Bloomberg: Wall Street tycoons avoid talking about China risks at the Hong Kong Financial Summit
2022-11-02
When some big shots from Wall Street gathered for a special discussion at the Hong Kong Financial Summit, they clearly avoided a topic of China's increasing financial risks.
According to Bloomberg, the biggest risks discussed by Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman are inflation, market volatility, and whether central banks can guide the world towards a soft landing. The symposium was chaired by Eddie Yue, President of the Hong Kong Monetary Authority.
Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission, emphasized in a pre recorded form at the International Financial Leaders Investment Summit that the outside world has read too much of the international media's coverage of China, and their understanding of China is not thorough and short-sighted. He pointed out that we should not over interpret China, nor gamble on Chinese Mainland and Hong Kong.
Regarding this, UBS Chairman Colm Kelleher said that he does not read American media and is very pro China. However, he also said that he was a bit waiting for China to end the Zero-COVID and reopen.
After the 20th National Congress of the Communist Party of China (CPC) last month, the markets in Chinese Mainland and Hong Kong plummeted, triggering doubts about China's future economic development trajectory. However, the stock market soared on the eve of the Hong Kong Financial Summit, partly because of rumors that Chinese Mainland is setting up a committee to evaluate how to exit the strict dynamic Zero-COVID. The Chinese Ministry of Foreign Affairs stated that they are not aware of the relevant situation.
Fang Xinghai emphasized that China will continue to open up, but still does not have enough high-quality institutional investors. China hopes to share its growth with international participants.
Chief Executive John Lee Ka-chiu also stressed in his keynote speech that Hong Kong has unique advantages in connecting the world and Chinese Mainland.
In an interview outside the summit, Noel Quinn, CEO of HSBC Holdings, said that he was optimistic about China. Noel Quinn said that he would continue to invest in wealth management business in China, Singapore and India. China will emerge from the epidemic. China will rebound.
When some big shots from Wall Street gathered for a special discussion at the Hong Kong Financial Summit, they clearly avoided a topic of China's increasing financial risks.
According to Bloomberg, the biggest risks discussed by Goldman Sachs CEO David Solomon and Morgan Stanley CEO James Gorman are inflation, market volatility, and whether central banks can guide the world towards a soft landing. The symposium was chaired by Eddie Yue, President of the Hong Kong Monetary Authority.
Fang Xinghai, Vice Chairman of the China Securities Regulatory Commission, emphasized in a pre recorded form at the International Financial Leaders Investment Summit that the outside world has read too much of the international media's coverage of China, and their understanding of China is not thorough and short-sighted. He pointed out that we should not over interpret China, nor gamble on Chinese Mainland and Hong Kong.
Regarding this, UBS Chairman Colm Kelleher said that he does not read American media and is very pro China. However, he also said that he was a bit waiting for China to end the Zero-COVID and reopen.
After the 20th National Congress of the Communist Party of China (CPC) last month, the markets in Chinese Mainland and Hong Kong plummeted, triggering doubts about China's future economic development trajectory. However, the stock market soared on the eve of the Hong Kong Financial Summit, partly because of rumors that Chinese Mainland is setting up a committee to evaluate how to exit the strict dynamic Zero-COVID. The Chinese Ministry of Foreign Affairs stated that they are not aware of the relevant situation.
Fang Xinghai emphasized that China will continue to open up, but still does not have enough high-quality institutional investors. China hopes to share its growth with international participants.
Chief Executive John Lee Ka-chiu also stressed in his keynote speech that Hong Kong has unique advantages in connecting the world and Chinese Mainland.
In an interview outside the summit, Noel Quinn, CEO of HSBC Holdings, said that he was optimistic about China. Noel Quinn said that he would continue to invest in wealth management business in China, Singapore and India. China will emerge from the epidemic. China will rebound.