On June 18, 2025, Financial Secretary Paul Chan Mo-po announced the launch of the "Shanghai-Hong Kong International Financial Center Collaborative Development Action Plan," aimed at enhancing financial ties and fostering innovation.
Announcement of the Collaboration Plan
The collaboration plan was unveiled by Paul Chan Mo-po during the Lujiazui Forum 2025. The initiative is focused on deepening financial connections between Shanghai and Hong Kong through joint efforts in standard-setting and technology integration.
Key Initiatives and Focus Areas
The plan includes 38 initiatives across six focus areas, aiming to enhance financial market connectivity and promote digital finance innovation. Emphasis is placed on supporting cross-border clearing and the use of digital RMB.
Impact on Blockchain and Digital Asset Market
Financial officials express optimism regarding the initiative's potential to boost financial innovation and cross-border transactions. The crucial role of blockchain in the next phase of asset management and payment solutions is highlighted.
Overall, the collaborative development plan between Shanghai and Hong Kong could significantly influence financial innovation and the growth of the digital asset sector in the region.
