Hong Kong's Financial Secretary Paul Chan Mo-po said the city has struck a balance between financial security and innovation in its roles as a 'testing ground' and 'firewall' for China's reform and opening up. He stated that security is core to high-quality development amid geopolitical tensions risking financial markets and energy supplies. The city rolled out its first batch of stablecoin licences last week and pledged to accelerate the shift to green energies.
Hong Kong's Financial Secretary Paul Chan Mo-po said on Sunday in his weekly blog that the city has long served as a 'testing ground' and 'firewall' for the nation's reform and opening up, helping the mainland deepen capital market reforms and prevent overseas risks from transmitting to it.
"In the nation’s pursuit of high-quality development, Hong Kong has long served as a ‘testing ground’ and ‘firewall’ for reform and opening up, assisting the mainland in deepening capital market reforms and preventing the transmission of overseas risks to the mainland," Chan wrote.
"Only through innovation within a safe and controllable risk framework can we build a more resilient, dynamic and competitive financial system, which enables us to better withstand external shocks and continue development," he added. As Hong Kong rolled out the first batch of stablecoin licences last week, Chan pledged to speed up the shift to green energies amid geopolitical tensions creating risks to energy supplies and financial markets.
Ahead of National Security Education Day on Wednesday, Chan noted that coordinated development and security is one of the principles of China’s 15th five-year blueprint.