As Hong Kong hosts the Apec Finance Ministers’ Meeting on Tuesday, this two-part series examines the summit’s significance and its implications for Beijing on the global stage. In part one, Simpson Cheung and Alfred Lam explore how the event could elevate the city’s status as an international financial centre at a pivotal moment.
Beijing’s decision to have Hong Kong host the Apec Finance Ministers’ Meeting this week is a deliberate move to galvanise the city’s standing as an offshore renminbi hub and showcase it as a safe harbour amid continuing geopolitical tensions, analysts have said.
About 500 guests, including finance chiefs and senior officials from the 21 member economies, are expected to attend the annual meeting on October 20 and 21, which Hong Kong will host for the first time. It will take place at the Hong Kong Convention and Exhibition Centre in Wan Chai.
Lau Siu-kai, a consultant for the semi-official Chinese Association of Hong Kong and Macau Studies think tank, said Beijing’s choice of venue showed it deliberately intended to promote Hong Kong’s international status, especially as a financial centre. The event would bolster its standing as an offshore renminbi hub and a wealth management capital, support the city’s economic development and underscore its importance to China’s development, he said.