HSBC CEO says wealth flow from mainland China to Hong Kong up 3-4 times this year

HONG KONG :HSBC Group CEO Noel Quinn on Tuesday said wealth flow from mainland China to Hong Kong has grown by three to four times this year.

Speaking at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority, Quinn said the so-called Great Bay Area (GBA) offered great business opportunities with the flow of capital and talent within the region, while he had seen “a strong commitment from all of the people I speak to” to develop the GBA into an important economic zone.

The area, covering Hong Kong, Macau and parts of China’s southeastern Guangdong province alongside the Pearl River, is recognised by a Chinese national plan to be developed into a regional economic hub.

Quinn said the financial strength of Hong Kong and manufacturing base in Guangdong, as well as research capabilities in both regions, would generate a powerful combination and his bank is tapping into the opportunities.

New retail banking activity in the Greater Bay Area has risen 70 per cent since the end of the COVID-19 pandemic, while new banking activity among small and mid-sized enterprises in Hong Kong has surged 90 per cent, he said.