eddie yue : keynote speech - 2023 bund summit keynote speech by mr eddie yue, chief executive of the hong kong monetary authority, at the 2023 bund summit, hong kong, 22 september 2023. * * * distinguished guests, ladies and gentlemen, good morning. it is an honour and a pleasure to join you today at the 5th bund summit. with globalisation now at a crossroads amid increasing risk of geo - economic fragmentation, this session " what's next for globalisation " could not be more timely. globalisation has brought enormous benefits to emerging markets and helped keep global inflation in check. the golden era of globalisation, however, has given way to a gradual slowdown in global trade in goods after the 2008 financial crisis. in certain parts of the world, public support for globalisation has also waned for various reasons, notwithstanding the obvious benefits of better, more affordable products delivered by globalised value chains. it appears that this slowing down in global goods trade is likely to continue, leaving trade in services and other flows to pick up the baton in sustaining globalisation. as economic efficiency becomes less of a priority, the global economy risks being fragmented into different blocs. such setbacks to globalisation are unfortunate, particularly for asia, given the region's relatively open economies. according to the imf, if the world were to segregate into two distinct blocs with little or no trade between them, asia pacific's gdp could be reduced by over 3 % annually. such a dismal outcome seems unlikely, as no economy can be fully self - sufficient. a fullblown financial decoupling is also unlikely, given how highly interconnected the global financial system is. even so, we now seem to be moving down the path towards fragmentation, as practical and pragmatic economic considerations are giving way to protectionism and cross - border restrictions. our recent joint study with the bank for international settlements ( bis ) finds that the total number of global value chain network linkages dropped by some 30 % between february 2020 and the end of 2021. of course, part of these changes may reflect pandemic disruptions, and efforts by businesses to shorten and regionalise supply chains. unfortunately, geopolitics has also played a part. with all these developments, one question often asked is about the role of china in this " new normal " environment. how will china's trade and investment relationship with some of its major trading partners evolve

##pate a dynamic job market, diverse career paths, and the opportunity to work on groundbreaking projects that will shape the future of finance. i've highlighted the opportunities arising from the growing demand for fintech talent, and the market potential stemming from the gba area. the next question is, how can our younger generation, including the students here today, seize these opportunities? the fintech ecosystem has undergone remarkable growth and development in the last few years. as the financial services industry embarks on the next phase of digital transformation and innovation, there is a pressing need to unlock the full potential of fintech. 2 / 3 bis - central bankers'speeches at this critical juncture in our fintech journey, the younger generation will be a vital source of fresh ideas, driving further breakthroughs and advancing more innovation. here, i would like to offer three pieces of advice for you. first, you need to stay curious, keep learning and remain adaptable. things are changing fast, and you need to ensure that you stay up - to - date with the latest trends and developments. secondly, you need an entrepreneurial mind - set to think creatively about applications and explore innovative business models that can bring benefits to the real economy. it is essential to remember that innovation is not an end in itself, but it is really about using technology to make our life better, to make financial services either faster, more efficient, or more accessible. my third advice is that you need to stay open - minded about new, or even radical ideas, and to stay global on fintech trends, so that you can find inspiration to turn them into new ideas for local applications. in closing, i would like to extend my best wishes for the success of this summit, and my appreciation for the dedication of every partner and participant in this initiative. let's continue to grow our fintech talent together for a sustainable ecosystem. thank you. 3 / 3 bis - central bankers'speeches