Hong Kong is setting its sights on becoming a global leader in two new fields: green finance and Web 3.0, according to a recent speech by the city’s Financial Secretary Paul Chan. The speech outlined Hong Kong’s strategic plans for economic development, with a special emphasis on these two innovative sectors.

Chan highlighted Hong Kong’s dedication to green finance, a commitment that mirrors the worldwide trend towards sustainable and eco-friendly practices in finance. Last year, Hong Kong’s green finance initiatives reached a staggering 80 billion US dollars, making up one-third of Asia’s total bond issuance. The city is also leading the way in setting market standards for green bonds, with the launch of 30-year US dollar green bonds and 20-year Euro bonds.

In a groundbreaking move, Hong Kong has started issuing green bonds using tokenization, showcasing its commitment to financial innovation.

Alongside green finance, Hong Kong is also setting its sights on Web 3.0, with a special focus on virtual assets. Drawing from experiences around the globe, the city began issuing licenses for these assets on June 1st. The Hong Kong Securities and Futures Commission is tasked with enforcing effective regulation and fostering sustainable growth in this sector.

The Financial Secretary also highlighted in his speech that as a financial center, the market value of Hong Kong’s stock market is 4.6 trillion US dollars, and the scale of asset management and wealth management businesses is also 4.6 trillion US dollars.