Hong Kong is accelerating reforms of its financial market by making the sector’s ecosystem more resilient and comprehensive, a minister has said, as the city grapples with geopolitics and a rapidly changing technology-led global landscape.
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Financial Secretary Paul Chan Mo-po also said on Sunday that Hong Kong would take a two-pronged approach by strengthening its advantages and diversifying the financial market to contribute to the wider nation’s development into a financial powerhouse.
The city had a key role to play in China’s financial development and was in a favourable position to reform the market, he said.
“Artificial intelligence and blockchain are not only revolutionising technical tools but also reshaping capital flows and the boundaries of financial services, creating new opportunities for financial market development,” he wrote in his weekly blog.
“We are accelerating institutional reform and product innovation in the financial market, striving to more effectively transform the tremendous disruptive power of technological change into a driver of economic growth.”
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Chan said favourable conditions for reform include the city’s strong performance in the stock market in the past year and its worldwide ranking as an international finance centre.