Speech by FS at Wealth for Good in Hong Kong Summit Gala Dinner
Following is the speech by the Financial Secretary, Mr Paul Chan, at the Wealth for Good in Hong Kong Summit Gala Dinner today (March 26):
Distinguished guests, ladies and gentlemen,
Good evening. What a pleasure it is to be here again with you tonight.
I am sure you all came away inspired by today's insightful discussions and engaging speakers.
Tonight, let me touch on a recurrent subject that has come up in many of the meetings this week: why Hong Kong and not another city in the region or the Mainland.
Let me explain why.
Under the "one country, two systems" arrangement, Hong Kong is where the China advantage and international advantage converge. For foreign companies seeking to tap the vast consumer market of China and North Asia, Hong Kong is the natural choice.
Take the Greater Bay Area for example. It is home to 87 million people, with a per capita GDP of US$23,000, or US$40,000, on a purchasing power parity basis. Its young population aspires to quality products and services from around the world. It is a massive consumer market. Hong Kong is your gateway to the Mainland market.
At the same time, through the Northbound Connect Schemes, you can also access the Mainland's stocks, bonds, ETFs (exchange-traded funds) and derivatives via Hong Kong, capturing the emerging investment opportunities in an efficient and familiar business and legal environment.
Our country's steady and long-term growth prospects are promising, not to mention breakthroughs in technological innovation. The recent DeepSeek phenomenon has very much spoken for this.
"Deep", indeed, is a key word for Hong Kong's capital markets.
As a leading fund-raising centre, our stock market boasts a capitalisation of US$5 trillion. It raised US$11 billion through IPOs last year, ranking fourth globally. More leading Mainland tech companies are lining up to list on the Hong Kong Stock Exchange. This year, we are expecting to raise US$17 to 20 billion in IPOs.
Consider listing your company on our Stock Exchange. Under the Southbound Connect Schemes, you will be able to access both Mainland and international capital here, greatly enhancing the liquidity and valuation of your stock.
Hong Kong is a city of seamless connectivity. Take a high speed train, and you can reach Shenzhen in 15 minutes, and Guangzhou in 45 minutes. Take a morning plane to Beijing or Shanghai, have a whole day of meetings with your business partners, enjoy a nice dinner and fly back. All in a single day.
The Hong Kong International Airport indeed connects 200 destinations with 1 000 flights each day. Half of the world's population is within five hours' reach.
More than business and investments, Hong Kong offers an enviable lifestyle unmatched by other Asian cities.
Our city is home to scenic hills, spectacular hiking trails, stunning beaches and outlying islands. You can walk to our seaside paths and country parks from the very heart of our skyscraper city. And walking in our city is a safe activity. Hong Kong has excellent law and order. It is one of the safest metropolitan cities in the world.
Some 200 Michelin-recommended restaurants are brimming with East and West culinary fare. We don't impose duty on wine. And duty on spirits has also been lowered just recently.
Hong Kong offers the best education for your children. More than 50 international schools operate in this city, providing a wide range of curricula, including American, British, German-Swiss, Japanese, Korean, and even Singaporean - giving you a plenty of choices. And five of our universities rank among the world's top 100.
Above all, Hong Kong is the ideal place for you to nurture your biggest dreams. Here, artistry meets ambition, and possibility becomes legacy.
Ladies and gentlemen, thank you for being here, for taking part in this year's Wealth for Good Summit.
I know you will enjoy tonight's Gala Dinner and the good people all about you, including the very special musical entertainment waiting in the wings for me to stop talking.
Allow me now to propose a toast, to raise our glasses in celebration: to health and prosperity, to an evening, and a lifetime, blessed with inspiration. Cheers!
Speech by FS at Wealth for Good in Hong Kong Summit Gala Dinner Source: HKSAR Government Press Releases
Speech by SJ at opening ceremony of 22nd Willem C Vis East International Commercial Arbitration Moot
Following is the speech by the Secretary for Justice, Mr Paul Lam, SC, at the opening ceremony of 22nd Willem C Vis East International Commercial Arbitration Moot today (March 30):
Ms Barrington (Director of the Vis East Moot Foundation, Ms Louise Barrington), Ms Tung (Deputy Director of the Vis East Moot Foundation, Ms Sherlin Tung), distinguished guests, ladies and gentlemen,
Good evening. On behalf of the Department of Justice of Hong Kong (DoJ), it is my great pleasure to welcome you all to the 22nd Willem C. Vis (East) International Commercial Arbitration Moot (Moot). For those coming from other jurisdictions, a very big and warm welcome to Hong Kong. I would like to start by thanking the Vis East Moot Foundation for holding the Moot in Hong Kong again this year.
I am very delighted to learn that over 1 500 students and coaches from 154 university teams around the world will participate this year. I also wish to extend another very warm welcome to over 400 arbitrators for joining us. This Moot is more than just a competition. It is a platform for gaining knowledge in international arbitration and trade law, while honing the legal and advocacy skills of our young legal talents.
I understand that the Moot will focus on the use of international commercial arbitration to resolve international commercial disputes, and involves the harmonised legal texts of UNCITRAL (United Nations Commission on International Trade Law) including the CISG (United Nations Convention on Contracts for the International Sale of Goods) and the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, both of which apply to Hong Kong. This demonstrates Hong Kong’s commitment to adopting established international commercial law and practices.
Hong Kong is a leading international financial, commercial and trading centre well known for its strong rule of law, independent judiciary, and well-established legal framework. Under the important principle of "one country, two systems", Hong Kong is the only common law jurisdiction within China. Our unique legal system is bilingual in both Chinese and English, which enable people and friends from around the world to navigate with ease. And it provides very strong legal protection to cross-border business transactions and investments, which helps to establish Hong Kong as a deal-making, legal,and dispute resolution services hub.
Hong Kong is and has always been one of the most preferred seats of arbitration in the world. Arbitral awards made in Hong Kong are generally recognised and enforced by the local courts, the Mainland courts and in over 170 Contracting Parties to the New York Convention. In addition, Hong Kong is the first and only common law jurisdiction outside the Mainland where, as a seat of arbitration, parties to arbitral proceedings administered by designated arbitral institutions would be able to apply to the Mainland courts for preservation measures. An award creditor of a Hong Kong arbitral award may also make simultaneous enforcement applications to both the Mainland and Hong Kong courts.
To further facilitate the conduct of arbitrations in Hong Kong, starting from March 1, 2025, the Hong Kong Government has regularised the Pilot Scheme on Facilitation for Persons Participating in Arbitral Proceedings, now known as the Immigration Facilitation Scheme for Persons Participating in Arbitral Proceedings in Hong Kong. This initiative enables eligible visitors to participate in arbitration in Hong Kong without requiring any employment visa. Hong Kong launched the Scheme back in 2020 on a short-term basis. The arbitration community has been supportive of the Scheme since its launch, finding it conducive to maintaining Hong Kong’s competitiveness as an international legal and dispute resolution services centre. The streamlined process under the Scheme covers arbitrators, experts and factual witnesses, parties to the arbitration, parties’ representatives, and other persons directly related to or involved in the arbitration such as tribunal secretaries, tribunal-appointed experts. The DoJ will issue a Guidance Note on the Scheme to the relevant arbitral and dispute resolution institutions soon. I really look forward to seeing many of you coming to Hong Kong to participate in international arbitration in future.
To conclude, I wish each and everyone of you a rewarding mooting experience and a very fruitful stay in Hong Kong. Please do seize this opportunity not only to showcase your advocacy skills but also to forge connections and explore the vast possibilities and opportunities Hong Kong offers, including our fascinating food and drinks and entertainment. Let us look forward to another successful year of the Moot! Thank you very much!
Speech by SJ at opening ceremony of 22nd Willem C Vis East International Commercial Arbitration Moot Source: HKSAR Government Press Releases
