Connect with us

Business

HSBC’s Peter Wong says Hong Kong youth’s fortunes tied to Greater Bay Area as he warns of looming global crisis

News Agencies

Published

on

Wong, 71, has witnessed a series of upheavals, from the crisis of confidence when China and Britain started to negotiate the handover of Hong Kong in the early 1980s to the 1997 Asian Financial Crisis and the Covid-19 pandemic since 2020.

“The 12th one is looming as many developed countries, such as the US and many in Europe, are on track to face an economic recession, high inflation and high-interest rate,” he said.

He urged business leaders to share their own experiences and to offer job opportunities for the youth, particularly in the Greater Bay Area.

“The Greater Bay Area is a market with more than 10 times the population of Hong Kong. It is a market with an economy bigger than South Korea. It is an area that can provide a lot of opportunities for young people in Hong Kong,” he said.

Advertisement

Beijing introduced the Greater Bay Area project in February 2019 to turn nine cities in southern Guangdong province, Hong Kong and Macau into an integrated economic powerhouse. With Hong Kong as the financial hub, Shenzhen as a technology powerhouse and several neighbouring cities as manufacturing centres, the region is expected to see steady growth.

“It is not just the business community’s duty; youngsters themselves also have a role to play. They need to think of how to add value to the companies and also need to learn how to cope with the challenging times,” he said.

Advertisement
HSBC’s lions back on display in Hong Kong after repair of New Year vandalism damage

01:36

HSBC’s lions back on display in Hong Kong after repair of New Year vandalism damage

“They should follow the spirit of HSBC’s iconic lions, Stephen and Stitt. For almost a century they have safeguarded the bank amid war, economic downturns and social unrest,” he said. They embody Hong Kong’s spirit of resilience, he added.

The two lion statues have stood guard at the entrance of the HSBC headquarters in Central since 1935.

Wong recalled that during the Asia financial crisis, a reporter had asked him if “Hong Kong is over.”

Advertisement

“My simple answer was ‘definitely not’. Hong Kong will never die, but it will come back [stronger]. The key is for all in Hong Kong to focus on things that could benefit the city instead of damaging it,” he said. “Some talents may migrate to other countries as we have seen since the 1980s but we have also seen many talents come back when they have found good opportunities.”

Advertisement

He said that in the post-Covid world, Hong Kong no longer can rely on trade, retail or tourism and that it needs to promote fintech and other technology to “embrace the new era”.

Wong is probably the highest-profile banker in the city – people carry banknotes with his signature around in their wallets every day. He is the only banker whose signature is on both HSBC and Standard Chartered banknotes. Executives of the city’s three note-issuing banks must sign the money.

Wong’s name appeared on Standard Chartered notes when he headed the bank between 2000 and 2005, and on HSBC notes after he accepted former HSBC chairman David Eldon’s invitation to jump ship in April 2005.

Peter Wong, non-executive chairman of HSBC Asia-Pacific, is the only person whose signature is on the banknotes of HSBC and Standard Chartered. Photo: Enoch Yiu

Peter Wong, non-executive chairman of HSBC Asia-Pacific, is the only person whose signature is on the banknotes of HSBC and Standard Chartered. Photo: Enoch Yiu

Advertisement

He is also the only individual to have held the top post at three large international banks in the city, with 17 years at Citigroup, eight at Standard Chartered and almost 18 at HSBC. Wong was also the first Chinese Asia-Pacific chief executive of HSBC, and the first Chinese Hong Kong chief executive at Standard Chartered.

He joined HSBC in 2005 as group general manager before becoming the chief executive for Asia-Pacific in February 2010 and non-executive chairman in 2021.

Under his leadership, HSBC’s Asia-Pacific business turned into the bank’s growth engine. The pre-tax profit from Asia-Pacific in the first nine months this year represents 80 per cent of the total, compared with only 34 per cent in 2005 when Wong joined.

Wong, who turned 71 last month, said although he considers himself to be semi-retired he had no plans to quit.

Advertisement

“I still love my job and my life at HSBC and will continue to contribute to the bank, giving advice and also working on charity programmes that benefit the community of Hong Kong.”

The news is published by EMEA Tribune & SCMP210520-twitter-verified-cs-70cdee.jpg (1500×750)

Continue Reading
Advertisement

Advertisement

Breaking News

Editor Pick’s

Latest Entertainment

Entertainment15 hours ago

Simu Liu, Lisa Ling, and more celebrities condemn Lunar New Year mass shooting in California

SOUL OF A NATION – 5/27/22 – ABC News groundbreaking Soul of a Nation returns with a special presentation, Together...

Entertainment16 hours ago

Travis Barker Debuts New Tattoo That Appears to Be of Kourtney Kardashian’s Eyes: ‘Oh Hey There’

https://www.instagram.com/p/CnsbbEOvgzQ/. Travis Barker/Instagram Travis Barker/Instagram Kourtney Kardashian is keeping her eyes on Travis Barker…forever. The Blink-182 drummer, 47, revealed a...

Entertainment16 hours ago

Pamela Anderson says Tommy Lee ‘lost it’ after she filmed kiss with ‘Baywatch’ co-star David Chokachi

Pamela Anderson is looking back on the havoc her relationship with then-husband Tommy Lee caused on the set of Baywatch....

Entertainment16 hours ago

Riley Keough, Lisa Marie Presley’s daughter, welcomed a daughter last year

Riley Keough welcomed a baby girl in 2022. (Photo: REUTERS/David Swanson) Riley Keough and her husband Ben Smith-Petersen welcomed a...

Entertainment19 hours ago

Anne Hathaway wanted to make Eileen as a reaction to a creepy question she got as a teenager

Anne Hathaway Director William Oldroyd’s Eileen just premiered last night at the Sundance Film Festival, and Anne Hathaway—who leads the film...

Entertainment19 hours ago

Lisa Marie Presley celebrated by Sarah Ferguson, Axl Rose, Austin Butler and more at Graceland memorial

Billy Corgan performs at the memorial service for Lisa Marie Presley at her Graceland memorial service on Sunday morning. (Photo:...

Entertainment19 hours ago

‘Avatar’ marks 6 straight weeks at No. 1, crosses $2 Billion

NEW YORK (AP) — James Cameron’s “Avatar: The Way of Water” led ticket sales in movie theaters for the sixth...

Entertainment19 hours ago

JoJo Siwa marks 2 years since she came out as gay: ‘I’m so proud of 17-year-old JoJo’

JoJo Siwa is marking two years since she came out. (Photo: Matt Winkelmeyer/Getty Images) JoJo Siwa is celebrating the second...

Advertisement

Latest Sports

Sports56 mins ago

Australian Open 2023, live: Novak Djokovic vs Alex de Minaur, score and latest on hecklers

Novak Djokovic was firing on all cylinders as he dismantled home favourite Alex De Minaur to reach the quarter-finals of...

Sports1 hour ago

5 biggest takeaways from UFC 283: Can Deiveson Figueiredo make an impact at 135?

Thoughts and analysis of the biggest storylines coming out of UFC 283, including Deiveson Figueiredo's plan to leave flyweight behind.

Sports2 hours ago

Grizzlies players unsure why Shannon Sharpe could stay at game after halftime altercation

Dillon Brooks, Desmond Bane among Memphis Grizzlies who didn't understand why Shannon Sharpe was allowed to remain after incident in...

Sports2 hours ago

Jerry Jones: Playoff loss changes nothing about Mike McCarthy’s status

For the second straight postseason, the Cowboys lost to the 49ers. For the second straight postseason, the game ended with...

Sports3 hours ago

American Express payout: Jon Rahm now over $4 million in two 2023 events

Here are the full purse and FedExCup breakdowns for Rahm and the rest of the players who made the cut...

Sports3 hours ago

Australian Open 2023 Day 6: Andy Murray’s miracle run ends; Novak Djokovic moves on

Andy Murray's amazing run at the Australian Open is done after a four-set loss to Roberto Bautista Agut in the...

Sports3 hours ago

Novak Djokovic vs Alex de Minaur live: score and latest updates from Australian Open 2023

Novak Djokovic vs Alex de Minaur live: score and latest updates from Australian Open 2023

Sports4 hours ago

After so much drama, the 49ers look just fine

San Francisco dealt with offseason turmoil, then rampant injuries. That's all in the past. Now the 49ers are in the...

Technology Hot News

Technology4 days ago

Led by "Amazon" and "Microsoft" .. the technology giants are planning to lay off 64,000 employees

After 10 years of driving the stock market bull run, big tech companies are racing to downsize staff to adapt...

Technology5 days ago

Apple introduces MacBooks with new M2 processors

Yesterday, Tuesday, Apple unveiled MacBooks powered by the new, faster “M2 Pro” and “M2 Max” processor chips, in a surprise...

Technology5 days ago

All you need to know about the upcoming Galaxy S23 phones from Samsung

Samsung has officially announced that the (Galaxy Unpacked 2023) event will be held this year on Wednesday, February 1, which...

Technology5 days ago

FTX Exchange Announces Hacking and Stolen $415 Million in Cryptocurrency

Bankrupt American cryptocurrency firm FTX announced today, Wednesday, that $415 million in cryptocurrency has been hacked and stolen from the...

Technology5 days ago

Because of a "fraudulent tweet"… Elon Musk's trial begins

Elon Musk's trial began Tuesday in San Francisco with the selection of jury members who will have to decide whether...

Technology6 days ago

An electric spoon replaces salt and spices, but with conditions

Experts have developed an electric spoon that is able to replace spices and flavors and affect the taste buds in...

Technology1 week ago

The biggest dangers of using tracking devices.. so you can escape?

If you spot an unknown Bluetooth tagging device, there are ways to disable the device so it can't track your...

Technology1 week ago

New Twitter.. For You tab to web version

The Twitter platform announced that it will bring the new tab (For You), which launched last Tuesday for iPhones and...

Advertisement