Hong Kong is hosting this year's Asian Financial Forum with a goal: to renew its dual role as a leading financial center in China, as well as the world.
As Hong Kong hosts this year’s Asian Financial Forum, the city’s leaders are renewing their pitch promoting the city’s dual role as a major international financial centre and as a China’s leading global financial centre.
Following a testy 2014 marked by the Occupy Central street demonstrations, Hong Kong is wasting no time restoring its image.
The launch of cross-border trading between Shanghai and Hong Kong last November helped define Hong Kong's role as a connector of Mainland markets to the world, and deepened the city’s position as a premiere offshore RMB center as more people gained access to Mainland shares.
"This new development, together with Hong Kong's already well-established role as an offshore RMB center and asset management center, make us well-positioned," says Jack So, chairman of HKTDC.
This year's Asian Financial Forum takes place in Hong Kong as the city ratchets up its global role as a prime RMB offshore center. This – set against a backdrop of a slower-growing Asia, a sluggish Eurozone, and early signs of recovery in the U.S.
"The competition is really keen. Europe may not be recovering yet, but the U.S. is coming back. So a lot of the money we’ll see why Chinese companies. And so in the past, it’s a Chinese premium, now it’s a Chinese discount," says Ringi Ghoi, managing partner of Ernst & Young.
Fan Jiang of J.P. Morgan believes 2015 will be a better year for Hong Kong.
"2014 was sort of the year investors were getting to know more about the Chinese equity market, internals and onshore market," Fan says.
Before the November launch of cross-border trading, Hong Kong had already lost Alibaba to New York when Alibaba chairman Jack Ma decided to list his 25 billion dollar mega-IPO – the world’s biggest ever - in the US.
For Mr Leung, all is not lost, so long as the city gets moving fast – diversifying beyond equities.
"We will continue to enrich our product offering which now includes bonds, shares, exchange traded and listed funds and insurance policies to cater to demand for renminbi investment," says Leung, chief excecutive of Hong Kong SAR.
Analysts say 2015 may be a defining moment but it all depends on how the leaders steer because the city stands at an economic crossroads.