Capital inflow into Hong Kong continues: financial secretary

HONG KONG, Nov. 23 (Xinhua) -- Global investors continued to funnel capital into Hong Kong as they diversify their portfolios to hedge against geopolitical risks, Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said on Sunday.

Global investors have found a safe haven in Hong Kong, said Chan, citing a 10 percent year-on-year growth of total deposits in the city's bank so far this year.

Other indications of global investors' liking to Hong Kong included world-leading total value of initial public offerings (IPOs), zippy expansion of the wealth management sector and ever-deepening financial cooperation with other markets in the world, according to Chan.

Chan also noted that Hong Kong registered an 11.3 percent growth in goods export in the first three quarters thanks to closer economic and trade ties with ASEAN countries and other countries in the Global South.

To keep up the momentum, Chan said the HKSAR government will work to upgrade the city's shipping industry and play up its strengths as a shipping center and a hub for mega events.