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Hong Kong is setting its sights on changing into a world chief in two new fields: inexperienced finance and Net 3.0, in accordance with a current speech by the town’s Monetary Secretary Paul Chan. The speech outlined Hong Kong’s strategic plans for financial improvement, with a particular emphasis on these two progressive sectors.
Chan highlighted Hong Kong’s dedication to inexperienced finance, a dedication that mirrors the worldwide pattern in direction of sustainable and eco-friendly practices in finance. Final yr, Hong Kong’s inexperienced finance initiatives reached a staggering 80 billion US {dollars}, making up one-third of Asia’s complete bond issuance. Town can also be main the way in which in setting market requirements for inexperienced bonds, with the launch of 30-year US greenback inexperienced bonds and 20-year Euro bonds.
In a groundbreaking transfer, Hong Kong has began issuing inexperienced bonds utilizing tokenization, showcasing its dedication to monetary innovation.
Alongside inexperienced finance, Hong Kong can also be setting its sights on Net 3.0, with a particular give attention to digital belongings. Drawing from experiences across the globe, the town started issuing licenses for these belongings on June 1st. The Hong Kong Securities and Futures Fee is tasked with implementing efficient regulation and fostering sustainable progress on this sector.
The Monetary Secretary additionally highlighted in his speech that as a monetary heart, the market worth of Hong Kong’s inventory market is 4.6 trillion US {dollars}, and the size of asset administration and wealth administration companies can also be 4.6 trillion US {dollars}.
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