BEIJING — China will raise more funds through treasury bond issuance in Hong Kong, one of the world's leading financial centers, in 2024 than in previous years, as the city is engaging more closely in national development.

The Ministry of Finance said Wednesday that it will issue yuan-denominated treasury bonds worth 55 billion yuan (about $7.73 billion) in the Hong Kong Special Administrative Region (HKSAR) this year.

Hong Kong retained the fourth place globally in a financial centers index published in March by British and Chinese think tanks, which assessed 121 financial hubs around the world

The second batch of treasury bonds, worth 11 billion yuan, will hit the market on June 5 following the first tranche of 12 billion yuan issued in March.

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The treasury bond funds to be raised this year will be significantly larger than 30 billion yuan in 2023, 23 billion yuan in 2022, and 20 billion yuan in 2021.

Hong Kong retained the fourth place globally in a financial centers index published in March by British and Chinese think tanks, which assessed 121 financial hubs around the world.

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Hong Kong has been striving to align itself with national development strategies and play an important role in connecting domestic and international markets, a spokesperson for the HKSAR government said earlier this year.