While most industries have struggled during the catastrophic COVID-19 pandemic, one sector has fared well, showing unusual resilience — the collectibles market. Expansion in the art and wine market will certainly continue when the pandemic ends, said Robert Sleigh, senior director and managing director of operations at Sotheby’s Hong Kong Ltd, on the sidelines of the roundtable. The pandemic not only has created a global health crisis, but has threatened the global economy with a grim recession. Everyone has felt the pinch of ever-shrinking disposable incomes and dampened purchasing power. But people’s penchant and enthusiasm for investment assets has remained high as more investors appreciate the reliable value gains and wealth-preservation attributes of collectibles such as art and wine. Asia saw HK$422.12 million (US$54.45 million) in wine sales in 2020, just slightly behind 2019’s HK$461.82 million. “It’s driven by a movement to a digital-first approach, with seven times more online sales in Asia than ever before and 80 recent of bidding globally taking place online,” Sleigh said. “Wine remains one of the most affordable asset classes.” Wine boasts a favorable supply-demand dynamic, in which wine is produced in a limited quantity and its price rises when it’s consumed while the demand remains intense. “Unlike financial instruments, wine quickly finds its consumable price rather than a trading or investment price, which we saw in the last global financial crisis,” Sleigh said. “At the top end, demand for the finest and rarest wine last year is as strong as it had ever been, with rarity and provenance still being the driving forces.” The insatiable demand for the rarest Burgundy from Asia’s top collectors has certainly been a key theme driving the fine wine market, he added. The lockdown has had people drink more wine at home than in restaurants, and therefore, wine lovers have had more money to spare for investing in fine wine as a collectible as opposed to splashing on a bottle in a high-end restaurant or bar, Sleigh said. “Unlike a traditional financial recession, there were no margin calls or need to liquidate assets for the most part,” which explains the resilience of the fine-wine market compared with overall volatility, Sleigh said. The trend of art investment has also resisted the economic downturn of the pandemic. “While there was a short lull in activity in the early days of the pandemic, where there was an expectation of ‘COVID pricing’, it quickly disappeared. Our clients made it clear that they wanted to buy and sell, and we were material in providing liquidity in the market, which was badly needed,” he said. Asian collectors, who account for over 30 percent of Sotheby’s worldwide auction sales, have proved especially resilient in 2020, Sleigh said. “The strong results (generated by Asian clients) have cemented the company’s market-leading position in Asia for the fifth consecutive year. The number of Asian clients bidding online was growing faster than anywhere else, more than doubling in 2020.” The digital innovations have played an overriding part in the collectibles market’s resilience. In Hong Kong, Sotheby’s has held 63 online auctions across a diverse range of categories from Chinese Works of Art, Contemporary Art to Jewelry, Watches and Wine, achieving a total of nearly HK$250 million, he said. Looking ahead, Sleigh is upbeat about the prospect for the collectibles market in light of the burgeoning and supportive digital tools and people’s sophisticated tastes. “The market will continue to grow but some of the changes will stay,” Sleigh said. “Reduced foot traffic caused by travel restrictions and gathering bans demand us to be more flexible and creative to engage potential investors, buyers and sellers.” One example, he says, is, “by bringing in and curating more online sales and virtual selling exhibitions, particularly for young collectors”, who are a rising cohort in Asia. Apart from the sale of art, wine and spirits, that of collectible luxuries, such as jewelry and watches, will be spurred by the convenience and immersive experience of online events, he said. heshusi@chinadailyhk.com

Less tension between China and the United States could be expected under the new US administration, according to Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone. And vaccination will help shift the global economy growth trend. Schwarzman shared his ideas over a wide range of issues with Antony Leung, Group Chairman & CEO of Nan Fung Group during one-on-one dialogue at a virtual session in the 14th Asian Financial Forum on Jan 19. "There are still a variety of issues, particularly in the congress, where there are genuine differences between US and China," Schwarzman said, "However, I think the new administration is going to take a softer tone for places where we can work together." The two largest countries in the world, China and US, comprise between 35 to 40 percent of the entire world's economy. "To not to have these two countries working in a cooperative fashion seems exceptionally odd and unproductive for citizens of both of their countries," he said. He believes that "in areas in climate, health and terrorism, as well as some economic issues, there is a substantial overlap in the interests of these countries, and the interests in the world", so he finds that "it will be hard to imagine escalating tension". For the outlook on global economy, he predicts that Asia will do well, and the West will have a slowing of economy growth in the tough first quarter or two. "The good news, globally, is that we have vaccines," he said. Schwarzman point out that vaccines will change the global economy significantly in the second half of the year, in the conventional Western thinking, many people should be able to get vaccinated by the summer time with production in volumes. "Vaccines themselves are reasonably remarkable", he added. He also said that zero-interest rate mode in a number of economies cannot continue, as it never continued in history and is like "a penalty" to people who retire. Schwarzman mentioned that, with Leung's help, he set up a program between China, US and the rest of the world, bringing about 150 extraordinary students from around 40 countries to China because he wanted people to learn about China. Being active in philanthropy and other projects all over the world, he says that he doesn't feel being older than others, as age doesn't matter too much him for doing new things all the time in good physical shape. According to Leung, Schwarzman's first book, What It Takes: Lessons in the Pursuit of Excellence has been published in about ten markets around the world, including the Chinese mainland and Hong Kong. The author said after doing things in business, public service and philanthropy for over fifty years since he got out of school, he wants to make other people's life easier with what he has learnt. "Everyone's life has struggles in it, and it doesn't matter who you are," he said, "I had that myself." He wants to share certain principles with people. "For example, you have to work at things that you really enjoy doing," he said, adding that the odds of being great at a job that one doesn't really like is quite low. And he advised that people should change jobs if they are not learning something enough. "You should that look at ultimately always creating something that could be a wonderful thing." Having the will to win and be the best and hiring the right people are among his formula for corporate success. Being asked about how he wants future generations to remember him, he honestly said that he had no idea. "I do things that I think are absolutely good, and I do them because they are good and I help people. That's enough for me," he said.

Though there are more online exhibitions and auctions during the pandemic, it is still essential for new investors to attend art fairs, bid at auctions and visit galleries to avoid risky investments and to get the full experience of any piece of art, said Andy Hei, founder and director of Fine Art Asia and Ink Asia in Hong Kong. “The accuracy of appraisal and valuation directly impacts the risk of art investment. It is important for individuals to know that opinions and knowledge from the experienced experts are essential and crucial to avoid unnecessary risks,” Hei stressed. He also emphasized the importance of interacting with gallery owners. “There is so much history in art, especially antiques, and stories that are passed down to the current owner who can share with the potential buyer.” Hei is a professional art dealer with over 30 years of experience in the fine art market. He has organized 20 international art fairs in Hong Kong, including the only physical art fair in Hong Kong in November — Fine Art Asia 2020. Like any other market and industry, Hong Kong’s fine art market is struggling right now. COVID-19 presented many challenges last year, both locally and internationally; but many of the dealers, collectors and investors have not stopped seeking and buying, albeit at a more leisurely pace, Hei noted. “Although the pace is slow, we have proven that there is stability in Hong Kong’s art market,” he said. Fine Art Asia 2020 attracted over 8,000 visitors and received much positive feedback from exhibitors, artists and collectors. The few postponed auctions also reported strong interest, plus the private sales showed a steady performance, Hei revealed. “These events in 2020 demonstrate that the situation is better than we expected during this unpredictable pandemic,” he said. COVID-19’s impact was evident in the antiques and traditional art market, as transactions were slower than usual because of travel restrictions, which meant collectors were unable to visit galleries to study and appreciate the collections, Hei noted. Usually, antique collectors prefer to physically visit the gallery to study the collection themselves first, because both physical viewing and somatosensory are important to them before making a purchase, he said. “Antiques come in various unique forms and shapes as they are mostly one of a kind, so without touch and sense it is hard for the collector to know, and this cannot be replaced by online or mobile platforms,” he said. “But for contemporary art, it is easier to show through high-resolution images and (you) encounter less issues in the authenticity, unlike antiques.” For antique art dealers, if the market is not prosperous, they don’t mind waiting until the economy recovers, when prices will be higher, he said. Amid COVID-19, online platforms thrived rapidly last year, and the idea of “collecting art” and “cross-culture collecting” are becoming trendier, Hei said. Noting that cultural exchange has been a huge part of Fine Art Asia, Hei said they have been putting an emphasis on cross-collecting. “We are the only fair in Asia to showcase a wide range of collectible fine art from Asia and the West. With cross-collecting, collectors are exposed to different items and seek investment opportunities in different ranges of art.” Hei said he doesn’t think there is a “correct” way to invest, because everyone’s perspective and value of art is different. “Some buy because they like it, some buy because they feel it will increase in value and some buy because of (the) in-depth history behind it. No matter what (the) reason, art is a promising investment and something for everyone to appreciate,” he said. heshusi@chinadailyhk.com

From fine art to bottles of wine, and limited-edition sneakers to luxury watches, collectibles can be turned into investibles in the post-pandemic world. But it requires patience, knowledge, experience and an open mind before embarking on such an interesting and potentially profitable journey. Industry leaders and experts provided these insights on Tuesday at China Daily Asia Leadership Roundtable themed “Assessing Alternative Investments in Art and Wine”, held as part of the 14th Asian Financial Forum. “Amidst times of uncertainties, alternative investments like art or wine stand as relatively wise choices at the moment,” said Andy Hei, founder and director of Fine Art Asia and Ink Asia Hong Kong. “But it takes a very long term in practice.” What makes some collectibles savvy investments is a world of appreciation they offer. Drawing on his yearslong experience as a well-regarded second-generation dealer in classical Chinese furniture, Hei noted that the return of value in art could reach double digits. But it needs patience. “Basically, it’s time that will tell,” Hei stressed. “And the knowledge and experience it requires are also beyond imagination. There is no shortcut.” Robert Sleigh, senior director and managing director of operations at Sotheby’s Hong Kong, is a firm believer that art and wine have more integral roles to play in the post-pandemic era. “Looking ahead, traditional areas of collecting for investment, be it paintings, contemporary art, modern art or impressionist art, will continue to go quite strong. At that point, it is a question of knowing the current market, knowing what the current worth might be and looking at a long term, rather than a short-term growth on that and appreciation of that,” Sleigh noted. While investing in collectibles can be a great way to diversify portfolios while exploring one’s own interests, it does have its drawbacks. Patience is crucial Adriano Picinati di Torcello, director of advisory and consulting of global art and finance coordinator at Deloitte Luxembourg, reminded investors that one of the risks when it comes to making investment in art and wine is illiquidity. “If you look at art or collectibles in general, investors have to consider that collectible assets tend to be very illiquid. Also, there are a number of other issues that investors have to look at, such as authenticity and counterfeit,” said Torcello. “If you would like to consider investment in those categories, do analyze and understand those risks and really get proper advice, but definitely also enjoy, especially if you’re talking about, for example, fine art,” he said. “Investing in passive investments such as art and wine should be done with careful consideration and a clear plan,” said Johnny Hon, founder and chairman emeritus of Global Group International Holdings Ltd. “For art, in particular, it’s a long-term thing. One has to be prepared to hold the art for five to 10 years or even longer in order to build a meaningful collection.” As the pandemic is changing how people live, work and play, the market for collectibles is also embracing trends that will essentially turn the “new normal” into the “new future”. Sleigh highlighted Scotch whisky, Japanese whisky, China’s Maotai baijiu as markets with significant growth. The sneaker stands as a new collectible, which Sleigh described as a market that is “really something”. Technology plays a new role Torcello said the power of technology to help reduce investment risks and increase liquidity of collectibles merits great attention. There are also many discussions around fingerprinting, blockchain and tokenization of certain categories of collectible assets, he added. Having seen technology wave its magic wand in many areas during the pandemic, Hon emphasized that “one should be open-minded in looking into digital arts and other collections”. “The pandemic has motivated the art market to make a major technological shift toward the online sphere, and online sales are driving the current market, which has also shown that younger generations are becoming keener to collect and invest,” Hon said. The rapid development of blockchain and augmented reality technologies can be the next big things to reshape the art space. One may have a visual art that uses a smart contract on the blockchain to lease it out to someone who displays it for a specific period, or one can use AR to bring a tangible painting to life, he noted. “While all of these changes may present opportunities, I would not recommend rushing in to buy art merely as an investment. It is important to discover your passion and what you really enjoy about artworks,” Hon stressed. Torcello added, “Art and wine are a great way to connect, establish and increase relationships with your clients on very emotional and passionate assets.” Contact the writers at sophia@chinadailyhk.com

Hong Kong is betting big on a world of opportunities, and will shake off the burdens of COVID-19 by capitalizing on its robust financial system and unique status as a gateway for the Chinese mainland, heavyweights told the 14th Asian Financial Forum. Speaking via video on the second day of the 14th Asian Financial Forum on Tuesday, Hong Kong Financial Secretary Paul Chan Mo-po said he believes the city’s economy may pick up speed in the second half of this year upon mass vaccination programs. He cautioned that Hong Kong’s economy in the first half of 2021 will still be clouded by the COVID-19 pandemic, but he was optimistic about the long term. “Hong Kong continues to be the business and investment bridge that links the Chinese mainland and overseas countries, and the city also is the important choice for mainland and overseas companies for listing their shares,” Chan said. “As the government reforms its listing regime and enlarges the universe of the two stock connect programs, linkages between Hong Kong and mainland capital markets are further cemented, thus enhancing the liquidity position of those listed companies,” the finance chief told forum participants. On Tuesday, Hong Kong’s Hang Seng Index rose 2.7 percent to hit a 20-month high of 29,642 points, with mainland traders buying a net US$3.4 billion of Hong Kong stocks. Daily turnover in the city rose to a record US$38.9 billion. Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said in her opening speech to the forum on Monday that Hong Kong’s fundamentals remain strong amid the challenges of the COVID-19 pandemic. “Hong Kong’s financial system has demonstrated its strengths and resilience,” Lam said. “Our financial markets continue to operate orderly, and that includes the Linked Exchange Rate System. The Hong Kong dollar to the US dollar exchange rate has stayed on the strong side, reflecting investors’ continuing confidence in our financial markets. “Thanks to our ‘one country, two systems’ framework and long-standing advantages, including an internationally aligned regulatory regime, the rule of law, a simple and low tax system and the free flow of information and capital,” the Hong Kong leader stressed, “we continue to be an ideal gateway between the mainland and the rest of the world. That very much includes our role as both a conduit for foreign capital investing in the mainland and the springboard for mainland companies looking to international markets.” Lam said she has high hopes for the widespread use of vaccines and the Chinese mainland’s economic ascent to accelerate the global recovery. Last year, the global economy plunged roughly 4.4 percent, while Hong Kong’s GDP is expected to decline by 6.1 percent. In his keynote speech on Monday, Guo Shuqing, secretary of Party Committee of the People’s Bank of China and chairman of the China Banking and Insurance Regulatory Commission, said Hong Kong has played a pivotal role in every stage of the country’s development in the past 40 years. Hong Kong will regain its vitality in the new development stage of China and Asia, he said. The city is vital to the country’s new development pattern of “dual circulations”, and can continue to play an important part in the development of the Guangdong-Hong Kong-Macao Greater Bay Area, Guo said. Also speaking at the forum, Jin Liqun, president and chairman of the Asian Infrastructure Investment Bank, said the global economy has been dragged down by the pandemic, and the current economic downturn is not a normal business cycle. He believes the pandemic will be gradually controlled this year, which will bring further impetus to economic recovery. Jin called for enhanced cooperation among global economies, and more investment in scientific research, as the pandemic reflects a fragile global economic chain, and healthcare and digital technology is becoming more important. The 14th AFF was jointly organized by the Hong Kong Special Administrative Region government and the Hong Kong Trade Development Council. More than 5,000 global policymakers, financial experts, business leaders, economists, investors and entrepreneurs from some 70 countries and regions signed up to participate online for the first time to examine opportunities and challenges for finance, investment and business in the new global economic landscape. Oswald Chan and Luo Weiteng contributed to the story. heshusi@chinadailyhk.com

Remittances among services improved in pandemic, aiding nations, forum told The coronavirus pandemic has spurred advances in financial services, and the benefits of such innovation are being felt in the Pacific island nation of Tonga. For Leta Kami, CEO of the Tonga Development Bank, digital banking service has provided huge support for Tongans working overseas during the pandemic. "The Kingdom of Tonga is highly dependent on remittances," Kami told a panel on the second day of the Asian Financial Forum, on Tuesday. Tonga is one of the world's most remittance-dependent nations. They make up about 38 percent of its GDP. "With the pandemic hitting us all by surprise last year, we have gained more traction with the diaspora (as) they were looking for online digital banking (services) to support them during border closures and lockdowns," said Kami. The bank's innovative cashless remittance service, launched in New Zealand and Australia, has received good feedback. The pandemic spurred innovation and transformation in industries, especially in banking, providing the sector an opportunity to promote financial inclusion through digital services and products, said industry experts in different sessions of the two-day event. "Financial technology has created significant opportunities for the unbanked population around the world," said Alfonso Garcia Mora, vice-president for Asia and Pacific at the International Finance Corporation. He said the outbreak has increased the use of digital channels and accelerated the innovation of disruptive solutions, especially digital banks. With digital financial services now available in more than 100 countries, Garcia Mora said: "Many countries in the Asia Pacific region are encouraging the growth of digital banks and products, and fully digital banking services are also operational in a number of countries." In a panel session on "The Future of Digital Currency", Bank of China Chief Scientist Guo Weimin showed the audience a digital yuan hard wallet, also called a digital currency chip card. It was used in a large-scale test of China's official digital currency in Beijing at the end of last year. "The feasibility of digital currency has been proved in many scenarios," said Guo. "With the increasing support from the central bank and local governments, it will receive wider acceptance." Future prospects Many discussions were held over the costs of digital currencies, Guo said. The key focus on the new technology should be its effectiveness, especially in terms of the traceability of money flows. Sebastian Paredes, CEO of DBS Bank (Hong Kong), said the bank received about 1,400 requests to open an account within a month after it launched a digital banking service last year for small and medium-sized enterprises, or SMEs. In a panel session entitled "Dialogues for Tomorrow: The Future of Banking", Paredes said SMEs have been among the hardest-hit sectors in the world. "In Hong Kong… the SMEs have been particularly suffering," he said. Hong Kong has around 340,000 SMEs which represent 98 percent of the city's total business community, he added. The Secretary-General of the Organisation for Economic Co-operation and Development, Angel Gurria, said the OECD's cooperation with China on services trade has promoted an open market for trade and investment. "China is also a regular contributor to the OECD Trade in Value-Added database, and it's integrated into the OECD Trade Facilitation Indicators," he said. In the new year, he said a major lesson from 2020 should not be forgotten. "The only way out of this crisis is by working together." He promised the OECD will continue to work with ASEAN, APEC, all Asian partners and stakeholders to build a more resilient, sustainable and inclusive future. Alexis Ohanian, co-founder of Reddit, pointed to technology acceleration in businesses, especially those planning their initial public offerings. He told a keynote session that there will be huge opportunities for the travel and food sectors this year. Rama Sridhar, executive vice-president of Mastercard's Digital and Emerging Partnerships and New Payment Flows unit in the Asia-Pacific, said partnerships of all players, including traditional and digital financial service providers, will be a significant enabler of success in financial inclusion. Xu Weiwei contributed to this story. kelly@chinadailyapac.com

HONG KONG - Hong Kong’s economy may pick up speed in the second half of this year, depending on whether mass vaccination programs around the world can inject energy into a global economic recovery, Financial Secretary Paul Chan Mo-po said. Speaking via video on the second day of 14th Asian Financial Forum on Tuesday, the finance chief cautioned that Hong Kong’s economy in the first half of 2021 will still be clouded by the COVID-19 pandemic, but he was optimistic about the city’s long-term economic development. “Hong Kong continues to be the business and investment bridge that links the Chinese mainland and overseas countries, and the city also is the important choice for mainland and overseas companies for listing their shares,” Chan said. “As the government reforms its listing regime and enlarges the universe of the two stock connect programs, linkages between Hong Kong and mainland capital markets are further cemented, thus enhancing the liquidity position of those listed companies,” the finance chief reckoned. The administration strives to promote the city as Asia’s premier fund management center, particularly focusing on luring more private equity funds coming to Hong Kong for business. Cross-boundary Wealth Management Connect will be another focus, as this linkage endows an array of investment and asset allocation choices for residents in the Guangdong-Hong Kong-Macao Greater Bay Area when investing in cross-boundary wealth management products. The city as a risk management hub was also strengthened when Hong Kong Exchanges and Clearing Limited inked a business deal with MSCI Limited last year, enabling the city’s bourse to launch more financial futures and options products. “Regarding the development plan of the sustainability finance, the government plans to issue green bonds worth of US$8.5 billion in the coming five years,” Chan said.

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 即時發佈 中國日報線上圓桌論壇探討另類投資的潛在價值 中國日報香港1月19日電：中國日報亞洲領袖圓桌論壇與亞洲金融論壇今日合辦題為「另類投資的潛在價值」的線上專題研討會，吸引眾多投資項目擁有人、私募基金公司、個人投資者及金融界人士在線參會。 亞洲金融論壇旨在為全球政府、金融及商界領袖提供平台，促進交流真知灼見及發掘投資商機。論壇為期兩日，由香港特區政府與貿易發展局合辦，今年主題為「重塑世界經濟新格局」。香港特別行政區行政長官林鄭月娥、中國人民銀行黨委書記、中國銀保監會主席郭樹清、亞洲基礎設施投資銀行行長金立群、2018年諾貝爾經濟學獎得主保羅·羅默以及香港特別行政區財政司司長陳茂波等逾5000名來自70多個國家和地區具影響力的政策制定者、金融翹楚、商界領袖、經濟學家、投資者和企業家出席，首次以網上形式參與論壇，探討金融、投資、營商等在環球經濟新格局下的機遇和挑戰。

 本次專題研討會已是中國日報亞洲領袖圓桌論壇與亞洲金融論壇的第十次合作，邀請典亞藝博及水墨藝博創辦人及總監黑國強、高寶集團國際控股有限公司創始人及榮譽主席韓世灝、德勤盧森堡全球藝術與金融行業總協調人及諮詢與管理諮詢總監阿德裡亞諾·托爾切羅（Adriano Picinati di Torcello）以及香港蘇富比亞洲區高級董事、營運董事總經理樓伯禮（Robert Sleigh）擔任研討嘉賓，共同探討另類投資市場擴展的最新趨勢。
 韓世灝談到了葡萄酒和藝術領域的投資，他認為在經濟不確定時期，傳統的葡萄酒或藝術品投資組合可以幫助降低波動性。優質的葡萄酒投資不管在2020年面臨何種挑戰，2021年都將取得正回報。

 韓世灝表示，新冠疫情使藝術領域正面臨不可否認的挑戰，2020年藝術品市場陷入混亂，但也激發了藝術品向在線領域進行重大技術轉變，而線上銷售正在驅動目前的市場，這也說明年輕人越來越熱衷於收集和投資。但他並不建議將草率購入藝術品當作一種投資，培養好的藝術鑒賞素養反而更加重要，因為投資藝術品的本質就是在下賭注。 黑國強對在香港投資藝術品的優勢發表了見解。他認為，優勢在於香港配套設施和法律法規。比如，可以不受限的進口和出口藝術品、免稅政策、成熟的配套產業（如保險）、藝術品物流以及安裝等。

 他說：「關於（當代藝術品的）持有時間，我會簡單地說是越長越好的。經驗告訴我，一個（價值）峰谷的周期大概為10年，互聯網的自由信息流可能加速這個過程至7-8年，但基本上是在這個范圍。」
 樓伯禮說:「關於藝術投資，藝術品本身的歷史背景和意義是很重要的考慮因素。比如，這幅畫描繪了真實的歷史故事，講述了創作時期的故事，或者這幅畫是由作者送給某個特別的人、國家等， 這些因素都是投資時需考慮的。」 阿德裡亞諾·托爾切羅表示，投資收藏品存在一定風險。在投資前，需要考慮很多因素，比如真實度、是否是贗品等。有趣的是，如今科技創新可以幫助我們降低這些風險，同時提高收藏品的資金流動性。他指出，對於藝術品來說，收藏得越久越好。但對於酒來說，收藏的時間長短要根據不同酒的陳釀時間長短來考慮。 有關中國日報 中國日報是中國國家英文日報，全媒體用戶總數超過3億，是我國唯一下載量過千萬的英文新聞客戶端，目前全球下載用戶超過3300萬；微博粉絲數超過5500萬；微信訂閱人數達950萬；臉譜賬號粉絲數超過9900萬，位居全球媒體賬號粉絲數第二位；推特賬號粉絲數約439萬。 有關中國日報亞洲領袖圓桌論壇 中國日報亞洲領袖圓桌論壇（www.cdroundtable.com）,創建於2010年，旨在搭建一個由亞洲國家和地區的政、商、學界領袖和社會精英參與的高端對話和交流平台，圍繞亞洲地區經濟、商業、產業和社會發展等具有戰略影響的重要議題展開討論和分享見解，以增進中國與亞洲國家和西方國家的交流和理解。迄今，在港澳和亞太多個國家和地區舉辦了90屆，逾5萬名決策精英參加。

For Immediate Release
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 China Daily Gathers Investors and Professionals to Discuss Investment Strategies of Collectibles 
 HONG KONG, Jan. 19, 2021 – Co-organized by China Daily and Asian Financial Forum, a panel discussion session themed “Assessing Alternative Investments in Art and Wine” was held virtually on Tuesday, Jan. 19, 2021. Investment project owners, private equity firms, investors and professionals from the financial industry joined the event online. Asian Financial Forum is Asia's premier platform for global leaders in government, finance and business to exchange insights, intelligence as well as business and investment opportunities. The 14th Asian Financial Forum opened today under the theme of “Reshaping World Economic Landscape”. The two-day event, co-organized by the HKSAR government and Hong Kong Trade Development Council, was attended by policymakers, financial experts, business leaders, economists, investors and entrepreneurs. It was the first time the participants signed up for the forum online to examine opportunities and challenges for finance, investment and business in the new global economic landscape. 
China Daily and Asian Financial Forum have co-organized the panel discussion for 10 times. This year, the panel discussion was moderated by Dr. DJ Clark, Multimedia Director, China Daily Asia Pacific. Mr. Andy Hei, Founder and Director, Fine Art Asia and Ink Asia, Hong Kong; Dr. Johnny Hon, Founder & Chairman Emeritus, Global Group International Holdings Limited; Mr. Adriano Picinati di Torcello, Director, Advisory & Consulting, Global Art & Finance Coordinator, Deloitte Luxembourg; and Mr. Robert Sleigh, Senior Director and Managing Director – Operations, Sotheby’s Hong Kong Ltd., joined the panel discussion and examined the latest trends to support the expansion of investments in art and wine.
 Johnny Hon said wine or art investments can help to lower volatility, especially during times of economic uncertainty. “Looking at 2021, fine wine investments appear to have a firm footing after posting a positive return in 2020 regardless of the range of challenges faced,” he said. Pointing out that the art industry is encountering challenges amid the COVID-19 pandemic, he said the health crisis created a chaos in the art investment market in 2020. He however pointed out that the pandemic has motivated the art market to make a major technological shift towards the online sphere, and online sales are driving the current market, an evidence that younger generations are becoming keener to collect and invest. He didn’t recommend rushing to buy art merely as an investment, stressing the importance of gaining appreciation and understanding about what makes a piece of good art because the nature of art investment is a bet. Andy Hei said there is an advantage to assessing this kind of (art) investment in Hong Kong because of the infrastructure, the law and regulation. For example, importing and exporting art pieces here are tax free and there’s no restriction on it. Also, there is a mature infrastructure when connected to other businesses like insurances, art logistic, art handlers etc. Regarding holding time of contemporary arts, Andy Hei said it’s better to hold a piece of art as long as possible. Citing his experiences, he said a cycle of peak and bottom in value of an art piece will take 10 years. It may be shortened to 7 to 8 years because of the free flow of information on the internet, but this is the range, according to him. Talking on art investment, Robert Sleigh said the consideration of historical significance is important. “If they paint the picture, makes the historical story authentic, and really tells the story of what it is. I think that anything of these goes with the artwork is very significant, particularly if it was given from the artist to someone in particular, or was from the artist to the state,” he said. According to Adriano Picinati di Torcello, there is a number of risks in collectibles investment. He suggested investors to look at a number of issues such as authenticity and counterfeit before investment. The innovation of technology helps to reduce the risks and increase liquidity, he said. Regarding the duration of holding an artwork, he suggested holding it for a longer period. However, the duration of holding the wine depends on how the wine is capable of ageing. About China Daily Founded in 1981, China Daily covers 33 million readers and users worldwide through diversified platforms, including newspapers, websites, and mobiles and social media. The number of China Daily’s followers has now reached 55 million on Weibo, 9.5 million on the WeChat Blog platform, 99 million on Facebook and another 4.39 million on Twitter.
 About China Daily Asia Leadership Roundtable The China Daily Asia Leadership Roundtable is a by-invitation network of movers and shakers in Asia, providing platforms for focused dialogue, issue investigation and possible collective action on strategic issues relating to Asia’s economic, business and social development. Our aim is to enhance communication and increase mutual understanding between China, Asian and Western countries. Roundtable events are held in major cities across Asia.



Digital technology to contribute to goal of sustainable growth, forum hears Asia will drive the economic recovery from the coronavirus pandemic this year, with digital technology contributing to sustainable growth efforts throughout the world, a forum was told on Monday. "Today's world is witnessing historic changes," Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, told the virtual opening session of the 14th Asian Financial Forum. "Asia may play a prominent role in the development of world civilization as it once did a few centuries ago." Jose Vinals, group chairman of London-based Standard Chartered, shared his optimism for the region in an afternoon panel discussion on the global economic outlook. "Emerging Asia, in particularly in Asia Pacific, is leading the recovery and will continue to do so," he said. Paul Romer, the 2018 Nobel laureate for economic sciences, told a keynote session that innovative and effective public responses enunciated "why China and Asia are showing the world the way". Impressed by China's use of mass testing to stop the spread of COVID-19, the United States economist appreciated Asia's comparative success in containing the virus. A mindset of innovation and experimentation is what the world needs, according to Romer. This approach has echoes in late Chairman Mao Zedong's proposal to "let one hundred flowers bloom", and what former leader Deng Xiaoping achieved on initiating special economic zones in the country, he said via video link. Innovation is required not only in the economy but in government, he said. "The danger in the United States and Europe was that people thought they already knew what to do," Romer said. Vinals said it may still take several years for most parts of the world to get back to pre-COVID-19 levels of economic activity, and "China is going to be a major force contributing to the global economic growth". Guo, noting that China has set out development goals to realize socialist modernization by 2035 and turn into a great modern socialist country by 2050, said China has made great progress on green development. "Sustainable development is the only way forward for humanity," he said. The two-day forum is organized by the government of the Hong Kong Special Administrative Region and the Hong Kong Trade Development Council. More than 160 high-profile international speakers are discussing the theme Reshaping the World Economic Landscape, with over 5,000 participants from some 70 countries and regions expected to watch online discussions on topics ranging from economic recovery and financial technology to entrepreneurship. Boosting transformation Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said Hong Kong has recently launched a strategic plan to support a greener and more sustainable future to boost the SAR's low-carbon transformation. Luxembourg's Finance Minister Pierre Gramegna, citing International Monetary Fund data, said that about $12 trillion, or nearly 12 percent of global GDP, has been mobilized worldwide in the pandemic. The world needs to focus on two essential transitions: toward green climate goals and digitalization. Luxembourg has devised a framework for sustainability bonds that it presented in September, making the initiative a first for Europe, he said. In a panel session, Gramegna said it is important for the private sector to also embark on a path of quality development. A record high of 882 billion euros (about $1 trillion) had poured into the European sustainable fund market by the end of September 2020, marking double-digit growth in inflows. Jin Liqun, president and chairman of the Asian Infrastructure Investment Bank, said the pandemic has exposed the vulnerabilities in the global economic chain, of which the weakest link is health. "Allocating a sufficient amount of resources to healthcare development is very important," said Jin. Teresa Czerwinska, vice-president of the European Investment Bank, said: "Acting effectively on climate change requires a deep transformation in both production and consumption modes, a transformation that is only possible by means of development, scaling and uptake of low-carbon and digital technologies."

Secretary-General of Organisation for Economic Co-operation and Development, Angel Gurria, does not want to forget the major lesson from 2020. “The world is fully integrated. Challenges don’t have borders,” he told the Asian Financial Forum in special virtual remarks on Jan 19. “The only way out of this crisis is by working together.” Though we faced the unprecedented challenge from the pandemic across the globe as well as the worst economic recession since the World War Il, the outlook for 2021 is better as long as there is united effort among all. “As vaccine rollout began, the prospects for 2021 are brighter, with global growth projected to be a positive 4.2 percent, as opposed to a contraction, a negative 4.2 percent last year,” he noted, adding the 2021 global growth could be limited to as low as 1.5 percent. Gurria said that the OECD’s COVID- 19 Hub continues to grow with more than 180 policy briefs at this time in nearly all lines of the work of the organization, with many of them highly relevant to its partners in Asia. OECD will continue to work with ASEAN, APEC, all Asian partners and stakeholders to build a more resilient, sustainable and inclusive future, he said. It is also working with Asian partners through the OECD Southeast Asia Regional Programme (SEARP), and the organization has fostered regional integration and structural reform to ensure a resilient, inclusive recovery. According to him, in OECD’s standards, the organization contributions to global forums, including APEC, G20, are helping deliver common solutions to shared concerns in fighting tax evasions, climate change, tackling trade and the distortions on investments. He added that OECD has organized webinars on policy priorities for Asia Pacific in the background of COVID-19 pandemic, including “resilient infrastructure, global valued chains, protectionism and the support to SMEs and the crucial question of skills”. Looking into the future, efforts on coordinating country or region responses to COVID-19 are crucial, with four priorities to be highlighted by Gurria. The priorities include, first, designing and implementing stronger investment policies, as OECD helps different countries improve their invest environment through its investment policy reviews; second, helping companies manage business risks by aligning them with OECD standards through different programs; third, helping advance regions’ integration through trade and investment, working together with ASEAN, APEC and individual partner economy; and fourth, accelerating regional cooperation and promoting Asia’s digital development with the transformation brought by the COVID-19 pandemic. Gurria particularly mentioned that OECD’s cooperation with China on services trade has promoted open market for trade and investment. “China is also a regular contributor to the OECD Trade in Value-Added Database, and it’s integrated into the OECD trade facilitation indicators,” he said.

HONG KONG -- Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said Tuesday that he is hopeful that Hong Kong's economic recovery will find root in the second half of this year. The recovery will be based on progress in COVID-19 vaccinations, Chan said when addressing a forum held online, adding that the economic ride will remain rough in the first half. Chan further pointed out that Hong Kong still retains its distinctive advantages under "one country, two systems," including a world-class financial system and professional services prowess. He also cited the free flow of information, talent, capital and goods, the rule of law, a level playing field, a low and simple tax regime, and deep market liquidity. Hong Kong is the business and investment bridge between the mainland and the rest of the world. "We are the premier listing platform of choice for international and mainland companies, and we continue to build on that unrivaled advantage." During his speech, Chan also cited Hong Kong's progress in financial development. Hong Kong has become the world's second-largest fund-raising venue for biotech companies and over the past 12 years, led the world seven times in total funds raised through IPOs, he said. Hong Kong has also been a regional leader in the promotion of smart banking and is committed to becoming the region's green and sustainable finance hub, he said. Looking to the future, Chan expressed his strong optimism and said Hong Kong will embrace enormous opportunities arising from the Guangdong-Hong Kong-Macao Greater Bay Area development. The 14th Asian Financial Forum running from Monday to Tuesday was organized by the HKSAR government and Hong Kong Trade Development Council. Under the theme "Reshaping the World Economic Landscape", the forum held online attracted more than 160 policymakers, financial experts, investors, business leaders and economists from across the world.

The COVID-19 pandemic has spurred innovation and transformation in the banking industry, providing the sector an opportunity to promote financial inclusion through digital services and products, leading industry experts said on Jan 19. "Financial technology has created significant opportunities for the unbanked population around the world," said Alfonso Garcia Mora, vice-president for Asia and Pacific at the International Finance Corporation. The pandemic, he said, has further increased the use of digital channels and accelerated the innovation of disruptive solutions, especially digital banks. Garcia Mora made the remarks while moderating a panel session titled "Accelerating Digital Financial Inclusion During COVID-19 – The Case for Digital Banks", held on the second day of the 14th Asian Financial Forum. Under the theme "Reshaping the World Economic Landscape", the forum brought together more than 160 high-profile speakers from around the world. Over 5,000 people from some 70 countries and regions participated in the online event co-organized by the government of the Hong Kong Special Administrative Region and Hong Kong Trade Development Council. Noting digital financial services are now available in more than 100 countries, Garcia Mora said that "many countries in the Asia Pacific region are encouraging the growth of digital banks and products, and fully digital banking services are also operational in a number of countries". In Tonga, a Pacific island nation, Leta Kami, CEO of the Tonga Development Bank, said the bank’s innovative cashless remittance service, launched in New Zealand and Australia, has received good feedback. "The Kingdom of Tonga is highly dependent on remittances," said Kami, adding Tonga is one of the world's highest recipients of remittance flows with remittances accounting for about 38 percent of its GDP. "With the pandemic hitting us all by surprise last year, we have gained more traction with the diaspora (as) they were looking for online digital banking (services) to support them during border closures and lockdowns," said Kami. Rama Sridhar, executive vice president of MasterCard’s Digital and Emerging Partnerships and New Payment Flows unit in Asia-Pacific, said partnerships of all players, including both the traditional and digital financial service providers, will be a significant enabler of the success of financial inclusion. Noting Mastercard aims to bring 1 billion people and 50 million micro- and small businesses into the digital economy, Sridhar said building partnerships will be critical to realize the goal. She said this is especially important when it comes to financial inclusion access to credit in order to ensure even the smallest micro-entrepreneurs seamless access to the service. Sebastian Paredes, CEO of DBS Bank (Hong Kong), said the bank has received about 1,400 requests to open an account within a month after it launched a digital banking service last year for SMEs (small and medium-sized enterprises). In a panel session titled "Dialogues for Tomorrow: The Future of Banking", Paredes said SMEs have been among the hardest-hit sectors around the world. "In Hong Kong, more specifically, because the travel of tourists from the Chinese mainland has completely stopped, and being an international financial center with very deep linkage with the Chinese mainland (in trade), the (local) economy and the SMEs have been particularly suffering," said Paredes. He said Hong Kong has around 340,000 SMEs which represent 98 percent of the city's total business community. In a panel session on "The Future of Digital Currency", Bank of China Chief Scientist Guo Weimin showed the audience a digital yuan hard wallet, also called a digital currency chip card, used in a large-scale test of China's official digital currency in Beijing at the end of last year. "The feasibility of digital currency has been proved in many scenarios," said Guo. "With the increasing support from the central bank and local governments, it will receive wider acceptance." Noting many discussions have been held over the costs of digital currencies, Guo said the key focus on the new technology should be its effectiveness, especially in terms of the traceability of money flows. Alexis Ohanian, co-founder of Reddit and Seven Seven Six, also noted the technology acceleration with businesses, especially rhino ones that are planning for IPOs. Besides, he told a keynote session on Jan 19 that there will be huge opportunities for travel and food sectors this year. The forum also covered such topics as asset management, responsible investment and alternative investments in art and wine. It also offers business showcasing, networking and matchmaking services through its virtual platform, allowing global startups, project owners and investors to connect online.

Hong Kong will regain its vitality in the new development stage of China and Asia, and it is vital to China's new development pattern of dual circulation and can play an important role in developing the Greater Bay Area, said Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission. "Hong Kong connects China's domestic and international circulations. The Special Administrative Region plays a prominent role in China's two-way flow of trade, investment, finance, and legal, tourism and cultural activities. So, it is necessary for Hong Kong to further strengthen the cooperation and collaboration with the mainland," Guo said in a keynote speech during the Asian Financial Forum on Monday. As the world's largest renminbi offshore market, Hong Kong can engage in more renminbi business at a larger scale. It can also attract more global clients, pool a larger volume of renminbi funds, better participate in China's opening-up and steadily promote renminbi internationalization, he said. Hong Kong can contribute to developing global innovation centers in science and technology. The 14th Five-Year Plan (2021-25) proposes to support the Greater Bay Area, along with Beijing and Shanghai, to build national science centers and regional innovation hubs. Hong Kong and Shenzhen in South China's Guangdong province, can support and benefit each other in such areas as digital economy, biomedicines and artificial intelligence, he said. While emphasizing that innovation should become the key driver of modernization, Guo also reiterated that China stands firmly against monopolies and unfair competition. "We insist that financial innovation be placed under prudential regulation. And we will endeavor to prevent and mitigate various risks," he said.

As the Chinese mainland was the world’s only major economy to grow in a turbulent 2020, Hong Kong, capitalizing on its “strong fundamentals and unique advantages as the international financial center of the country and one of the world’s major financial hubs”, is betting big on a world of opportunities in the post-pandemic era, Hong Kong Chief Executive Carrie Lam Cheng Yuet-ngor said on Monday. Citing a Chinese saying that when there are risks, there are opportunities, Lam told the 14th Asia Financial Forum, which for the first time takes place virtually this year, that “there will be a real momentum for recovery in the second half of the year” if the vaccines are as successful as people expect. Last year, the Chinese mainland’s economy, the world’s second largest, expanded by 2.3 percent, according to data released by the National Bureau of Statistics on Monday as the country’s economic output climbed above the 100 trillion-yuan (US$15.4 trillion) milestone for the first time. The results topped expectations. In a report released in early January, the International Monetary Fund forecast the nation’s gross GDP would rally at approximately 2 percent in 2020, while the GDP of developed economies as well as emerging and developing economies could plunge by 5.4 percent and 2.6 percent, respectively. The economic output of the United States is predicted to contract by 3.6 percent in 2020. Gross domestic product advanced 6.5 percent in the final quarter from a year earlier, fueled by stronger-than-expected industrial output, the statistics bureau said Monday. This also beat the expectations of analysts surveyed by Bloomberg who had predicted 6.2 percent growth for the quarter and 2.1 percent for the full year. Economists expect the nation’s GDP to gain steam this year with an estimated growth of 8.2 percent, continuing to outpace global peers including the United States. Based on projections from the IMF, China remains on course to overtake the US as the world’s largest economy by 2028, two years earlier than previously predicted, according to Nomura. Lam has high hopes on the widespread use of vaccines and the Chinese mainland’s economic ascent to accelerate the global recovery. Last year, the global economy plunged roughly 4.4 percent, while Hong Kong’s GDP is expected to decline by 6.1 percent. “Amidst the challenges, Hong Kong’s financial system has demonstrated its strengths and resilience. Our financial markets continue to operate orderly, and that includes the Linked Exchange Rate System. The Hong Kong dollar to the US dollar exchange rate has stayed on the strong side, reflecting investors’ continuing confidence in our financial markets,” Lam said in the opening speech. Since 2009, the city has been ranked number one for IPO funds raised seven times, Lam noted. The pandemic-ravaged year of 2020 did not stop companies from tapping the Hong Kong stock market for fundraising, either. Blockbuster deals from promising mainland companies pushed the city’s IPO fundraising to a 10-year high in 2020 at US$50.8 billion, as data from Refinitiv showed. The city, Lam pointed out, has also cemented its position as the world’s largest offshore renminbi business hub. In 2019, about 75 percent of the global offshore renminbi payments were processed through Hong Kong. Total renminbi deposits at the end of October 2020 exceeded 721 billion yuan. “Thanks to our “One Country, Two Systems” framework and long-standing advantages, including an internationally aligned regulatory regime, the rule of law, a simple and low tax system and the free flow of information and capital,” the Hong Kong leader stressed, “We continue to be an ideal gateway between the mainland and the rest of the world. That very much includes our role as both a conduit for foreign capital investing in the mainland and the springboard for mainland companies looking to international markets.” Lam has set her sights on the Guangdong-Hong Kong-Macao Greater Bay Area, an emerging cluster-city development integrating more than 72 million people and a combined GDP of US$1.7 trillion that could spell potentially golden opportunities for those with the foresight to jump on the bandwagon. She highlighted the Wealth Management Connect, the latest offering that will allow Bay Area residents to carry out cross-boundary investments in wealth-management products distributed by banks in the area. 
At the end of 2019, assets under management in Hong Kong totaled US$3.7 trillion, 64 percent of that sourced from non-local investors. “The initiative will further strengthen Hong Kong’s asset and wealth management sector and showcases Hong Kong’s high degree of internationalization as a leading asset and wealth management hub,” Lam added.