Hong Kong minister hits out at claims that city’s days as global financial hub are over

Hong Kong’s treasury chief has hit back at claims the city’s standing as a leading global financial centre is over, as the government took aim at a wave of negative comments on mainland Chinese social media, including comparisons of the building that houses the bourse to an ancient relic.

Secretary for Financial Services and the Treasury Christopher Hui Ching-yu on Friday became the first minister to respond to the claims, saying Hong Kong’s status was “not a tall building or a monument that can be brought down by pressure”.

“Macroeconomic factors, such as the uncertain global economic outlook, unstable geopolitical conditions and the extended interest rate environment have inevitably restricted Hong Kong’s financial market, especially share trading and the short-term performances of IPOs,” he wrote on his blog.

“But Hong Kong’s financial market has a solid foundation … and is internationalised, comprehensive and growing in nature.”

In the past two months, internet users over the border have slammed the city’s status as a financial hub. They compared Central’s Exchange Square, which houses the city’s bourse, to historical tourist attractions such as the site of the Terracotta Army in Shaanxi.