Eric Chan: Hong Kong needs to further upgrade its capital markets to maintain competitiveness in the next stage.

Hong Kong Financial Secretary Paul Chan Mo-po stated that Hong Kong needs to further upgrade and improve its capital market in order to maintain competitiveness, resilience, and a strong positioning in the next stage. Hong Kong is taking three priority measures. Firstly, enhancing competitiveness and improving the stock market. Over the past year, Hong Kong has been supporting emerging markets. It is also dedicated to improving the issuance structure of structured products, as well as exploring local cooperation opportunities for some products. Hong Kong is also improving trading efficiency and risk management. Last year, the Hong Kong Monetary Authority and HKEX engaged in strategic cooperation to operate the Central Clearing System for debt instruments. Through this cooperation, they aim to accelerate the development of post-trade securities infrastructure in Hong Kong, making it a major central securities depository platform in the region. Secondly, enhancing other parts of the capital market. There are two strategic directions. First, strengthening Hong Kong's traditional strengths such as asset management, wealth management, fixed income, and currency markets. Second, developing new growth areas such as commodities. Two days ago, Hong Kong signed a cooperation agreement with the Shanghai Gold Exchange to promote high-quality development of the Hong Kong gold market. Thirdly, establishing a more vibrant offshore renminbi market. Enhancing renminbi liquidity, enriching investments and risk management in the renminbi field, and supporting renminbi internationalization.