
Hong Kong’s future value might lie less in its connectivity alone than in making different institutional systems work together
Hong Kong's hosting of the Apec finance ministers' meeting highlights its pivotal role in cross-border commerce as globalisation navigates complex geopolitical and institutional challenges.
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The first Apec finance ministers' meeting was held in Hong Kong, focusing on openness, cooperation, and resilience.
The first Asia-Pacific Economic Cooperation (Apec) forum finance ministers’ meeting to be held in Hong Kong focused on openness, cooperation and resilience. These themes go to the heart of a question confronting the city: as globalisation becomes more difficult and the rules and security boundaries governing international markets grow more complex, what can Hong Kong still offer cross-border commerce?
Globalisation is not over. Capital still seeks opportunities overseas, while technology, energy, raw materials and supply chains cannot simply retreat behind national borders. Yet geopolitics, industrial policy, technology controls, data governance and financial security increasingly shape investment decisions.
For decades, globalisation was largely about lowering costs and reducing barriers. Its next phase could be defined by a different challenge: how to keep cross-border transactions moving when borders matter again.

Affected by the heavy decline in US stocks, Taiwan stocks fell below the half-year line and ended up falling 291.69 points to close at 44920.14 points. Investment Bank said that benefiting from the continued expansion of AI demand, the long-term momentum of the semiconductor and electronics supply chain is still strong, which is expected to support the market in the fourth quarter.

Team Group Technology held a press conference today. CEO Chen Qingwen pointed out that due to AI demand crowding out traditional memory production capacity and the highly concentrated supply chain, it is expected that there will be a severe shortage period from the fourth quarter to the end of the second quarter of next year. It may even be "even if you have money, you can't buy it." The overall tight supply and demand will not turn around until the second half of 2028 at the earliest.

Foreign capital continued to outsell Taiwan stocks and remit hot money. The exchange rate of the New Taiwan dollar against the US dollar once fell below 32.7 yuan during the session, hitting a new low in more than 18 months. In the afternoon, exporters' selling of foreign exchange and adjustments by the central bank restrained the decline, and finally closed at 32.592 yuan, a depreciation of 1.14 cents.

The ninth China International Import Expo is about to open. This year's CIIE brings together cutting-edge innovations, with world premieres, Asia's first shows, and China's first exhibitions setting new highs. AI has moved from "being able to speak and be able to calculate" to "being able to do things". Multinational companies are accelerating their innovation layout in China and deeply integrating with the Chinese market.

Hong Kong has authorised 17 tokenised public funds and bonds totaling US$1.3 billion, as HKMA chief Eddie Yue notes tokenisation's shift into the real world.

On November 2, the Central Bank of China launched a 541 billion yuan overnight reverse repurchase operation with a fixed interest rate and quantity bidding method, with an interest rate of 1.25%. This is the first operation since the central bank announced adjustments to relevant mechanisms. It marks the switch of the main operation period of the open market to overnight and the "change of anchor" of the main policy interest rates.