Hong Kong NPC Deputy: Prudent Development of Stablecoins, Virtual Assets, and Other Emerging Financial Products is Advised

Odaily News Hong Kong Legislative Council President and NPC Standing Committee member Li Huiqiong stated that she will fully support and cooperate with the city's first five-year plan. Hong Kong NPC deputy Chen Zhenying pointed out that the development of emerging financial products such as stablecoins and virtual assets should be approached with caution. Many financial institutions, including banks, securities firms, and insurance companies, are already using artificial intelligence. There is a need to better regulate the use of AI, including implementing better supervision, to ensure Hong Kong's financial security and prevent any issues.

Furthermore, Hong Kong Legislative Council Election Committee sector member Wu Jiezhuang stated that the "15th Five-Year Plan" represents the direction of national development for the next five years and beyond. In this new stage, Hong Kong should fully leverage its own advantages, effectively build the "Four Centers and One Hub," consolidate and enhance Hong Kong's status as an international financial, shipping, and trade center, and fully develop into an international innovation and technology hub. Hong Kong is currently the world's third-ranked international financial center but absolutely has the opportunity to advance further and become the second globally. (Hong Kong Economic Journal)