Xu Zhengyu: Action plan for promoting the development of corporate financial centers in Hong Kong will be announced soon.

Hong Kong surpasses Switzerland to become the world's largest cross-border wealth management center. The Secretary for Financial Services and the Treasury of Hong Kong, Christopher Hui, stated in a blog post that global investors have shown confidence in Hong Kong through their actions, confirming the strong resilience of Hong Kong as an international financial center. He also revealed that the government will submit legislative proposals to the Legislative Council this month to optimize the tax regime for funds, single family offices, and carried interest, as well as to announce action plans to promote the development of corporate treasury centers in Hong Kong. A recent global wealth report by an international consultancy firm projects that by 2025, global financial wealth will grow by 10.7% year-on-year to reach $333 trillion; cross-border wealth will also increase by 8.4% to reach $15.7 trillion. As the global wealth landscape reshapes, Hong Kong's performance stands out cross-border wealth has seen a significant growth of 10.7% to a total of $2.9 trillion, surpassing Switzerland historically to officially become the world's largest cross-border wealth management center. Christopher Hui pointed out that over three years ago, the government hosted the first "Wealth-creating Hong Kong" summit and issued a policy declaration on the development of family office business in Hong Kong, establishing a clear direction to promote related industries and introducing eight forward-looking measures. Within just over three years, policies have been turned into achievements, propelling Hong Kong to the global forefront. This is the inevitable result of the government and the industry working together and implementing precise strategies. He mentioned that in the next 20 to 30 years, there will be a transfer of up to $83 trillion of private wealth across generations globally, the largest wealth transfer in modern history, with a particularly urgent situation in Asia. Modern wealth inheritance has gone beyond asset allocation to include ownership structures, governance models, leadership succession, and family missions. Hong Kong has the capability and conditions to become the preferred platform and reliable partner for global families in the wave of century-long wealth transfer. Amid a global economic environment still fraught with uncertainty and geopolitical risks, Hong Kong will actively embrace trends such as the application of artificial intelligence in finance, green and sustainable finance, and the rise of wealth in emerging markets, continuing to optimize policies and systems to consolidate its status as an international financial hub. The emphasis will be on implementing new initiatives, promoting the entry of new capital investors, deepening connectivity with the mainland market, and enhancing tax arrangements.