Hong Kong Aims to Become Global Hub for Green Finance and Technology

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Hong Kong Aims to Become Global Hub for Green Finance and Technology

Hong Kong is taking significant steps to boost its technological capabilities and promote its green economy as part of its efforts to revitalize its sluggish growth, according to Financial Secretary Paul Chan Mo-po. Speaking at a sub-forum during the China International Import Expo in Shanghai, Chan emphasized Hong Kong’s ambition to establish itself as a leading global hub for green finance and technology.

In the previous year, the SAR issued over $80 billion worth of green and sustainable bonds, with green bonds accounting for one-third of the total issued across all of Asia. Chan announced that Hong Kong will expedite the development of a green technology industry ecosystem, focusing on key areas such as green standards development, project certification, and talent training.

More than 300 Hong Kong companies are participating in this year’s expo, representing various sectors including food, consumer goods, trade in services, professional services, and medical equipment industries. These companies will have a dedicated exhibition area to showcase Hong Kong’s achievements and advantages in these sectors.

According to Chan, Hong Kong’s economic rebound has been hindered by factors such as the global economic slowdown, high interest rates, and a weak financial market. As a result, the city’s full-year growth is expected to be lower than initially estimated.

To overcome these challenges, Chan stressed the need to enhance Hong Kong’s competitiveness through technological innovation and its application. He highlighted the successful 2023 Hong Kong Fintech Week, which saw the participation of 30,000 individuals from 90 economies. During the event, several initiatives, such as cross-border connections between Hong Kong and Thailand’s fast payment systems, were unveiled.

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Chan emphasized the importance of technological empowerment in the financial services sector, asserting that it enhances resource allocation efficiency and facilitates product innovation, leading to more convenient and inclusive financial services for citizens.

In conclusion, Hong Kong is determined to foster its technological strength and embrace its green potential to drive economic growth. By positioning itself as a global hub for green finance and technology, Hong Kong aims to attract investments and become a significant player in the international green economy arena.

Frequently Asked Questions (FAQs) Related to the Above News

What is Hong Kong's goal in terms of green finance and technology?

Hong Kong aims to establish itself as a leading global hub for green finance and technology.

How much worth of green and sustainable bonds did Hong Kong issue in the previous year?

Hong Kong issued over $80 billion worth of green and sustainable bonds, with green bonds accounting for one-third of the total issued across Asia.

What areas will Hong Kong focus on in developing a green technology industry ecosystem?

Hong Kong will focus on key areas such as green standards development, project certification, and talent training.

How many Hong Kong companies are participating in the China International Import Expo?

More than 300 Hong Kong companies are participating in this year's expo.

What sectors do these Hong Kong companies represent?

These Hong Kong companies represent sectors such as food, consumer goods, trade in services, professional services, and medical equipment industries.

What challenges has Hong Kong's economy faced in terms of growth?

Hong Kong's economic rebound has been hindered by factors such as the global economic slowdown, high interest rates, and a weak financial market.

How does Hong Kong plan to enhance its competitiveness?

Hong Kong plans to enhance its competitiveness through technological innovation and its application.

What significant event in the fintech industry did Hong Kong successfully organize?

Hong Kong successfully organized the 2023 Hong Kong Fintech Week which saw the participation of 30,000 individuals from 90 economies.

What are the benefits of technological empowerment in the financial services sector?

Technological empowerment in the financial services sector enhances resource allocation efficiency and facilitates product innovation, leading to more convenient and inclusive financial services for citizens.

What is Hong Kong's aim by positioning itself as a global hub for green finance and technology?

Hong Kong aims to attract investments and become a significant player in the international green economy arena by positioning itself as a global hub for green finance and technology.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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