Chinese traditional junk Dukling plies the Victoria Harbour, in Hong Kong, on Sept 7, 2023. (SHAMIM ASHRAF / CHINA DAILY)

Hong Kong will leverage its expertise in financial services and professional services to support the country’s high-quality development by promoting the city as the world’s largest offshore yuan financing center and green financing hub.

Chief Executive John Lee Ka-chiu was speaking on Friday at the 13th Hong Kong Global Finance Forum, which was organized by Hong Kong Ta Kung Wen Wei Media Group.

The chief executive noted that the Central Financial Work Conference, held in October, emphasized finance must provide high-quality services for economic and social development, and the conference also clearly supported Hong Kong to consolidate and improve its status as an international financial center.

Chief Executive John Lee Ka-chiu said the HKSAR government will launch a proof-of-concept test funding scheme specifically designed for green financial technology in the first half of next year

“We will continue to deepen financial cooperation within the Guangdong-Hong Kong-Macao Greater Bay Area, further connect domestic and foreign markets and investors, create a more innovative and diversified financial market, and contribute to the high-quality development of the country. We will also continue to strengthen Hong Kong’s role as the world’s largest offshore renminbi service center,” Lee said in a pre-recorded opening speech.

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The chief executive said Hong Kong will expand its green fintech ecosystem and build the city into a green fintech hub.

“Hong Kong’s world-beating financial and professional services are a powerful catalyst that can accelerate the green transformation of Hong Kong, the country, and the world,” Lee said, adding that the government of Hong Kong Special Administrative Region will launch a proof-of-concept test funding scheme specifically designed for green financial technology in the first half of next year. 

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At the forum, the research center of State-owned Assets Supervision and Administration Commission of the State Council released the Overseas Development Report of Central State-owned Enterprises (2023), showing how central SOEs are integrating into world development, promoting high-standard opening-up, achieving mutual benefit and win-win results, as well as promoting sustainable development.

According to the report, central SOEs have invested in over 5,000 Belt and Road Initiative-related cooperation projects in 140 countries, with a total investment of over $1 trillion.

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In 2022, the amount of overseas direct investment (ODI) by central SOEs accounted for 38 percent of the total ODI amount in the country, the report added.

The central SOEs currently have business operations in more than 180 countries and regions, employing more than 1.25 million people overseas. These central SOEs have business contacts with more than 8,000 institutions and projects, with overseas assets reaching nearly to 8 trillion yuan ($1.12 billion).