Finance chief promotes Hong Kong’s advantages at Apec retreat with counterparts

Hong Kong’s financial secretary has highlighted the city’s “institutional and locational advantages” at a retreat with his international counterparts on the first part of his trip to the United States for an Apec summit.

Paul Chan Mo-po, who will represent Chief Executive John Lee Ka-chiu at the Asia-Pacific Economic Cooperation leaders’ meeting in San Francisco later this week, attended a finance ministers’ retreat hosted by US Treasury Secretary Janet Yellen on Sunday. Lee is under US sanctions over the city’s national security law.

Chan promoted Hong Kong’s advantages as a regional financial centre, the government said.

Hong Kong’s finance chief Paul Chan with US Treasury Secretary Janet Yellen in San Francisco. Photo: ISD

“Mr Chan highlighted that under the ‘one country, two systems’ framework, Hong Kong maintains its institutional and locational advantages,” a government spokesman said.

“With a sound fiscal position, strong financial stability, and a low government debt-to-gross domestic product ratio, Hong Kong is making use of its fiscal policies to promote the development of the economy and key industries.”

Hong Kong should aim to expand ‘circle of friends’ at Apec summit: finance chief

Chan also pointed to Hong Kong’s ability to serve as a “high value-added fundraising and professional services platform” to provide efficient matching for fund flows and infrastructure projects, among other things.

The government said the session hosted by Yellen in San Francisco centred on fiscal policies and related issues such as post-pandemic government financial positions, debt ratios and rising debt service payments.

Issues including how to allocate resources more effectively in areas such as energy transition and education were also discussed.

Hong Kong forum on US-China ties seeks ‘optimistic’ tone ahead of Apec summit

Among representatives Chan later met at the retreat to discuss economic and social developments were Singapore’s finance and national development minister Indranee Rajah and Brunei’s finance and economy minister Dato Dr Amin Liew.

“Both sides expressed a willingness to deepen financial and economic exchanges and cooperation,” the government spokesman said.

Paul Chan (second left) meets Brunei finance minister Dato Dr Amin Liew (second right). Photo: ISD

Lee and three other officials in the current administration have been sanctioned by the United States over the national security law, which the US claimed would undermine the city’s autonomy and restrict the rights and freedoms of residents.

The Hong Kong government earlier emphasised that Lee’s no-show at the Apec summit was due to scheduling issues, insisting he had received an invitation from the host.

San Francisco scrambles to clean up its image for Apec summit

Speaking at a closed-door dinner last week, Lee expressed support for Chan, saying he could “count on Paul to do a very good job on my behalf”. Chan is not under US sanctions.

Speculation had swirled earlier over whether Lee’s sanctioned status would prevent him from attending the San Francisco summit.

Chan will attend the finance ministers’ meeting at the Apec summit on Monday. The leaders’ summit runs from Wednesday to Friday. The finance chief returns to Hong Kong on Sunday.