Chinese Vice Premier Promises to Boost Hong Kong's Financial Competitiveness

Forex - In a speech on Tuesday, Chinese Vice Premier He Lifeng pledged to enhance Hong Kong's competitiveness by investing in the city's innovation and strengthening financial policies. Speaking at the third Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority, He reiterated Beijing's commitment to "exploring and implementing" measures aimed at building Hong Kong as an "international financial center." He, who oversees a high-level economic and financial policy-making body, stated that Beijing's incentive measures have already "benefited" Hong Kong. Following He's speech, Li Yunze, Minister of the National Financial Regulatory Administration, alongside Wu Qing, Chairman of the China Securities Regulatory Commission, and Zhu Hexin, Vice Governor of the People's Bank of China, will participate in a panel discussion on financial developments in mainland China. Some of the world's largest banks have moved to downsize their operations and reduce employment in Hong Kong and mainland China due to a prolonged drought in public offerings and deal-making activities.