As a member of the Chinese delegation, Financial Secretary Paul Chan today attended the plenary session of the Annual Meetings of the International Monetary Fund and the World Bank Group (WBG) in Bangkok, Thailand.

Mr Chan also took part in discussions organised by financial media and a think tank, met senior executives of international financial institutions and enterprises, and hosted a dinner for financial leaders.

At a fireside chat organised by Bloomberg, Mr Chan outlined how Hong Kong’s First Five-Year Plan aligns with the National 15th Five-Year Plan, providing clear development directions and goals for the public and businesses.

He said that Hong Kong would focus on developing its “four centres and one hub”, thereby reinforcing and enhancing its status as an international financial, shipping and trade centre. He said Hong Kong would also leverage its strengths and work in tandem with other cities in the Greater Bay Area to advance its development as an innovation and technology (I&T) centre.

Mr Chan stressed that financial development must serve the real economy, adding that Hong Kong will deepen its “Finance+” strategy to empower different industries, support enterprises in their upgrading and transformation efforts, and provide venture capital, patient capital and long-term funding for I&T to accelerate the development of emerging industries.

He remarked that Hong Kong’s international character is a core strength that must be continuously reinforced and enhanced. While strengthening ties with mature markets such as Europe and the US and attracting international capital, Hong Kong will also deepen co-operation with emerging markets in Southeast Asia, the Middle East and Central Asia. Mr Chan elaborated that Hong Kong will open up two-way investment opportunities by bringing together capital and industries to meet development needs across these markets.

Beyond promoting business and trade exchanges, he said, Hong Kong will leverage its strengths in financial and professional services, including green and sustainable finance and trade finance, to support infrastructure, supply chain and industrial development in the region.

On the topic of offshore renminbi business, Mr Chan said Hong Kong is expanding its range of investment products, enhancing custody and collateral management infrastructure, and increasing liquidity to add depth and breadth to the market.

He stressed that “one country, two systems” provides Hong Kong with an institutional advantage in its long-term development, adding that talent is a key driving force for its future growth.

He said Hong Kong will remain free, open, diverse and inclusive, welcoming enterprises and talent from around the world to set up and pursue careers in the city, and young people to study in it.

Mr Chan also took part in a broadcast fireside chat hosted by the Atlantic Council, a US think tank.

He described the latest developments in Hong Kong’s financial markets and how its first five-year plan will advance I&T, promote the integrated development of education, technology, talent and industries in the Northern Metropolis, and deepen co-operation with other bay area cities in I&T industries.

In addition, Mr Chan met WBG Managing Director and Chief Administrative Officer Zhang Wencai for an exchange of views on the global and regional economic outlook and deepening co-operation between Hong Kong and the WBG.

Mr Chan also met the management of a major European digital bank to discuss fintech development, digital banking services and cross-boundary payments, and outlined opportunities in Hong Kong’s financial markets.

In the evening, Mr Chan attended a dinner organised by the Hong Kong Economic & Trade Office in Bangkok. He spoke of developments in Hong Kong’s economy and financial services sector, and discussed opportunities to strengthen financial co-operation.