HONG KONG, Jan. 18 (Xinhua) -- Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Carrie Lam said on Monday that amid the challenges posed by the COVID-19 pandemic, Hong Kong's financial system has demonstrated its strengths and resilience.
Lam said at the 14th Asian Financial Forum which opened Monday that Hong Kong's financial markets continued to operate orderly, and that included the Linked Exchange Rate System. The Hong Kong dollar to the U.S. dollar exchange rate has stayed on the strong side, reflecting investors' continuing confidence in Hong Kong's financial markets.
Lam said the global economy last year plunged roughly 4.4 percent and Hong Kong's GDP in 2020 is expected to decline by 6.1 percent.
She said vaccinations had begun in some nations and economies, and will soon spread across the world, including Hong Kong. "If the vaccines are as successful as we expect, there will be real momentum for recovery in the second half of this year."
Lam said with remarkable efforts in controlling the pandemic, the Chinese mainland has regained economic growth, being the only major economy to show real growth in 2020. There will be plenty of opportunities there, and Hong Kong can offer a range of services for people to capture them.
Thanks to the "one country, two systems" framework and Hong Kong's longstanding advantages, including an internationally aligned regulatory regime, the rule of law, a simple and low tax system and the free flow of information and capital, Hong Kong continues to be an ideal gateway between the mainland and the rest of the world, Lam said.
"That very much includes our role as both a conduit for foreign capital investing in the mainland and the springboard for mainland companies looking to international markets," she added.
Lam said that given the huge potential investor base in the Guangdong-Hong Kong-Macao Greater Bay Area, she had no doubt that Wealth Management Connect will attract a wealth of international financial institutions.
The 14th Asian Financial Forum is an online event held on Monday and Tuesday. Under the theme "Reshaping the World Economic Landscape", the forum runs round the clock across different time zones, providing a platform for policymakers, financial experts, investors, business leaders and economists to examine the current economic landscape and exploring global business opportunities. Enditem
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