{"id":96150,"date":"2018-09-28T15:25:31","date_gmt":"2018-09-28T15:25:31","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=7d0e8af135fea071f3b7781170eb85b3"},"modified":"2018-09-28T15:25:31","modified_gmt":"2018-09-28T15:25:31","slug":"speech-fst-speech-to-the-hong-kong-trade-development-council-dinner-27-september-2018","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=96150","title":{"rendered":"Speech: FST speech to the Hong Kong Trade Development Council Dinner: 27 September 2018"},"content":{"rendered":"
\n

Introduction<\/h3>\n

Chief Secretary, distinguished guests, Lords, ladies, gentleman, it is a pleasure to address you this evening.<\/p>\n

As a finance minister, I am often told to keep things small, not big.<\/p>\n

As the Minister responsible for taxation, I look to Hong Kong for inspiration.<\/p>\n

Because your tax code is 270 pages. Our is 17,000.<\/p>\n

So I have some lessons to learn!<\/p>\n

One Country, Two Systems<\/h3>\n

Ladies and gentlemen, over twenty years ago Deng Xiaoping and Margaret Thatcher agreed the principle of \u201cOne Country, Two Systems\u201d \u2026<\/p>\n

\u2026a structure designed to protect Hong Kong\u2019s high degree of autonomy, independent judiciary, rule of law, and rights and freedoms of its residents and others in the Special Administrative Region.<\/p>\n

And at the time, of course, it was not without its critics\u2026<\/p>\n

\u2026many people felt a sense of trepidation about what was to come\u2026<\/p>\n

\u2026with some prophesising a highly regulated economy or indeed, even economic decline.<\/p>\n

But the critics have been proved wrong, and Hong Kong has indeed stood the test of time.<\/p>\n

\u201cOne Country, Two Systems\u201d has protected the success of Hong Kong\u2026<\/p>\n

\u2026and it is vital that this continues\u2026<\/p>\n

\u2026as part of the faithful implementation of the Joint Declaration.<\/p>\n

More than ever, Hong Kong has been characterised by strength and prosperity.<\/p>\n

Today it stands as one of the most thriving and energetic cities in the world\u2026<\/p>\n

\u2026like London, a global financial powerhouse\u2026<\/p>\n

\u2026and the gateway to China \u2013 one of the biggest markets in the world.<\/p>\n

And more than ever, we should perhaps reflect on Hong Kong\u2019s legacy\u2026<\/p>\n

\u2026and take on board the lessons of history.<\/p>\n

Because in the immortal words of Mark Twain, history doesn\u2019t repeat itself \u2013 but it does rhyme.<\/p>\n

As the UK prepares to the leave the European Union\u2026<\/p>\n

\u2026to face the world \u2026<\/p>\n

\u2026we acknowledge that we will always be a part of Europe\u2026<\/p>\n

\u2026but we are ready to take control of our future\u2026<\/p>\n

\u2026as a sovereign nation, as Global Britain.<\/p>\n

Just as Hong Kong challenged the naysayers all those years ago\u2026<\/p>\n

\u2026our country has the chance to do precisely the same.<\/p>\n

The ties that bind us together<\/p>\n

Chief Secretary, by geographic fate, the UK and Hong Kong stand as lighthouses in our regions\u2026<\/p>\n

\u2026bordered by sea, gateways to commerce, with a shared history of entrepreneurship.<\/p>\n

But geo-politics is not the only thing that binds us\u2026<\/p>\n

\u2026 because we both share certain special qualities.<\/p>\n

We are filled with a sense of determination, of adventure, and in our economic affairs \u2013 an unwavering commitment to cross-border trade.<\/p>\n

These are qualities that will allow the UK and Hong Kong to survive the turbulence of the 21st century\u2026<\/p>\n

\u2026and grasp the opportunities it undoubtedly presents.
\nAnd, as the UK faces a time of unprecedented change in her history, we are looking to our international partners\u2026<\/p>\n

\u2026and especially to those with which we have deep historic ties.<\/p>\n

The enduring relationship between the UK and Hong Kong has its foundation in a shared history\u2026<\/p>\n

\u2026but it has grown into so much more than that.<\/p>\n

Just look at the 300,000 British citizens resident in Hong Kong\u2026<\/p>\n

\u2026to the tens of thousands of Hong Kong students who study in the UK every year\u2026<\/p>\n

\u2026to the British Council\u2019s Festival of Ideas next January \u2013 which will showcase the best of UK creativity and innovations.<\/p>\n

So, we have a strong base of shared values\u2026<\/p>\n

\u2026and a legacy of exchange \u2013 be it of ideas, culture or people.<\/p>\n

But as a Treasury Minister, it is the continued strength of our economies\u2026<\/p>\n

\u2026and the two-way flow of trade and investment upon which I want to focus on this evening.<\/p>\n

Tapping into new markets together<\/h3>\n

Our two great economies are deeply intertwined\u2026<\/p>\n

\u2026Hong Kong remains the UK\u2019s second largest export market for goods in the APAC region\u2026<\/p>\n

\u2026investment from Hong Kong into the UK has increased by 35% since 2010\u2026<\/p>\n

\u2026and Hong Kong is home to over a third of all British investment in Asia.<\/p>\n

And as we leave the European Union, we will look to further enhance our partnership with Hong Kong.
\nBecause despite appearances, no financial centre is an island\u2026<\/p>\n

\u2026both the UK and Hong Kong are leading global hubs\u2026<\/p>\n

\u2026in facilitating trade and prosperity throughout Europe, Asia and beyond.<\/p>\n

And we are stronger when working together.<\/p>\n

Through the annual London-Hong Kong Financial Forum, we have committed to explore and capitalise on the issues facing our financial industries.<\/p>\n

It is only by harnessing the forces set to reshape financial markets \u2013 rather than avoiding them \u2013 that we can continue the UK and HK\u2019s mutually beneficial relationship.<\/p>\n

Globalisation, climate change, infrastructure, technology\u2026<\/p>\n

\u2026should be taken and acknowledged for what they are\u2026<\/p>\n

\u2026as opportunities to seize.<\/p>\n

Take for example the untapped potential of green finance\u2026<\/p>\n

\u2026and the role it could play in funding 21st century corporates\u2026<\/p>\n

\u2026and facilitating infrastructure projects worldwide.<\/p>\n

In Asia \u2013 this could range from the Greater Bay Area to the trans-continental Belt and Road Initiative\u2026<\/p>\n

\u2026and here at home, I am proud to see green finance being put to use as we build the UK\u2019s Northern Powerhouse.<\/p>\n

Green finance has the potential to be a rapidly expanding force of financing.<\/p>\n

To meet the infrastructure needs of developing Asian economies would require $1.5 trillion in investment per year until 2030.<\/p>\n

We should all rise to the challenge as to how green finance can be targeted to plug that gap.<\/p>\n

This vision will only be attained if leading financial centres \u2013 like London and Hong Kong \u2013 work in tandem to scale-up the sector\u2026<\/p>\n

\u2026and foster the right environment for a competitive green marketplace to emerge.<\/p>\n

Green finance of course is but one area of innovation that the UK and Hong Kong can capitalise on.<\/p>\n

At this dinner last year, the UK-Hong Kong FinTech Bridge was witnessed by the Chief Executive and the Chancellor of the Exchequer\u2026<\/p>\n

\u2026to enhance connectivity\u2026<\/p>\n

\u2026pool our mutual expertise\u2026<\/p>\n

\u2026and permit our firms to access the capital, talent, accelerators and start-ups in both jurisdictions.<\/p>\n

The bridge that extends between us will apply cutting-edge technology to turbo-charge our financial industries.<\/p>\n

I am a great believer that FinTech has enormous power to transform international finance\u2026<\/p>\n

\u2026and create a more efficient, productive and bespoke industry for corporates and consumers.<\/p>\n

So I am thrilled that the UK and Hong Kong remain at the frontier of this sector.<\/p>\n

In the months and years ahead, green finance and FinTech are but two aspects of an ambitious bilateral agenda.<\/p>\n

I welcome the Chief Executive\u2019s support of our Strategic Dialogue on Trade Partnership\u2026<\/p>\n

\u2026which gives us a way to identify and address any remaining barriers to trade between the UK and Hong Kong.<\/p>\n

And we are preparing for the 8th London-Hong Kong Financial Forum\u2026<\/p>\n

\u2026working to ensure corporates and investors can access new opportunities\u2026<\/p>\n

\u2026and delivering the innovation and thought leadership necessary to meet challenges bigger than any one financial centre.<\/p>\n

Because the joint investment opportunities are vast \u2013 just take the rise of China.<\/p>\n

It is expected that up to $600 billion in foreign funds will enter the Chinese stock market in the next 5 \u2013 10 years\u2026<\/p>\n

\u2026channelled through Stock Connects that are operational in Hong Kong\u2026<\/p>\n

\u2026and soon to launch in London.<\/p>\n

Already around 60% of all Chinese capital flows through Hong Kong\u2026<\/p>\n

\u2026often hiring UK professional services firms as intermediaries and advisers.<\/p>\n

The opportunities to fully explore the potential of investment in China \u2026<\/p>\n

\u2026is something we should both consider a priority in the years ahead.<\/p>\n

I know I speak on behalf of the Chancellor and the Government when I say that we are committed to exploring the synergies between Hong Kong and Global Britain\u2026<\/p>\n

\u2026collaborating to bring us both greater prosperity and competitiveness.<\/p>\n

Conclusion<\/h3>\n

So, to conclude this evening, I want to share this quote with you:<\/p>\n

\u201cBritain must always think and act internationally. But rather than rely on our influence within the confines of a narrow Europe I would have us fulfil our destiny as a nation with global interests and a special understanding of the world derived from our history.\u201d<\/p>\n

That was Margaret Thatcher speaking in Asia before the handover of Hong Kong in 1997.<\/p>\n

And her words have never been more relevant.<\/p>\n

As we prepare to face the world as Global Britain, eager to embrace the opportunities this country voted to explore\u2026<\/p>\n

\u2026we are looking beyond Europe; we are looking East.<\/p>\n

There has never been a better time to unlock the full potential of our relationship with Hong Kong, a natural ally in the East.<\/p>\n

I look forward to strengthening the bonds between us\u2026<\/p>\n

\u2026for the years to come.<\/p>\n

Thank you all very much.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Mel Stride delivered a speech on the relevance and potential of the UK-Hong Kong relationship.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/96150"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=96150"}],"version-history":[{"count":0,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/96150\/revisions"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=96150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=96150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=96150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}