More than 2,400 business leaders and senior government officials from 41 countries and regions took part in the seventh Asian Financial Forum (AFF), 13-14 January, at the Hong Kong Convention and Exhibition Centre. Delegations of senior executives from Australia, Canada, the Chinese mainland, Germany, India, Indonesia, Japan, Korea, the Philippines, Russia, South Africa, Thailand, the United Kingdom and the United States were among those in attendance.<\/p>\n
Powering World Growth<\/p>\n
Prospects on the Chinese mainland and throughout the Asian region dominated the two-day forum, as Hong Kong Trade Development Council (HKTDC) Chairman Jack So emphasised in his remarks at the Forum opening. \u201cYou\u2019re here because, undoubtedly, Asia has proven to be vital \u2013 to the global economy and world financial system, and to your business bottom line,\u201d said Mr So. \u201cLed by the Chinese mainland and, increasingly, ASEAN, this region has emerged, in recent years, as the world\u2019s economic and financial engine. Which is why \u201cAsia: Powering World Growth,\u201d is the theme of our seventh Forum.\u201d<\/p>\n
Leung: \u201cConnector of People and Markets\u201d<\/p>\n
Hong Kong SAR Chief Executive CY Leung, who also spoke at the Forum opening, stressed Hong Kong\u2019s role as a \u201cconnector of people and markets from East and West.\u201d He illustrated this by noting that Hong Kong \u201cis the largest offshore renminbi-financing centre in the world\u201d today.<\/p>\n
Nakao: \u201cGrowth Remains Robust\u201d<\/p>\n
The forum\u2019s opening session focused on Asia\u2019s growing role in the global economy. Session speakers were: Jeroen Dijsselbloem, President of the Eurogroup and the Netherlands\u2019 Minister of Finance; Alexey Moiseev, Deputy Finance Minister of Russia; and Takehiko Nakao, President of the Asian Development Bank. Mr Nakao said that Asia\u2019s share of the world economy had risen from 20 per cent in 1990 to nearly 30 per cent today. And, despite a variety of challenges, he remained positive. \u201cOur region may be seeing some moderation in growth. But there are two things to remember: first, despite the moderation, growth remains robust by anyone\u2019s standards and, second, this moderation is occurring alongside the critical structural reforms needed for the sustainability of robust growth in a more equitable and environmentally sound fashion.\u201d<\/p>\n
Geithner: \u201cReasonably Optimistic\u201d<\/p>\n
More than 100 speakers took part in the Forum, including Timothy Geithner, US Secretary of the Treasury from 2009 until January 2013. Mr Geithner delivered his speech at the 14 January luncheon. Addressing relations between the US and China, Mr Geithner was \u201creasonably optimistic,\u201d noting that the two economies are closely integrated and \u201ccomplementary.\u201d<\/p>\n
Dr Alan Bollard, Executive Director of the APEC Secretariat, gave the 13 January luncheon address. Other prominent speakers included: Paul M Achleitner, Chairman, Supervisory Board, Deutsche Bank AG; Ding Xuedong, Chairman & CEO, China Investment Corporation; Robin Li, Chairman & CEO, Baidu Inc; Carlo Mazzi, Deputy Chairman, Prada SpA; Fiona Woolf, Lord Mayor, City of London; and Levin Zhu, President & CEO, China International Capital Corporation Ltd.<\/p>\n
Free Trade to Virtual Currency<\/p>\n
Much discussion took place at the Forum workshops. These examined opportunities ranging from the liberalisation of the mainland\u2019s financial market to private wealth management, captive insurance, Islamic finance, ASEAN, free trade zones, Qianhai, opportunities in natural resources and energy, and Chinese outbound investment.<\/p>\n
Speaking about \u201cvirtual currency\u201d at yesterday\u2019s \u201cFinancial Service Innovation\u201d workshop, Zennon Kapron, founder and Managing Director of Kapronasia, noted: \u201cVirtual currency has the potential to be the biggest change in our lifetimes \u2013 or nothing.\u201d Either way, he added, it\u2019s an innovation that traditional financial institutions must begin to address. Workshop summaries are available at: http:\/\/www.asianfinancialforum.com\/en\/info_summaries.htm<\/p>\n
Financial Matchmaking<\/p>\n
The AFF Deal Flow Matchmaking Session this year featured more than 400 one-to-one meetings between investors and businesses looking for investment. They included dedicated matching between Chinese investors and international project owners looking for mainland capital.<\/p>\n
Networking and Global Investment<\/p>\n
The Forum\u2019s Networking Lounge served as a resource and hospitality centre. The Global Investment Opportunities zone, located inside the lounge, presented investment opportunities from Australia, Canada, the Philippines, Russia, Spain and the US. In addition, the lounge included nearly 30 sponsors and exhibitors, covering sectors ranging from the media to financial services and national investment promotion agencies.<\/p>\n
International Financial Week
\nThe AFF was the anchor event of International Financial Week. Its 10 finance-related events continue through 17 January, with the annual International Conference on the Chinese Economy taking place tomorrow and Friday. More than 3,000 people are expected to take part in the week-long activities.<\/p>\n
Launched in 2007, the AFF is Asia\u2019s premier annual financial and business event. The Forum is organised by the Hong Kong SAR Government and the HKTDC.<\/p>\n
Websites: www.asianfinancialforum.com; http:\/\/www.internationalfinancialweek.com<\/p>\n","protected":false},"excerpt":{"rendered":"
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