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To bolster Hong Kong’s position as an international financial centre, Vice-Premier He Lifeng has pledged continued support for the city, emphasising its role in global financial governance and stability. Speaking at the 2025 Global Financial Leaders’ Investment Summit on Tuesday, He also expressed confidence in Hong Kong’s prosperity, stating that its status as a financial hub is “set to be further consolidated and elevated”. “The Party Central Committee’s proposal for the 15th five-year plan has made important arrangements to support Hong Kong’s development, outlining a brighter future for the city,” He said in an opening keynote speech via video for the gathering. “As China embarks on this new chapter under the 15th five-year plan, Hong Kong will also usher in major new historical opportunities, and its prospects are very bright.” He called for sustained support for Hong Kong’s development, encouraging participation in China’s growth and urging the injection of “greater stability and positive energy” into the global economic and financial landscape. His remarks were delivered at the three-day summit, which will conclude on Wednesday under the theme of “Trekking Through Shifting Terrain” and has brought together about 300 global financial leaders, including more than 100 group chairmen and CEOs. He highlighted the significance of global financial governance, noting Hong Kong’s potential to drive its progress. “[We] hope Hong Kong can better play its role as a bridge, link and window, and actively take part in research and practice related to global financial governance, and promote steady progress in global financial governance reform,” he said. The city, he added, should contribute to a fair, open and inclusive international economic order, promote global financial stability, and help turn President Xi Jinping’s Global Governance Initiative into “a beautiful reality”. China’s central bank deputy governor, Lu Lei, also attended the summit, echoing He’s confidence in Hong Kong’s future. Lu said the city has “proactively adapted to change and sought new openings”, continuously enhancing its appeal and competitiveness as an international financial hub, with “great potential and broad prospects” ahead. Lu said the People’s Bank of China has fully supported Hong Kong’s development, deepening market connectivity with the mainland and advancing the offshore yuan market, which has achieved positive results. By the end of September, 1,176 overseas institutions had entered China’s onshore bond market, encompassing 80 countries and regions, with holdings totalling 3.8 trillion yuan (US$533.4 billion), he added. Regarding the development of the offshore yuan market, Lu noted that the PBOC had issued seven batches of central bank bills in Hong Kong totalling 255 billion yuan in the first nine months of this year, with the outstanding balance at 170 billion yuan, up 30 billion yuan from the end of last year. He vowed that the PBOC would continue to support Hong Kong’s development, deepening financial cooperation and connectivity with the mainland, and increase backing for the Greater Bay Area. “We will also continue to promote high-level financial opening-up, enhance the facilitation of cross-border investment and financing, and strive to foster a sound environment for financial investment,” Lu said.
