Global cooperation needed amid decoupling: CE
Chief Executive John Lee on Wednesday called for greater international cooperation amid escalating de-globalisation and decoupling. Speaking to over 3,000 participants from more than 40 countries at the Asian Financial Forum, Lee warned that the fragmentation of international markets could have detrimental effects on the financial system. "International market fragmentation can only lead to rising costs, reduced market liquidity and, ultimately, a diminished and destabilised financial system," he said. Lee said the SAR is committed to fostering a bright shared future for the global community, adding that under the "one country, two systems" principle, Hong Kong can create opportunities for businesses and economies in Asia and worldwide. Lee explained that Hong Kong is the capital bridge between the mainland and international financial markets. He said the city continues to expand its mutual market access with the mainland and has added more than 1,000 stocks listed on the Shanghai and Shenzhen exchanges into Stock Connect last year. "That, of course, greatly expands investment choices via Stock Connect. It also attracts international corporations to list in Hong Kong, boosting our fundraising competitiveness," he added. The CE also said Hong Kong serves as a major listing platform for companies globally, with the market capitalisation of companies listed in the city reaching US$4 trillion last year.