Hong Kong People's Congress Representative: Caution should be exercised in developing emerging financial products such as stablecoins and virtual assets

Odaily Planet Daily reports that Hong Kong Legislative Council Chairman and NPC Standing Committee member Regina Ip said she will fully support and cooperate with Hong Kong’s first 5-year plan. Hong Kong NPC deputy Chen Zhenying pointed out that caution should be exercised in developing emerging financial products such as stablecoins and virtual assets. Many financial institutions, including banks, securities firms, and insurance companies, are already using artificial intelligence. There is a need for better regulation of AI usage, including improved supervision, to ensure the security of Hong Kong’s financial sector and prevent any issues.

Additionally, Wu Jiezhuang, a member of the Hong Kong Legislative Council Election Committee, stated that the “14th Five-Year Plan” represents the direction of national development for the next five years and beyond. In this new stage, Hong Kong should fully leverage its advantages, focus on building the “Four Centers and One High Ground,” strengthen and enhance its status as an international financial, shipping, and trade center, and strive to become an international innovation and technology hub. Currently, Hong Kong is the third-largest international financial center in the world, but there is a real opportunity to move further and become the second. (Xinbao)