Hong Kong’s 2023 global bankers’ summit draws Goldman, UBS and about 90 CEOs to city’s ‘vibrancy’ showcase, HKMA says
- The HKMA ‘wants bankers from across the globe to feel the energy, the vibrancy and also see the opportunities here’, said CEO Eddie Yue
- Mainland Chinese regulators and financial institutions will attend this year for other attendees to hear about the Chinese economy, Yue said
The overall number of participants is expected to be about 20 per cent more than the first summit, held last November, when 250 global bankers flew in to attend the first and biggest financial event held in the city after the pandemic, even though not all of Hong Kong’s Covid-19 restrictions had been removed at that point.
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HKMA to mark 30th anniversary with global financial heavyweights summit, says CEO Eddie Yue
“Uncertainty regarding the economic landscape will be there for the next few years,” Yue said.
“There are a lot of complexities in the economic landscape that we are operating in. How do financial institutions and asset managers manage these complexities, not only the risks, but also to find new opportunities?
“This year, after one year, we hope that those uncertainties are gone. But realistically, they are still with us.”
These uncertainties, Yue said, include a global economic slowdown, the uncertain path of inflation, interest rates and geopolitics, as well as disruptions brought about by new technology, such as generative artificial intelligence.
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Mainland Chinese financial regulators and financial institutions will also join the summit in person this year, with their exact attendance to be confirmed closer to the date of the event.
“It is useful for them to be in Hong Kong in person … when there are so many concerns about the Chinese economy,” Yue said. “People really want to hear about it from the horse’s mouth.”
The second message of the summit is bringing in all these heavyweights to come and see Hong Kong, Yue said.
“Seeing is believing. In addition to us going out to tell our story, a very effective way is to bring the heavyweights to Hong Kong, for them to come and feel the energy, the vibrancy and also see the opportunities here.”
People outside the city are quite downbeat about what it is like here, he said. “There are still misguided perspectives overseas about what happens in Hong Kong. Some of our friends in the US and Europe ask if it is safe to walk in the streets [here],” Yue added.
“Like last year, we hope that all these heavyweights can bring a positive message back to their home countries, and also through their networks, to spread the right perception of Hong Kong.”
Last year’s forum had an unexpected ripple effect, of attracting more conferences and talent to Hong Kong, he said.
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“We are organising different conferences ourselves. We find it extremely hard to find a hotel ballroom to host these conferences. You can see that that stream of conferences is continuing,” he said.
“About two weeks ago, in one week alone, there were five different conferences hosted by the banks, bringing their clients [to Hong Kong] from around the world.
“It is important to bring people together to see Hong Kong so they see the momentum is gradually coming back.”
This year also marks the 30th anniversary of the establishment of the HKMA, and a special lunch time fireside session will be organised as a “birthday surprise”, Yue said, declining to divulge the names of the attendees as this bonus session.
The gathering has nearly hit its limit, Yue said. Due to the size constraints of conference halls in Hong Kong, this was the maximum number of guests that could be invited.
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At the dinner held at the Palace Museum on the first night of the summit, guests will be entertained with cultural performances and have the chance to enjoy the museum’s art exhibitions.
The museum is currently hosting a special exhibition of items from the Sanxingdui archaeological site. The exhibition features 120 bronze, jade, gold and ceramic objects dating back about 2,600 to 4,500 years.
There will be a series of panels on the second and third days. About 30 top banking executives – including Morgan Stanley Chairman and CEO James Gorman, Goldman Sachs Chairman and CEO David Solomon and UBS Chairman Colm Kelleher – will be speaking at these events.
Jonathan Gray, president and COO of Blackstone, will be joined by Ken Griffin, CEO and founder of Citadel, on a panel on disruptions to the investment landscape.
Peng Zhao, CEO of Citadel Securities, will speak alongside Paul Marshall, chairman of Marshall Wace, and Chris Gradel, CEO of PAG, on a panel on risks and opportunities presented by digital assets on the second day.
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Asset management, environmental, social and governance issues and the macroeconomy are among some of the themes the panels will discuss.
The back-to-back conferences coincide with the HKMA anniversary and form part of Hong Kong’s efforts to show the world that the city is back to normal after three years of disruptions caused by the pandemic.
