Opening Keynote

[Music] Salam alaykum good afternoon everyone your Excellency Jim Jai chairman of atgm my dear friend Muhammad masuki CEO for UAE HSBC Middle East stepen Moss ladies and gentlemen dear friends T very good afternoon it's my pleasure to be invited to attend a special event of the ABAB Financial week China UA investment Summit and I would like to thank HSBC the group and group company and HSBC UAE for organizing this event event so this financial week is on presidentially ground with the Gathering of Global Financial ISS including such a big number of the top Chinese investors which can be called the global high-end investment Carnival and has made ababi a new name the capital of the capital congratulations Excellency I trust that all the friends present here must be very much concerned about the economic situation in China what is the prospect of China's economy what are the opportunities for investment in China who will be the next China I think these questions should be answered through today's China UA investment Summit it is true that the Chinese economy is indeed facing some substantial challenges due to the change in international geopolitics and the down World cycle of the global econ economy to this end the Chinese government has taken a serious of a positive and effective measures to address this challenges so since the beginning of this year China's economy has generally operated smoothly and high quality development has been steadily promoted recently the Chinese government has introduced a serious of physical and monetary incremental measures and the policy results have become increasingly apparent the positive momentum of the economy has been further Consolidated which once again showcasing that the fundamentals of China China's economy have not changed the favorable consider considerations such has the sufficient development potential and Broad Market have not changed and the long-term positive trend of the economic development has not changed the third plary session of the 20 CBC Central Committee held in July this year proposed a ground blueprint of for further deepening reform and the Performing promoting Chinese modernization so by 2029 another five years ahead when China celebrates the 80th anniversary of the founding of the new China we committed to complete up to 300 important reform measures this is not only a serious political commitment but is also a kpi for every different level of recomment officials in China reflecting China's firm determination to continue to open up to the outside world at a high level so China's thought to opening up will become wider which will release greater Vitality for the market and inject more stability and new momentum in a global economy let me share with you a recent case that has attracted the widespread attention in the Capital Market in November just last month China revised and issued the administrative measures for strategic Investments by Foreign investors in this companies which significantly increased the flexibility of foreign investors Strategic investment and participation in a shares from multiple Dimensions including the first explicit permission to exchange overseas non-listed equity for a share listed company Equity the additional I of the new investment methods of tender offer and the reduction of lock up period from the original 3 years now has been cut short to only 12 months I believe that this is undoubtedly A major benefit for All Foreign investors and I hope you will take the pl to be the first batch of pioneers so actually see just seem you should lead take lead your team to visit my country as soon as possible to exploor more investment opportunities so China will continue to build a new open economy system with a higher level since the beginning of 2024 China has completely abolished restrictions on foreign investment in the manufacturing sector established the negative list management system for crossb trade in Services Nationwide for a first time and promoted orderly opening up in the fields of T telecommunications internet education culture and medical care to ensure that foreign invested Enterprises can make money make profit and stay longer in China so moreover China actively promotes the 144-hour transit Visa exemption policy and which further facilitates the exchange of personnel between China and foreign countries therefore travel to China has become the popular Trend China has successively implemented unilateral Visa exemption policies for 29 countries including France Germany Japan Australia but sevens sorry not yet including UK and Canada we are looking forward to cover these more countries so far China has concluded the Visa exemption agreements covering different types of passports with 100 and 57 countries and regions in addition foreigners can also use the Visa consumption policies for Transit cruise ships and specific areas such as high irland to travel to China or conduct business and investment activities so through the figures I mentioned just now I want to emphasize that this strong resolve and the clear policy of China to continue the policy for opening up to the world so from a macroeconomic perspective many friends asking whether China are able to deliver our Target for economic growth by 5% this year whether or not so my answer is that since China we have a huge very high saving rate and which actually means High saving rates means the huge investment potential and in in addition China's Central fiscal debt ratio is the lowest among the major economies in the world so there is still a lot of room for physical policiy stimulus and the leaving ample room for achieving the 5% GDP growth Target this year so just yesterday the PO Bureau political uh Bureau of the Central Committee of the CPC just decided to implement a more active fysical policy and moderately lose monetary policy vigorously boost consumption ion improve the efficiency of investment and expand the domestic Demand on all fronts I would like to re repeat this latest important decisions made by this Central Committee P buau this will be a very important guidance for next year China's economic policies and this also means the opportunities to invest in China so China's series of major reform measures will effectively promote the continued recovery of economy and we are confident that we can achieve this year's economic growth Target and continue to play the role of the world's largest engine of economic growth and I believe next China is still China so as investors your vision is sharp and unique I hope that all friends will further enhance your confidence in the bright prospects of Chinese economy actively participate in China's reform and opening up and modernization process to work with Chinese friends who are hardworking people and we are very pragmatic in the meantime the share development opportunities so China welcomes you so dear friends so in recent years the international geopolitics has undergone profound and complex changes and the global economy economy is also facing various risks and challenges but unfortunately very few countries I don't want to mention the names that are promoting the decoupling the economy and building the war wars High Wars to suppress China's development and block the global capital from investing in China's Hightech companies this retrograde move is doomed to fail when when the West is St I think the East is bright UAE is bright GCC is bright Global South is bright the Middle East Gulf countries represented by UAE have gradually occupied and very important position in investment and the cooporation with China so with this International and Global characteristics the UAE has become a new center for World Finance and cap capital I would like to mention briefly about China US economic trade and investment corporations the UAE now is China's largest non oil trading partner and has become China's second largest trading partner in region the largest investment destination and the largest source of for investment from January 2024 to September the the three uh quarters the bilateral trade volume between China and UAE reached nearly 74.6 billion US a year on-year increase of 7 .2% the total investment of UAE in China exceeded 590 million us and the investment flow of China to the UAE exceeded 1 billion US doll accounting for 60% of China's total investment in Arab countries of which the direct investment in the financial sector reached 440 million us doar but this is very small number I can see we need to double triple the size of investment in China as His Highness the president sh Muhammad has guided instructed so we will facilitate you to open our door widely for our friends for UAE meanwhile China we are are also strengthening the investment direct investment in UAE in this region so last month the2 billion US Sovereign Bond issued by the ministry for finance of China was listed and traded on NASDAQ Dubai becoming the first Chinese sovereing bond which was Road showed priced and listed in the Middle East and marking another important step in the financial investment cooperation between China and the UAE the two sides have cooperated in the fields of oil and gas development Port operations the park coroporation clean energy joint investment funds local currency swaps Financial infrastructure Etc and promoted the implementation of a number of projects with great significance and demonstration effects the cooperation between the two sides in new businesses Fields such as the low attitude economy crossb e e-commerce and the data centers is flourish as I know companies Hightech companies in China like the ehong company the world's first flying vehicle company that approved by China Aviation Authority now is incorporating with ababi so in the future I think dear friends if you landed in Dubai to avoid the traffic you can use us the service us flying tax taxi from Dubai landed here within 20 minutes so Chinese people often say that a single flower does not make spring but 100 flowers in full blossom Mak spring in a garden we are thrilled to share investment opportunities with the UAE and other Middle Eastern countries as well as our Global Partners to achieve the common development so this year 2024 coincides with the 40th anniversary of the establishment of the diplomatic relations between China and the UAE and it is also a big year for investment in both countries so in May this year UAE president His Highest she Muhammad successfully visit China and reached the important strategic consensus with China's presiden she on establishment of the high level investment committee between China and UAE this is a landmark cooporation in financial and investment field between our two countries and in September the Chinese Premier Le Chang also visited UAE to attend the China UAE business forum and proposed that China UAE cooperation should seize is three new opportunities high quality joint construction of the Bon Road close docking of China U development strategies and ascended of science technology industry Innovation so at present the UAE is leading the Middle East Capital to look Eastward and Chinese Enterprises are going to the Middle East which is becoming a trend the two-way Embrace is in the ascendant so as the Global Financial giant HSBC group is the largest foreign Bank both in China and in UAE for many years it has been actively committed to China UAE economic cooperations and expanding investment and financing Services which has been highly appreciated welcomed by Chinese and UAE governments and customers just in this morning with the assistance and support of the HSBC Beijing Financial Street Service Bureau and the financial services regulatory authority of adgm signed a memorandum of understanding on cooperation so this cooperation has further enhanced two-way exchang and and I believe that the cooperation between the two sides will be stronger with closer ties in the future so I hope that HSBC will continue to play the role of leader and Bridge and jointly make the mutual benefit and win-win outcomes before China and the UAE bigger and better before conclusion of my remarks I would like to take this opportunity to appreciate my dear personal friend stepen Moss for your standing contributions between HSBC and China and I learned that you are leaving the position by end of the year but your friendship your contributions will continue and I welcome the new CEO from Turkey I hope that that we will keep rendering our assistance like we used the assist Steven moss and I wish you every success at the new assignment so finally I wish the China UA investment Summit a completely success thank you all shukran Zila [Applause] thank you so much your Excellency for sharing your valuable insights with us [Music]