2023-12-06

各位朋友：

謹為您送上今個星期「司長隨筆」 (https://www.fso.gov.hk/chi/blog/blog20231203.htm)。題目是「開拓新市場　引入新資金」，我希望聽到您的意見。

上周，亞洲首隻沙特阿拉伯交易所買賣基金(ETF)在港掛牌上市，讓本地和國際投資者可以在香港這個市場，利用港元或人民幣投資沙特股市成份股指數，分享中東發展的機遇，相關ETF的資產規模更是全球同類產品中最大。

這隻ETF產品的掛牌，標誌著香港與中東加強資金雙向流動的新里程，突顯了香港在「一帶一路」資金融通中的關鍵節點作用。

正如沙特阿拉伯公共投資基金（PIF）的負責人指出，這次在香港推出產品，為亞洲投資者打開了解當地發展故事的一扇大門，也讓他們更深入了解到本港連通國家和世界投資者和金融市場的「雙門戶」角色，看到本港雄厚的資金和人才實力，以及蓬勃的金融生態系統。可以預期，這ETF上市後，香港和中東地區的合作將會更多更闊，資金、人才、資訊的雙向流動將會更深更廣。

今年以來，受到環球息口高企、地緣政局緊張、復蘇前景不明等因素影響，本港股票市場的表現受到一定遏抑。然而市場的某些部分卻仍取得不俗的發展。就以ETF市場為例，在去年7月ETF納入互聯互通後，進一步擴大了香港市場的投資者基礎，加上落實了多項便利交易措施，本港ETF市場今年進一步壯大，首十個月日均成交金額達116億港元，按年增長25%。目前，香港ETF產品包括主題式投資、固定收益，以至虛擬資產；交易櫃台亦包括港幣、人民幣和美元。香港更是首個提供比特幣期貨和以太幣期貨ETF的亞洲市場。這次沙特阿拉伯ETF的上市，相信將進一步加強香港ETF市場的全球連繫性，鞏固香港作為亞洲領先ETF市場的重要地位。

雖然環球政經環境對各地市場帶來不同形式的挑戰，但也帶來新的機遇、以至更多可能的新夥伴。

據國際貨幣基金組織（IMF）預測，今年亞太地區整體的經濟增長達4.6%，高於全球平均水平，並貢獻全球增長三分之二。預計明年，亞洲增長仍然可以維持於約4.2%。而東盟十國，人口相對年輕、中產比例漸多，增長潛力巨大。據世界經濟論壇的預測，東盟到2030年就會取代德國，成為全球第四大經濟體。

而中東地區也是强大的發展動力來源。例如，沙特阿拉伯提出了「2030願景」，就著推動該國實現經濟結構轉型和多元化，提出了前瞻的方向和具體的行動計劃。而在阿聯酋迪拜剛開幕的「2023年聯合國氣候變化大會」(COP 28)上，中東地區國家對參與推動能源轉型也表現積極。與此同時，基於地緣政治風險考慮，中東國家近年也意識到有必要分散投資，推動投資類別更多元化。香港作為聯通內地、亞洲以至世界資本市場的重要樞紐，成為了它們部署投資的理想選擇。「天時」、「地利」因素疊加，為香港中東深化多層面的金融合作，開創新契機。

當然，我們也要有「人和」。過去一年，行政長官、我和其他特區官員以及「香港隊」的成員多次出訪中東、東盟地區，積極接觸當地的政商界領袖，加強推介香港的各種新優勢，彼此展示了加強合作的意願。不斷的深耕，建立了更多互信的基礎，為更深入的合作創造可能。

就在本周四和五，沙特阿拉伯未來投資倡議研究所將在港舉行首屆的「PRIORITY亞洲峰會」。峰會將以「塑造人類未來大趨勢」為主題，邀請到沙特政府和主權基金代表親臨香港，亦匯聚世界各地的政商、金融領袖和投資者，共同探討亞洲快速的城市化和數字轉型步伐，以及今天亞洲如何推動影響未來的全球大趨勢。峰會首次移師亞洲並選址香港，別具意義，象徵着香港聯通中東和亞洲兩個地區的重要地位。我亦會參與其中一節專題討論，跟其他嘉賓討論如何加強全球南方國家的合作，並推動全球經濟實現更包容、可持續的發展。

對外，我們竭力拓展與亞洲、中東夥伴的關係，吸引新資金；對内，我們也不斷增強與各省市的交流聯繫，抓住内地大循環的機遇，共同推進各領域的合作。上周，京港合作會議第五次會議在港舉行，雙方簽署了多份合作文件，當中包括「深化金融業發展的合作備忘錄」，讓我們在傳統滬港、深港金融合作以外，開啓新篇章。早於今年六月，港交所已跟北京交易所簽署了合作備忘錄，支持對方市場上符合條件的上市公司到來上市。兩地交易所亦會進一步加強在綠色金融、金融科技和人才交流等方面的合作。

面對世界百年未有之大變局加速演進，環球政經局面錯綜複雜，香港作爲細小、全開放、外向型的經濟體，外圍變化對我們的影響巨大，我們必須努力尋找新夥伴，開拓新市場，增強經濟和金融市場的韌性。認清形勢、沉着應對，用好我們的優勢所在、抓緊潛在的機遇，在未來充滿挑戰的路上堅定穩步向前邁進。

鞏固本港國際金融中心地位、推動經濟發展，讓我們有更多空間改善民生。另一方面，社區上的大小事務，跟市民日常生活息息相關，需要大家共同關心和參與。下周日，12月10日是區議會選舉日，是大家攜手參與社區建設的重要機會，請大家記得出來投票，為建設自己的社區、自己的家園一起努力！

順祝
健康愉快

財政司司長
陳茂波

如想停收這個電郵，可電郵至：
unsub@fso.gov.hk

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Dear Friends,

I am pleased to attach my latest blog titled “Opening up new markets and attracting new capital” for your perusal (https://www.fso.gov.hk/eng/blog/blog20231203.htm).

Last week, Asia’s first Saudi Arabia Exchange-traded Fund (ETF) was listed in Hong Kong, allowing local and international investors to invest in the constituent index of the Saudi stock market through Hong Kong’s market using Hong Kong Dollar or the Renminbi, and share the opportunities presented by developments in the Middle East.  Indeed, the ETF has the largest asset size among similar products globally.

The listing of this ETF is a new milestone on strengthening the two-way capital flows between Hong Kong and the Middle East, highlighting Hong Kong’s crucial function as a key link for financial connectivity under the Belt and Road Initiative.

As pointed out by the representative of the Saudi Arabia’s Public Investment Fund (PIF), the launch of the product in Hong Kong offers Asian investors a unique opportunity to understand Saudi Arabia’s development.  They would be able to see more clearly Hong Kong’s role as a “dual gateway” connecting Mainland China and global investors and financial markets.  Hong Kong’s deep pool of capital and talent, as well as its vibrant financial ecosystem, are on display.  It can be anticipated that following the listing of the ETF, cooperation between Hong Kong and the Middle East will further expand, with deeper and broader two-way flows of capital, talent, and information.

Since the beginning of this year, the performance of Hong Kong’s stock market has been depressed to a certain extent due to factors such as global interest rate hikes, geopolitical tensions, and uncertain recovery prospects.  However, certain segments of the market have still achieved remarkable development.  Taking the ETF market as an example, the inclusion of ETFs in Stock Connect in July last year has further expanded the investor base in the Hong Kong market.  Together with the implementation of various facilitative trading measures, Hong Kong’s ETF market has continued to grow this year, with a daily average turnover of HK$11.6 billion in the first ten months, representing a 25% year-on-year increase.  Currently, Hong Kong’s ETF products cover thematic investments, fixed income, and virtual assets, with trading counters available in Hong Kong Dollar, the Renminbi, and US Dollar.  Hong Kong is also the first Asian market to offer Bitcoin futures and Ether futures ETFs.  The listing of the Saudi Arabia ETF is expected to further enhance the global connectivity of Hong Kong’s ETF market and consolidate our position as a leading ETF market in Asia.

While the global political and economic environment has brought different kinds of challenges to markets around the world, it has also brought new opportunities and possibly even more new partnerships.

According to the International Monetary Fund (IMF), the Asia-Pacific region as a whole is forecast to grow by 4.6% this year, higher than the global average and contributing to two-thirds of global growth.  Next year, Asia’s growth is expected to remain at about 4.2%.  Meanwhile, the ten ASEAN member states, with a relatively young population and a growing middle class, have immense growth potential.  According to the World Economic Forum’s forecast, ASEAN will replace Germany as the world’s fourth largest economy by 2030.

The Middle East is also a strong source of development momentum.  For example, Saudi Arabia has put forward “Vision 2030”, which proposes forward-looking directions and a concrete action plan to promote the structural transformation and diversification of the country’s economy.  At the 2023 United Nations Climate Change Conference (COP 28) which has just begun in Dubai in the United Arab Emirates, countries in the Middle East also showed enthusiasm in participating in promoting energy transformation.  In recent years, in light of geopolitical risks, they have also recognised the need to diversify their investments and channel them into different categories.  Hong Kong, as an important hub connecting the Mainland, Asia and global capital markets, would be an ideal choice for them to invest in. Timing and geography have created new opportunities for Hong Kong to deepen financial cooperation with the Middle East on various fronts.

It is, of course, important to connect with people.  Over the past year, the Chief Executive, myself, other Government officials, and members of the Hong Kong Inc. paid a number of visits to the Middle East and the ASEAN countries.  We proactively reached out to local political and business leaders and stepped up efforts to promote Hong Kong’s new advantages.  There has been a strong willingness on both sides to strengthen collaboration.  Through persistent and diligent efforts, we have built wider and stronger foundations of mutual trust and created possibilities for deeper co-operation.

On Thursday and Friday this week, Saudi Arabia’s Future Investment Initiative Institute will organise the inaugural FII PRIORITY Asia Summit in Hong Kong.  This Summit, with the theme of “Megatrends Shaping Humanity”, will gather representatives of the Saudi government and sovereign wealth fund.  It will also bring together political, business, financial leaders and investors from all around the world to explore Asia’s rapid urbanisation and digital transformation, and how Asia will drive the megatrends of tomorrow.  The fact that the Summit is coming to Asia for the first time and has chosen Hong Kong as the destination is significant. It symbolises Hong Kong’s important status in connecting the Middle East and Asia.  I will attend one of the panel discussions and discuss with other speakers on how to strengthen cooperation among countries in the Global South, and promote more inclusive and sustainable development for the global economy.

While we strive to build relationships externally with our partners in Asia and the Middle East to attract new capital, we also keep reinforcing the exchanges and connections with Mainland provinces and cities to jointly promote collaborations in various fields, with a view to capitalising on the opportunities brought by the domestic circulation.  Last week, the Fifth Plenary Session of the Hong Kong/Beijing Co-operation Conference was held in Hong Kong, during which the two cities signed a number of co-operation documents, including the Memorandum of Understanding (MOU) on Enhancing Hong Kong-Beijing Co-operation on the Development of the Financial Industry, which enables us to start a new chapter beyond our traditional ties of financial co-operation with Shanghai and Shenzhen.  Earlier in June this year, the Hong Kong Exchanges and Clearing Limited signed an MOU with the Beijing Stock Exchange in support of cross listings of qualified listed companies in each other’s market.  The Exchanges of the two places will also work closer together in such areas as green finance, financial technology and exchange of talent.

The world is undergoing profound and accelerated changes unseen in a century in a complicated political and economic landscape.  Hong Kong, being a small, fully-open and externally-oriented economy, would be greatly affected by changes in the external environment.  We must strive to find new partners and develop new markets, so as to make our economy and financial market more resilient.  We must see the situation clearly and respond sensibly.  The road ahead will be full of challenges.  But as we make good use of our advantages and seize the coming opportunities, we can certainly move forward firmly and steadily.

With efforts made to consolidate our status as an international financial centre and promote economic development, we will have greater room to improve people’s livelihood.  Community affairs, be they big or small, are closely related to our everyday life and require our attention and participation.  The District Council Ordinary Election to be held on 10 December (next Sunday) presents us with a vital opportunity to take part together in community building.  Please remember to come out to vote.  Let’s join hands to make our community and our home a better place!

Kind regards,

Paul MP Chan
Financial Secretary