HK has big role in 'new era for Asia', says Paul Chan
HK has big role in 'new era for Asia', says Paul Chan
Paul Chan says Hong Kong will find new opportunities, momentum and solutions as it takes on a larger role in an increasingly-integrated Asia. Photo courtesy of the Financial Secretary's office
Financial Secretary Paul Chan on Sunday said Hong Kong has a major role to play in the continued integration of economies across Asia - a trend that he described as one of the most important and irreversible developments in the globe.
In a blog post titled "A New Era for Asia", Chan trumpeted Hong Kong's contributions to the Asian economy, noting that the SAR's exports by value surged 15.5 percent in May on a year-on-year basis, stretching the growth trend to a 15th consecutive month.
The finance chief also pointed to an almost-60-percent increase in exports to Vietnam over the first five months of the year, while exports to Japan and the mainland rose around 20 percent over the same period.
Chan also said even though Asia has been facing many geopolitical challenges, the economy for the region as a whole has demonstrated "strong resilience."
He cited forecasts from the International Monetary Fund that developing Asian economies will see GDP growth of around 4.5 percent for this year and next – around three percentage points higher than developed economies.
The minister said economic partnerships within Asia will only deepen in future, with the global economy set to face more trade and non-trade barriers going forward.
In an era of sustained rapid growth in Asia, Chan said, Hong Kong will find more opportunities, new momentum and new solutions. He cited the SAR's financial services sector as one example of how the city can further diversify and take on an even more important role.
The FS also said as new laws regulating stablecoins come into force in August, the government and financial regulators will strive to create a favourable market environment and encourage issuers to expand the applications of these virtual assets, and create solutions to real problems faced by both people and businesses.
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