Hong Kong Business News

Financial Secretary Paul Chan attended the opening session of the 57th Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) and the Plenary Session of Governors during his trip to Tbilisi, Georgia.

Yesterday morning, Mr Chan met Ministry of Finance Vice Minister Liao Min who was also participating in the annual meeting. They exchanged views on the Mainland and Hong Kong's economic development, as well as the global economic and financial situation.

Mr Chan then joined the annual meeting's opening session and the lunch for governors where they discussed regional development.

At the Plenary Session of Governors themed “From Billions to Trillions - Promoting Private Sector Development for Climate Change”, Mr Chan said there is a huge funding gap of trillions of US dollars for climate and transition investments, and that a gap also existed in the funds received by developed and developing economies in climate financing.

He emphasised that ADB members must work together to assist countries in raising funds more effectively to move towards net zero, adding that in the process, the ADB should better mobilise private sector resources and channel funds to support green and transition projects through innovative financial products and services.

The finance chief pointed out that Hong Kong has been making new attempts in the relevant areas, including securitising infrastructure loans to encourage the flow of funds from mature projects to new projects; issuing insurance-linked securities, and more.

“Hong Kong's high-quality professional services may also help with the green certification of projects, thus reinforcing the confidence of investors,” he noted.

Meanwhile, Hong Kong not only seeks to align with international green standards but also takes part in their making. In addition to the green classification framework freshly released, Hong Kong is also developing a roadmap this year for adopting the standards of the International Sustainability Standards Board.

Mr Chan said Hong Kong is willing to enhance exchanges and share experiences with ADB members, as well as collaborate on talent training and co-organise other relevant capacity building programmes.

He then attended a dinner hosted for the Board of Governors.

The Financial Secretary today attended the annual meeting's Business Session, during which matters such as the ADB's budget and business directions were discussed.

During the meeting, Mr Chan said Hong Kong actively supports the ADB’s work and highlighted the city's unique role as a “super connector” and a multi-level bridge under the “one country, two systems” principle.

He supplemented that in various areas such as business, investment, innovation and technology, and green transformation, Hong Kong efficiently connects funds and projects, and can create opportunities with ADB members together.

Hong Kong has also been vigorously advancing the development of innovation and technology in recent years, focusing on artificial intelligence and big data, life and health sciences, fintech, as well as new energy and new materials.

Hong Kong and other ADB members can foster stronger collaboration in these areas to contribute to regional economic prosperity, enhance the region’s climate resilience, and build a more sustainable future together, Mr Chan added.

Having completed his ADB itinerary, the Financial Secretary is scheduled to arrive in Hong Kong tomorrow afternoon.

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