On October 16th, Hong Kong Financial Secretary Chen Maobo attended the International Monetary Fund (IMF) and World Bank Group (WBG) annual meetings in Marrakech, Morocco last week. He pointed out in his blog that the global economic recovery is slower than expected, uneven, and more challenging, making it the focus of attention for countries at this year's conference.
Chen Maobo stated that the lack of growth momentum in multiple regions after the epidemic, the intensification of geopolitical conflicts, and the persistence of high inflation continue to plague the global economic outlook. Many attending delegates are concerned that a high interest rate environment will be maintained for a longer period of time. He also cited research pointing out that the anti globalization, supply chain reset, outsourcing or even backflow advocated by some countries will further slow down the already weak global recovery pace.
Another topic of concern at the conference is climate change and green transformation. In recent years, low-income and developing countries have been increasingly impacted by climate change, which will also interfere with their efforts to promote public health and agricultural development, as well as the sustainability of infrastructure. The global funding gap in green transformation is still huge, and it is crucial to encourage and leverage private market funds to participate in this process more effectively and effectively.
He also mentioned that during the meeting, he met with senior representatives from the National Foundation and the World Bank, as well as central bank governors from some other countries and senior officials from international financial institutions. In several bilateral meetings, he introduced the successful practice and long-term advantages of "One Country, Two Systems" in Hong Kong, as well as the new opportunities in finance, innovation, and green transformation in Hong Kong. They all believe that as an international financial center, Hong Kong has a leading advantage in the development of green finance in the region, and can also make positive contributions in areas such as green financing, standard setting, project certification, and talent training.
He said that he has invited them to attend the Green Technology Week and Green Finance Week held in Hong Kong early next year. At that time, Hong Kong will gather elites from global green related industries, which is expected to facilitate the docking of more green funds and projects, and open up more possibilities for green development cooperation.