{"id":18360,"date":"2023-05-06T04:18:00","date_gmt":"2023-05-06T04:18:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4092545_AE92545_0"},"modified":"2023-05-06T04:18:00","modified_gmt":"2023-05-06T04:18:00","slug":"iff-and-hkma-host-inaugural-high-level-conference-on-multilateralism-and-globalization-in-hong-kong","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=18360","title":{"rendered":"IFF and HKMA host inaugural high-level conference on multilateralism and globalization in Hong Kong"},"content":{"rendered":"<p><span class=\"xn-location\">HONG KONG<\/span>, <span class=\"xn-chron\">May 6, 2023<\/span> \/PRNewswire\/ &#8212; The International Finance Forum (IFF) together with the Hong Kong Monetary Authority (HKMA) and the Hong Kong Academy of Finance hosted on Friday a major conference on multilateralism and globalization as the world faces increased risks in the finance sector and fragmentation. As part of the 20th anniversary global conference series of the IFF, the conference invited political dignitaries, financial authorities, academics as well as executives from the finance sector to join two sessions in discussing topics including enhancing global cooperation, monetary polices, the challenges and opportunities for <span class=\"xn-location\">Hong Kong<\/span> and the Greater Bay Area in an era of strategic competition. The IFF also launched its Hong Kong Centre during the conference.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder4967\">\n<p><a href=\"https:\/\/mma.prnasia.com\/media2\/2071129\/image.html\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2071129\/image.jpg?p=medium600\" title alt><\/a><br \/><span><\/span><\/p>\n<\/p><\/div>\n<p>Chief Executive of the Hong Kong Special Administrative Region (HKSAR) <span class=\"xn-person\">John Lee Ka<\/span>-chiu, IFF Co-Chair and Chairperson of the Council of Presidents of the UN General Assembly Han Seung-soo and Financial Secretary of HKSAR <span class=\"xn-person\">Paul Chan Mo<\/span>-po addressed the conference.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder7112\">\n<p><a href=\"https:\/\/mma.prnasia.com\/media2\/2071130\/image2.html\" target=\"_blank\" rel=\"nofollow noopener\"><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/2071130\/image2.jpg?p=medium600\" title alt><\/a><br \/><span><\/span><\/p>\n<\/p><\/div>\n<p>As part of its mission to strengthening global communication, the first IFF Hong Kong conference successfully addressed major global issues including geopolitical tensions, global debt crisis, inflation, risk of fragmentation and the unique positioning of <span class=\"xn-location\">Hong Kong<\/span> as a leading financial centre and opportunities for the Greater Bay Area. Speakers and panelists unanimously agreed on the importance of global cooperation and multilateralism in solving global issues. The conference also called for the strengthening of <span class=\"xn-location\">Hong Kong&#8217;s<\/span> status as a global financial centre and a global offshore RMB business hub.<\/p>\n<p>In the first panel discussion of the afternoon, Han was joined by Professor <span class=\"xn-person\">Harold James<\/span> of <span class=\"xn-org\">Princeton University<\/span>, IFF Board Member and former PM of New Zealand Jenny Shipley and <span class=\"xn-person\">Antony Leung<\/span>, IFF Vice President, CEO of Nan Fung Group in talking about multilateralism and globalization against the backdrop of increased risks of fragmentation.<\/p>\n<p><span class=\"xn-person\">Lai Zhihong<\/span>, Vice Mayor of Guangzhou Municipal Government gave opening remarks to the second panel discussion about &#8220;Prospects and Roles of <span class=\"xn-location\">Asia<\/span>, <span class=\"xn-location\">Hong Kong<\/span> and the Greater Bay Area&#8221;.&nbsp; Chief Executive of the Hong Kong Monetary Authority Eddie Yue Wai-man, IFF Board&nbsp; and CEO and Executive President of Bank of China International Li Tong&nbsp;and IFF Academic Committee Member Song Min exchanged opinions on how <span class=\"xn-location\">Hong Kong<\/span> would respond to the global challenges and enhance its role as leading global financial hub and how the Greater Bay Area is to emerge as financial and digital hub of the region.&nbsp; The panel discussion was moderated by IFF Vice President Lin Jianhai.<\/p>\n<p>In his opening remarks, Han said multilateralism and globalization are the backbone of the peace and prosperity during the post-war period. &#8220;However, we are today at a critical juncture in human history, experiencing the rapidly weakening trend of multilateralism and globalization.&#8221;<\/p>\n<p>In a recorded address to the conference, Chief Executive of the HKSAR John Lee said multilateralism and globalization are part of <span class=\"xn-location\">Hong Kong&#8217;s<\/span> DNA and <span class=\"xn-location\">Hong Kong&#8217;s<\/span> success is based on &#8220;versatility and resilience&#8221;.<\/p>\n<p>&#8220;As a premier international financial centre and an irreplaceable connection between the Mainland and the rest of the world, <span class=\"xn-location\">Hong Kong<\/span> is the ideal base to further the IFF&#8217;s mission to promote international dialogue and multilateral cooperation in the financial realm,&#8221; said Lee.<\/p>\n<p>In his opening remarks to the conference, Financial Secretary <span class=\"xn-person\">Paul Chan<\/span> highlighted that under a fragile state of the global economy characterised by high interest rates and sustained inflation, it is critical that the world work together.<\/p>\n<p>&#8220;At a time when the world is undergoing rapid changes unseen in a century, the world needs more inclusive and resilient development from which people can benefit. That is why our country is committed to high-level two-way opening up and practise true multilateralism,&#8221; said Chan.<\/p>\n<p>&#8220;<span class=\"xn-location\">Hong Kong<\/span> is firmly committed to free trade, to reducing trade barriers and ensuring the free flow of goods, capital and people.&#8221;<\/p>\n<p>Vice Mayor Lai pointed out that <span class=\"xn-location\">Guangzhou<\/span> has worked closely with <span class=\"xn-location\">Hong Kong<\/span> and <span class=\"xn-location\">Macau<\/span> in promoting mutual financial markets access in the Greater Bay Area. He stressed the importance of strengthening financial collaboration between <span class=\"xn-location\">Guangzhou<\/span> and <span class=\"xn-location\">Hong Kong<\/span> so as to further the global financial role of the Greater Bay Area.<\/p>\n<p><span class=\"xn-person\">Paul Chan<\/span> highlighted <span class=\"xn-location\">Hong Kong&#8217;s<\/span> strengths in green finance and its commitment to contribute world green development. &#8220;As the world progress towards carbon neutrality and set priorities on ESG, there is much <span class=\"xn-location\">Hong Kong<\/span> can offer in green finance.&#8221; Chan said. &#8220;Last year, the green debts issued or arranged in <span class=\"xn-location\">Hong Kong<\/span> exceeded US$80&nbsp;billion. In terms of the amount of international green bond issued, we are No. 1 in <span class=\"xn-location\">Asia<\/span>, &#8220;<\/p>\n<p>IFF VP Lin said :&#8221;<span class=\"xn-location\">Asia<\/span> is expected to contribute about 70% of global growth, and <span class=\"xn-location\">China<\/span> will contribute over 30%,&nbsp;this year with the reopening of <span class=\"xn-location\">China<\/span> boosting growth across the region as the latest IMF Regional Economic Outlook suggested. As a leading financial hub, <span class=\"xn-location\">Hong Kong<\/span> is in a unique position to connect the mainland with the rest of the world in further pushing for greater prosperity in <span class=\"xn-location\">China<\/span> and the rest of <span class=\"xn-location\">Asia<\/span>.&#8221;&nbsp;<\/p>\n<p><b>Notes to editor:<\/b><\/p>\n<p><b>About the International Finance Forum (IFF)<\/b><\/p>\n<p>The International Finance Forum (IFF) is an independent, non-profit, non-governmental international organization founded in <span class=\"xn-chron\">October 2003<\/span>, established by financial leaders from more than 20 countries and regions, including <span class=\"xn-location\">China<\/span>, <span class=\"xn-location\">the United States<\/span>, the European Union, emerging countries and leaders of international organizations such as the United Nations, the World Bank and the International Monetary Fund (IMF).&nbsp; The IFF is a long-standing, high-level platform for dialogue and communication and multilateral cooperation and has been upgraded to F20 (Finance 20) status.<\/p>\n<p><b>About the Hong Kong Monetary Authority (HKMA)<\/b><\/p>\n<p>The HKMA is an integral part of the Hong Kong Special Administrative Region (HKSAR) Government. In its day-to-day work the HKMA operates with a high degree of autonomy within the relevant statutory powers conferred upon, or delegated to, the Monetary Authority. The autonomy is complemented by a high degree of accountability and transparency.<\/p>\n<p>As <span class=\"xn-location\">Hong Kong&#8217;s<\/span> central banking institution, the HKMA is committed to high standards of corporate governance, in the belief that good governance is crucial in maintaining and safeguarding the trust and confidence of the public in the HKMA to fulfil its statutory mandate. To achieve this commitment, the HKMA\uff0c&nbsp;puts in place a well-defined governance structure with a high degree of accountability; exercises robust controls to manage risks and ensure that staff behaviours at all levels and its day-to-day operations are consistent with specified standards; and pursues a policy of transparency and accessibility, and keeps close contacts with stakeholders.<\/p>\n<p><b>About Hong Kong Academy of Finance (AoF):<\/b><\/p>\n<p>&nbsp;The financial industry has become more and more globalized and technology-driven. The traditional boundaries between different sectors within the financial industry and between the financial and non-financial industries are increasingly blurred. The ability to upgrade our professional talent pool by promoting the global and inter-disciplinary perspectives of our talents and strengthen our applied research capability is crucial to the maintenance of <span class=\"xn-location\">Hong Kong&#8217;s<\/span> position as a premier international financial centre. The AoF was set up to enhance our soft power in a sustainable manner in these aspects.<\/p>\n<p>The AoF is set up with full collaboration amongst the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. The AoF brings together the strengths of the academia, the industry, professionals and the regulatory community to develop financial leadership and promote research collaboration. The mission of the AoF is to serve as a&nbsp;centre&nbsp;of excellence&nbsp;for developing&nbsp;financial leadership and a&nbsp;repository&nbsp;of knowledge in monetary and financial research, including&nbsp;applied research.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HONG KONG, May 6, 2023 \/PRNewswire\/ &#8212; The International Finance Forum (IFF) together with the Hong Kong Monetary Authority (HKMA) and the Hong Kong Academy of Finance hosted on Friday a major conference on multilateralism and globalization as the world faces increased risks in the finance sector and fragmentation. As part of the 20th anniversary [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":18361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-18360","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IFF and HKMA host inaugural high-level conference on multilateralism and globalization in Hong Kong - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=18360\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFF and HKMA host inaugural high-level conference on multilateralism and globalization in Hong Kong - My Blog\" \/>\n<meta property=\"og:description\" content=\"HONG KONG, May 6, 2023 \/PRNewswire\/ &#8212; The International Finance Forum (IFF) together with the Hong Kong Monetary Authority (HKMA) and the Hong Kong Academy of Finance hosted on Friday a major conference on multilateralism and globalization as the world faces increased risks in the finance sector and fragmentation. 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