Hong Kong's goal has always been to consolidate its position as a global financial center. In the past few years, changes in policies and the world economic environment have made Hong Kong known as a "financial ruins". As a result, the Hong Kong government has vigorously relaxed Hong Kong's policies and strived to promote development in many aspects to help Hong Kong recover.

On January 24, the Hong Kong Securities and Futures Commission released the "Strategic Priorities for 2024-2026", which mainly includes four aspects:

(i) Maintain market resilience and mitigate serious damage to the market;

(ii) Enhance the global competitiveness and attractiveness of market capitalization;

(iii) Leading the transformation of financial markets with technology and ESG (environmental, social and governance);

(iv) Improve organizational resilience and operational efficiency.

The document points out that the CSRC will make technological innovation centered on virtual assets one of its development priorities. It will provide regulatory guidance on new virtual asset activities and promote the development of a regulatory system for virtual asset trading platforms; while supporting the tokenization of traditional products, it will protect the interests of investors; it will use blockchain and Web3 basic technologies to promote the establishment of a responsible and secure financial technology ecosystem; and at the same time, it will establish closer ties with local and international law enforcement agencies to combat crime.

The following is the original text of the strategy highlights.

introduction

The complex and volatile global market, tense geopolitical situations, and rapid technological advances have brought unprecedented challenges and opportunities to Hong Kong's financial market. We understand the issues of concern to a wide range of market participants and understand the importance of cooperating with the industry to jointly address risks and seize opportunities. At the same time, we will continue to strengthen our fight against financial crimes to avoid causing damage to investors and the market.

The SFC has been working tirelessly to fulfill its statutory responsibilities and adhere to its principles to regulate Hong Kong's securities and futures markets and protect investors. Our statutory objectives include:

  • Maintain and promote fairness, efficiency, competitiveness, transparency and order in the securities and futures industry;

  • To help the public understand the operation of the securities and futures industry;

  • Protect the majority of investors;

  • minimising crime and misconduct in the industry;

  • Reduce systemic risks in the securities and futures industry; and

  • Assist the Hong Kong SAR Government in maintaining Hong Kong's financial stability.

In order to respond to the ever-changing market conditions, we must set strategic priorities based on the above responsibilities, while leading market developments to maintain Hong Kong's reputation as a world-class financial centre.

To this end, the Commission has now published a three-year strategic plan to publicly explain the Commission’s key tasks in capital market supervision and how we will enhance market competitiveness in order to consolidate Hong Kong’s position as an international financial centre. In the annual report, we will explain the arrangements made and the work completed by the Commission in implementing the strategic plan during the relevant financial year.

In the next three years, the CSRC will focus on four key strategies:

The Association is confident that the above four key tasks will strengthen the core advantages of Hong Kong’s capital market, promote sustainable development of the market and enhance its competitiveness.

We look forward to seeing what progress will be made in the coming years.

Maintain market resilience and mitigate severe damage to the market

In order to maintain Hong Kong’s status as an international financial centre and risk management hub, the SFC is committed to continuously enhancing the resilience of Hong Kong’s financial markets and its infrastructure. This will strengthen the market’s foundation and promote its sustainable and safe development.

Market resilience

Maintaining the resilience of the financial system in the face of a challenging global market environment, geopolitical tensions, and cyber security and technology risks.

Respond to emerging risks, enhance the risk management capabilities of market infrastructure and intermediaries, and lay a solid foundation for the sustainable development of the market.

Effective investigation and enforcement

Use technology to improve investigation and law enforcement effectiveness.

Leverage our supervisory capabilities to detect market misconduct by listed companies and intermediaries.

Explore new supervisory tools to monitor and investigate companies with operations spanning multiple jurisdictions.

Step up cooperation

Continue to work closely with regulatory authorities in Hong Kong, the Mainland and overseas to combat cross-border market misconduct and protect investors' rights and interests in a timely manner.

Alert and educate the public

Allocate more resources to various publicity activities to ensure that concise, clear and effective messages are conveyed to the public.

Collaborate with the Hong Kong Police Force and the Investor and Financial Education Council to combat investment fraud and strengthen public education.

Enhance the global competitiveness and attractiveness of Hong Kong’s capital markets

The macroeconomic and political environment, both internationally and locally, has undergone tremendous changes. Hong Kong needs to maintain its competitiveness in many aspects, especially by upholding its position as an international asset and wealth management hub and a global fund-raising center, and fully leveraging its advantages to support the development of the local and mainland markets.

Deepen the connection with the Mainland capital market by expanding and improving the market interconnection mechanism. Introduce more Mainland-related derivative products into Hong Kong to enhance Hong Kong's competitiveness in risk management. Strengthen the business footprint of Mainland enterprises in Hong Kong and expand their business activities in Hong Kong.

Expand overseas networks to broaden Hong Kong's issuer and investor base. Explore potential collaboration opportunities or market connectivity with overseas regulators. Actively participate in the development of international standards and take a leading role in the International Organization of Securities Commissions to continue to strengthen Hong Kong's international status.

Review Hong Kong's positioning to strengthen its IPO fund-raising capabilities while enhancing market quality and liquidity. Implement the medium- and long-term measures recommended by the Task Force on Enhancing Stock Market Liquidity in its report.

Leading the transformation of financial markets with technology and ESG

In terms of technology, we embrace financial innovation while maintaining market integrity and stability: we will provide regulatory guidance on new virtual asset activities and promote the development of a regulatory system for virtual asset trading platforms; while supporting the tokenization of traditional products, we will protect the interests of investors; we will use blockchain and Web3 basic technologies to promote the establishment of a responsible and secure fintech ecosystem; and at the same time, we will establish closer ties with local and international law enforcement agencies to combat crime.

On ESG, we will consolidate Hong Kong’s position as a leading sustainable finance hub: lead Hong Kong and the Asia-Pacific region in setting corporate sustainability disclosure standards in a pragmatic manner; take a leadership role in the region and globally to bridge the gap between emerging markets and developed economies; connect the Mainland carbon market with international investors to drive growth; expand local ESG products and markets, and work together to build a robust and holistic ESG ecosystem; curb greenwashing; cultivate talents in sustainable finance; and reduce our carbon footprint in accordance with the SFC’s carbon neutrality roadmap.

Improve organizational resilience and operational efficiency

The SFC is one of the key infrastructures of Hong Kong’s financial market. We will strive to enhance our institutional resilience and operational efficiency and ensure that our financial resources are sufficient to support our daily operations through strict budgeting and internal control measures.

As a world-class regulator, the SFC is committed to connecting people, functions and technology to improve governance effectiveness and keep pace with developments in the market and regulatory environment.


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