China's Hong Kong Special Administrative Region (SAR)'s Chief Executive Lam Cheng Yuet-ngor on Monday underlined strengthened ties with the mainland and innovation to ensure the SAR's growth and competitiveness.
Lam made the remarks at the opening ceremony of the 11th Asian Financial Forum, which is themed "steering growth and pioneering innovation: Asia and beyond."
She said China has embedded and integrated itself into the world economy, creating a symbiotic relationship of a scale and complexity unseen in history.
"Amid the improving global economic environment, Asia is taking center stage in terms of growth and potential ... Zooming in further within Asia, the impact, scale and importance of China for the continent and the whole world speaks for itself," she said.
The rapid development of the Chinese mainland's economy is instrumental in steering global economic growth, the chief executive added.
And the roles of the Hong Kong SAR and the functions it could uniquely offer as an international financial center, underpinned by "one country, two systems," have taken on increased relevance and importance as never before, the chief executive stressed.
Noting that innovation is "deeply ingrained in the DNA of Hong Kong," Lam said the Hong Kong SAR must seize upon innovation to unlock the full potential of the gains from growth and ensure that it stays ahead and remains competitive in the wealth creation process of China's growth.
Lam highlighted Hong Kong SAR's connectivity with the mainland's capital markets, the development of Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative as examples of potential opportunities for the Hong Kong SAR to play a greater role in the areas of finance and innovation.
She also elaborated on measures to encourage the development of fintech, apply new technologies such as blockchain, and support start-ups in the special administrative region.
"No discussion of innovation would be complete without touching on technology. Indeed, innovation and technologies applied in the financial sector are particularly exciting and powerful, raising operational efficiency, generating new business opportunities and enhancing consumer experience," she said.
At a cocktail reception held on Monday evening, Hong Kong SAR government's Financial Secretary Paul Chan spoke of Hong Kong's strength in various financial areas, highlighting its unique position where the global advantage and the China advantage converge.
He added that with the development of fintech and Hong Kong's regulatory regime keeping pace with the times, he is confident that Hong Kong is ready for capturing the ample opportunities ahead.
The Asian Financial Forum, a two-day event hosted by the HKSAR government and Hong Kong Trade Development Council, brought together influential members of the global financial and business community to discuss developments and trends in the dynamic markets of Asia.
