Hong Kong Financial Secretary Paul Chan Mo-po delivers the 2022-23 Budget to the Legislative Council via video link on Feb 23, 2022. (PHOTO / HKSAR GOVERNMENT)

Hong Kong needs to leverage its niche areas fully to advance its positioning as an international finance center and technology and innovation hub when the country strives for high-quality economic development as envisioned by the 20th National Congress of the Communist Party of China, Financial Secretary Paul Chan Mo-po said.

Writing in his Sunday blog, Chan said the Hong Kong Special Administrative Region must strengthen cooperation with the Chinese mainland and overseas countries amid the current complex international environment to put technology and innovation as the outstanding agenda in channeling economic development.

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“We will coordinate fully to launch policies that can maximize Hong Kong’s position and advantages as the nation’s international finance center as well as the international innovation and technology hub,” Chan said.

The finance chief reiterated that the “one country, two systems” policy is an institutional advantage of the nation as well as Hong Kong’s pillar of success. “The foundation of Hong Kong’s prosperity and development lies in the comprehensive and precise implementation of the ‘one country, two systems’ policy,” Chan added.

The manifesto covers the areas of vision and strategy, regulatory regime, the position regarding permitting investors’ access to crypto-assets, and the pilot program for grasping the technology niches by introducing crypto-assets

Paul Chan Mo-po, Financial Secretary of the HKSAR government

Meanwhile, the HKSAR government will hold Fintech Week from Oct 31 to Nov 4, when it is expected to announce its policy manifesto on the development of crypto-assets in Hong Kong.

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“The manifesto covers the areas of vision and strategy, regulatory regime, the position regarding permitting investors’ access to crypto-assets, and the pilot program for grasping the technology niches by introducing crypto-assets,” Chan said.

“The manifesto will clearly demonstrate the position of the government, the vision of pushing forward the development of Hong Kong as an international crypto-asset hub, and the responsibility, assumption and determination of the government to collaborate with industry stakeholders in exploring financial innovation,” he added.

Chan disclosed the administration is drafting a road map detailing the development of technology and innovation in Hong Kong for the next five to 10 years. “The road map will delineate a clear direction and objective of development so that government departments can better coordinate and consolidate relevant support policies.”

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The finance chief accepted that certain areas still need reinforcement and emphasized the need to complement the development of technology and innovation in Hong Kong, despite progress having been made in basic research, talent nurturing, technology development and application, and the improvement of the startup ecosystem.

“We need to put the technology and innovation in the forefront of development so that it can exert the function of support and direction better,” Chan said.

More than 500 mainland and overseas institutions and over 200 speakers from the mainland, European, American and Asian countries will join the hybrid event of Fintech Week.