Unexpectedly, the focus on the international media became a small but notable topic at Hong Kong’s financial summit, after several speakers made brief remarks about credibility.
Hong Kong’s Global Financial Leaders’ Investment Summit covered the universally standard list of industry topics today including inflation, market volatility and a central bank-led soft landing. One minor topic stood out and was touched upon a few times: the international media.
The initial comment that sparked follow-ups was made by China Securities Regulatory Commission vice-chair Fang Xinghai who suggested investors themselves investigate the inner workings of China rather than rely on the news.
«I deal with international investors quite a lot in my daily work. And I’m afraid some of them have read too much international media reports about events in China,» Fang said in a recorded video of the event by «SCMP». «I would advise international investors to find out what’s really going on in China and what is the real intention of our government by themselves. Don’t read too much of these international media […] don’t bet against China and Hong Kong.»
American Press
UBS chairman Colm Kelleher took it one step further by highlighting the media sector from a specific country in the next panel which also featured Goldman’s David Solomon, Morgan Stanley’s James Gorman and Bank of China's Liu Jin.
«[L]ike vice chairman Fang said, we are not reading the American press,» Kelleher said, noting that the industry was «all very pro-China». «We actually buy the story but it is a bit waiting for zero-Covid to open up in China and to see what will happen.»
UK Government Policy
And in the final panel of the day, ex-Bank of England governor and Brookfield Asset Management vice chair Mark Carney mentioned international media one more time, this time in complimentary terms with regards to coverage of British policy developments.
«I’d like to commend the international media and I believe what I hear from the international media which at present is saying for the UK, that the government is looking at some revenue increases that would come from everybody,» Carney said. «And this is a crucial point that was not there in the last budget.»
