FS: HK to deepen global ties amid market volatility

Financial Secretary Paul Chan says short-term market sentiment is easily affected by multiple factors, but he stresses the need to deepen global ties to consolidate Hong Kong's status as an international financial centre.

Financial Secretary Paul Chan writes in his latest blog that many restaurants and shops record business growth during the National Day Golden Week.

Aside from a booming tourism industry, the local financial market remains active.

In the first nine months of this year, 116 companies were listed in Hong Kong.

They raised over 388 billion dollars, exceeding the total amount for the whole of last year.

However, Chan notes that US long-term bond yields reached a 24-year high.

This makes investors worry about the global economic outlook and inevitably affects Hong Kong stock market sentiment, as it has done recently.

Chan mentions his trip to Doha, Qatar last week to attend the Asian Infrastructure Investment Bank annual meeting.

He notices political and business leaders are moving from a simple desire to cooperate to more specific project discussions.

Chan adds Hong Kong's value in regional cooperation lies not only in the depth and efficiency of its financial market, but also in its unique position connecting the Chinese Mainland and the world under "One Country, Two Systems".

Chan says Hong Kong will host several international financial mega-events in the coming months, which further deepen international ties and promote practical cooperation.

He vows to continue leveraging Hong Kong's strengths on all fronts to expand the influence of this international platform.