By Nie Law and Shan Lam
Hong Kong Monetary Authority (HKMA) is holding the Global Financial Leaders’ Investment Summit on Nov. 2, and the HKMA announced some 200 global corporate executives have confirmed to attend the summit. Twenty Hong Kong overseas’ organizations sent a letter to U.S. President Biden, U.S. Secretary of State Blinken, and other U.S. politicians, criticizing executives from U.S. financial institutions who disregard U.S. sanctions on Hong Kong.
The U.S. sanctions on Hong Kong are limited to monetary transactions and cannot restrict Americans’ presence at any event.
During the press conference on the “2022/23 Budget” in February this year, Paul Chan, H.K. financial secretary, announced the HKMA would hold a high-profile Global Financial Leaders’ Investment Summit, where invitees are senior executives of international and mainland Chinese financial institutions. Top executives could personally experience and understand Hong Kong’s unique advantages and investment environment and discuss future global financial opportunities and the role that Hong Kong could play. He stated, “to further tap into Hong Kong’s strength in attracting investment and our influence as an international financial center.”
Due to the fifth wave of the epidemic and the strict anti-epidemic policies still ongoing in Hong Kong, society has been questioning how to hold the summit since February. On Sept. 29, Eddie Yue, Chief Executive of the HKMA, revealed that the summit to be held in November would be attended by some 200 financial executives, including more than 100 senior executives of global financial institutions and over 30 executive chairmen of global top corporations. Corporates cover banking, securities, asset management, private equity and venture capital, hedge funds, insurance, and other financial institution functions.
20 Hong Kong Overseas Organizations Submit Letters to US Officials
On Oct. 17, twenty Hong Kong overseas’ organizations issued a letter to the U.S. president, secretary of state, secretary of the treasury, members of the U.S. House Financial Services Committee, Senate Banking Committee, House Committee of Foreign Affairs, and Senate Committee of Foreign Relations, criticizing senior executives of America’s largest banks for attending the Hong Kong financial summit to gather with perpetrators of human rights violations which was sanctioned by the United States and to support the Hong Kong government. The major co-signing Hong Kong overseas’ organizations in America include Hong Kong Democracy Council, Chicago Solidarity with Hong Kong, and DC4HK (Washingtonians Supporting Hong Kong).
The joint letter stated that financial institutions such as Citigroup, J.P. Morgan Chase, Morgan Stanley, Blackstone, Goldman Sachs, and other financial institutions are planning to attend the summit to gather with Hong Kong officials who are sanctioned by the U.S. government for violating the human rights of Hong Kong people. The joint organizations also criticized the Hong Kong government for utilizing the presence of senior executives of Western financial institutions to conceal the Hong Kong government’s actions over the past few years and maintain Hong Kong’s status as an international financial center. The Hong Kong government has even praised these financial institutions and their executives as “staunch supporters of Hong Kong.”
The joint letter called for action from the U.S. government, advising Jamie Dimon, J.P. Morgan Chase chairman, Jane Fraser, Citigroup CEO, and other institutions of the risks of violating U.S. policy and the legal and regulatory consequences of participating in the summit.
The summit will begin at 9 a.m. on Nov. 2 at the Four Seasons Hotel in Central, Hong Kong. The summit will start off with welcome remarks by Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, and a keynote speech by John Lee, Chief Executive, followed by a China Policy Session—Perspectives of Chinese Financial Regulators.
The theme of the 2022 summit is “Navigating Beyond Uncertainty” and comprises three topics.
In the first session, “Navigating Through Uncertainty,” speakers included James Gorman, chairman and CEO of Morgan Stanley, Jonathan Gray, president and COO of Blackstone, Colm Kelleher, chairman of UBS Group, and David Solomon, chairman, and CEO of Goldman Sachs.
The second session, “Sustainable Finance—from Paris to Sharm el-Sheikh and beyond,” with speakers including Joseph Bae, co-CEO of KKR, Valérie Baudson, CEO of Amundi, and Jane Fraser, CEO of Citigroup.
The third session is “Technology, Innovation and the Future of Finance.”
Paul Chan, the financial secretary, will deliver a speech leading up to lunch. After lunch is the “fireside chat” session with Mark Carney, vice chairman of Brookfield Asset Management, hosted by Norman Chan, H.K. Academy of Finance and former chief executive of HKMA, to discuss financial resources and climate change.
Simon Lee: Main US Banks Want to Maintain Relationships with HK Government
In an interview conducted by an Epoch Times reporter, Simon Lee, a political and economic commentator, said he believes that many U.S. giants are going to attend the Hong Kong Global Financial Summit because they want to continue to maintain a good relationship with the Hong Kong government, as well as for the Hong Kong and Chinese markets. “Amid the U.S.-China conflict, all financial institutions want is to stay out of the way and gain benefits from both sides without causing any trouble,” he said.
Affiliate News Feeds
- Washington Examiner
- The Federalist
- The Epoch Times
- The Guardian
- The Gateway Pundit
- Judicial Watch
By Hans Mahncke News Analysis Late on Dec. 2, Elon Musk started the process of releasing thousands of internal Twitter emails. Musk, whose purchase of Twitter was completed on Oct. 28, had previously announced… [...]
By Naveen Athrappully France is banning short-haul domestic flights when there is a regular and frequent train option that takes less than two and a half hours, after a 2021 climate law, No… [...]
By Katabella Roberts House Minority Leader Kevin McCarthy (R-Calif.) vowed on Sunday that the fiscal 2023 National Defense Authorization Act (NDAA) will not move forward unless the military’s COVID-19 vaccine mandate ends. Speaking on Fox Business Network’s “Sunday… [...]
California lawmakers are once again poised to introduce legislation to tax Big Oil despite public backlash over a similar move earlier this year. [...]
The Supreme Court heard oral arguments Monday in a case about whether a custom webpage designer who disagrees with LGBT marriage can refuse to create a website for a same-sex… [...]
President Joe Biden is considering the idea of removing the COVID-19 vaccination mandate for U.S. service members, though he backs Defense Secretary Lloyd Austin’s continued support for the measure. [...]
Even corrupt corporate media are willing to acknowledge the risk of nuclear war is 'now a daily issue for the Biden administration.' [...]
A legal rep for the Loudoun County School Board engaged in witness tampering during an investigation into an alleged sexual assault. [...]
The attack on Lorie Smith is both authoritarian and unconstitutional. [...]
A recently discovered filing in a court case relating to Big Tech censorship revealed that the office of Arizona Secretary of State Katie Hobbs coordinated with Twitter to censor election… [...]
The Biden administration has claims it drained the heavily depleted U.S. Strategic Petroleum Reserve (SPR) in order to save the “global economy.” The White House’s International Energy Affairs adviser, Amos… [...]
To some, it’s an arcane discussion among constitutional scholars that reads like cement. To others, it’s a brazen grab for “runaway legislative power” by state lawmakers who say the U.S.… [...]
Labour-endorsed study finds initiative would save families thousands of pounds, cut benefits spending and raise tax revenuesFree universal preschool childcare and more funding for after-school clubs could increase government revenues… [...]
Union recommends members reject latest offer and adds 24-27 December strike but drops overtime ban Hopes of a deal to avert severe Christmas rail disruption were dashed on Monday night… [...]
PM caves in as up to 100 Tory MPs threaten to rebel, leading Labour to accuse him of putting party before countryRishi Sunak is to drop compulsory housebuilding targets to… [...]
Kari Lake told Tucker Carlson on Monday night following the 2020 Arizona midterm election for governor that was awarded to Katie Hobbs. Previously, Tucker Carlson told Kari Lake that the… [...]
Dr. Simone Gold, President and Chairman of America’s Frontline Doctors, wrote a letter to Elon Musk on Monday, asking to be included in a team of medical experts who will… [...]
The Gateway Pundit reported on thermal drone video showing a massive group of illegal aliens marching like soldiers and illegally crossing into private property into Eagle Pass, Texas one day after Chuck… [...]