By South China Morning Post | Created at 2024-11-19 00:24:56 | Updated at 2024-11-19 02:23:49
2 hours ago
Beijing’s economic tsar is joining global banking heavyweights in Hong Kong for the city’s flagship summit on finance, held against the backdrop of growing uncertainties over the direction of the world economy and the next phase of Sino-US ties.
The three-day Global Financial Leaders’ Investment Summit, organised by the city’s de facto central bank, the Monetary Authority, opened to a 300-capacity audience on Monday.
Chinese Vice-Premier He Lifeng will deliver the keynote address on Tuesday, marking a rare appearance in the city by a member of the country’s top leadership and one that comes as Hong Kong seeks to overhaul the driving forces of its own economy and boost investor confidence.
Just last week, the government downgraded its forecast for annual growth to 2.5 per cent, after the economy expanded at a weaker-than-expected 1.8 per cent in the third quarter compared with a year ago.
With several top Chinese regulatory officials attending the summit, investors will be watching for any signs of Beijing’s next moves to re-energise its economy following this month’s announcement of a massive stimulus package aimed at tackling local debt and property woes.
Follow our live updates of the summit.
Reporting by Cannix Yau, Kandy Wong, Fiona Sun and Mia Castagnone
