International financial institutions have been buying up Chinese assets amid growing global interest in the country's stock markets following the announcement of a series of stimulus policies.
According to data released by the Hong Kong Exchanges and Clearing Limited (HKEX) on Friday, J.P. Morgan Chase purchased several Hong Kong stocks on September 27th, increasing its position by about 530 million U.S. dollars in a single day to expand its holdings in Chinese assets.
Firms like Switzerland's UBS and the U.S.-based BlackRock have also recently increased their investment ratings for China's A-shares.
"Statistics show that during the last three trading days of September, funds flowing into Chinese stock exchange-traded funds (ETFs) products reached 2.4 billion U.S. dollars, a figure almost matching the total inflows into similar products over the previous nine months," said Peter Pak, executive director of BOCI Securities Limited, a Hong Kong-based investment firm.
The optimism comes after China's financial authorities announced a broader-than-expected policy package to galvanize the economy's rebound in late September.
A representative from Morgan Stanley said the firm saw a wave of interest in Chinese assets during the week-long National Day holiday that began Oct 1. "During the 'Golden Week' National Day holiday, which is the busiest week in my 20-year career in international financial institutions, I have interacted with over 3,500 overseas international investors through visits and phone calls. Their confidence in the Chinese economy is gradually recovering," said Xing Ziqiang, chief economist with Morgan Stanley China.
Global financial institutions increase investments in Chinese assets
Global financial institutions increase investments in Chinese assets
Global financial institutions increase investments in Chinese assets
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
