Hong Kong's Financial Secretary Paul Chan Mo-po speaks at a thematic discussion session on digital assets at the World Economic Forum Annual Meeting at Davos, Switzerland, Jan 18, 2024. (PHOTO / HKSAR GOVT)

HONG KONG – Financial Secretary Paul Chan Mo-po shared Hong Kong’s experience in community development and growing the digital asset sector on the fourth day of his trip to the World Economic Forum Annual Meeting in Davos, Switzerland. 

In a thematic discussion during which speakers focused on building consensus in the community, and promoting more inclusive and people-centered development, Chan shared Hong Kong’s experience in urban renewal, public housing projects and infrastructure-driven development strategy. 

At last year’s annual gathering, Chan updated participants on the pace of Hong Kong’s post-pandemic recovery, and expressed optimism about the city’s economic growth

The finance chief also shared Hong Kong’s approach and modus operandi in the development of digital assets at another discussion session. He stressed the city’s efforts in establishing an appropriate regulatory framework to actively encourage innovation on the premise of ensuring that financial stability will not be affected and investors will be effectively protected.

READ MORE: Finance chief pushes on with promoting HK's profile at Davos 

As a key part of measures to build the Hong Kong SAR into a global hub for virtual assets, the Hong Kong Monetary Authority and the Financial Services and the Treasury Bureau jointly published a consultation paper in December last year to gather public views on a legislative proposal to regulate stablecoin issuers.

Chan also met other business and political leaders and exchanged views on Hong Kong’s economy, financial strength and cooperation opportunities. 

Joining Chan to attend the five-day forum, the Secretary for Commerce and Economic Development Algernon Yau Ying-wah met with the Minister of Industry and Commerce of Bahrain Abdulla bin Adel Fakhro to foster closer economic ties and deepen regional cooperation. 

According to official data, Bahrain is Hong Kong’s fifth largest trading partner in the Middle East, with bilateral trade in goods amounting to $275 million in 2022, up by 55 percent from 2021. 

Yau said he looked forward to the early completion of negotiations with Bahrain on the Investment Promotion and Protection Agreement, which aims to enhance the confidence of investors and expand investment flows between the two sides.

Financial Secretary Paul Chan Mo-po (left) meets the founder and Executive Chairman of the World Economic Forum Professor Klaus Schwab on Jan 18, 2024 in Davos, Switzerland. (PHOTO / HKSAR GOVT)

Financial Secretary Paul Chan Mo-po (center), participates in a thematic discussion session focusing on community development at the World Economic Forum Annual Meeting in Davos, Switzerland, on Jan 18, 2024. (PHOTO / HKSAR GOVT)

Financial Secretary Paul Chan Mo-po (left) meets Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai on Jan 18, 2024 in Davos, Switzerland. (PHOTO / HKSAR GOVT)

Financial Secretary Paul Chan Mo-po (first left) poses for a photo with other speakers on Jan 18, 2024 in Davos, Switzerland. (PHOTO / HKSAR GOVT)

Yau also took part in in the World Trade Organization informal ministerial working dinner, during which he discussed with participating ministers how to develop a realistic and balanced package for the upcoming WTO 13th Ministerial Conference in Abu Dhabi.

He also shared his insights with other ministers about the importance of the extension of the moratorium on customs duties on electronic transmission, the restoration of a fully and well-functioning dispute settlement reform, and the early implementation of the Agreement on Fisheries Subsidies.

READ MORE: Chan reiterates Hong Kong's superconnector role in Davos 

The high-profile event in the Swiss mountain resort opened on Monday with the theme “Rebuilding Trust”. At last year’s annual gathering, Chan updated participants on the pace of Hong Kong’s post-pandemic recovery, and expressed optimism about the city’s economic growth.