Hong Kong Embraces Web3.0 and Advances as an International Crypto Hub, said Chief Executive

Chief Executive Li Ka-chung expressed his delight at attending the “Convergence of Finance, Innovating the Future” seminar and the Hong Kong Economic Times Business Awards ceremony hosted by the Hong Kong Economic Times. Addressing esteemed company and pals, Li Ka-chung emphasised Hong Kong’s potential in leveraging its strengths as an worldwide monetary heart and driving the event of cutting-edge applied sciences, significantly within the realm of Web3.0.

Renowned for its standing as one of many world’s freest economies and the most important offshore RMB hub, Hong Kong boasts a extremely open and worldwide market, aligned regulatory frameworks, a strong authorized system, and a pool of proficient professionals. As a metropolis below the “One Country, Two Systems” framework, Hong Kong enjoys the distinctive benefit of bridging world and Chinese benefits, appearing as a two-way gateway connecting the nation and the world’s monetary markets.

The present administration has made important efforts to consolidate Hong Kong’s place as an worldwide monetary heart. Notably, up to now two months, the “Bond Connect” Northbound buying and selling hyperlink was formally launched in mid-May. Additionally, the Ministry of Finance issued the primary tranche of RMB 12 billion authorities bonds in Hong Kong this month, with a complete of RMB 30 billion to be issued all year long. Furthermore, the Hong Kong Stock Exchange launched the “HKD-RMB Dual Counter Model” and twin counterparty mechanism within the native securities market.

Hong Kong has established itself as a pacesetter in monetary companies and offshore RMB enterprise. Moreover, it has emerged as Asia’s inexperienced finance hub, with the issuance of inexperienced and sustainable bonds reaching a document excessive of USD 80.5 billion final yr, representing a progress of over 40% in comparison with the earlier yr. Hong Kong’s share within the Asian marketplace for such bonds exceeded one-third, positioning it as the main metropolis in Asia. In February of this yr, the federal government issued the world’s first government-backed tokenized inexperienced bond, contributing to the sustainable and accountable improvement of the digital asset trade whereas embracing Web3.0-related monetary improvements.

The authorities’s embrace of economic innovation showcases its dedication to develop Hong Kong as an worldwide innovation and expertise heart below the nationwide “14th Five-Year Plan.” The authorities unveiled the “Hong Kong Innovation and Technology Development Blueprint” on the finish of final yr, introducing a number of coverage measures aligned with 4 main improvement instructions.

Notably, Hong Kong’s dedication to nurturing an progressive and technological ecosystem has obtained world recognition. According to the “2023 Global Startup Ecosystem Report,” Hong Kong ranked second among the many high “Emerging Ecosystems” globally and first in Asia. This rating affirms Hong Kong’s dedication to develop a thriving startup ecosystem and demonstrates its readiness to compete globally and grow to be an worldwide innovation and expertise hub.

To improve the town’s innovation and expertise ecosystem, the federal government has allotted HKD 10 billion to determine the “Industry-University-Research Collaboration Program” geared toward accelerating the commercialization of excellent analysis achievements in Hong Kong. Efforts are additionally underway to determine a microelectronics analysis institute and an synthetic intelligence supercomputing heart, offering complete assist to native scientific analysis

Leave a Reply

Your email address will not be published. Required fields are marked *