Hong Kong aims to become a world 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 special emphasis on these two innovative sectors.

Chan highlighted Hong Kong’s dedication to green finance, a commitment that reflects the global trend towards green and sustainable financial practices. Last year, Hong Kong’s green finance initiatives reached a staggering US$80 billion, representing a third of Asia’s total bond issuance. The city is also at the forefront of setting market standards for green bonds, launching 30-year US dollar green bonds and 20-year euro bonds.

In an innovative move, Hong Kong has begun issuing green bonds using tokenizationshowing its commitment to financial innovation.

Along with green finance, Hong Kong is also setting its sights on Web 3.0, with a special focus on virtual assets. Drawing on experiences around the world, the city began issuing licenses for these assets on June 1. 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 the Hong Kong stock market is 4.6 trillion US dollars, and the scale of asset management and wealth management businesses is also is 4.6 trillion US dollars.