Mongolia's Consul General Khulan Onkhoon has highlighted the potential for her country to learn from Hong Kong's expertise in logistics and health services. Since taking office in August 2023, Onkhoon has been actively promoting the idea of reviving a business forum in Hong Kong next year, which aims to facilitate discussions on dual stock market listings and enhance economic ties between the two regions. [ed99b90a]
Mongolia's economy is heavily reliant on its mining sector, which accounts for 80% of its exports and 25% of its GDP. As part of strengthening bilateral relations, high-level delegations from Mongolia are visiting Hong Kong to learn best practices in various sectors. Currently, there are 68 Mongolian students studying in Hong Kong, reflecting the growing educational ties between the two regions. [ed99b90a]
In 2024, China and Mongolia will celebrate 75 years of diplomatic relations, providing a timely backdrop for these discussions. Negotiations for a double taxation agreement are also underway, which could further enhance investment opportunities and economic collaboration. [ed99b90a]
Meanwhile, Russian Consul General Anatoly Kargapolov has expressed optimism about enhancing collaboration in arts, tourism, and education between Russia and Hong Kong. He noted that leading Russian museums are prepared to share their artworks with local institutions such as M+, the Palace Museum, and the Hong Kong Museum of Art. Additionally, there are discussions about the Bolshoi Theatre potentially performing in Hong Kong, signaling a shift in cultural focus from Europe to Asia following the Ukraine war. [1fcba9c9]
In 2023, Hong Kong's bilateral trade with Russia reached US$5.8 billion, reflecting a 50.9% increase from the previous year. Kargapolov dismissed the impact of Western sanctions on this trade, labeling them as illegal measures aimed at undermining the Russia-China relationship. He encouraged Hong Kong to host economic forums with former Soviet states to further enhance these ties. [bafc89fa]
The cultural exchange is also evident in the increasing number of Russian tourists visiting Hong Kong, with nearly 77,000 Russian visitors recorded in the first eight months of 2024, a significant rise from 56,000 in the same period in 2023. Aeroflot has resumed direct flights between Hong Kong and Moscow since December 2023, facilitating this influx. Kargapolov suggested that adding Russian signage in local museums could further enhance the experience for visitors. [1fcba9c9]
This cultural initiative coincides with Beijing’s efforts to foster greater engagement from foreign diplomats in Hong Kong, as highlighted by Cui Jianchun, Beijing’s top diplomat in the region. Cui expressed disappointment over the low participation of foreign consulates in recent delegation trips to mainland China, emphasizing the need for diplomats to better understand the mainland's dynamics. [a26da4ca]
Meanwhile, Hong Kong's Financial Secretary Paul Chan Mo-po reiterated the government's commitment to attracting more initial public offerings (IPOs) from mainland companies and enhancing connectivity within the Greater Bay Area. Chan pointed out that investor confidence is gradually returning to Hong Kong, particularly as property prices stabilize after a significant decline. The government is focusing on sectors such as artificial intelligence (AI), fintech, and biotechnology to stimulate economic growth. [6b466566]
Chan's recent visit to New York involved discussions with business leaders about Hong Kong's economic strategies, where he defended the controversial ban on the song 'Glory to Hong Kong', asserting it was necessary for national security. Despite US sanctions affecting travel for some Hong Kong officials, Chan maintained that daily life in the city continues normally. [6b466566]
Additionally, Dunhill Ventures has launched its Family Office Network in Hong Kong, further solidifying the city’s status as a wealth management hub. This network aims to create a social clubhouse for affluent families in Asia, facilitating connections and investment opportunities. Managing Director Natalie Torin noted that Hong Kong currently has 2,700 single-family offices, with projections indicating a 40% increase in such offices across the Asia-Pacific region by 2030. [467552c2]
US asset manager Franklin Templeton has denied rumors of dissolving its Beijing office, clarifying that it has not applied for the cancellation of its business registration in the city. Although Yu Qing, the managing director of its China business, left the company last month, Franklin Templeton remains committed to deepening its presence in the Chinese market. This comes amid a trend of downsizing by several international asset managers in China, driven by a high interest rate environment abroad. [100fa5cc]
Hana Financial Group Chairman and CEO Ham Young-joo recently met with overseas investors in Hong Kong to promote the banking group's strategies aimed at enhancing corporate and shareholder values. Ham highlighted the increase in market value following the announcement of a capital management and shareholder return plan earlier this year. [e44221ac]
Hong Kong Chief Executive John Lee has defended the city's status as an international financial center (IFC) and shipping hub, asserting that its position remains solid and advantageous. Lee acknowledged that political factors pose challenges to an IFC, noting that some capital has left Hong Kong as a political statement. However, he believes that prudent investors recognize the long-term nature of investments. [26ee92cc]
During a recent visit to San Francisco, Hong Kong's finance chief, Paul Chan, called for increased open interactions and collaborative innovation between the bay areas of China and the United States, emphasizing the significance of pragmatic topics such as carbon markets and sustainable finance. Chan noted the interest from local and US companies in exploring potential clients in each other's markets. [34d94bb8]
Clara Chan, CEO of the Hong Kong Investment Corporation (HKIC), believes that the city offers the right mix to attract innovative global start-ups. She noted that overseas start-ups are drawn to Hong Kong due to its robust financial market and availability of capital. The HKIC manages HK$62 billion in funds aimed at enhancing Hong Kong's position as an innovation and technology hub through investments and partnerships with start-ups. [ee4ba4df]
Hong Kong's asset management sector has shown resilience, managing over HK$31 trillion in 2023, marking a 2.1% year-on-year growth. Finance chief Paul Chan Mo-po revealed these figures, citing a report from the Securities and Futures Commission. The sector's growth is attributed to strong investor confidence, with net capital inflows in 2023 increasing more than 3.4 times from the previous year, reaching nearly HK$390 billion. Chan reassured that concerns about capital outflows are unfounded, as investors continue to trust in the prospects of both the mainland and Hong Kong markets. [34d94bb8]