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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 company and associates, Li Ka-chung emphasised Hong Kong’s potential in leveraging its strengths as a world monetary heart and driving the event of cutting-edge applied sciences, notably 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 gifted professionals. As a metropolis beneath the “One Nation, Two Techniques” 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 world monetary heart. Notably, prior to now two months, the “Bond Join” Northbound buying and selling hyperlink was formally launched in mid-Could. 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 Alternate 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 providers and offshore RMB enterprise. Furthermore, it has emerged as Asia’s inexperienced finance hub, with the issuance of inexperienced and sustainable bonds reaching a report excessive of USD 80.5 billion final 12 months, representing a development of over 40% in comparison with the earlier 12 months. 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 12 months, the federal government issued the world’s first government-backed tokenized inexperienced bond, contributing to the sustainable and accountable improvement of the digital asset trade whereas embracing Web3.0-related monetary improvements.
The federal government’s embrace of monetary innovation showcases its dedication to develop Hong Kong as a world innovation and expertise heart beneath the nationwide “14th 5-Yr Plan.” The federal government unveiled the “Hong Kong Innovation and Expertise Growth Blueprint” on the finish of final 12 months, introducing a number of coverage measures aligned with 4 main improvement instructions.
Notably, Hong Kong’s dedication to nurturing an progressive and technological ecosystem has acquired international recognition. In accordance with the “2023 World Startup Ecosystem Report,” Hong Kong ranked second among the many high “Rising Ecosystems” globally and first in Asia. This rating affirms Hong Kong’s dedication to develop a thriving startup ecosystem and demonstrates its readiness to compete globally and grow to be a world innovation and expertise hub.
To reinforce town’s innovation and expertise ecosystem, the federal government has allotted HKD 10 billion to determine the “Trade-College-Analysis Collaboration Program” geared 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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