In this Jan 3, 2021 photo, people walk on a street in Hong Kong. (PETER PARKS / AFP)

Hong Kong’s government will issue more green bonds and strengthen cooperation with other organizations to promote “greener” economic development, said the Secretary for Financial Services and the Treasury Christopher Hui Ching-yu.

Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said that HK has dedicated more than 10% of its GDP to help revive an economy striken by the pandemic

He made the remarks during a plenary session themed “Reshaping World Economic Landscape” on the sidelines of the Asian Financial Forum, held online on Monday.

The outbreak of the coronavirus pandemic underscored the importance of pursuing a more sustainable development path, Hui said, adding that Hong Kong will issue more green bonds and work together with other organizations with the aim of achieving carbon neutrality by 2050.

He noted that the financial sector could play a bigger role in supporting the real economy, providing evidence that trading in Hong Kong’s financial market still expanded remarkably against the backdrop of the COVID-19 pandemic. 

Hui said that Hong Kong has dedicated more than 10 percent of its GDP to help revive an economy striken by the coronavirus pandemic, especially in industries vital to the city.

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Jin Liqun, president and chairman of the Asian Infrastructure Investment Bank, said the public health crisis has exposed the fragility of the global supply chain. 

But thanks to cooperation between governments and public and private sectors, as well as large investments into the fight against the coronavirus, COVID-19 vaccines were able to come out sooner than expected, he said, while calling for enhanced internatioal cooperation.

Jin also highlighted that digital technology will become more important in various sectors, including infrastructure, with the new technology being applied in railways, ports and other areas.

As the coronavirus pandemic is expected to come under control this year, the challenge  global economies face is how to grasp the opportunities during the economic recovery to achieve economic and social development, he said.