singular occasion is made possible by the ongoing and dedicated efforts of China, our country, in working with around 20 states, since late 2022, to establish an intergovernmental organisation devoted to mediation. After five rounds of intensive negotiation since 2023, co-ordinated by the IOMed Preparatory Office, the negotiating states concluded the very convention signed today.

The IOMed will become the world's first intergovernmental international legal organisation dedicated to resolving international disputes through mediation. It also reflects our shared confidence in mediation as a peaceful means to maintain international peace and security, as stipulated in the Charter of the United Nations.

The IOMed will provide a pathway for countries - regardless of culture, language and legal system - to resolve international disputes based on mutual respect and understanding. This is increasingly important amid mounting geopolitical tensions. When protectionism threatens to derail the international trade order, and when unilateralism looms over global supply chains, it is dialogue - not division - that restores balance.

China has long championed equity and unity. The Chinese virtue of “和而不同”, meaning “harmony in diversity”, is deeply rooted in our community and culture. This value of mutual respect in spite of differences also sits at the heart of mediation, the IOMed, and a world that seeks co-operation over conflict.

Despite geopolitical turbulence, Hong Kong builds bridges, not walls. Under our unique “one country, two systems” principle, Hong Kong is the only world city that enjoys both the China advantage and the global advantage. With the support of the National 14th Five-Year Plan, Hong Kong has risen as an international legal and dispute resolution services centre in the Asia-Pacific region.

We are the only common law jurisdiction in China, and the only jurisdiction in the world with a bilingual common law system in both Chinese and English. We have a long tradition of the rule of law, and our courts exercise their judicial power independently. Hong Kong's Court of Final Appeal, which is vested with the power of final adjudication, has on its bench eminent jurists from both Hong Kong and overseas common law jurisdictions.

Our robust, efficient and well-respected legal system is supported by world-class legal and dispute resolution professionals. Often bilingual or even multilingual, they are well-versed in international rules and practices, and help to position Hong Kong as a preferred venue for dispute resolution.

In this year's International Arbitration Survey, Hong Kong is the most preferred seat of arbitration in the Asia-Pacific region, and shares second place globally with another jurisdiction. Our economy also came first in business legislation and international trade in the World Competitiveness Yearbook. In the latest Business Ready Report published by the World Bank Group, Hong Kong ranks eighth in dispute resolution among the 50 economies covered.

All this underscores Hong Kong's effectiveness as a super connector and super value-adder among many economies. We contribute to cross-border investment and economic activity through our top-notch professional services. Our “one country, two systems” advantages make us well-placed to be the headquarters of the important institution of the IOMed.

The Hong Kong Special Administrative Region Government is devoted to supporting the IOMed's provision of friendly, flexible, economical and efficient mediation services. We actively promote a vibrant culture of mediation. In fact, it is a general policy to incorporate a mediation clause in all government contracts. We are also enhancing the system on local accreditation and disciplinary matters of the mediation profession.

And we go all out to build bridges with the world. Hong Kong will actively promote the IOMed's valuable work in settling international disputes through mediation, and advocate mediation as a global tool for peace and justice across borders.

Ladies and gentlemen, the establishment of the IOMed's headquarters in Hong Kong is a great honour for our city. The headquarters, as you may know, will be based in the building that once housed the Wan Chai Police Station, just a stone's throw away from here. Built in 1932, this iconic building has a long association with law and order in Hong Kong. From its prime downtown location, it has also witnessed the transformation of our city that has long treasured unity. In its new role as the IOMed headquarters, the building will play a vital part in the future of Hong Kong as a centre for international legal and dispute resolution services.

We are working to complete the conversion of the building for its new mission. I am happy to say that it could open its doors as early as the end of this year. We look forward not only to welcoming its new occupants, but also to supporting them in building new bridges for a more connected, peaceful and prosperous future through mediation.

I would like to express my sincere gratitude to the central government for its staunch support of Hong Kong, allowing Hong Kong the honour of housing the IOMed headquarters here. My sincere gratitude also goes to the international community, for placing your trust and confidence in our city. Let's renew our commitment to peace, justice and the rule of law. Let's cultivate a mediation culture together. Let's build a strong IOMed for a global community of shared future founded on peace and prosperity. Please enjoy the day and enjoy Hong Kong. Thank you.

Chief Executive John Lee gave this speech at the Signing Ceremony of the Convention on the Establishment of the International Organization for Mediation on May 30.

Welcome to Hong Kong, and to the 2025 World Tourism Cities Federation Hong Kong Fragrant Hills Tourism Summit.

Fragrant Hills, as you would all know, is a scenic area in Beijing, where the World Tourism Cities Federation is headquartered. "Fragrant hills" also makes me think of Hong Kong as a "fragrant harbour" – the Chinese name of Hong Kong can literally be translated as "fragrant harbour".

"Fragrant", let me add, because of Hong Kong’s redolent history as a major trader for incense, particularly agarwood incense and the wood’s varied byproducts.

Over the centuries, the sweet aroma of agarwood, of incense, drifted from harbour to city – and all around the world. From incense and fragrance, to merchandise and capital, Hong Kong has always been a bridge between cultures, cities and continents, bringing out the best of our products on the global arena.

Today, Hong Kong remains a major global trading centre, a centre of free trade. That's thanks too, to the Hong Kong Port in our harbour, to Hong Kong International Airport, and to our varied and seamless transport links to China, our country.

These seamless links, and our singular status as the city where East has long met West, are not going to change. In a world beset by trade woes and geopolitical crises, Hong Kong is determined to continue its dedication to free and open trade.

That has also led us to become one of the world’s greatest centres for tourism. So it is an honour that the World Tourism Cities Federation has chosen Hong Kong for this year’s Fragrant Hills Tourism Summit. The federation, after all, is the world’s first international tourism organisation to focus its mission and mandate on cities.

Not surprising, then, that this summit welcomes city mayors, vice mayors and other city officials and delegations from over 40 cities from the Mainland and around the world. Together, we embody the spirit of collaboration beyond geographical boundaries. Together, we unite for the future of tourism.

HK as a brand

The theme of this year’s summit, "Innovate City Branding to Elevate Tourism Excellence", gives us a good start to discuss how our cities could, through collaboration, achieve high-quality development in tourism and more.

For Hong Kong, long an international metropolis, one key development opportunity certainly comes from the Guangdong-Hong Kong-Macao Greater Bay Area.

This cluster city development brings together Hong Kong, Macau and nine southern cities in the Guangdong province, and boasts a population of over 86 million. It also has a combined GDP (Gross Domestic Product) that rivals that of the world’s 10th largest economy.

What it means is a consumer market, and source of tourists, that is over 10 times as large as our own city. What it also means, with our country’s facilitation measures for travellers, is that visitors who choose to visit this part of the world have many more cities to add to their itinerary. We are fast developing in multi-destination tourism for an interconnected world. From a six-day visa for visitors in tour groups led by a Hong Kong travel agent, to the visa-free policy for cruise ship travellers along the country's coastline.

That said, you can well begin in Hong Kong, where there's something happening everywhere you look – and at our Victoria Harbour. You need only to see for yourself how open, welcoming and endlessly amazing our city is, to a world of tourism – to you.

Start with Victoria Harbour, and enjoy the refreshing views with our skyline and green hills rising from both sides of the harbour. And do take the Star Ferry. For more than a century, it's been one of the world’s most unforgettable harbour passages. Leisure travel, timeless memories – in Hong Kong – and for well under US$1 a trip. It's really good value for money.

Hong Kong, after all, is the world’s mega event city. Last week, UK band Coldplay performed four sold-out concerts at our brand-new, state-of-the-art Kai Tak Sports Park. And through next Monday, it's the 49th Hong Kong International Film Festival.

Art lovers will want to catch the exhibition "Picasso for Asia: a Conversation", at M+ museum, in the West Kowloon Cultural District – one of the world’s largest cultural developments. More than 60 masterpieces by Picasso are shown alongside artworks by Asian artists. Also there, is the Hong Kong Palace Museum, which is now showcasing an exhibition that brings together treasures from Beijing’s Forbidden City and the Palace of Versailles in Paris.

Yes, ladies and gentlemen, Hong Kong is where cultures meet and thrive, where creativity is well and alive. And you can also count on hills and sea coasts alive with fabulous hiking, and biking trails. After all, country parks make up some 40% of Hong Kong’s total land area.

And when you're all hiked and biked out, settle into one of our nearly 80 Michelin-starred restaurants, do yum cha (tea and food) with half of Hong Kong, then toast your good fortune at a local brew pub, or get cozy with milk tea at a classic dai pai dong, our traditional cooked food stalls. And don’t leave Hong Kong without a sky-high cocktail, or two, at hotel and city lounges rising from either side of Victoria Harbour. From dim sum dreams to boozy nights, our food paradise glows with true delights.

Ladies and gentlemen, I'm sure this year's Fragrant Hills will bring about global thrills. My thanks to the World Tourism Cities Federation, and this Hong Kong Summit. I'm confident we'll find a well-spring of innovative and inspiring ways to work together, to reimagine travel for this 21st Century packed with promise for global tourism – and for each and every one of our proud and magnificent cities.

Chief Executive John Lee gave these remarks at the 2025 World Tourism Cities Federation Hong Kong Fragrant Hills Tourism Summit on April 15.

I am delighted to welcome you to Hong Kong, and the World Internet Conference Asia-Pacific Summit.

And I am honoured to say that the Asia-Pacific Summit, taking place over these next two days in Hong Kong, marks the first time the World Internet Conference has held an international summit outside Mainland China.

That, ladies and gentlemen, is a testament to Hong Kong’s rising role as an international innovation and technology (I&T) hub. It also reflects our deepening integration with our country’s national development.  

That will become abundantly clear over these next two days. Like the World Internet Conference itself, this summit offers high-level dialogue for the global internet community - for you - the nearly 1,000 professionals here from 30 countries and regions.

You are senior government officials and business leaders, industry association heads, academics and researchers and professionals from different disciplines. And you are here to expand your international connections, create business opportunities and help build the interconnected digital future.

Hong Kong’s rise as an I&T hub has been fast-tracked by our vibrant economy, which is powered by free trade and boasts the world’s third-largest financial centre. It helps, too, that Hong Kong has long been a key business conduit between the Mainland and the rest of the world.

And it all comes together under our unique “one country, two systems” framework.

This cardinal governing principle gives Hong Kong the best of both worlds: access to the vast opportunities of the Mainland market, while maintaining the advantages of our unmatched connectivity of our common law system, free flow of information, capital, goods and people. This unmatched connectivity has brought you here.

There are many good examples. A shining example is the Shenzhen-Hong Kong-Guangzhou science and technology cluster, which ranks second, globally, in the World Intellectual Property Organization’s Global Innovation Index. It shows how, with the development of the Greater Bay Area, we can converge Hong Kong’s excellent research and development and world-class, international business environment, with the innovative prowess of the Mainland’s technology industry.

We are building Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone, which straddles the small river that separates Hong Kong and Shenzhen. The Hong Kong park within this co-operation zone smartly embodies the virtues of the “one country, two systems” principle and cross-boundary co-operation.

Last month, I attended the topping-out ceremony for the park’s first three buildings - two wet laboratories and a talent accommodation complex. The park will enter its operational phase this year, with the first tenants - from life and health technology, artificial intelligence (AI), to data science and other pillar industries - moving in.

The development of another five buildings is in full swing. We have earmarked some US$500 million to expedite the park’s two-phase development.

We need, of course, strategic companies and talent to take full advantage of the park’s opportunities - and other of Hong Kong’s far-reaching prospects. And we are getting them. Under the enhanced talent admission regime we rolled out in 2022, we have already approved more than 300,000 talent admission applications. Over 200,000 of them, ie two-thirds, have already arrived here.

Meanwhile, over 80 strategic enterprises from around the world in the booming industries of life and health technology, AI and data science, fintech and more, have joined us. They will invest over US$6 million and create over 20,000 jobs here in the coming years.

The park is situated in the Northern Metropolis, an entirely new economic engine for Hong Kong. The Northern Metropolis, which makes up one-third of Hong Kong’s area, straddles our land boundary with Shenzhen.

I am confident that our collaborative efforts with Shenzhen, and throughout the Greater Bay Area, will see the rise of Hetao Shenzhen-Hong Kong Science & Technology Innovation Co-operation Zone as a world-class I&T hub, creating a critical source of new quality productive forces for the country.

AI is central to the Hong Kong park’s research and development. It is no less central to Hong Kong’s future.

In December last year, the first phase of Cyberport’s AI Supercomputing Centre became operational. Hong Kong’s digital technology flagship, Cyberport is home to more than 330 startups specialising in AI and big data.

Hong Kong is determined to maximise AI’s immense potential for new industrialisation, and to further society’s digital transformation.

We have, for example, set up funding schemes to help local manufacturers switch to smart manufacturing and strategic industries to establish smart production facilities here in Hong Kong.

And our HK$10 billion I&T Industry-Oriented Fund, amounting to nearly US$1.3 billion, channels market capital to invest in industries of strategic importance, including AI and robotics.

There is more. We aim to establish, by the next financial year, the Hong Kong AI R&D Institute, having reserved nearly US$130 million to get it up and running. The institute will spearhead Hong Kong’s research and development, and drive AI-based industrial applications.

AI will also promote smart government. Not only driving document digitalisation and automation, and payments and business processes, but, more important, how we go about making policy and delivering public services.

All that, and much more, will fuel discussion and debate at today’s main forum and the three sub-forums taking place tomorrow.

This summit matters. Co-operation matters. Especially during these challenging times to geopolitics and trade relations. Hong Kong champions free trade and multilateralism. We believe in teamwork and offer a range of welcoming programmes for investors, companies, researchers and other strategic talent. Hong Kong welcomes all business interests from those who are keen to pursue development with us. In this global city, we will make a decided difference for you, and your future.

I am grateful to the World Internet Conference for hosting the Asia-Pacific Summit here in Hong Kong. Grateful, too, to our Innovation, Technology& Industry Bureau and other government offices for organising this high-profile global event.

I wish you all an inspiring summit, and the best of business, and health, through this endlessly challenging, but promising, year.

Chief Executive John Lee gave these remarks at the World Internet Conference Asia-Pacific Summit on April 14.

Allow me to take a moment to highlight why Hong Kong is the ideal strategic destination for innovation and technology businesses.

In addition to our world-class infrastructure and business-friendly environment mentioned by Margaret (Trade Development Council Executive Director Margaret Fong), Hong Kong's "one country, two systems" arrangement has set us apart from any other city in Asia. To name just a few of our unique strengths, we have:

– first, convenient access to the vast Chinese Mainland and Asian markets;

– second, a trusted common law system and strong intellectual property protection;

– third, the convergence of Mainland and international data and capital; and

– fourth, a thriving international talent pool that attracts and nurtures the top minds from around the world.

These strengths have made Hong Kong a premier launch-pad for companies looking to scale up their business in Asia and beyond.

Today, we are home to over 4,700 startups, and 28% of their founders come from outside the city. For a glimpse of this dynamism, I encourage you to visit InnoEX, which showcases the ingenuity of our startups and talent, with groundbreaking innovations ranging from AI and robotics to green tech, smart mobility, and much more.

Hong Kong's appeal extends beyond these. We offer a comprehensive funding ecosystem, spanning angel investments, venture capital and private equity, to one of the world's deepest and most liquid stock markets. Besides, together with Greater Bay Area cities like Shenzhen and Guangzhou, we offer you a vibrant ecosystem that caters to the needs of innovative companies from different sectors and different stages of development. In fact, we have been ranked the world's second most innovative cluster for five consecutive years.

Ladies and gentlemen, we gather at a pivotal moment. We are witnessing a shifting global landscape marked by a daunting trade war and technological fragmentation. Trade patterns, industrial chain, supply chains and partnerships are being reshaped. In this "new normal", many businesses will have to find new collaborators, explore untapped markets and embrace more agile business models.

In these turbulent times, Hong Kong remains open and welcoming to businesses and talent from all over the world. We are eager to establish new connections and forge new partnerships. These are in our DNA. Rest assured that our free port status and free trade policy remain unshaken. We are firm in our commitment to the free flow of capital, goods, talent and information.

Let me conclude by extending my gratitude to my government colleagues, the HKTDC, and all the exhibitors and partners who have brought the BIT Week to life. To our visitors: beyond networking and conducting business, please take some time to explore this vibrant city, not just our scenic hills, stunning coastlines and beautiful outlying islands, but also the 200+ Michelin-recommended restaurants. We impose no duty on wine. Coldplay was performing in our world-class Kai Tak Stadium. The Palace Museum and M+ museum are just across the harbour.

I am sure you will enjoy the city, and wish you all the best of business and health for the time ahead.

Financial Secretary Paul Chan made these remarks at the BIT Week 2025’s opening ceremony on April 13.

As a city where East meets West and tradition intertwines with innovation, we are proud to host you to collectively chart the course of Web3.

As a technology, blockchain is displaying its vast potential, significantly increasing transaction efficiency, lowering costs and enhancing market transparency. Today, we are witnessing a marked increase in the institutional adoption of Web3, with traditional banks, asset managers and brokers increasingly integrating digital assets into their offerings.

As more jurisdictions embrace cryptocurrencies, the market has been energised with optimism, marked by a bullish trend over the past year or so.

But beyond finance and the enthusiasm on cryptocurrency, we all agree that blockchain can bring real benefits to the people. For example, ReFi (regenerative finance) is gaining traction. Tokenised carbon credits enable the transparent tracking of emissions reductions, reinforcing trust in voluntary carbon markets.

Meanwhile, the convergence of Web3 and AI is unlocking new frontiers. In finance, decentralised AI algorithms enhance credit assessments, audit smart contracts with greater precision, and deliver hyper-personalised investment strategies. Beyond finance, this synergy streamlines supply chains, revolutionises healthcare data management, and creates new immersive gaming experiences. Web3 and AI are transforming businesses and public services, driving innovation and efficiency at every turn.

HK: driving Web3 innovation

Allow me to take a few minutes to talk about Web3 in Hong Kong, our attitude and approach towards Web3, and our role in this global transformation.

Hong Kong is pro-Web3. Over two years ago, we published a high-level policy statement on the development of virtual assets, affirming our commitment to a dynamic Web3 ecosystem. Central to this is the principle of the "same activity, same risk, same regulation" approach. Through a balanced and pro-innovation regulatory approach, we seek to maintain a level playing field for market participants and encourage innovative activities in this space.

We have been walking the talk, and have delivered a number of initiatives. We were among the first in the world to have established clear licensing frameworks for virtual asset trading platforms, or VATPs. Indeed, the Securities & Futures Commission has already issued 10 VATP licences. We have also authorised VA (virtual asset) spot ETFs (exchange-traded funds) last year, and Hong Kong now hosts the largest VA ETF market in the Asia Pacific, bridging traditional finance with crypto innovation.

Meanwhile, legislation for stablecoin regulation is set for imminent passage. My colleagues at the Financial Services & the Treasury Bureau and the Hong Kong Monetary Authority (HKMA) are working hard to get the relevant licensing regime to go live within this year.

The Government will also conduct consultations on the licensing regimes of over-the-counter trading services and custodian services for VAs. This will solidify Hong Kong's comprehensive regulatory architecture.

Let me make clear that Hong Kong's approach to Web3 is not simply about regulation. We aim to strike a balance, ensuring market integrity without stifling innovation. After all, innovation entails risks. The lesson we have learnt is that we need to put it under a balanced regulatory framework so as to enable the sector to grow in a responsible and sustainable manner.

One essential element in our regulatory regime is sandboxes, such as the HKMA's Project Ensemble. Project Ensemble allows innovators to test various use cases, such as tokenised real-world assets, with early regulatory feedback. This signifies our pro-innovation approach, as we put regulators and innovators in a co-creation process.

Later this year, we will unveil a second policy statement on the development of virtual assets. It will cover how to make use of Web3 to fast-track the development of traditional financial services, empower the real economy and strengthen the application of digital asset technologies.

A few thoughts on Web3

Now, looking ahead, allow me to share a few thoughts we consider important for the future development and success of Web3.

First, it is the very vision of Web3 to enable more equitable use of the Internet, and make transactions more efficient and less costly. Innovation is core to this goal, and regulators should adopt a technology-neutral approach. It would only be counterproductive if jurisdictions or regulatory authorities favour particular types of cryptocurrencies, or rule out technologies or applications at the outset. Markets, not mandates, should decide which innovations prevail.

Second, we all know Web3's true potential lies well beyond digital assets or cryptocurrencies. Combined with AI, it can be a valuable tool to optimise impact investments, promote inclusive finance, support decarbonisation initiatives, advance sustainable development goals, and more. The global Web3 community should and can strengthen collaboration to support these worthy causes.

Finally, it is essential that new technologies be developed and applied responsibly. AI, for instance, is evolving at speeds that are unexpectedly faster. Decentralised networks bring enormous benefits, but when coupled with AI, challenges such as algorithmic bias, deepfakes and cybersecurity require attention and co-operation at the regional and global levels. Here in Hong Kong, we advocate for suitable guardrails - frameworks that protect investors, consumers and users while encouraging innovation activities. We support a multi-stakeholder approach where governments, regulators and market players across different territories and regions come together to drive forward the sustainable development of Web3.

Concluding remarks

Ladies and gentlemen, to secure a promising and successful future for Web3, we need not just technological innovation, but also a common will to harness creativity and innovation for the benefit of the people. Let me assure you that Hong Kong is committed to this goal. We are here to collaborate with innovators and entrepreneurs from around the world, pushing the boundaries of what is possible, and leveraging the transformative power of Web3 for the greater good.

Financial Secretary Paul Chan gave these remarks at the Hong Kong Web3 Festival on April 7.

The International Water Pioneers Summit was held today in Hong Kong, attracting around 5,000 participants either on-site or online.

Themed “Smart Water‧High-Quality Development”, the summit assembled political and industry leaders, experts, academics, senior government officials and other stakeholders to explore new opportunities for collaboration in the water supply sector.

Chief Executive John Lee, Minister of Water Resources Li Guoying, Guangdong Governor Wang Weizhong, Liaison Office of the Central People’s Government in the Hong Kong Special Administrative Region Director Zheng Yanxion, Leadership Office of the Hong Kong & Macao Work Office Member Xiang Bin, Deputy Financial Secretary Michael Wong, Liaison Office of the Central People’s Government in the Hong Kong SAR Deputy Director Qi Bin, Guangdong Vice Governor Zhang Shaokang and Secretary for Development Bernadette Linn all officiated at the summit’s opening ceremony.

Giving an address, Mr Lee remarked that the summit brought together high-profile professionals and senior government officials from Hong Kong, the Mainland, elsewhere in Asia and around the world to celebrate the 60th anniversary of Dongjiang supplying water to Hong Kong.

The chief executive said that innovation in infrastructure development will power a sustainable, water-secure future, and stressed that Hong Kong will play its part as an international infrastructure centre that serves the needs of the country.

Participants discussed spearheading digital transformation in the water supply sector to help secure healthy water for the benefit of mankind, in addition to co-ordinating knowledge and experience to promote cross-boundary and cross-sector innovation and collaboration.

Topics covered included the water supply sector’s high-quality development, water safety, and water security under the Belt & Road Initiative.

The summit also demonstrated China’s advanced technologies and experience in various aspects of water supply, and the contributions of Chinese culture in the application of water resources. 

I am delighted to welcome you to the third Wealth for Good in Hong Kong Summit.

Whether you are joining us for the first time or returning, I know you will enjoy your time here in Asia's world city. And before long, it will feel like your city too.

Family offices play a vital role in preserving family wealth and building a lasting legacy for future generations. The focus extends beyond making investments that provide sustainable, long-term financial returns. You are also visionaries, philanthropists and next-generation leaders committed to creating positive social and environmental impacts that benefit humanity.

We share these values deeply. That is why we launched this summit two years ago, bringing together principals, key decision makers and senior executives of family offices worldwide, to discuss how we could harness wealth for good together.

This year, we are excited to feature another impressive line-up of distinguished speakers from influential families and institutions, who will share insights on subjects ranging from tech and Artifical Intelligence (AI) to philanthropy and culture.

Hong Kong the premier location for family offices

Allow me to take a couple of minutes to tell you why Hong Kong is an ideal place for family offices to realise their objectives and ambitions.

To begin with, Hong Kong is Asia's premier financial centre, offering a wide range of investment opportunities that are particularly compelling right now.

Notably, the recent boom in the Hong Kong stock market underscores this potential. The Hang Seng index rose by some 20% since the beginning of this year, building on an 18% increase throughout 2024. This surge reflects investor optimism about the future of technology in China and highlights Hong Kong's essential role in connecting regional opportunities with global investors, showcasing the significant returns our market can deliver.

Beyond securities, Hong Kong boasts a dynamic ecosystem of angel investments, venture capital and private equity. Capital under management by private equity firms exceeded US$230 billion last year, making us the second largest in Asia, only after the Mainland.

Our asset and wealth management industry is thriving, fuelled by the affluent population of the Greater Bay Area and the influx of ultra-high-net-worth individuals into our city. We currently manage about US$4 trillion in assets, with two-thirds of them originating from outside Hong Kong. By 2028, we are on track to become the world's largest cross-border wealth management centre.

In the latest Global Financial Centres Index published last week, Hong Kong continues to rank third globally. Notably, we secured the top spot worldwide for investment management, insurance and finance, and came third in banking and business environment.

Above all, global capital feels at ease in Hong Kong. For compelling reasons. President Xi and the central authorities have affirmed on multiple occasions that the "one country, two systems" arrangement will remain in place over the long term.

This means Hong Kong will continue to uphold the common law system with a judiciary exercising powers independently; safeguard the free flow of capital, goods, information and people; maintain a freely convertible currency, and keep a simple and low tax system.

And here is the real gem - we have no capital gains tax, no estate tax, and no tax on dividends. In other words, you can freely invest without the usual financial hang-ups.

Then, protection of capital and private property are enshrined in our Basic Law, along with our steadfast commitment to international obligations under the United Nations, in opposition to accepting decisions unilaterally imposed by other countries.

With all these, not surprisingly, more than 2,700 family offices have already chosen Hong Kong as their home, with half of them managing assets of more than US$50 million.

Here, family offices can leverage a robust network of world-class service professionals, including private bankers, legal experts, accountants and investment advisers, to support your endeavours. Our professionals offer a distinctive combination of global perspective and local expertise in everything they do.

This year, in addition to our existing tax concessions for single family offices, we will expand exemptions for funds, enhance concessions for family offices, and boost incentives for private equity.

That, ladies and gentlemen, is an invitation for all of you to join us in shaping a future where wealth creates value for everyone.

Making a real impact

Family offices aspire to achieve more than just financial returns. Through my encounters with many family principals and executives, I have witnessed your profound desire to create a lasting impact and a brighter future for generations to come.

In this city, international foundations, charitable organisations and non-governmental organisations come together to form a vibrant philanthropy network that not only connects funding and meaningful projects, but also amplifies your efforts and fosters collaboration.

More than that, Hong Kong's value proposition has an additional dimension: innovation and technology.

We are investing heavily in our city's economic future to propel Hong Kong's development in innovation and technology. Two years ago, we outlined our vision for Hong Kong to become an international green tech and green finance centre.

That endeavour is progressing well. Alongside our leadership position in green finance, Hong Kong's green tech community is thriving. In our Science Park and Cyberport, there are some 300 green start-ups specialising in energy-efficient materials, carbon capture, electric vehicle infrastructure, and much more - all keen on addressing the world's most pressing challenges with their groundbreaking technologies. Many of these start-ups have made successful strides into global markets, creating a significant and positive impact worldwide.

In a world where AI is transforming production, business and consumption models and redefining the economic competitiveness, we have a clear vision to establish AI as a core industry. By applying and integrating AI across the community, we can unlock substantial benefits for humanity.

We possess strong foundational research capabilities and attract some of the brightest talent from around the world. Uniquely positioned as a convergence point for data from both the Mainland and international sources, we leverage our close collaboration with sister cities in the Greater Bay Area to amplify our strengths.

And we have developed a comprehensive strategy to drive the growth of the innovation and technology sector. The Hong Kong Investment Corporation, or HKIC, established with a capital of US$8 billion, plays a vital role in this strategy. This "patient capital" supports tech firms in their nascent stages, covering hard tech, biotech, and new energy. So far, it has invested and co-invested in over 90 of such projects, attracting $4 of long-term capital for every $1 invested. The HKIC looks forward to collaborate with family offices, creating dynamic partnerships that fuel our innovation ecosystem.

Art, sports and lifestyle

Ladies and gentlemen, beyond business and finance, Hong Kong is blessed with a thriving art and culture scene. Consider Art Basel, which has become a hallmark event of this city. Opening this Friday, it will present more than 240 galleries from over 40 countries and regions, showcasing a dazzling array of contemporary art.

Indeed, in 2023, we traded more than US$13 billion in art and antiques, all tax-free. Our airport will soon feature a bespoke art storage facility to support this vibrant market.

Let's not forget the world-class M+ and Hong Kong Palace Museum, both located in our West Kowloon Cultural District.

If sport is your passion, you will want to be here right through the weekend. The Hong Kong Sevens kicks off this Friday at the spectacular Kai Tak Sports Park, which boasts seating for 50,000 rugby-mad fans. Bigger house. Bigger party. So why not grab your friends and prepare for a weekend of wild tries and even wilder times!

Looking ahead together

Ladies and gentlemen, whatever your passion, Hong Kong is where you want to be.

Hong Kong is of the world: a meeting point for East and West, tradition and innovation. And it is for the world: a city where your ambitions can take flight and flourish, touching lives far beyond our shores.

Financial Secretary Paul Chan gave these remarks at the Wealth for Good in Hong Kong Summit on March 26.

Family offices are at the heart of a pivotal shift in global wealth management. As the number of ultra-high-net-worth individuals continues to rise, these offices are not just stewards of intergenerational wealth transfer, but also engines that drive both innovation and social impact through forward-thinking investments.

A global platform for wealth, impact

Now in its third edition, the Wealth for Good in Hong Kong Summit (WGHK) will return to the city on March 26. As a flagship event for global leaders in family office finance and philanthropy, the summit builds on the success of last year’s gathering, providing a platform for global elites to network while reinforcing Hong Kong’s reputation as a leading international financial centre. We are showcasing Hong Kong as a hub for global family offices that offers abundant business opportunities and helps bring big dreams to life.

Building on the Report on the Work of the Government adopted at the recently concluded National People’s Congress, which emphasised the need to deepen international engagement and co-operation, we have set the theme of this year’s forum as “Hong Kong of the World, for the World”. Amid global uncertainty and escalating trade tensions, Hong Kong takes a more crucial role as a “super-connector” and a “super value-adder” for the Mainland and the world than ever. With a distinct and independent regulatory and legal regime, Hong Kong will continue to deepen its co-operation with the international community, championing the city’s steadfast values and unique high-growth opportunities on the global stage.

The forum will bring together global leaders, influential family office principals and innovators from business and wealth management. With the aim to collaborate and create a better future, they will share insights on topics such as technology and artificial intelligence, philanthropy, and arts and culture.

Building momentum through “Wealth & Investment Mega Event Week”

Anchored by the WGHK, Hong Kong’s “Wealth & Investment Mega Event Week” at the end of March will feature several high-profile international gatherings. These include the Global Investors’ Symposium organised by the Milken Institute, the HSBC Global Investment Summit, the Bloomberg Family Office Summit, and a number of sustainability-themed events hosted by the World Economic Forum, which will showcase Hong Kong’s forward-looking vision in green finance and sustainable development. Each of these notable events unites global family offices, investors, and entrepreneurs to explore new opportunities, igniting fresh momentum in wealth management and global investment.

A stronger wealth management powerhouse

Hong Kong consistently excels in wealth management. We are Asia’s largest hedge fund centre and the second-largest private equity fund management centre after the Mainland. The number of open-ended fund companies in Hong Kong has doubled year-on-year to over 500, and we are on track to become the world’s largest cross-border wealth management centre by 2028. These achievements not only reflect international investors’ confidence in the Hong Kong market, but also showcase the city’s strength as a leading international financial centre.

To further consolidate Hong Kong’s position as the world’s premier wealth management centre, we are now formulating additional tax incentive schemes for funds, single-family offices, and carried interest. This will enhance Hong Kong’s appeal to global capital, foster the vibrant development of the family office ecosystem, and fuel the expansion of Hong Kong’s international asset and wealth management industry. Our plan is to engage with industry stakeholders this year, before submitting proposals to the Legislative Council for deliberation next year. If approved, the relevant measures will take effect from the 2025-26 financial year.

A stronger family office ecosystem

The FamilyOfficeHK team established by InvestHK has now entered its third year. With a commitment to providing diverse bespoke services for global family offices, it has earned recognition from family offices and high-net-worth individuals worldwide.

There are over 2,700 single-family offices in Hong Kong, more than half of which hold assets exceeding US$50 million. To date, our dedicated team has assisted over 160 family offices in establishing or expanding their operations in Hong Kong, and we are confident in achieving our goal of attracting 200 family offices to our city with the assistance of the dedicated team.

Last year, we launched the Hong Kong Family Office Nexus in a joint initiative with Bloomberg L.P., with the goal of attracting family offices from around the world to establish or expand their presence in Hong Kong.

From March 1 this year, we optimised the New Capital Investment Entrant Scheme to allow investments from eligible private companies wholly owned by applicants, specifically family-owned investment holding vehicles managed by qualified single-family offices, to be used for assessment purposes. This creates a synergistic effect with the tax concession system for single-family offices, further driving their growth and solidifying Hong Kong’s position as a leading global asset and wealth management hub. The scheme has been open for applications since March 1 last year, and as of the end of February this year, it has received over 910 applications, with an estimated investment amount of over $27 billion for Hong Kong.

Shaping the future of global finance

This March, Hong Kong will again be in the spotlight as a global hub of finance and international collaboration. Once again, Asia’s world city will showcase its unrivalled strength in connecting the world and shaping the future. By attracting international businesses, talent and capital, Hong Kong is not only reinforcing its position as an international metropolis, but also leveraging its distinct strengths to open a new chapter of global economic growth.

Secretary for Financial Services & the Treasury Christopher Hui wrote this article and posted it on his blog on March 12.