Hong Kong undaunted by Singapore rivalry as mainland Chinese support gives city unique advantage, treasury chief says
- ‘We are not afraid of competition,’ Secretary for Financial Services and the Treasury Christopher Hui says
- City faces intense competition with Singapore in race for global investment and talent, especially amid Covid-19 pandemic
The support Hong Kong receives from mainland China allows the city to stand out as an international financial hub and supplies it with a unique advantage over regional rival Singapore, the treasury chief has said.
Speaking on a radio programme on Saturday, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said Hong Kong was not afraid of the increased rivalry with Singapore because the city had many of its own advantages.
“We are not afraid of competition. We are only afraid of failing to put up a good fight,” Hui said.
“The biggest difference between Hong Kong and Singapore is that we have the support of our country to be a gateway to the world. This is Hong Kong’s unique advantage and we need to make better use of our competitive edge.”
Amid rising geopolitical tensions, Hong Kong could serve as a market for diversification and decentralisation, he added, arguing the city’s free flow of capital remained a significant attraction.
Hong Kong has faced intense rivalry with Singapore in the race for global investment and talent, especially amid the Covid-19 pandemic. Some experts said Hong Kong was lagging behind, as Singapore had already fully reopened up to the world.
In an effort to reboot its international image and woo global bankers, Hong Kong will hold the Global Financial Leaders’ Investment Summit, organised by the Hong Kong Monetary Authority, from November 1 to 2, as well as Hong Kong FinTech Week from October 31 to November 4.
