Hong Kong’s finance chief has emphasized the need for the Asian Development Bank member countries to strengthen cooperation amidst significant disruptions caused by unilateralism and protectionism to the global economy and trade order.
Paul Chan Mo-po made the call in his speech at the Business Session of the 58th annual meeting of the Asian Development Bank in Italy’s Milan on Monday.
Hong Kong, under the "one country, two systems" principle, maintains its status as a free port, implements free trade policies and ensures the free flow of capital, goods, people and information, he told the meeting.
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Reiterating the special administrative region’s steadfast support for a rules-based multilateral trading system, the financial secretary said as an international financial center, Hong Kong is willing to share experiences in innovative financing arrangements with ADB members, including infrastructure loan securitization and catastrophe bonds, to support high-quality infrastructure and green projects.
Hong Kong is open to sharing solutions in the digital economy and innovative technologies with other ADB members to contribute to more inclusive regional economic development, he added.
Chan expressed his hope that the ADB would continue to be guided by its core principles, supporting projects with actual needs and promoting more inclusive regional development.
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The SAR supports the reform agenda of the ADB following the mid-term review of its "2030 Strategy", which focuses on addressing climate change, developing the private sector, advancing regional cooperation and digital transformation, he said.
The same day, he met the Governor of the Bank of Italy Fabio Panetta to share the SAR’s latest economic and financial developments. They also exchanged views on the international economic landscape.
Earlier on Sunday, Chan attended the opening ceremony of the ADB annual meeting, lunch and dinner for governors, during which he discussed regional development issues, common challenges and strategies in response with other governors.
