Core Viewpoint - Hong Kong is experiencing a significant resurgence as an international financial center, with the Hang Seng Index and Hang Seng Tech Index showing substantial growth, driven by global capital seeking diversification and safe havens [1] Financial Technology and Asset Tokenization - Hong Kong has risen to the top position in the Global Financial Center Index for fintech, emphasizing a shift from speculative practices to empowering the real economy through technology [2] - The Hong Kong government successfully issued its largest digital green bond, totaling HKD 10 billion, marking a significant milestone in asset tokenization [2] Stablecoins and Regulatory Approach - The Hong Kong government is cautiously approaching stablecoins, with legal frameworks in place and a limited initial issuance planned for next year, focusing on solving real economic issues rather than speculation [3] Capital Market Reforms - Hong Kong is implementing T+1 settlement to enhance market efficiency, with plans to release a consultation document next year to facilitate this transition [4] - The Hong Kong Stock Exchange anticipates that by 2027, 88% of global stock markets will adopt T+1 or T+0 settlement cycles, improving synergy with A-shares [4] Asset Management Growth - As of the end of 2024, assets under management in Hong Kong exceeded USD 4 trillion, with approximately 60% from overseas, highlighting both past achievements and future potential [5] Commodity Market Expansion - Hong Kong is actively expanding its commodity market, achieving significant milestones such as being included in the London Metal Exchange's global delivery network and increasing gold trading volumes [7][8] - The average daily trading volume of gold in Hong Kong exceeded HKD 940 million in 2024, reflecting the market's vitality [7] Support for Outbound Chinese Enterprises - The number of companies with overseas parent companies based in Hong Kong reached a record high of 9,960 in 2024, with a significant portion from mainland China [9] - The Hong Kong government is integrating various agencies to support mainland enterprises in their global expansion efforts [9][10] Global Financial Center Positioning - Hong Kong aims to solidify its role as a "stable cornerstone" in the global investment landscape, leveraging its unique advantages to attract family offices and optimize tax policies [11] - The government is exploring tax incentives to attract global corporate treasury centers to Hong Kong, addressing the growing demand for high-end financial services from outbound enterprises [12][13] Gold Market Strategy - Hong Kong is enhancing its gold storage capacity to 2,000 tons and is collaborating with the Shanghai Gold Exchange to strengthen its position in the global gold market [8][15] - The establishment of a central clearing system for gold is planned for next year, aiming to attract international capital seeking safe storage options [15] Financial Innovation and Market Competitiveness - The government is focused on optimizing the "same share, different rights" system to align with international standards while protecting small investors [17] - Continuous market rule optimization is expected to enhance the breadth and depth of the market, reinforcing Hong Kong's competitiveness as an international financial center [17]