Hong Kong Business News

Financial Secretary Paul Chan spoke on various topics while attending day two of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Meeting (FMM) and related activities in Peru yesterday.

The topics included global and regional economic and financial outlooks, sustainable finance, sustainable infrastructure, digital finance, and enhancing resilience against climate change.

This year's APEC FMM takes the theme of "Sustainable + Digital + Resilient = APEC."

In the session on global and regional economic and financial outlooks, Mr Chan shared the latest economic situation in Hong Kong and reiterated the city's firm support for rules-based free trade and multilateralism.

He pointed out that as a super connector, Hong Kong plays a bridging role between traditional and emerging markets, promoting the regional digital economy and innovative technology for better collective development.

During the discussion session on sustainable finance and infrastructure, Mr Chan highlighted Hong Kong's functions as an international financial centre, facilitating the effective matching of funds with green and infrastructure projects.

He noted that through financial innovation and co-operation with international institutions, Hong Kong has been able to securitise infrastructure loans from various countries and issue catastrophe bonds, guiding more international capital to support projects in developing countries and helping them address climate challenges.

He also shared updates and experience on Hong Kong's efforts in advancing green and transition finance, including the release of a green taxonomy aligned with international standards and active participation in setting global green standards.

Additionally, the Financial Secretary participated in discussions on digital finance at the FMM, sharing Hong Kong's experiences in developing fintech and promoting inclusive finance, including how regulatory sandboxes encourage fintech innovation and the application of new technologies.

He noted that Hong Kong's robust and internationalised financial infrastructure, along with a balanced regulatory system that promotes security and innovation, is conducive to building a thriving fintech ecosystem.

At a luncheon of the APEC Business Advisory Council, Mr Chan shared Hong Kong's experiences on leveraging private market capital to better support sustainable infrastructure and climate change projects, as well as creating a more favourable environment for micro, small and medium enterprises to embrace digital finance.

Furthermore, he exchanged views with representatives and business leaders from other economies.

Also during the FMM, Mr Chan spent time meeting South Korea’s Deputy Prime Minister and Minister of Economy & Finance of the Republic of Korea Choi Sang-mok, and Vietnam's Deputy Minister of Finance Vo Thanh Hung.

In the evening, he departed Peru for the US city of New York where he plans to attend the Bloomberg Global Regulatory Forum today and deliver a speech.

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