Green and sustainable development, along with innovation, are shaping future trends of robust economic growth and global collaboration — with the Hong Kong Special Administrative Region positioned as a pivotal hub connecting China and the world, according to speakers at a luncheon event on Sept 10.
The event was part of the 10th Belt and Road Summit held in Hong Kong from Sept 10 to Sept 11.
Hong Kong’s Financial Secretary Paul Chan Mo-po, in his welcome remarks, noted that Hong Kong is fostering more partnerships and enhancing global connectivity by leveraging two important trends: sustainable development and digital innovation.
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“In the face of rising unilateralism and the withdrawal from the Paris Agreement by a leading economy, Hong Kong remains steadfast in our commitment to climate action,” he said. “We are on track to reduce our carbon emissions by half by 2035, and achieve carbon neutrality by 2050.”
According to Chan, Hong Kong’s commitment is underpinned by strategies such as decarbonizing power generation, enhancing energy efficiency in buildings, and promoting green transport. But well beyond “taking domestic targets”, Hong Kong has also embraced the vision of “becoming an international center for green technology and clean finance”.
Chan stressed that Hong Kong is also a leading hub for digital innovation, with significant advancements in artificial intelligence (AI) and blockchain technologies. What sets Hong Kong apart is its role as a pivot in connecting a wide spectrum of digital solutions from the Chinese mainland with the rest of the world.
“Hong Kong is a trusted test bed for Chinese tech applications going global and vice versa,” he added.
In his opening remarks, Chen Liang, chairman of the board of directors and chairman of the management committee at China International Capital Corporation Limited (CICC), said that “in recent years, China's new quality productive forces, represented by the digital economy, green industries, and artificial intelligence, keep contributing new momentum to its economic growth”.
He noted that the export of China's green technologies, such as new energy vehicles (NEVs), wind turbines, and photovoltaic products, has significantly contributed to global progress in green technology and driven down costs.
Over the past 10 years, the average cost per kilowatt-hour of global wind power and photovoltaic power generation projects has decreased by more than 60 percent and 80 percent respectively.
“Furthermore, innovative technologies in these areas are promoting global connectivity and benefiting all regions of the world,” Chen said.
The overseas expansion of digital products and services, represented by cloud computing, AI, and smart driving, has become one of the latest trends in Chinese companies' overseas expansion, gaining widespread recognition in Southeast Asia, the Middle East, and Africa, he added.
Chen pointed out that the continuous emergence of new industries driven by new quality productive forces has provided investment opportunities in the capital market.
The A-share market shows resilience and the Hong Kong stock market has performed particularly well, with the Hang Seng Index leading global gains and average daily trading volume reaching a record high of HK$250 billion ($32.1 billion), he added.
Governor of Astana International Financial Centre (AIFC) and the keynote speaker at the luncheon, Mr Renat Bekturov, said for decades, Hong Kong has been an inspiration for financial centers around the world. Its unique blend of East and West, its deep capital markets, its resilience and adaptability have served as a model of governance for international financial hubs.
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“At Astana International Financial Centre in Kazakhstan, we openly say, we are inspired by the path made by Hong Kong to become global superconnector,” Bekturov said. He added that many of the principles that shaped Hong Kong’s rule of law, connectivity, and openness to global investors had guided them when designing the AIFC.
According to him, the AIFC today ranks as the No 1 financial center in Central Asia and Eastern Europe, transforming Kazakhstan from a land bridge into a financial bridge, connecting capital from East and West.
No discussion on the future of finance is complete without sustainability, the governor said. AIFC, as the green finance center, has become the regional office for the green investment principles of the Belt and Road Initiative (BRI). “Through this platform, we are designing green bonds and renewable energy, including transportation,” he said.
Contact the writers at vivienxu@chinadailyapac.com
