Above: UBS Group CEO Sergio Ermotti said that Hong Kong is expected to replace Switzerland as the world’s top wealth management center. Above: According to the latest global competitiveness report released by the International Institute for Management Development in Lausanne, Switzerland, Hong Kong has returned to the top five in the world.
Hong Kong’s achievements in focusing on “economy and development” have been recognized internationally. The International Institute for Management Development (IMD) in Lausanne, Switzerland released the 2024 Global Competitiveness Report on the 18th. Hong Kong ranked fifth in the world, up two places from last year, and returned to the top five in the world.
The Financial Times reported yesterday that UBS Group CEO Sergio Ermotti said that Hong Kong’s wealth management business is growing at an annual rate of 7.6% and has the opportunity to replace Switzerland as the world’s top wealth management center by 2027 or earlier.
Many SAR government officials said that these achievements confirm that Hong Kong is one of the most competitive economies in the world, proving that Hong Kong has a bright future and abundant opportunities. The SAR government has introduced various measures to consolidate the development achievements and continuously enhance Hong Kong’s competitiveness. \Ta Kung Pao reporter Gong Xueming
According to the Financial Times, UBS CEO Sergio Ermotti said in a speech at a Swiss university that Hong Kong, Singapore and the United States are actively competing for Switzerland’s leading position in offshore wealth management and have made significant progress. Among them, Hong Kong’s wealth management industry is expanding at a compound annual growth rate of 7.6% and is expected to surpass Switzerland in 2027.
The government has adopted a multi-pronged approach to restore economic growth
Deputy Financial Secretary Michael Wong Wai-lun pointed out that despite the challenging external environment, the Hong Kong economy returned to positive growth last year, and further grew by 2.7% year-on-year in the first quarter of this year, with a forecast of 2.5% to 3.5% growth for the whole year, thanks to the SAR Government’s introduction of a number of measures to strengthen market confidence and boost the economy. Hong Kong will continue to strive for economic development, development and benefit the people’s livelihood, while playing the role and function of a “super connector” and “super value-added person”, actively integrating into the overall national development, empowering and strengthening the sustainable development of Hong Kong’s economy, increasing volume and capacity, and comprehensively enhancing overall competitiveness, so as to create new heights for Hong Kong’s future development.
The Secretary for Financial Services and the Treasury, Paul Hui, said that by the end of 2022, the total value of Hong Kong’s asset and wealth management business will reach HK$30.5 trillion (about US$4 trillion). According to industry statistics, Hong Kong is also the largest hedge fund center in Asia and the second largest private equity center in the region after the mainland. By the end of 2023, there will be 2,700 single family offices operating in Hong Kong. The “New Capital Investor Entry Scheme” officially launched on March 1 this year has received more than 250 applications. The SAR government will continue to optimize the business environment and efficiency and maintain its advantages. For example, the arrangement to maintain securities market transactions in bad weather announced on the 18th will be implemented from September 23 this year.
Xu Zhengyu emphasized that the SAR government has introduced a number of financial policy measures, covering both traditional advantageous markets and emerging opportunities, striving to better combine “effective government” and “efficient market” to promote market development to a higher level. We are confident that these efforts will continue to be recognized internationally, allowing Hong Kong’s status as an international financial center to continue to consolidate and sublimate.
Actively promote the development of aviation and shipping
Secretary for Transport and Logistics, Mr Lam Sai-hung, said that as an international city, Hong Kong’s transportation infrastructure and quality urban management are important factors in creating an ideal business environment. Since taking office, the current government has been adhering to the goal of “infrastructure first, creating capacity” to promote development, especially in aviation and shipping. High-quality development, including the implementation of the airport’s three-runway system and various construction projects under the “Airport City” vision, and committed to consolidating Hong Kong’s position as an international shipping center. At the same time, the authorities are actively exploring the provision of tax incentives, including the passage of the Inland Revenue (Amendment) (Tax Concessions for Certain Activities Related to Shipping) Ordinance 2022 and the Inland Revenue (Amendment) (Tax Concessions for Aircraft Leasing) Ordinance 2023, to enhance Hong Kong’s attractiveness as a high-value-added shipping service base and enhance Hong Kong’s competitiveness in the global aircraft leasing market.
The Secretary for Culture, Sports and Tourism, Kevin Yeung, said that the bureau will continue to fully explore Hong Kong’s rich tourism resources, continuously improve service quality, promote further collaboration between tourism and related sectors, and develop new tourism products and promotional activities, so as to polish Hong Kong’s golden signboard as the “best tourist destination” even brighter.
The Innovation, Technology and Industry Bureau said that Hong Kong is building an international innovation and technology center at full speed. The ranking in this year’s report once again confirmed that Hong Kong’s development direction is correct and its policy measures are effective.