Financial Secretary Paul Chan attended the 10th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing today. He also held separate meetings with Minister of Finance Lan Fo’an and AIIB President Jin Liqun.
Mr Chan participated in the opening ceremony of the annual meeting and joined the subsequent Governors’ Official Session.
During the meeting, he witnessed the signing of a strategic partnership agreement between the Hong Kong Monetary Authority (HKMA) and the AIIB. Under the partnership agreement, the HKMA will collaborate closely with the AIIB to support venture capital in emerging Asia to jointly support the emerging economies in the region to drive green transformation and development of infrastructure through scientific and commercial innovation.
Speaking about the agreement, Mr Chan said that this collaboration combines and leverages the knowledge, experience, networks and strengths of the HKMA and the AIIB.
He said: “It supports emerging Asian economies in accelerating their development towards more prosperous and inclusive growth through innovation and technology. Additionally, it aids in building a more vibrant venture capital and innovation ecosystem within the region and further reinforces Hong Kong’s status as an international financial, innovation and technology centre.”
Mr Chan later met AIIB President Jin Liqun. He expressed Hong Kong’s willingness to further enhance collaboration with the AIIB amid the ongoing reshaping of the global economic landscape and the development challenges faced by emerging economies.
Such initiatives can include issuing bonds in more currencies and of various tenors, advancing investment co-operation in infrastructure loan securitisation and catastrophe bonds, and mobilising private capital to support Asia’s green and sustainable development projects and relevant technological proposals.
The Financial Secretary also reiterated Hong Kong’s support for the AIIB to establish an office in Hong Kong and said he looks forward to the proposal’s early implementation.
He also called on Minister of Finance Lan Fo’an, where both parties exchanged in-depth views on the economic and social development of the Mainland and Hong Kong.
Mr Chan highlighted that the Hong Kong Special Administrative Region Government will continue to fully support the issuance of renminbi (RMB) sovereign bonds in Hong Kong. Efforts will also be made to enrich investment products and risk management tools, enhance RMB liquidity, and improve financial infrastructure to build a more prosperous offshore RMB business ecosystem.
