Hong Kong’s Financial Secretary, Paul Chan Mo-po, has urged the city to invest in green development and the digital economy as it grapples with ongoing geopolitical tensions and capital market pressures.
Despite positive economic growth of 2.5 to 3.5 percent in the first quarter, the local property and stock markets have faced significant declines. Chan attributed these market challenges to geopolitical pressures, low interest rates, and adjustments in mainland China’s economy.
The finance chief highlighted the need for Hong Kong to embrace green development and the digital economy as key drivers of future growth. He noted that the city is well-positioned to become a hub for green finance and innovation, as well as a center for data and technology.
Chan emphasized the importance of closer collaboration with cities in the Greater Bay Area, particularly Shenzhen, in developing Hong Kong’s innovation and technology sector. He pointed to the creation of an I&T park at the Lok Ma Chau Loop as a key platform for collaboration.
Hong Kong Green Finance Association president and chairman Ma Jun echoed Chan’s call for investment in green technologies, emphasizing their crucial role in achieving carbon neutrality and attracting private equity and venture capital firms.
The city’s efforts to enhance professional services and explore opportunities for cooperation in the Greater Bay Area were also discussed at a forum organized by the Chinese General Chamber of Commerce.
