On Monday 18 January 2016, Pierre Gramegna intervened as a speaker at the plenary session of the prestigious Asian Financial Forum (AFF) in Hong Kong.

Addressing an audience composed of more than 2,500 representatives of the economic and financial world, Luxembourg's Minister of Finance spoke in particular of economic recovery in Europe and the opportunities related to the creation of the Asian Infrastructure Investment Bank (AIIB) and the Silk Road Fund.

Minister Gramegna stated that despite recent market turmoil, changes in commodity prices and geopolitical risks, he was confident in the future development of the global economy. He emphasised the need for environmentally-respectful sustainable growth, for the continued development of international trade and for structural reforms and infrastructure investment to sustain economic recovery.

The Luxembourgish Minister then conducted a working meeting with the Chief Executive of Hong Kong, Leung Chun-ying, to discuss the bilateral relations between their two countries, as well as economic and financial current affairs. The two figures then exchanged views on the internationalisation of the RMB and the implementation of the 'one belt - one road' initiative and the role that the two financial centres could play in this regard. Minister Gramegna and CY Leung also discussed the impact of the emergence of FinTech on the financial industry, and the opportunities for collaboration that have resulted therefrom.

Pierre Gramegna also met with officials from the Hong Kong Stock Exchange, to examine the latest developments on financial markets and, again, opportunities for collaboration with the Luxembourg Stock Exchange.

On Tuesday 19 January 2016, the Finance Minister met Ashley Alder, CEO of the Securities and Futures Commission, for discussions relating to the development of Hong Kong - Shanghai Stock Connect since it was launched at the end of 2014, as well as the mutual recognition of investment funds. The two further welcomed the collaboration between the Securities & Futures Commission and Luxembourg's own Commission de Surveillance du Secteur Financier (CSSF).

Minister Gramegna then exchanged views on the economic and financial situation in China and Europe with the CEO of the Hong Kong Monetary Authority, Norman Chan, before meeting with John Tsang, Hong Kong's Minister of Finance.

During the latter meeting, the two Finance Ministers spoke of the launch of the AIIB, the opening ceremony of which Minister Gramegna spoke as the only Western representative, and the priorities of the new bank. The economic situation and recent developments in stock markets were also discussed, with the two politicians highlighting the similarities between the two financial centres and the potential for cooperation.

"Hong Kong is the quintessential entry point to the Chinese market, just as Luxembourg constitutes for China an important bridgehead into the European market," remarked Minister Gramegna. "The potential for collaboration is obvious. Our relations are already excellent and I am pleased to see a shared determination to strengthen it further, which will contribute positively to the development of the Luxembourg economy and particularly to the financial sector."

 

Photo by HKSAR (L-R: Leung Chun-ying, Chief Executive of Hong Kong; Pierre Gramegna, Minister of Finance of Luxembourg)