Hong Kong outlines plans to leverage strategic positioning, boost global connectivity

HONG KONG -- The Hong Kong Special Administrative Region (HKSAR) will continue to leverage its strategic positioning as the "three centers and a hub" and make good use of the advantages of "one country, two systems," the financial secretary of the HKSAR government said on Wednesday.

While delivering the 2025-26 budget at the HKSAR's Legislative Council, Paul Chan said it is imperative to do so, outlining a range of plans to inject new impetus into Hong Kong's economy, consolidating and strengthening industries with clear advantages while actively nurturing and developing new industries.

To reinforce Hong Kong's status as an international financial center, Chan said the HKSAR government will introduce a series of measures across various fields, including the securities and derivatives market, fixed income and currency hub, as well as asset and wealth management center.

The Hong Kong Exchanges and Clearing Limited will put forward recommendations to enhance the issuance mechanism of structured products with a view to providing greater flexibility for product listing and trading, he said.

The Hong Kong Monetary Authority is preparing to issue the third tranche of tokenized bonds, and will continue to encourage digital bonds issuances through the Digital Bond Grant Scheme, while actively exploring tokenizing traditional bonds issued, Chan said.

To promote the connection of e-payment between the Chinese mainland and Hong Kong, the People's Bank of China and the Hong Kong Monetary Authority are working closely to implement the linkage of faster payment systems of both places, with a view to providing round-the-clock real-time, small-value cross-boundary remittance service for residents in both places, said Chan, adding that the service is expected to be launched in mid-2025 at the soonest.

To promote the construction of Hong Kong as an international trade center, Chan said that the Hong Kong Export Credit Insurance Corporation will provide credit insurance for export services relating to multinational supply chain to render more comprehensive support to enterprises seeking to go global.

Hong Kong will continue to leverage its role as a functional platform for the Belt and Road Initiative (BRI), Chan said, adding that Hong Kong will continue to further cultivate the ASEAN and Middle East markets, and explore opportunities in Central Asia, South Asia and North Africa.

Chan reaffirmed that the HKSAR government will establish the Hong Kong Maritime and Port Development Board this year to strengthen relevant research, promotion and manpower training to facilitate the sustainable development of the international maritime center.

In addition, Hong Kong will help the home-developed C919 aircraft enter the global market, Chan said, noting that the Hong Kong International Aviation Academy will expand its training programs in this regard.

To foster a talent hub, Chan said the HKSAR government will enhance the Admission Scheme for Mainland Talents and Professionals and the General Employment Policy by allowing young non-degree talents with professional and technical qualifications and experience to come to Hong Kong to join skilled trades facing manpower shortage.

The HKSAR government will continue to attract more students, especially those from ASEAN and other countries under the BRI cooperation framework, to study in Hong Kong through various measures, including the Belt and Road Scholarship, he said.