The 16th Asian Financial Forum (AFF) kicked off today on a positive note, attracting over 1,000 participants on day one, including more than 100 global leaders and officials invited as speakers and 19 delegations from Mainland China and overseas. This was also reflected in the results of a poll conducted at the event, in which close to 70% of respondents indicated a neutral to positive sentiment towards the global economic outlook.This year's Forum, themed Accelerating Transformation: Impact - Inclusion - Innovation, comes hot on the heels of the resumption of quarantine-free travel between Hong Kong and Mainland China, along with Hong Kong's international business travel returning to normal.
After two years of being held in virtual format, the two-day event, co-organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), returned in physical format, in addition to being available online.
The Forum was officiated by HKSAR Chief Executive Mr John Lee. HKTDC Chairman Dr Peter K N Lam also delivered his welcome remarks: "The Forum is the first flagship financial event held in hybrid format to kick-start the new year. Hong Kong has long been a leading global financial centre, and the global financial leaders' visit to Hong Kong solidifies our important role in the region and the world at large. Global cooperation has become more important than ever. Our collective aim is to stimulate growth, and if we join hands, we can do just that in this new normal we operate in."
The AFF opened with a plenary session hosted by Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR. The panelists included Ms. Yuriko Backes, Minister of Finance, Luxembourg; Dr Benjamin Diokno, Secretary, Department of Finance, Philippines; Dr Zamir Iqbal, Vice President, Finance and CFO, Islamic Development Bank; Mr Jin Liqun, President and Chair, Asian Infrastructure Investment Bank; Mr Ahmed Saeed, Vice President for East Asia, Southeast Asia and the Pacific, Asian Development Bank; Mr Jean-Paul Servais, Chairman, International Organization of Securities Commissions (IOSCO) and Chairman, Financial Services and Markets Authority (FSMA Belgium); Mr Arkhom Termpittayapaisith, Minister of Finance, Thailand and Dr Tao Zhang, Chief Representative, Representative Office for Asia and the Pacific, Bank for International Settlements.
At the policy dialogue, Mr Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, chaired a panel featuring Mr Otavio Damaso, Deputy Governor for Regulation of the Central Bank of Brazil; Dr Dong He, Deputy Director of Monetary and Capital Markets Department of the International Monetary Fund; Ms Verena Ross, Chair of the European Securities and Markets Authority; and Hiroto Uehara, Deputy Director-General of the Bank of Japan.
Real-time polling conducted during the Forum gauged participants' views on a broad range of subjects. When asked about the major challenges facing global growth in 2023, 60% of participants believe that the intensifying geopolitical risks will pose the biggest threat. 29% of participants believe the continued tightening of monetary policy will be the biggest risk, apart from cyber breaches and security risks (3%) and high corporate debt restraining business investment (8%).
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