Hong Kong Financial Secretary Paul Chan: Hong Kong to Become the World's Leading Cross-Border Asset Management Hub Within Two to Three Years

According to a press release from the Hong Kong government, Financial Secretary Paul Chan stated at an event today: "As of the end of March this year, the number of registered funds in Hong Kong reached 976, with a net capital inflow of over USD 44 billion year-on-year, representing a 285% increase. The number of family offices is expected to rise from 2,700 to 3,000 in the near future. Within two to three years, Hong Kong will become the world's leading cross-border asset management center."

In terms of financial innovation, there has been strong market interest in digital assets recently, especially regarding the issuance of stablecoins, which has sparked heated discussions. The legislative work on stablecoins has made Hong Kong one of the first jurisdictions in the world to establish a statutory regulatory framework for stablecoins. We embrace the development of digital assets and have accelerated the improvement of relevant legal and regulatory frameworks in recent years. For example, the virtual asset trading platform licensing regime has already issued 10 licenses, with another eight applications currently under review.