Victor Li, chairman of Hong Kong’s Cheung Kong Holdings, expresses his hope that the city will maintain its international financial center status amidst mounting international backlash following the passing of the second national security law this week.
“I pray very, very hard it will not be lost,” Li told reporters at the company’s annual results press conference on Thursday when questioned about Hong Kong’s economic outlook.
Highlighting the hard-won nature of Hong Kong’s international financial center status, Li emphasized the city’s place among the world’s select few in this category.
According to the latest Global Financial Centres Index by Z/Yen Group and the China Development Institute released this week, Hong Kong ranks as the world’s fourth most competitive financial center, with Singapore surpassing it to claim the third spot since September 2022.
Victor Li, the son of Hong Kong’s richest billionaire, Li Ka-shing, has followed in his father’s footsteps by offering influential perspectives on the markets while acknowledging the resilience of Hong Kong citizens in the face of various challenges.
Reflecting on the past tumultuous years in Hong Kong, Li suggested that addressing economic challenges lies with the Hong Kong government.
While discussing the economic climate, Li mentioned that Cheung Kong Executive Director Justin Chiu noted the release of potentially negative news impacting Hong Kong. With signs of economic recovery, Li remains optimistic about the future.
Li emphasized the cyclical nature of economic trends and the company’s commitment to investing in Hong Kong if viable projects arise, despite its global portfolio.
Translated by RFA Staff. Edited by Taejun Kang and Mike Firn.