During day two of the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, Italy, yesterday, Financial Secretary Paul Chan pointed out that it is important for member countries to enhance collaboration.

Speaking at the ADB annual meeting’s Business Session, Mr Chan emphasised the need for member countries to strengthen co-operation amidst significant disruptions caused by unilateralism and protectionism to the global economy and trade order.

He expressed hope that the ADB would continue to be guided by its core principles, supporting projects with actual needs and promoting more inclusive regional development.

Mr Chan stated that Hong Kong, China supports the reform agenda of the ADB following the Mid-term Review of its “2030 Strategy”, which focuses on addressing climate change, developing the private sector, and advancing regional co-operation and digital transformation.

He highlighted that under the “one country, two systems” principle, Hong Kong maintains its status as a free port, implements free trade policies and ensures the free flow of capital, goods, people and information.

Mr Chan reiterated Hong Kong's steadfast support for a rules-based multilateral trading system. As an international financial centre, Hong Kong is willing to share experiences in innovative financing arrangements with ADB members, including infrastructure loan securitisation and catastrophe bonds, to support high-quality infrastructure and green projects.

Moreover, he said that Hong Kong is open to sharing solutions in the digital economy and innovative technologies with other ADB members to contribute to more inclusive regional economic development.

Mr Chan also met Governor of the Bank of Italy Fabio Panetta to share Hong Kong's latest economic and financial developments. They exchanged views on the international economic landscape.

Additionally, the Financial Secretary attended yesterday’s opening ceremony of the annual meeting, lunch and dinner for governors, during which he discussed regional development issues, common challenges and strategies in response with other governors.