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darryl chan : hong kong focus - strengthening the international financial center development keynote speech by mr darryl chan, deputy chief executive of the hong kong monetary authority, at the international finance forum 2024 annual meeting, hong kong, 23 november 2024. * * * vice chairman zhou xiaochuan, distinguished guests, ladies and gentlemen, good afternoon! it's my great pleasure to speak on a subject of huge importance to hong kong. thank you international finance forum ( iff ) for hosting this annual meeting in hong kong and thoughtfully putting this topic on your agenda. vice chairman zhou, on behalf of the hong kong monetary authority ( hkma ), i would like to express our heartfelt thanks to you for your staunch support over the years for hong kong and the hkma. your insight and leadership in promoting financial collaboration between the mainland and hong kong have left great legacy in shaping the growth trajectory of our financial sector, not least the launch of the offshore rmb business. thank you mr renminbi! speaking of strengthening hong kong's role as an international financial centre, this has been a symbolic week. on monday we celebrated the 10th anniversary of the stock connect between hong kong and shanghai, the very first member of the ever expanding suite of connect schemes that links up the mainland and global financial markets. thank you again vice chairman zhou for throwing your weight behind this ground - breaking initiative. the celebration was followed by the global financial leaders'investment summit hosted by the hkma. the summit was attended by over 300 leaders from more than 120 global financial institutions to discuss trends and issues that have profound implications on the global economy and financial system. we were encouraged by the strong commitment of the central people's government to supporting hong kong as an international financial centre, as conveyed at the summit by vice premier he lifeng of the state council and the mainland's financial regulators. the success of the summit is testament to the confidence and conviction of the global financial community that hong kong will continue to play a leading role in global finance. this leading role is broad - based, covering banking, equity, fixed income, asset and wealth management, foreign exchange, insurance, and offshore rmb business. that said, there is no room to be complacent. there are still gaps with other leading hubs in terms of market depth and breadth, innovation, and talent. we face strong competition from other financial centres in the region. so we have a long to - do list to maintain hong kong '