AI green transformation geopolitics promotes industrial development Chen Maobo: China is at the core | Asian Financial Forum

The Financial Secretary, Paul Chan, stated during the opening speech at the Asian Financial Forum "Global Industry Summit" that we are currently at a critical moment of structural transformation in industries. Artificial intelligence, green transformation, and geopolitical factors are driving the development of global industries. It is evident that China is at the core of these developments, and he hopes that Hong Kong can not only serve as a platform connecting capital markets, talent, and opportunities but also become a cooperative partner that helps all parties develop, expand, and move towards the global stage. Paul Chan mentioned that the current industrial development is driven by several powerful forces. Firstly, artificial intelligence (AI) and other cutting-edge technologies are reshaping product design, factory operations, supply chain management, and service delivery, ultimately becoming a decisive competitive advantage. Secondly, the global green transformation is continuously advancing, with most economies steadily moving towards carbon neutrality goals, leading to an increasing demand for low-carbon industrial processes and green products, such as renewable energy, electric vehicles, and green hydrogen. Lastly, geopolitical situations are prompting industries to reconfigure, encouraging companies to diversify their production networks in search of more stable supply chains. He further pointed out that China is evidently at the core of these three major developments, as it possesses the most comprehensive and complete industrial system globally and is a significant force in technological innovation in fields such as artificial intelligence, robotics, and biotechnology, while also leading in green transformation. In the changing geopolitical landscape, Chinese enterprises are diversifying their supply and industrial bases and deepening their participation in international industrial and supply chain cooperation. Trade, Finance, and Innovation as Growth Drivers for Hong Kong's Economy Regarding Hong Kong, Paul Chan stated that trade, finance, and innovation technology will be the main drivers of Hong Kong's economic growth in the future. In terms of innovation technology, Hong Kong has invested over HKD 200 billion in the past few years to promote technological development and has formulated a comprehensive strategy to accelerate the entire chain process, from supporting research and development, building relevant infrastructure, to nurturing startups and attracting talent. Hong Kong is fully enhancing its innovation and technology ecosystem. He continued to say that a key part of building a more vibrant innovation and technology ecosystem is the technology companies themselves. Therefore, the government has attracted over 40 leading technology companies in recent years, with expected investments exceeding HKD 60 billion, creating 22,000 job positions. More importantly, these companies will bring their partners and cutting-edge technologies, further strengthening and enriching Hong Kong's innovation ecosystem. At the same time, the government has also accelerated the development of the Northern Metropolis to better integrate innovation technology with industrial development. Looking ahead, Paul Chan stated that the government plans to provide tailored incentive schemes for technology companies, which may include land, tax incentives, and other facilitative measures. It is also working on providing more flexible development plans in the Northern Metropolis, including reserving large-scale land for high-impact projects. Additionally, as an international financial center, Hong Kong will offer comprehensive financing options to support technology companies in expanding at different stages of development, such as establishing Hong Kong Investment Companies to provide patient capital and strategic investment support for technology companies. Paul Chan also expressed the hope that Hong Kong can not only serve as a platform connecting capital, markets, projects, talent, and opportunities but also become a cooperative partner for all parties, assisting them in developing, expanding, and moving towards the global stage Ma Shiheng: Geopolitics Makes Business More Challenging Ma Shiheng, Chairman of the Hong Kong Trade Development Council, also stated at the same event that the uncertainty of global geopolitics has made business development and the economy more challenging than ever before. However, opportunities always coexist with challenges and changes, and the Global Business Summit provides an opportunity for all parties to assess the different paths and fields before them and decide how to fully leverage these transformative opportunities. He further pointed out that Hong Kong plays the role of a super connector and super value creator. It serves as a two-way gateway connecting mainland China with the world, helping high-growth enterprises from mainland China go global while also allowing overseas high-growth companies to enter the Chinese market, making it a very suitable region to host business summits. Ma Shiheng also mentioned that as one of the co-organizers of the Global Business Summit, the Trade Development Council has assisted over 100 key enterprises from mainland China and overseas to establish or expand their businesses in Hong Kong, which is expected to create approximately 42,000 jobs and bring about USD 8 billion in direct investment. 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