Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

Hong Kong leader Carrie Lam tells Asian Financial Forum the city is withstanding protests, US-China trade war

City’s status as a global financial hub has not been undermined by anti-government unrest and other unprecedented pressures, chief executive says. Lam tells overseas investors and leading lights in finance world that Hong Kong ‘will bridge our divide’

Hong Kong’s financial system has not been undermined by the protests and remains stable, the city’s leader told overseas investors and policymakers on Monday.

Carrie Lam Cheng Yuet-ngor acknowledged in her speech to the Asian Financial Forum that the city had faced unprecedented challenges over the past two years from the global economic downturn, US-China trade war, political uncertainties and months of anti-government unrest in Hong Kong.

But in a bid to reassure delegates, who included leading finance experts, she said the city was withstanding the pressure and the divisions in society would be resolved.

“If we cannot direct the wind, we can surely adjust our sails,” Lam said at the opening of the two-day forum in Wan Chai, which is attended by thousands of global investors and policymakers.

She added the “strengths and resilience” of the city’s financial systems “have not been undermined despite [the fact] we have experienced considerable unrest and challenges in recent months”.

“Through the concerted efforts of the government and the people of Hong Kong, I am confident that we will bridge our divide,” Lam said.

The annual forum, co-organised by the Hong Kong government and the Trade Development Council, gathered more than 100 financial experts to examine the global economic landscape in forums and panel discussions at the Hong Kong Convention and Exhibition Centre.

At one of the plenary sessions at the forum, hundreds of participants were asked to vote on what would be the major challenge for global growth this year.

Thirty-nine per cent chose trade tensions between China and the United States, while 34 per cent saw intensifying geopolitical risks as the biggest obstacle.

Lam said amid “large and alarming” geopolitical concerns, the administration appreciated the city’s unique role in fast-growing Asia, and had been “busy making the most of Hong Kong’s manifold advantages” and forging connections between businesses, investors and financial markets.

She added Asian economies would this year surpass the rest of the world combined for the first time in purchasing power, which she described as “a quantum leap” on a few decades ago.

The embattled chief executive said financial technology would remain as one of the high priority sectors.

Last year the government issued eight virtual banking licences and two virtual insurer licences, Lam added, while an instant payment system launched in 2018 now handled transactions totalling HK$2,385 million (US$307 milion) every day.

The protests started in June with a peaceful mass rally against the now-withdrawn extradition bill, but have escalated into a wider anti-government movement fuelled by allegations of police brutality and the campaign for more democracy, with hard-core elements resorting to violence.

Despite Lam’s reassurances, Mohamed Hasan, business development manager of India-based company Transvision Shipping, said it would not be easy to rebuild business confidence dampened by the months long anti-government protests, especially with their business partners in mainland China, who had been reluctant to visit the company’s Hong Kong office.

He said: “Until last week, our Chinese agents would still rather go to Macau or Shenzhen but not Hong Kong for meetings. They don’t feel safe here.

“How can we make our business flourish even when transport can sometimes be a problem [when protests take place]?” he said, adding he hoped the government would provide constructive political solutions to end the turmoil.

Saliba Sassine, managing director of BlueMount Capital, an Australian company which provides advisory services to Chinese companies, said while Hong Kong’s political unrest triggered anxiety in many sectors, he remained positive for the city’s important role in connecting them to mainland investors.

Sassine said the protests were an "internal matter and would become manageable, adding: "We will have to be patient. We still count on Hong Kong to connect us to the huge China market in long run.”

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×