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Chinese regulators downplayed China’s real estate slump and slowing economic growth while Hong Kong’s top leader pitched Hong Kong as a unique link to the rest of China at a high-profile investment summit Wednesday.
About 200 global financial executives gathered to network and discuss issues such as global risks and sustainable finance at Hong Kong’s first major conference since the city lifted COVID-19 quarantine restrictions.
Fang Xinghai, vice chairman of the China Securities Regulatory Commission, urged those attending to visit China to understand what is happening in the country and urged them not to “bet against” China and Hong Kong.
International media “don’t really understand China very well” and have a “short-term focus,” he said, drawing laughter and applause from the audience.
Fang and other Chinese officials addressed the conference in prerecorded interviews — travel to and from mainland China is constrained by strict quarantine requirements.
China’s central bank governor, Yi Gang, said that inflation remains subdued, at under 3% compared with 8% or more in many Western economies, and the country’s economic and reform policies will continue. Such comments appeared to be meant to counter worries that flared following a Communist Party congress last month, where leader Xi Jinping was awarded an unprecedented third five-year term and key reformers were excluded from top ruling party leadership.
“China has a super large market, as there is still much room for urbanization and the demand of middle class consumers is still on the rise,” said Yi.
