Economic alliances 'key as global challenges evolve'

Christopher Hui, the Secretary for Financial Services and the Treasury, has emphasized the importance of economic alliances in achieving long-term prosperity. This sentiment was expressed during a seminar on trade and supply-chain finance, as well as green and sustainable finance, held at the Asia-Pacific Economic Cooperation finance ministers’ meeting.

The seminar provided an opportunity for regulators, business leaders, and experts across the region to discuss critical issues such as enhancing financial resilience and promoting sustainable growth. Hui stated that in an era of profound economic transformation and evolving global challenges, prosperity would not be secured by any economy acting alone. Instead, it would be built through partnership, innovation, and resilience.

Hui highlighted the relevance of trade and supply-chain finance, as well as green and sustainable finance, to the region's development. He pointed out the government's efforts in these areas, such as its support for small and medium-sized enterprises through finance and trade promotional efforts. Additionally, the government is accelerating green and sustainable finance development and working towards establishing an international carbon market.

To leverage Hong Kong's financial strength as a premier international financial centre, Hui mentioned the collaboration between Hong Kong Exchanges and Clearing and the Hong Kong Quality Assurance Agency. This collaboration involves the SAR's participation in cross-boundary carbon trading through the SAR’s Core Climate marketplace initiative.

By doing so, Hong Kong aims to create a powerful engine for global environmental sustainability and support its country in building a carbon market with greater international influence.