The statement was made by Paul Chan, financial secretary of the Hong Kong Special Administrative Region government, at the World Economic Forum Annual Meeting in Davos, Switzerland.
Chan stated that Hong Kong adheres to the principle of "same activities, same risks, same regulations" to promote responsible and sustainable market development.
Chan noted that since 2023, Hong Kong has licensed 11 virtual asset trading platforms, and a licensing system for stablecoins is expected to be launched later this year.
Chan also highlighted the Hong Kong Special Administrative Region (SAR) government's leadership role in promoting tokenization, including the issuance of three batches of tokenized green bonds worth approximately US$2.1 billion.
Chan stated that finance and technology are mutually reinforcing. Finance also plays a vital role in supporting and enabling technological development.
Financial innovations, such as digital assets, not only improve transparency, efficiency, inclusiveness, and risk management in financial services but also facilitate more effective capital allocation to the real economy, Chan added.
During the meeting, Chan met with World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala. Chan stated that Hong Kong and China firmly support free trade and multilateralism, and expressed support for the WTO's reform efforts in response to current global challenges, with the aim of enhancing its agility in addressing emerging issues in international trade.
Chan also held meetings with senior officials from various economies, representatives of international organizations, and business leaders to share updates on Hong Kong's latest developments and its unique advantages.
