In Asia in particular, while new bond issuance fell more than 40% compared to 2021, syndicated lending saw modest growth. Quite remarkably, the green and sustainable segment grew by around 50% in 2022. 4. It's worth asking why we continued to see growth and innovation in Hong Kong during the challenging 2022: I believe it's because we benefit from some unique fundamental strengths, as well as some supportive policy measures. 5. So, what are these strengths? First, Hong Kong has a strong banking network. We are home to over three quarters of the world's top 100 banks. With a robust capital adequacy ratio of around 20%, a liquidity coverage ratio of over 160% and a low classified loan ratio of about 1.4%, our banks are always looking for new business. They give Hong Kong the liquidity and expertise needed to handle transactions of any size and complexity, and at highly competitive rates. 6. Our banking system operates within a vibrant financial ecosystem that offers plenty of opportunities for collaboration and cross-feritlisation. This is the most obvious with the bond market, which has a symbiotic relationship with the loan market in providing credit financing. Here again we are by far the number one in Asia. According to the International Capital Market Association, for six consecutive years to 2021, Hong Kong was the largest hub for arranging international bond issuance from Asia, capturing one-third of the market; we anticipate that Hong Kong will top the rankings again in 2022.
In respect of green and sustainable finance, the Government is also setting up a committee with industry experts in green technology, green finance and green standard certification to formulate an agenda for developing Hong Kong into an international green technology and finance centre; and expanding the scope of the Government Green Bond Programme to cover sustainable finance projects. We trust that these will make the Hong Kong platform and ecosystem even more attractive and conducive to market participants looking to seize the opportunities ahead. 17. I know I have covered quite a lot already, so let me close here. I wish today's Summit the very best success. And I look forward to working with the APLMA and all of you here to promote the further growth of our loan market in the future. 18. Thank you. 3/3  BIS - Central bankers' speeches