Dear Dean Zhou Lin and Dean Yang Yong

Professors, experts, colleagues, ladies and gentlemen

Good morning.

It is a pity that we are unable to conduct this year’s consultation visit to Hong Kong, China in person but it is very nice to meet on screen with Professor Zhou and Professor Yang, as well as so many old and new friends. I am very grateful to both Deans for their great friendship and support. I also want to thank my fellow speakers who will share their insights this morning, as well as the Chinese University of Hong Kong staff, and my colleagues from AMRO for their arrangements.

As you know, AMRO is an international organization established under the ASEAN+3 financial cooperation mechanism. It contributes to the region’s macroeconomic and financial stability by conducting macro surveillance, supports the implementation of the Chiang Mai Initiative Multilateralisation (CMIM), and provides technical assistance to members.

In today’s world, AMRO’s work has become increasingly important. The greater the uncertainty we face, the more we need to effectively monitor the macro environment and assess the implications of key developments. The more complexities we face, the more we need to work together to tackle problems, form sharp judgments, and anticipate the future. The world we live in is full of wonders. Unfortunately, it is also getting more uncertain. Global developments are becoming increasingly complex. Macroeconomic and financial stability is no exception. That is why AMRO’s surveillance work is crucial.

Today’s roundtable is an important part of AMRO’s annual consultation visit to Hong Kong. As the Pearl of the Orient, and an important financial hub, Hong Kong’s economy has always been resilient. Yet issues such as the pandemic, geo-political tensions, and the US Fed’s rate hike mean that Hong Kong, like many other economies, faces multiple challenges to its near term and long-term development. So we are very fortunate to have this opportunity today to hear diverse insights from distinguished experts, to help us form a more comprehensive understanding and solid assessment of Hong Kong’s economy.

The Chinese University of Hong Kong is renowned for its talent development and academic research. AMRO is, of course, a little bit younger – we celebrated our 10th anniversary just last year. Though we differ in history, size and mission, we share the same responsibility to promote healthy and sustainable development in our region. I hope this roundtable is just the beginning of a productive collaboration that can help ensure we achieve this common objective.

Thank you very much.