Hong Kong’s finance chief has pledged unremitting efforts to make the city more relevant than ever to the nation’s pursuit of “new quality productive forces”, and shine brighter under “one country, two systems”.

With the ongoing “two sessions” having sent a clear signal that the world’s second-largest economy is dedicated to progress through sci-tech innovation, the Hong Kong Special Administrative Region must be better aligned with the grand national development plan, Financial Secretary Paul Chan Mo-po wrote in his Sunday blog.

The SAR has what it takes to be the follower and flag bearer of three “new economy” sectors – new industries, new business models and new business formats – that are at the core in the development of new productive forces, he said.

“Riding high on Hong Kong’s long-cherished role as a world renowned financial hub, the city’s robust capital market could be a major contributing factor to its tech vision through highly efficient allocation of funds to facilitate the integration of technology and capital.”

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Chan noted that Hong Kong stocks, buoyed by the momentum of technology shares, have extended their world-beating rally so far this year, with the market recording an average daily turnover of nearly HK$300 billion ($39 billion) in February.  

The initial public offering market has continued to pick up steam, with Hong Kong Exchanges and Clearing, which runs the local bourse, currently processing more than 100 listing applications, and total funds raised by yearend expected to be between HK$130 billion and HK$160 billion.

In the 2025-26 Budget, Chan announced a new channel on the stock exchange designed to expedite listings of tech companies.

Beyond its impeccable strength as a financial center, Hong Kong has more to offer by leveraging its entrenched status as an East-West exchange center and “super-connector” under “one country, two systems”, he said.

Chan said Hong Kong must think out of the box and come up with innovative methods to create novel experience and new scenarios in tourism, sports and culture to essentially polish the city’s brand as an East-meets-West hub and unleash consumption demand.

He’s confident the SAR’s unique connectivity will enable the city to be “rooted locally, connected regionally and expand internationally”.

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Highlighting Hong Kong’s goal to make itself a premier convention and exhibition center, Chan said Hong Kong’s well on track to be a magnet for promising enterprises, smart capital and leading technology, with an inaugural summit this year designated for global collaboration between financial sector and industry.

Hong Kong will also host international conferences on artificial intelligence and robots this year to establish itself as an exchange platform to foster world-leading discussions in the AI community.

“Technology drives innovation, experience boosts consumption, and exchange promotes cooperation,” he said.

Contact the writer at sophialuo@chinadailyhk.com