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Hong Kong delegate Chen Zhenying: We should cautiously develop stablecoins, virtual assets, and other emerging financial products
According to the Hong Kong media Xin Bao, the Chairman of the Hong Kong Legislative Council, Li Huiqiong, stated that she will fully support and cooperate with the city's first five-year plan. Hong Kong representative to the National People's Congress, Chen Zhenying, pointed out that the development of stablecoins, virtual assets, and other emerging financial products should be approached with caution. Many financial institutions, including banks, securities firms, and insurance companies, are already using artificial intelligence, and there is a need for better regulation of AI usage to ensure the safety of Hong Kong's financial sector and to prevent any issues.
In addition, Legislative Council Election Committee member Wu Jiezhuang stated that the "14th Five-Year" plan represents the direction of national development for the next five years and beyond. In this new phase, Hong Kong should fully leverage its advantages to effectively build "four centers and one high ground," consolidating and enhancing Hong Kong's status as an international financial, shipping, and trade center, while fully developing an international innovation and technology center. Hong Kong is currently ranked as the third international financial center globally, but there is definitely an opportunity to advance further and become the second in the world.
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