Core Viewpoint - Hong Kong is positioned as a key bridge between mainland China and international markets, focusing on voluntary carbon credit standards and methods, with plans to facilitate the trading of mainland Chinese emission reduction projects in the future [1] Group 1: Hong Kong's Role in Carbon Market - Hong Kong has unique advantages to serve as a critical connector between the mainland and international markets [1] - The city will initially participate in discussions to establish voluntary carbon credit standards and methods with mainland authorities [1] - Long-term goals include exploring interconnectedness of carbon markets and facilitating cross-border trading [1] Group 2: Current State of Mainland Carbon Market - The mainland's voluntary carbon market, CCER, is currently in a transformation phase and only allows domestic companies to participate [1] - Foreign entities are currently excluded from the mainland carbon market, presenting an opportunity for Hong Kong to leverage its international positioning [1] Group 3: Future Initiatives - The government aims to collaborate with mainland regulators to develop a framework for participation in the international carbon market [1] - Efforts will be made to attract mainland Chinese institutions' overseas emission reduction projects to be listed on Hong Kong's voluntary carbon market [1] - There are plans for cooperation with the Greater Bay Area carbon market to test cross-border transaction settlement paths [1]

Economic Growth and Financial System - Hong Kong's economy is expected to grow by 2% to 3% this year, marking a positive turnaround since the current administration took office [1] - The government aims to strengthen Hong Kong's financial system, regaining its position as the third global financial center according to the Global Financial Centers Index [1] Stock Market Enhancement - The Hang Seng Index has risen over 20% since the beginning of the year, with average daily trading volume nearing 250 billion HKD, almost doubling from last year [2] - New stock fundraising has reached over 130 billion HKD by the end of August, representing a nearly sixfold year-on-year increase, making Hong Kong the top global market for new listings [2] - Initiatives include assisting mainland tech companies in financing through a "Tech Enterprise Line," optimizing the main board listing mechanism, and exploring a T+1 settlement cycle [2] Bond Market Development - The government plans to solidify Hong Kong's status as a bond center by enhancing financial infrastructure and creating a centralized platform for managing various assets [3] - Collaboration with international markets, including Switzerland and the UAE, is being pursued to expand the bond market [3] - The Securities and Futures Commission is exploring the feasibility of an electronic bond trading platform and promoting a commercial repo market [3] Currency Market Growth - Hong Kong is the largest offshore RMB business hub, with plans to enhance liquidity and global reach through new RMB financing arrangements [5] - The government will issue more RMB bonds and explore using RMB for government expenditures [5] Gold Market Expansion - The government has accepted recommendations to develop Hong Kong into a regional gold storage hub, aiming to exceed 2,000 tons in three years [6] - Initiatives include establishing a central clearing system for gold transactions and promoting the issuance of gold investment products [7] Insurance and Asset Management - The government will revise regulations to lower capital requirements for infrastructure investments, promoting insurance participation in financing [8] - Hong Kong is expected to become the largest cross-border wealth management center, with significant growth in investment accounts from mainland investors [9] Financial Technology Advancement - The Monetary Authority is advancing the Ensemble project to support the development of tokenized markets and improve risk management [10] - Legislative proposals are being developed for digital asset trading and custody services [10] Sustainable Finance Initiatives - The Hong Kong Stock Exchange launched an international carbon trading platform, aiming to enhance cooperation with the Greater Bay Area on carbon market development [11] International Trade and Infrastructure - The government is focused on enhancing international trade networks and infrastructure connectivity, including cross-border railway projects to improve regional integration [12]