Hong Kong government officials have reiterated their dedication to advancing financial innovation, focusing on key areas such as financial technology (Fintech), green finance, Web3-related decentralized finance (DeFi), and virtual assets. The government has emphasized its commitment to sustaining these initiatives while ensuring financial risks remain manageable.

*Commitment to Financial Innovation*

The government has established a Committee on Innovation, Technology, and Industry Development (CITID) to enhance cooperation among stakeholders and drive innovation and technology development in Hong Kong. The CITID will advise the government on strategic development, research and development, talent nurturing, infrastructure development, and new industrialization.

*Key Initiatives*

Hong Kong has launched five initiatives to foster innovation and facilitate fundraising for projects with environmental benefits, aiming to become a global green innovation and finance center. These initiatives include:

- Building a green-tech ecosystem to attract talent and encourage collaboration.

- Innovative financing arrangements to support green projects.

- Training and cooperation with overseas and regional partners.

- Independent certification for green credentials.

- Aligning domestic certification standards with international ones.

*Support for Green Technology*

The government has provided policy support to boost demand for green technology, including subsidies for try-outs of electric ferries, food waste collection, and a loan scheme to incentivize the taxi trade to switch to electric vehicles.

*Industry Feedback*

Industry experts have commended the government's support for green-tech and digital technology development, which can go hand-in-hand with re-industrialization. However, some have emphasized the need for coordination between public and private sectors, sufficient support, and pilot cases to showcase success stories.

*Economic Growth*

The government's commitment to innovation and technology development is expected to rekindle Hong Kong's economic growth. The expansion of the SME Financing Guarantee Scheme will offer small and medium-sized enterprises more flexibility and stability, allowing them to adjust and secure a firm footing.

*Fintech Development*

Hong Kong's regulators have made fintech a strategic priority, with the HKMA's Fintech 2025 strategy aiming to promote widespread adoption. The government's support for fintech development is expected to reshape the financial landscape and drive economic growth.

In conclusion, the Hong Kong government's renewed commitment to financial innovation and development is expected to drive economic growth, foster innovation, and promote green technology. The government's initiatives and support for fintech development, green finance, and virtual assets will shape the future of Hong Kong's financial landscape.