Hong Kong Financial Secretary Paul Chan Mo-po gives a speech at a session on Revitalizing Real Economy with Financial Resources of the sixth Hongqiao International Economic Forum in Shanghai on Nov 5, 2023. (PHOTO / HKSAR GOVERNMENT)
Hong Kong is going all out to foster its technological strength and green economy as part and parcel of efforts to reinvigorate the city’s lackluster growth, Financial Secretary Paul Chan Mo-po said on the opening day of the sixth China International Import Expo in Shanghai on Sunday.
Addressing a sub-forum at the 6-day expo from Nov 5-10, he highlighted the special administrative region’s ambition to turn itself into a global hub for green finance and technology.
The total amount of green and sustainable bonds issued in the SAR last year exceeded $80 billion, with green bonds accounting for one-third of those issued by the entire Asian region.
Chan said Hong Kong will accelerate the construction of a green technology industry ecosystem, and focus on areas such as green standards development, project certification, and talent training.
As an annual trade fair first launched in 2018, the CIIE has become a symbol of China’s high-level opening-up and an emblem of the country’s ongoing endeavors to build an open global economy.
Chan said Hong Kong will accelerate the construction of a green technology industry ecosystem, and focus on areas such as green standards development, project certification, and talent training
According to Chan, more than 300 Hong Kong companies are participating in this year’s expo, with a dedicated exhibition area to showcase the SAR’s achievements and advantages. The enterprises come from various sectors, including the food, consumer goods, trade in services and professional services, and medical equipment industries.
Writing in his Sunday blog, Chan said Hong Kong’s economic rebound has been limited by the overall subdued external environment, high interest rates and a weak financial market, adding that the city’s full-year growth might be lower than the initial estimate.
The SAR’s economy grew by a lower-than-expected 4.1 percent in the third quarter of this year, compared with a year earlier, according to advance estimates by the government last week. On a quarter-to-quarter basis, the city’s gross domestic product had merely edged up 0.1 percent from April to June, which also missed earlier projections.
“In the future, we must continue to enhance Hong Kong's competitiveness and add economic momentum through technological innovation and application,” the finance chief said.
The 2023 Hong Kong Fintech Week held last week welcomed 30,000 participants from 90 economies worldwide, with a string of initiatives unveiled, such as cross-border connections between Hong Kong and Thailand’s fast payment systems and a new comprehensive fund platform.
During the flagship event, a vast array of fintech innovations was demonstrated by market players like Hong Kong Science and Technology Parks Corporation. It was highlighted by 30 park companies from various sectors, such as artificial intelligence, digital asset, environmental, social, and governance, and regulatory technology, engaging in over 100 business matching engagements with renowned major corporates from the banking, financial services and insurance fields.
“Through technological empowerment, not only can financial services enhance efficiency in the allocation of resources, it can also facilitate more product innovations, enabling citizens to benefit from more convenient and inclusive financial services,” Chan said.
