Xu Zhengyu: The total value of assets managed in Hong Kong reached EUR 3.81 trillion at the end of last year, an annual increase of 13%

The Secretary for Financial Services and the Treasury, Xu Zhengyu, met again with Slovenia's Deputy Prime Minister and Minister of Finance, Klemen Bostjancic, on Wednesday morning (24th local time), before continuing his European visit to Poland. Xu Zhengyu stated that the visit was fruitful, particularly pleased to note that the Slovenian government and parliament are discussing prioritizing negotiations on a comprehensive double taxation avoidance agreement (comprehensive agreement) with Hong Kong.

Xu Zhengyu expressed that both the Hong Kong SAR government and the Slovenian government are actively seeking to sign the comprehensive agreement as soon as possible to reduce unnecessary tax barriers and encourage bilateral trade and investment. Signing the comprehensive agreement will help establish closer economic ties between Hong Kong and Slovenia.

He added that Hong Kong and Slovenia share many commonalities; although both places are small in size, they have far-reaching ambitions and hold important economic and strategic positions. Additionally, both regions have diversified economic systems, pursue open and efficient policies, and possess stable investment environments, making them ideal gateways for each other, facilitating European companies to enter the Asian and Chinese markets through Hong Kong, while Chinese companies can also access the European market.

Xu Zhengyu specifically mentioned to Klemen Bostjancic that Hong Kong is consolidating its position as an international asset and wealth management center. The total value of assets managed in Hong Kong is expected to reach EUR 3.81 trillion by the end of 2024, an annual increase of 13%. Riding on the strong performance of the private banking and private wealth management sectors, the Chief Executive will announce more facilitative measures in the 2025 Policy Address, including enriching investment options under the "New Capital Investor Entry Scheme," optimizing the preferential tax system for funds, single family offices, and associated rights, as well as expanding the connectivity between the mainland and Hong Kong capital markets to enhance Hong Kong's attractiveness to family offices and global high-net-worth individuals.

Xu Zhengyu also met with Slovenia's Minister Katja Bozic, who is responsible for taxation, customs, and enhancing the efficiency of public spending, to discuss the follow-up work for launching negotiations on the comprehensive agreement in the future.

Xu Zhengyu will begin his visit to Poland on Wednesday afternoon local time, visiting Lenovo Technology in Warsaw, meeting with Wojciech Zaskorski, General Manager of Lenovo Poland, and other senior executives to understand Poland's macroeconomics and digitalization, as well as the needs of mainland enterprises expanding overseas.

Xu Zhengyu stated that Hong Kong is committed to becoming an ideal platform to support mainland enterprises in "going global." Hong Kong will establish a special task force for mainland enterprises going overseas, encouraging them to utilize Hong Kong to expand their overseas businesses. Hong Kong will also promote more mainland enterprises, especially mainland banks, to set up regional headquarters in Hong Kong and establish corporate treasury centers. At the same time, Hong Kong will actively promote the development of carbon emission accounting services to help "going global" enterprises meet international emission reduction requirements and standards for green trade.

He reiterated that Hong Kong has a wealth of professional talent resources to provide reliable support for mainland enterprises expanding into global markets. For example, the Hong Kong Institute of Certified Public Accountants has compiled a "List of Accounting Firms to Assist Chinese Enterprises in Going Global," aimed at helping mainland enterprises tackle challenges encountered when expanding into overseas markets. As of mid-August, there are already 83 Hong Kong accounting firms on the list Xu Zhengyu will visit the Warsaw Stock Exchange on Thursday and meet with Polish government officials and business leaders