HK can become second-largest IFC: Paul Chan

Financial Secretary Paul Chan expressed strong confidence on Wednesday that Hong Kong will rise to become at least the world’s second biggest international financial centre within the next 10 to 15 years. "Look at Hong Kong now from the perspective of 10, 15 years later. I'm very confident Hong Kong, surely we will not be just number three in terms of international financial centre ranking, at least the second," he said. Hong Kong maintained its third place globally and first place in Asia Pacific, according to a global ranking by Z/Yen and the China Development Institute from Shenzhen in March, trailing behind New York and London. "And financial centre is not just about equities market. So we need to enrich our offerings. Apart from equities, fixed income, currency, also green finance, sustainable finance, and also important to us... family office hub," Chan said at the HSBC Global Investment Summit. He also assured investors at the summit of the business opportunities that Hong Kong can tap into. "I'm very confident about the growth of the mainland in the coming decade," he said. Chan said rising incomes among mainland residents, coupled with their growing demand for overseas asset allocation, present tremendous opportunities for Hong Kong’s asset and wealth management industry. Edited by Thomas McAlinden