Hong Kong, as a super-connector, plays a bridging role between traditional and emerging markets, promoting the regional digital economy and innovative technology for better collective development, the city’s finance chief said on Monday at an APEC meeting in Peru’s Lima.
Paul Chan Mo-po also shared Hong Kong’s latest economic situation and reiterated the city's firm support for rules-based free trade and multilateralism, as he took part in a session on global and regional economic and financial outlooks on day two of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting (FMM) and related activities.
The theme of this year’s APEC FMM is "Sustainable + Digital + Resilient = APEC”.
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The Hong Kong finance chief spoke on a range of topics, including global and regional economic and financial outlooks, sustainable finance, sustainable infrastructure, digital finance, and enhancing resilience against climate change.
During a discussion session on sustainable finance and infrastructure, he highlighted Hong Kong's functions as an international financial center, facilitating the effective matching of funds with green and infrastructure projects.
Through financial innovation and cooperation with international institutions, the special administrative region has been able to securitize infrastructure loans from various countries and issue catastrophe bonds, guiding more international capital to support projects in developing countries and helping them address climate challenges, he said.
Chan also shared updates and experience on Hong Kong's efforts in advancing green and transition finance, including the release of a green taxonomy aligned with international standards and active participation in setting global green standards.
While participating in discussions on digital finance, he shared Hong Kong's experiences in developing financial technology and promoting inclusive finance, including how regulatory sandboxes encourage fintech innovation and the application of new technologies.
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The SAR’s robust and internationalized financial infrastructure, along with a balanced regulatory system that promotes security and innovation, is conducive to building a thriving fintech ecosystem, he said.
At a luncheon of the APEC Business Advisory Council, he shared Hong Kong's experiences on leveraging private market capital to better support sustainable infrastructure and climate change projects, and creating a more favorable environment for micro, small and medium enterprises to embrace digital finance.
During the FMM, Chan also met with South Korea's Deputy Prime Minister and Minister of Economy and Finance, Choi Sang-mok; and Vietnam's Deputy Minister of Finance, Vo Thanh Hung. They talked about strengthening cooperation, exchanging views on issues of mutual interest.
Chan left Peru on Monday evening for New York where he plans to attend the Bloomberg Global Regulatory Forum and deliver a speech on Tuesday.
