Hong Kong to boost financial reforms to aid Chinese firms, Paul Chan says

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Amid geopolitical tensions, city can help mainland firms that are struggling to raise funds abroad, financial secretary says

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Financial Secretary Paul Chan Mo-po speaks at the Guangdong-Hong Kong-Macau Greater Bay Area Listed Companies Summit on November 25, 2024. Photo: Handout

Cao Li

Published: 6:00pm, 25 Nov 2024

Hong Kong plans more financial reforms to aid mainland Chinese companies facing investment and funding challenges in Western markets, the city’s financial head said on Monday, while a top central government official in Hong Kong called for support for “integrated development”.

“Under the shadow of geopolitical tensions, mainland enterprises now face unprecedented challenges in raising funds and investing in Western markets,” Financial Secretary Paul Chan Mo-po said at a forum discussing how to attract Chinese companies to list in Hong Kong.

“In response to these circumstances, Hong Kong will implement further reforms in its securities and financial markets to attract more domestic and international capital, supporting the development needs of projects and businesses in the Greater Bay Area.”

Qi Bin, the newly installed deputy at the central government’s liaison office in Hong Kong, reiterated that top leaders support the Greater Bay Area and said the region and listed enterprises should better support the “integrated development” of Hong Kong and the mainland.

“The Guangdong-Hong Kong-Macau Greater Bay Area is home to 5,000 listed companies and has played a significant role in participating in the construction of major cooperation platforms, deepening financial connectivity between the two regions, and promoting financial and trade collaboration between them,” Qi said.

Chan and Qi spoke at the Guangdong-Hong Kong-Macau Greater Bay Area Listed Companies Summit 2024 in Hong Kong.

“We hope that listed companies in the Greater Bay Area will actively leverage Hong Kong’s advantages, using Hong Kong as a base for overseas expansion,” Qi said. “While consolidating markets in Europe and the United States, they should also join hands to explore emerging markets such as Asean, the Middle East, and Latin America.”