Financial Secretary Paul Chan Attends AIIB Annual Meeting, Furthers Collaboration with AIIB and Establishes HKMA- AIIB Strategic Partnership

Strategic Insights -

The Financial Secretary of Hong Kong, Mr Paul Chan, participated in the 10th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) in Beijing. During the meeting, he held separate discussions with the Minister of Finance, Mr Lan Fo'an, and the President of the AIIB, Mr Jin Liqun. Notably, the HKMA and AIIB agreed to a strategic partnership that aims to support venture capital in emerging Asia, driving green transformation and infrastructure development through scientific and commercial innovation.

Key Takeaways:

  • The HKMA and AIIB have established a strategic partnership to support venture capital in emerging Asia and promote green transformation and infrastructure development.
  • The partnership will leverage the knowledge, experience, networks, and strengths of the HKMA and AIIB to support emerging Asian economies in accelerating their development towards more prosperous and inclusive growth through innovation and technology.
  • Mr. Chan 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.
  • Potential initiatives to be explored 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.
  • Hong Kong expressed its support for the AIIB to establish an office in Hong Kong, with Mr. Chan reiterating his enthusiasm for the proposal's early implementation.
  • Mr. Chan briefed Mr. Lan on Hong Kong's latest developments in financial markets, innovation and technology, and public finance, highlighting the Government's commitment to supporting the issuance of RMB Sovereign Bonds in Hong Kong.

Statistics:

  • The partnership between HKMA and AIIB aims to support venture capital in emerging Asia, driving green transformation and infrastructure development.
  • The agreement will leverage the knowledge, experience, networks, and strengths of the HKMA and AIIB to support emerging Asian economies.
  • The partnership will aid in building a more vibrant venture capital and innovation ecosystem within the region.
  • Hong Kong issued RMB Sovereign Bonds in the previous year, demonstrating the territory's growing presence in international RMB markets.

Sources:

  • "10th Annual Meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB)"

* Source: Hong Kong Government special administrative region

* Date: 26 June