Hong Kong’s Secretary for Financial Services and the Treasury, Professor K C Chan, has stressed that the movement for financial regulatory reform should not hinder capital flows.
Speaking to the World Capital Markets Symposium, Professor Chan said that Hong Kong was drawing lessons from the economic and financial crisis, and the experience of other countries, in the review of the city's regulatory structure. Any changes, he said, would facilitate market development and at the same time provide adequate investor protection.
Professor Chan then reaffirmed that Hong Kong was strongly committed to a capital market with free flows of capital, with the sound regulation to prevent the excessive risk-taking that threatened the financial system as a whole.
He further stressed that, as a special administrative region and an international financial centre of China, Hong Kong would continue to contribute to the international and regional financial architecture – for example, through separate representation in the Financial Stability Board and Asia-Pacific Economic Co-operation. Professor Chan added that Hong Kong should also actively participate as a member of the China delegation in other relevant forums where membership was limited to sovereign states.
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