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Chief Government Li Ka-chung expressed his delight at attending the “Convergence of Finance, Innovating the Future” seminar and the Hong Kong Financial Occasions Enterprise Awards ceremony hosted by the Hong Kong Financial Occasions. Addressing esteemed friends and mates, Li Ka-chung emphasised Hong Kong’s potential in leveraging its strengths as a global monetary heart and driving the event of cutting-edge applied sciences, significantly within the realm of Web3.0.
Famend for its standing as one of many world’s freest economies and the most important offshore RMB hub, Hong Kong boasts a extremely open and worldwide market, aligned regulatory frameworks, a strong authorized system, and a pool of proficient professionals. As a metropolis below the “One Nation, Two Methods” framework, Hong Kong enjoys the distinctive benefit of bridging international and Chinese language benefits, appearing as a two-way gateway connecting the nation and the world’s monetary markets.
The present administration has made important efforts to consolidate Hong Kong’s place as a global monetary heart. Notably, previously two months, the “Bond Join” Northbound buying and selling hyperlink was formally launched in mid-Might. Moreover, the Ministry of Finance issued the primary tranche of RMB 12 billion authorities bonds in Hong Kong this month, with a complete of RMB 30 billion to be issued all year long. Moreover, the Hong Kong Inventory Change launched the “HKD-RMB Twin Counter Mannequin” and twin counterparty mechanism within the native securities market.
Hong Kong has established itself as a frontrunner in monetary companies and offshore RMB enterprise. Furthermore, it has emerged as Asia’s inexperienced finance hub, with the issuance of inexperienced and sustainable bonds reaching a document excessive of USD 80.5 billion final yr, representing a progress of over 40% in comparison with the earlier yr. Hong Kong’s share within the Asian marketplace for such bonds exceeded one-third, positioning it because the main metropolis in Asia. In February of this yr, the federal government issued the world’s first government-backed tokenized inexperienced bond, contributing to the sustainable and accountable improvement of the digital asset business whereas embracing Web3.0-related monetary improvements.
The federal government’s embrace of monetary innovation showcases its willpower to develop Hong Kong as a global innovation and expertise heart below the nationwide “14th 5-Yr Plan.” The federal government unveiled the “Hong Kong Innovation and Expertise Improvement Blueprint” on the finish of final yr, introducing a number of coverage measures aligned with 4 main improvement instructions.
Notably, Hong Kong’s dedication to nurturing an revolutionary and technological ecosystem has obtained international recognition. In line with the “2023 International Startup Ecosystem Report,” Hong Kong ranked second among the many prime “Rising Ecosystems” globally and first in Asia. This rating affirms Hong Kong’s willpower to develop a thriving startup ecosystem and demonstrates its readiness to compete globally and turn into a global innovation and expertise hub.
To boost the town’s innovation and expertise ecosystem, the federal government has allotted HKD 10 billion to determine the “Trade-College-Analysis Collaboration Program” aimed toward accelerating the commercialization of excellent analysis achievements in Hong Kong. Efforts are additionally underway to determine a microelectronics analysis institute and a synthetic intelligence supercomputing heart, offering complete help to native scientific analysis
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