Finance chief Paul Chan of Hong Kong has recently completed a four-day visit to the United States, where he advocated for increased cooperation and collaborative innovation between China and America’s bay areas. Throughout his trip, Chan emphasized the potential for collaboration in addressing climate change and the pivotal role that practical topics such as carbon markets, sustainable finance, and talent development can play in establishing positive partnerships.
As part of his efforts to promote collaboration, Chan highlighted a six-month exchange programme facilitated by the Hong Kong Science Park, which involves local and US tech companies from the Silicon Valley and the wider San Francisco Bay Area. This initiative aims to foster greater exploration of potential clients in each other’s markets and lay the groundwork for future partnerships between entrepreneurs from both countries.
During the US-China High-Level Event on Subnational Climate Action, Chan shared his observations regarding the signing of cooperation agreements and memorandums of understanding between US and Chinese partners in various areas, promoting mutual investment in tech and climate solutions. The finance chief stressed the importance of identifying common ground through practical topics, which he believes can serve as a stepping stone for fostering positive collaborations between the two regions.
Additionally, Chan highlighted the exchange of ideas and perspectives in the area of green development, noting that both bay areas have the potential to inspire each other and enrich their approaches to problem-solving. He drew attention to Hong Kong’s leadership in the issuance of green and sustainable bonds in Asia, as well as California’s promotion of carbon market trading, indicating that valuable insights can be gained from the unique strengths and characteristics of each region.
In a previous interview, Chan addressed the concerns of US businesspeople and politicians regarding Hong Kong’s domestic national security law, stating that the focus of the discussions remained largely on business-related issues such as the stability of Hong Kong, the overall business environment, and economic factors such as interest rates, stock market performance, and property market dynamics. This underscores the importance of maintaining a stable and conducive business environment, which is crucial for fostering international cooperation.
Separately, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu is set to embark on a three-country visit to the Netherlands, Spain, and Portugal to promote Hong Kong’s fintech scene and the latest financial innovations for a sustainable Web3 ecosystem.
In conclusion, Paul Chan’s advocacy for increased cooperation and collaborative innovation between China and the US bay areas signifies a significant step towards fostering greater cooperation in tech and finance. By leveraging practical topics and capitalizing on the unique strengths of each region, there is immense potential for the development of mutually beneficial partnerships that can drive sustainable growth and innovation.