Metropolis chief John Lee says transfer will strengthen competitiveness of the Asian monetary hub.
Hong Kong is about to finish its decades-long observe of shutting the inventory market throughout typhoons and excessive climate.
Hong Kong Chief Government John Lee stated the change was extensively supported by the monetary sector and would deliver the monetary hub consistent with different markets, together with mainland China.
“Shenzhen and Shanghai are actually buying and selling in dangerous climate. There isn’t a purpose why Hong Kong, as a world monetary centre, shouldn’t observe swimsuit,” Lee advised reporters at a information convention on Tuesday.
“Continuous buying and selling in inclement climate can strengthen the competitiveness of the Hong Kong Change,” he added.
Hong Kong repeatedly experiences typhoons between June and October, however officers have warned residents to count on extra highly effective and unpredictable storms sooner or later resulting from local weather change.
Hong Kong authorities final yr issued town’s highest climate alert – T10 – for under the sixteenth time since World Struggle II, for Tremendous Storm Saola.
Final yr’s 11 storms of storm depth or greater, nonetheless, was fewer than the common of about 15 between 1961 and 2020, in line with the Hong Kong Observatory.
Hong Kong’s inventory market has suffered big losses lately amid slowing progress in China and crackdowns on dissent within the semi-autonomous territory, which was promised rights and freedoms not discovered on the Chinese language mainland as a situation of its handover from Britain.
The benchmark Hold Seng index ended 2023 13.8 p.c decrease, registering its fourth consecutive yr of decline.
Since 2019, the index has fallen by greater than 38 p.c, whilst inventory markets in america, Japan and India have soared.
In January, India’s inventory market overtook Hong Kong to develop into the fourth-largest fairness market globally, in line with knowledge from the World Federation of Exchanges.
