Financial security, a key domain under the holistic approach to national security, serves as a critical pillar in safeguarding the nation's long-term stability. Currently, amid U.S. tariff bullying that has triggered financial market turbulence, Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) government, stated in an interview with Wen Wei Po that the government will construct a financial defense network across three fronts—risk monitoring, risk mitigation, and bolstering Hong Kong's resilience—to ensure robust financial security while driving economic growth.
To this end, the HKSAR government has developed systematic contingency plans for various scenarios, ensuring timely and effective risk management. It maintains close coordination with central financial regulators and relevant ministries to strengthen communication on response strategies, building a solid barrier against systemic risks and steadfastly guarding the nation's "southern gateway."
Safeguarding Financial Security: A Strategic Imperative
Chan outlined the three-pronged approach to building Hong Kong's financial defense network:
- Establishing a robust market surveillance system to detect unusual or abnormal activities;
- Ensuring swift government response to emerging risks, nipping potential crises in the bud;
- Strengthening Hong Kong's financial buffers and overall resilience to withstand external shocks.
Preparedness Through Contingency Planning
Chan stressed that Hong Kong must hold the line as the nation's financial "southern gateway."
"In today's geopolitical climate, if foreign forces attempt to attack Hong Kong financially, their impact could be devastating. That's why we must have the nation's unwavering support as our strongest backstop."
He revealed that the HKSAR government has tailored contingency plans for different risk scenarios, ensuring swift and decisive action. Close collaboration with mainland financial regulators and ministries ensures seamless coordination, fortifying systemic defenses.
Civic Awareness: The Foundation of Financial Security
Chan emphasized that patriotic consciousness among citizens is vital to safeguarding financial security. The upcoming 10th National Security Education Day presents a prime opportunity to promote national security awareness. The HKSAR government will intensify public outreach through exhibitions, school programs, and community activities, fostering a society-wide understanding of national security's importance.
To enhance national security awareness in the financial and business sectors, Chan noted that the Financial Services and the Treasury Bureau have organized specialized seminars and workshops. Firms are encouraged to invite national security experts to conduct tailored training for executives and mid-level staff, embedding national security considerations into business decision-making.
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