Chief Executive John Lee on Friday said the Hong Kong economy has shown remarkable improvement despite global headwinds, adding that the SAR is "wide open" for foreign businesses and investors including those from the United States.

Speaking at a luncheon hosted by the Hong Kong Association of Banks, Lee said he's encouraged by the talks between President Xi Jinping and his US counterpart Joe Biden in San Francisco recently.

The CE said Hong Kong and the US have longstanding ties.

"Hong Kong and the US, of course, have a long history of cooperation, of ties that run from trade and investments to culture, education and a great deal more. We share many values as well, including the rule of law and open and free markets," he said.

Lee added that several American companies are among the 30 strategic enterprises that recently agreed to set up or expanded their business in Hong Kong.

He also said the banking industry is the cornerstone of the SAR's economy, adding that the city is home to 74 of the world's 100 largest banks.

"This has been reaffirmed by the International Monetary Fund, which recognises Hong Kong's robust institutional framework, substantial capital and liquidity buffers, high quality financial regulation, and well-functioning linked exchange rates scheme.

"Music to the bankers' ears, I'll say, music to my ears," Lee said.