The Financial Secretary, Mr Paul Chan, proceeded to Frankfurt from Berlin yesterday (September 26, Frankfurt time) and continued his visit in Germany. 

     After arriving in Frankfurt, Mr Chan called on the President of the European Central Bank, Madame Christine Lagarde. Mr Chan presented to Madame Lagarde the latest economic and financial market developments in Hong Kong, and shared with her the observations obtained during his visit to Europe. In response to questions raised by Madame Lagarde, Mr Chan indicated that the country is committed to implementing the "one country, two systems" principle in Hong Kong in the long run; and the common law system, the rule of law, the free flow of capital, information, people and goods, and the linked exchange rate system are all maintained. In addition, Hong Kong is dedicated to promoting a more vibrant financial market; deepening connectivity with the financial markets in the Mainland continuously; attracting more international enterprises to utilise Hong Kong's fundraising platform; and developing the offshore renminbi business. These will continue to reinforce and enhance Hong Kong's status and unique function as an international financial centre. They also exchanged views on the economic landscapes and trends in the Mainland, Asia, Europe and the world.

     In the afternoon, Mr Chan visited Deutsche Bank and met with the President and Chief Financial Officer, Mr James von Moltke, to understand its business development in Hong Kong and globally, and to exchange views on the development of and co-operation between the financial markets in Hong Kong and Germany. Mr Chan indicated that Hong Kong maintains an open and transparent financial regulatory system that aligns with the best international standards; and the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area continues to expand and deepen. There are vast opportunities for international financial institutions to expand their asset and wealth management businesses in Hong Kong. Mr Chan also welcomed international financial institutions such as Deutsch Bank to hold board meetings in Hong Kong. This would facilitate their management and senior executives to understand the actual situation and opportunities of Hong Kong and the Greater Bay Area. 

     Before leaving Frankfurt, Mr Chan also visited a local accelerator company that provides services to fintech startups, and learned about its business and mode of operation. Mr Chan briefed the company co-founder on the startup ecosystem in Hong Kong, and exchanged views on how to foster innovation and technology development through strengthening two-way matching and co-operation between startups and enterprises.

     Mr Chan departed for Hong Kong last night (September 26, Frankfurt time) and is expected to arrive in Hong Kong in the afternoon today (September 27, Hong Kong time).

Ends/Wednesday, September 27, 2023
Issued at HKT 9:00

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