The Zhitong Finance App learned that recently, the Hong Kong Financial Services Council published a research report entitled “Strengthening Hong Kong's Position as an International Asset and Wealth Management Hub: Attracting Patient Capital”. The report puts forward three core policy recommendations for attracting, guiding and nurturing long-term “patient capital” (patient capital) from international institutions, mainland China and local capital pools, with the aim of strengthening Hong Kong's position as Asia's leading international asset and wealth management hub.
Patience Capital has the characteristics of a long investment period, low sensitivity to short-term market fluctuations, and a focus on creating sustainable value. Among them, pension funds and insurance funds are key components. Patient capital is critical to building a long-term and sound wealth management hub. As the global retirement savings and insurance fund pool continues to expand, and mainland China's pension and insurance funds increasingly demand overseas asset allocation, Hong Kong has become an important bridge connecting international and regional long-term capital with its unique advantages.
In mainland China, the insurance industry held 41.3 trillion yuan (about 6.1 trillion US dollars) of assets at the end of the fourth quarter of 2025, but the allocation ratio of overseas assets was only 5.4%, far below the 15% regulatory limit. Meanwhile, the Mainland's “three-pillar” pension insurance system reached RMB 15.66 trillion in 2024, and is expected to grow to RMB 22 trillion to RMB 28 trillion by 2030. As the aging process of the population accelerates, the diversified allocation of cross-border assets and the need to match liabilities will bring unprecedented growth opportunities to Hong Kong's patient capital development.
Mr. Hong Pi-ching, Chairman of the Hong Kong Financial Services Council, said, “As Asia's leading international financial center, Hong Kong plays a key role in connecting global patient capital with regional economic opportunities. Patient capital can provide a stable source of capital, help withstand market cycle fluctuations, promote financial innovation, and support long-term and sustainable economic development. By broadening the range of products, deepening cross-border market connectivity, and enhancing the competitiveness of the operating environment, Hong Kong will continue to strengthen its position as a global hub for patient capital.”
After consulting extensively with asset managers, insurance companies, pension funds and industry leaders, the report puts forward specific recommendations around three core directions:
Broadening the range of products: If Hong Kong is to develop into a patient capital hub, it is necessary to make up for existing market shortcomings, cultivate the bond market, diversify equity investment products, and strengthen the risk management framework to provide attractive products that meet investors' needs.
Deepening cross-border connectivity: Mainland China has huge potential for patient capital, and there is a strong demand for long-term international investment. As mainland China strengthens its position by cultivating a stable stock market ecosystem, improving the convenience of cross-border investment and financing, deepening connectivity mechanisms, and exploring new connections in the fields of pensions and insurance, it will benefit both the mainland China and Hong Kong markets.
Improving the market ecosystem for future development: Building an attractive asset and wealth management center depends not only on product innovation and cross-border channels, but also on creating a stable and favorable environment. Leveraging Hong Kong's long-term capital, reducing cross-border tax barriers, providing fiscal incentives, improving market infrastructure, and strengthening corporate governance standards are critical to attracting a steady stream of patient capital in line with products and investment channels.