Hong Kong’s US-sanctioned leader insisted on Wednesday that political stability and business confidence were restored in the city after the crackdown on pro-democracy protests as he opened a financial summit attended by global bankers, including top Wall Street executives.

Hong Kong is hosting a week of high-profile events after years of political unrest and pandemic travel restrictions have tarnished the city’s business-friendly reputation, sparked an exodus of talent and battered the economy.

The marquee event at the Four Seasons Hotel was heralded by city leader John Lee as proof that the previously closed Asian financial hub is back in business.

“We were, we are and we will remain one of the leading financial centers in the world. And you can take that to the bank,” Lee told delegates.

Lee, a former police officer and security chief who took office this year, is among Chinese officials sanctioned by Washington for cracking down on rights in Hong Kong following major pro-democracy protests. These blacklisted individuals cannot hold accounts with the same banking giants attending the summit.

Since these protests, most of the city’s political opponents have either been behind bars or fled abroad.

“Social unrest is clearly a thing of the past, giving way to stability from economic growth and community confidence in Hong Kong’s future,” Lee said in his summit address.

“Law and order has returned. The worst is behind us,” he added.

Speakers at the summit include Goldman Sachs CEO David Solomon, Morgan Stanley CEO James Gorman, Blackrock President Rob Kapito and JP Morgan Chase colleague Daniel Pinto.

But their presence is not without controversy.

Last week, leaders of the bipartisan US Congressional Executive Committee on China urged Wall Street leaders not to attend, accusing them of “whitewashing human rights abuses” and giving Lee political cover.

The dispute illustrates the balancing act facing multinationals in Hong Kong, which is both a lucrative business gateway for China and a flash point in increasingly strained relations between Beijing and Western powers.

“Hong Kong’s seamless connection with the mainland offers Hong Kong advantages unavailable to any other economy,” Lee said in his speech.

The summit comes at a time of uncertainty about China’s economy under President Xi Jinping.

Xi, who secured a norm-breaking third term last month, has overseen regulatory crackdowns that clipped the wings of some big Chinese companies and still maintains a strict zero-Covid strategy.

According to preliminary figures released on Tuesday, Hong Kong’s economy suffered a 4.5 percent slump in gross domestic product in the third quarter of this year.

Its stock market is among the worst performers in the world, falling more than 50 percent this year from 2009 levels.

Lee’s opening speech is followed by taped interviews with three mainland officials involved in regulation, including Yi Gang, the governor of China’s central bank.

This will be followed by a panel entitled “Navigating Through Uncertainty” with senior executives from Morgan Stanley, Blackstone, UBS, Goldman Sachs and Bank of China President Liu Jin.

Hong Kong’s Chief Financial Officer Paul Chan is also expected to deliver a speech after being cleared by health officials to attend the conference after testing positive for Covid-19 during an overseas trip last week.

Lee’s speech made no mention of the labyrinthine pandemic rules maintained by both China and, to a lesser extent, Hong Kong.

While Hong Kong scrapped mandatory quarantine in September – a key demand from businesses – it maintains layers of pandemic restrictions long since abandoned by almost every other country.

Those arriving from overseas are often required to undergo tests and are not allowed to visit bars and restaurants for the first three days in the city.

Restrictions on various gatherings remain in place and masks are mandatory, including outdoors.