On May 5 (local time), Hong Kong Financial Secretary Paul Chan attended the 58th Annual Meeting of the Asian Development Bank (ADB) in Milan, Italy.
During a business session at the meeting, Chan addressed the challenges posed by rising unilateralism and protectionism, which have disrupted the global economic and trade order. He urged ADB member economies to strengthen collaboration and uphold the Bank's core principles, continuing to support projects with genuine development needs in order to foster inclusive regional growth.
Chan expressed Hong Kong's support for the ADB's reform agenda following its mid-term review of the Strategy 2030, particularly in areas such as:
- Tackling climate change
- Developing the private sector
- Advancing regional cooperation
- Accelerating digital transformation
He emphasized that under the "One Country, Two Systems" framework, Hong Kong will continue to maintain its free port status, uphold free trade policies, and ensure the free flow of capital, goods, people, and information. He reiterated Hong Kong's firm support for a rules-based multilateral trading system.
As an international financial center, Chan said Hong Kong is eager to share its expertise in innovative financing models, including infrastructure loan securitization and catastrophe bonds. These tools can help support high-quality infrastructure and green projects. He also welcomed cooperation in the digital economy and innovation and technology to contribute to more inclusive economic development across the region.
Later that day, Chan met with Fabio Panetta, Governor of the Bank of Italy, to share updates on Hong Kong's latest economic and financial developments. The two exchanged views on the evolving international economic landscape.
Chan also attended the ADB Annual Meeting's opening ceremony, the governors' luncheon, and the official dinner, where he engaged in discussions with other member governors on regional development issues, shared challenges, and collective strategies.
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