FS joins talks on global economy

January 19, 2024

Financial Secretary Paul Chan yesterday attended the Informal Gathering of World Economic Leaders and two thematic discussion sessions on the fourth day of his visit to Davos, Switzerland, for the World Economic Forum (WEF) Annual Meeting.

At the informal gathering, held yesterday morning, Mr Chan and other participating leaders discussed the challenges posed by economic fracture and how to rebuild a more mutually beneficial and inclusive global economy.

He then met WEF Founder & Executive Chairman Prof Klaus Schwab and briefed him on Hong Kong’s latest economic and social developments.

In the afternoon, the Financial Secretary participated in two thematic discussion sessions, one of which was focused on community development. Speakers shared their views on how to build consensus in communities and promote more inclusive and people-centred development.

Mr Chan spoke about Hong Kong’s experience in urban renewal and public housing development, as well as the city’s infrastructure-driven development strategy.

In another thematic session, on the development opportunities of digital assets, Mr Chan shared Hong Kong's approach and practices in the area, in particular its establishment of a regulatory framework to actively encourage innovation on the premise of ensuring that financial stability is not affected and investors are effectively protected.

He highlighted that as part of the city’s efforts to promote digital asset development, the Hong Kong Special Administrative Region Government is consulting the public on stablecoin development.

Mr Chan also met Prime Minister of Mongolia Oyun-Erdene Luvsannamsrai, with whom he exchanged views on mutual co-operation.

He also made use of breakfast and afternoon tea meetings to brief international financial institutions and business leaders on Hong Kong’s latest economic and financial developments, and to discuss ways of further enhancing Hong Kong’s status as an international financial centre.

Joining Mr Chan in Davos, Secretary for Commerce & Economic Development Algernon Yau met Bahrain’s Minister of Industry & Commerce Abdulla Adel Fakhro for an exchange of views.

Hong Kong is in active negotiation with Bahrain on an investment promotion and protection agreement. Mr Yau said he hoped the relevant work can be completed soon.

Mr Yau also took part in a World Trade Organization informal ministerial working dinner and held candid exchanges with participating ministers.

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