Secretary for Financial Services & the Treasury Christopher Hui said today Hong Kong shares the Asian Infrastructure Investment Bank’s (AIIB) mission of providing high-quality financial disclosures as a reliable player that builds trust with stakeholders.
He made the statement during a side event at the AIIB’s 10th Annual Meeting of the Board of Governors on “Implementing the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards) from the Ground Up: The AIIB Journey”.
Mr Hui noted that while the AIIB is one of the first multilateral development banks to adopt the ISSB Standards, Hong Kong was also confirmed by the International Financial Reporting Standards Foundation earlier this month as among the initial set of jurisdictions having set a target of fully adopting the ISSB Standards.
He said: “By aligning with a global standard, we ensure international comparability of our data. This not only boosts investor confidence but also creates a strong foundation for new opportunities.”
The Hong Kong Special Administrative Region Government will continue to work in collaboration with financial regulators and stakeholders to support the pragmatic implementation of the ISSB Standards through enhancing capacity building and promoting the use of technological solutions, Mr Hui added.
In addition, Mr Hui also spoke on “Fostering Development and Infrastructure Connectivity” at the Governors’ Business Roundtable in the afternoon.
He shared with delegations from other member states Hong Kong’s efforts in fostering development in sustainable finance as well as developing diverse and innovative financial products.
The latter includes the roll-out of the Infrastructure Bond Programme and the issuance of infrastructure loan-backed securities by the Hong Kong Mortgage Corporation (HKMC) with the AIIB as an anchor investor. He told the delegations that a third issuance by the HKMC can be expected this year.
At the AIIB President’s Reception and the Special Session of the Board of Governors’ meeting held yesterday, Mr Hui met AIIB President Jin Liqun and AIIB President-elect Zou Jiayi.
He also met financial officials of other member states to update them on Hong Kong’s latest developments in green and sustainable finance, and the recent vibrant financial market situation.
Additionally, Mr Hui held bilateral meetings separately with delegations from Egypt, Germany and Poland on the sidelines of the annual meeting to explore opportunities for further co-operation.
During his stay in Beijing, Mr Hui met Industrial & Commercial Bank of China President Liu Jun and China Construction Bank Chief Financial Officer Sheng Liurong.
