Chinese Vice-President Han Zheng meets HSBC Group chairman Mark Tucker in Beijing, urges deeper cooperation: state media

Name: Hong Kong stock market falls below 15,000 level, its lowest in 15 months
Uploaded: 2024-01-22T12:30:25.000Z
Duration: 5 min 39 s
Description: Hong Kong stock market falls below 15,000 level, its lowest in 15 months

Han urged the bank to deepen cooperation with China, Xinhua report says

The central government fully supports Hong Kong in promoting the building of an international financial centre, report adds

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Chinese Vice-President Han Zheng (right) meets with HSBC Group chairman Mark Tucker in Beijing on January 22, 2024. Photo: Xinhua

Martin Choi

Published: 8:30pm, 22 Jan 2024Updated: 11:39pm, 22 Jan 2024

Chinese Vice-President Han Zheng met HSBC Group chairman Mark Tucker in Beijing and urged the bank to deepen cooperation with China and make contributions to Hong Kong’s status as an international financial centre, according to a report by official state news agency Xinhua on Monday.

“We welcome HSBC Group and other international financial institutions to continue to actively participate in China’s financial reform and opening-up and achieve better development in China,” Han said in the report.

The Chinese central government fully supports Hong Kong in promoting the building of an international financial centre, Han said, according to Xinhua.

Han expressed hope that HSBC will make good use of its own advantages to deepen mutually beneficial cooperation with China and make new contributions to consolidating and upgrading Hong Kong’s status as an international financial centre.

The meeting comes as Hong Kong stocks slumped to near their lowest level in 15 months, adding to a three-week rout, as investors continued to feel let down by a lack of stimulus to fuel China’s economic recovery.

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Hong Kong stock market falls below 15,000 level, its lowest in 15 months

The Hang Seng Index slid 2.3 per cent to 14,961.18 on Monday, a psychological threshold seen during the October 2022 slump, before China abandoned its zero-Covid policy the following month.