Hong Kong Seeing Major Wealth Influx from Mainland China

In a statement on Nov 7, HSBC Group CEO Noel Quinn revealed that the influx of wealth from mainland China to Hong Kong has experienced a remarkable three to fourfold increase this year. During his speech at the Global Financial Leaders Investment Summit organized by the Hong Kong Monetary Authority, Quinn expressed his views on the Great Bay Area (GBA), highlighting the immense business prospects arising from the circulation of capital and skilled individuals within the region. He additionally acknowledged the dedicated efforts displayed by all those he interacted with in their endeavor to establish the GBA as a significant economic zone.

The region, which spans Hong Kong, Macau, and parts of southeastern Guangdong province in China, is acknowledged in the Chinese national plan as designated for development into a regional economic hub. Quinn expressed optimism about the formidable alliance between Hong Kong's financial prowess, Guangdong's manufacturing base, and their shared research capabilities. He emphasized that his bank would be actively capitalizing on these opportunities.

According to him, there has been a 70 percent increase in new retail banking activity in the Greater Bay Area following the end of the COVID-19 pandemic. Additionally, there has been a significant surge of 90 percent in new banking activity among small and mid-sized enterprises in Hong Kong.