Don’t bet against China and Hong Kong and don’t read too much foreign news, top Chinese regulator tells banking summit

Don’t read too much international media and bet against China and Hong Kong, a top Chinese regulator told attendees of a global banking summit in Hong Kong on Wednesday.

Fang Xinghai, vice chairman of the China Securities Regulatory Commission, addressed attendees of the Global Financial Leaders Investment Summit via video recording at the start of the event. Outside the Four Seasons Hotel, where some 200 government officials and financial executives had gathered, severe Tropical Storm Nalgae approached the city.

Fang Xinghai, vice chairman of the China Securities Regulatory Commission. Photo: RTHK, via video screenshot.

Fang, speaking in English in the video, urged investors to “find out what is really happening in China and what our government’s real intention is for themselves.”

He told summit attendees not to “read too much of these international media”, and said some international investors read “too much” foreign media reports on Chinese events.

“Because a lot of media reports…they really don’t understand China very well, and they’re short-sighted,” said Fang, who also told bankers not to “bet against China. and Hong Kong”.

Mark Carney attending the Global Financial Leaders’ Investment Summit on November 2, 2022. Photo: RTHK, via video screenshot.

In a separate discussion, Mark Carney, former governor of the Bank of Canada and Bank of England and now vice-chairman of Brookfield Asset Management, said he would like to “congratulate the international media”.

“And I believe what I read in the international media,” Carney said, answering a question about the UK economy.

“Hong Kong always bounces back”

The summit was hailed by the government as a sign of the city’s return to normal after years of Covid-19 restrictions and resulting isolation.

Chief executive John Lee, in a speech Wednesday, told investors that Hong Kong was still “the only place in the world where global advantage and China advantage come together in one city,” and that the city was an “irreplaceable connection”. between China and the rest of the world.

The chief executive also tried to reassure bankers about the strength of the city’s economy amid the Covid-19 pandemic.

Chief Executive John Lee delivered a keynote address at the Global Finance Leaders Investment Summit on November 2, 2022. Photo: GovHK.

“Hong Kong is still bouncing back, better than ever. We have full confidence in his tenacity. And its future. We are already seeing an encouraging rebound, as we continue to lift our COVID restrictions. »

No mask for most participants

Unlike most arrivals in Hong Kong, summit guests were allowed to eat in private dining rooms at restaurants and enter certain premises under the Covid-19 Vaccine Pass scheme, the Authority said. Hong Kong Monetary Authority (HKMA) ahead of the summit.

If any attendees test positive for Covid-19 while in the city, instead of entering a seven-day quarantine, they are allowed to leave Hong Kong by private jet.

Under the city’s Covid-19 regulations, incoming travelers must undergo three days of “medical surveillance” after arrival, where they are not allowed to eat in restaurants, visit bars or go to places premises under the Vaccine Pass.

Wednesday’s meeting also saw guests, including Lee, not wearing face masks.

Hong Kong Financial Secretary Paul Chan attending the Global Financial Leaders Investment Summit on November 2, 2022, wearing a face mask. Photo: RTHK, via video screenshot.

Hong Kong Finance Secretary Paul Chan, however, wore a mask as he recently contracted Covid-19 while on a business trip to Saudi Arabia.

Health authorities allowed him to attend the summit after deciding he was a “recovered case”, but said he would not dine with other attendees.

Hong Kong reported 4,709 new Covid-19 infections and eight deaths on Wednesday. The city has recorded nearly 1.93 million cases and 10,418 deaths since the pandemic began more than two years ago.

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