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.
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.