Financial Secretary Paul Chan on Friday said Hong Kong is building a comprehensive financial protection network with systematic response plans and monitoring mechanisms to safeguard what he called the "southern gate" of the nation.
The remarks came as trade tensions intensified further between China and the United States, with Washington confirming overnight that levies on Chinese goods now total 145 percent while Chinese duties on American products stand at 84 percent.
In an interview with the Wen Wei Po newspaper, Chan said the SAR has prepared response plans for different scenarios to ensure that all financial risks will be handled in a timely and effective manner.
The SAR government, he added, is in close cooperation with relevant Chinese financial regulatory authorities and ministries, to fully communicate on the response plans and build a "solid barrier" to fend off systemic risks.
"Under current geopolitics, if foreign forces attack Hong Kong from the financial aspect, they can be very powerful, therefore there must be strong support from the country for Hong Kong," Chan said.
The finance chief stressed the SAR must firmly safeguard financial security at the nation's "southern gate".
Chan also said the authorities will take the opportunity of the 10th National Security Education Day next Tuesday to further promote national security and raise awareness, through exhibitions and outreach activities in schools and the community at large.
He called on financial firms and businesses to take national security into their consideration when making any decisions.
Chan added that he noted a 10 percent increase in the number of foreign firms setting up shop here last year.
"The entry of these foreign companies is based on the high recognition of Hong Kong's business environment, further demonstrating the SAR's attractiveness as a financial centre," he said.
HK to firmly safeguard nation's financial security: FS
2025-04-11 HKT 12:09
