K. C. Chan ’79, Hong Kong’s secretary for financial services and the treasury, has been raising awareness Hong Kong’s role in the global financial marketplace. Chan was recently featured in an article in China Daily, where he talked about Hong Kong as a financial center and a good offshore market for Chinese and international investors, assuming a central role in the internationalization of the yuan.
Chan said, “For me, Hong Kong’s strength is definitely international connectivity. We must make sure we build on that strength. … These days I think Hong Kong is still trailing behind New York and London, but in 10 years, our vision is that ‘Kong’ should be equal with ‘Ny’ and ‘Lon’ thanks to China’s rise, because we serve the world’s second largest economy.”
“We are not only doing business in offshore yuan. That is not what we are after. What we are after is to improve Hong Kong and make Hong Kong more competitive, so that we can serve what we see China in 10 years,” Chan added.
K. C. Chan has been the secretary for financial services and the treasury since 2007. Prior to assuming the post, he was dean of business and management of the Hong Kong University of Science and Technology. He received his bachelor’s degree in economics from Wesleyan and both his MBA and Ph.D. in finance from the University of Chicago.