Financial Secretary Paul Chan Mo-po attends the Asia-Pacific Economic Cooperation Finance Ministers' Meeting (FMM) in San Francisco, United States on Nov 13, 2023. (PHOTO / HKSAR GOVERNMENT)

Financial Secretary Paul Chan Mo-po told the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ meeting on Monday that emerging sectors such as high-tech, green economy and digital assets are creating huge opportunities for businesses and investors, and urged closer economic ties to address global headwinds. 

Addressing the meeting in San Francisco, Chan provided an overview of Hong Kong’s latest economic and financial situation and shared details of the government’s efforts to cultivate new industries, thereby injecting fresh momentum into economic growth.

Chan called on the finance ministers to strengthen cooperation between economies in the complex and ever-changing global landscape 

These include attracting companies and talent in industries such as life sciences, artificial intelligence, fintech, advanced manufacturing, new materials, and clean energy to establish a vibrant ecosystem for the innovation and technology sector.

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He presented Hong Kong’s strategies and initiatives to address climate change, particularly in the areas of green and sustainable finance, including green fundraising, information disclosure, standard setting, project certification, talent training, and the development of voluntary carbon markets. 

The finance chief also outlined Hong Kong's policy direction in promoting responsible and sustainable development of the digital asset sector, such as regulation of crypto trading platforms.

Chan called on the finance ministers to strengthen cooperation between economies in the complex and ever-changing global landscape, as such efforts would facilitate joint responses to global challenges and consolidate the post-pandemic recovery.

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During the FMM, he also met with the Secretary of Finance of the Philippines, Benjamin Diokno, with whom he discussed the latest economic and social developments in both places.