Paul Chan: «Here in Hong Kong, Your Capital is Safe»
Hong Kong financial secretary Paul Chan spoke at Deutsche Bank’s family office forum, noting that capital held by the ultra-rich would be safe under the city’s Basic Law.
Paul Chan, Hong Kong’s financial secretary, spoke about the city’s edge during this year’s Deutsche Bank Emerging Markets Family Office Forum. In addition to benefits like investment opportunities and high quality lifestyle, he also spoke about legal advantages such as property protection.
«Here in Hong Kong, your capital is safe. Protection of capital and private property is enshrined in our Basic Law. We honor our international obligations and have never implemented any sanctions unilaterally imposed by other jurisdictions,» Chan said in a published speech.
One Country, Two Systems
Chan reiterated China’s ongoing commitment to the «one country two systems» framework that allows Hong Kong to operate under its own distinct system.
«President Xi Jinping has reaffirmed on multiple occasions that the 'one country, two systems' arrangement will remain in place in Hong Kong in the long run. Hong Kong’s unique position as a gateway between the Mainland and the world is highly cherished by the Central Authorities,» Chan said.
«In essence, Hong Kong will continue to uphold the defining features that set us apart from the rest of China: a free port; free trade policy; free flow of capital, goods, people and information; and a freely convertible currency. We remain open, diverse, cosmopolitan and committed to welcoming capital, business and talent from around the world. This is deep in our DNA.»
Aside from family offices, the event was also attended by senior Deutsche Bank executives including APAC and EMEA CEO Alexander von zur Mühlen, private banking head of emerging markets Marco Pagliara and private banking vice chairman Salman Mahdi.
