Hong Kong’s Paul Chan predicts positive market response to Xi-Trump summit

Hong Kong’s finance chief has predicted a positive market response to the Xi-Trump summit, saying the mitigation of geopolitical uncertainties will bolster investor confidence.Financial Secretary Paul Chan Mo-po made his prediction on a radio programme on Saturday, a day after Chinese President Xi Jinping wrapped up a three-day visit to Washington to meet with US counterpart Donald Trump, with promises of more talks despite limited deliverables.“I believe the market will have a positive interpretation … Previously, the geopolitics caused concerns over economic prospects, leading to uncertainty and capital flow volatility. If this factor could be mitigated, investors would feel more secure when positioning their portfolios,” Chan said.The minister said the national economy would continue to grow steadily, with domestic enterprises expanding overseas, benefiting Hong Kong, Southeast Asia and the Global South in general.He said the nation would continue to play the role of the major engine for global economic growth.He added that Hong Kong enjoyed geographic advantages that could help mainland Chinese enterprises go global, citing the good performance of the city’s initial public offering (IPO) market this year.Chan also described Hong Kong’s hosting of the Apec Finance Ministers’ Meeting from October 20 to 21 as another opportunity to promote the advantages of doing business in the city.