Hong Kong Economic and Trade Office, San Francisco
Hong Kong
FS updates US on HK

Financial Secretary Paul Chan met with the local financial sector representatives in during a recent visit to Washington, DC.

In a meeting with Chief Executive of the International Capital Market Association (ICMA) Martin Scheck, Mr. Chan highlighted the rapid growth of Hong Kong’s green bond market.

He noted that green bonds issued in Hong Kong amounted to US$11 billion last year.

Mr. Chan updated Mr. Scheck on the measures for promoting the financial development of Hong Kong and sought to forge closer collaboration between the city and the association.

The ICMA is the self-regulatory association for the international capital market, with over 570 member institutions from more than 60 countries, including banks, issuers, asset managers, infrastructure providers, law firms, rating agencies and other market participants.

The Financial Secretary also met the senior management of BlackRock to discuss various issues, including the latest situation of Hong Kong, global economy, investment sentiment, property market and retirement income products.

Earlier, the Financial Secretary attended the plenary session of the annual meetings of the International Monetary Fund and the World Bank Group as a member of the Chinese delegation.

He met with Managing Director of the World Bank and World Bank Group Chief Administrative Officer Yang Shaolin to discuss the Hong Kong Special Administrative Region Government's work in maintaining financial stability.

In a meeting with Director of the IMF's Asia & Pacific Department Changyong Rhee, Mr. Chan introduced the measures announced in mid-August for supporting small and medium-sized enterprises, safeguarding jobs and relieving people's financial burden.

The Financial Secretary also had meetings with the top management of Moody's Investors Service and Standard & Poor's Global Ratings to update them on Hong Kong's latest developments.

Mr. Chan said Hong Kong's financial markets and banking system have been functioning as usual since the past few months and the recent social incidents have not hampered the city's core competitiveness.

Hong Kong's strong economic fundamentals and ample reserves enable the city to navigate the current challenges, he added.

Mr. Chan was pleased that Moody's has once again in its report recognized Hong Kong's fiscal capabilities in helping the city weather challenges and he welcomed S&P's affirmation of Hong Kong's "AA+" long-term credit rating and its "stable" outlook rating.

He also met with Minister for Finance and Minister for Public Expenditure & Reform of Ireland Paschal Donohoe.

Noting that Ireland and the Hong Kong Green Finance Association signed a memorandum of understanding last year, Mr. Chan said he hopes Hong Kong and Ireland could promote closer collaboration on financial services including green finance.

Mr. Chan also called on Chinese Ambassador to the United States Cui Tiankai.

Financial Secretary Paul Chan (second left) had a meeting with Managing Director of the World Bank and the World Bank Group Chief Administrative Officer Yang Shaolin (second right) in Washington, DC on October 18 to discuss the latest development of Hong Kong and the Hong Kong Special Administrative Region Government’s work in maintaining financial stability. Also present were Hong Kong Commissioner for Economic and Trade Affairs, USA Eddie Mak (first left) and Executive Director of the Hong Kong Monetary Authority Darryl Chan (third left).
Financial Secretary Paul Chan (second left) had a meeting with Managing Director of the World Bank and the World Bank Group Chief Administrative Officer Yang Shaolin (second right) in Washington, DC on October 18 to discuss the latest development of Hong Kong and the Hong Kong Special Administrative Region Government’s work in maintaining financial stability. Also present were Hong Kong Commissioner for Economic and Trade Affairs, USA Eddie Mak (first left) and Executive Director of the Hong Kong Monetary Authority Darryl Chan (third left).
 
Financial Secretary Paul Chan (right) meets with Chief Executive of the International Capital Market Association Martin Scheck in Washington, DC on October 19.
Financial Secretary Paul Chan (right) meets with Chief Executive of the International Capital Market Association Martin Scheck in Washington, DC on October 19.
Financial Secretary Paul Chan (second right), Commissioner for Economic and Trade Affairs, USA Eddie Mak (first right), Executive Director of the Hong Kong Monetary Authority Darryl Chan (third right)  meet with the senior management of BlackRock in Washington, DC on October 19.
Financial Secretary Paul Chan (second right), Commissioner for Economic and Trade Affairs, USA Eddie Mak (first right), Executive Director of the Hong Kong Monetary Authority Darryl Chan (third right)  meet with the senior management of BlackRock in Washington, DC on October 19.
 
Financial Secretary Paul Chan (left) paid a courtesy call on Chinese Ambassador to the United States Cui Tiankai in Washington, DC on October 18.
Financial Secretary Paul Chan (left) paid a courtesy call on Chinese Ambassador to the United States Cui Tiankai in Washington, DC on October 18.
Financial Secretary Paul Chan (right) met with Minister for Finance and Minister for Public Expenditure and Reform of Ireland Paschal Donohoe in Washington, DC on October 18.
Financial Secretary Paul Chan (right) met with Minister for Finance and Minister for Public Expenditure and Reform of Ireland Paschal Donohoe in Washington, DC on October 18.
 
Financial Secretary Paul Chan (second right) had a meeting with Director of the International Monetary Fund's Asia and Pacific Department Changyong Rhee (first left) in Washington, DC on October 18 to discuss matters related to global financial development, and introduced Hong Kong’s relief measures announced in mid-August for supporting small and medium-sized enterprises, safeguarding jobs and relieving people's financial burden. Also present were Hong Kong Commissioner for Economic and Trade Affairs, USA Eddie Mak (third right) and Executive Director of the Hong Kong Monetary Authority Darryl Chan (first right).
Financial Secretary Paul Chan (second right) had a meeting with Director of the International Monetary Fund's Asia and Pacific Department Changyong Rhee (first left) in Washington, DC on October 18 to discuss matters related to global financial development, and introduced Hong Kong’s relief measures announced in mid-August for supporting small and medium-sized enterprises, safeguarding jobs and relieving people's financial burden. Also present were Hong Kong Commissioner for Economic and Trade Affairs, USA Eddie Mak (third right) and Executive Director of the Hong Kong Monetary Authority Darryl Chan (first right).

 


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