Hong Kong People's Congress Deputy Chen Zhenying: Caution should be exercised in developing emerging financial products such as stablecoins and virtual assets

DeepFlowTech · 2026-03-08T02:04:23+00:00

Hong Kong Legislative Council Chairman Regina Ip stated that she will support the first five-year plan, emphasizing that emerging financial products like stablecoins should be developed cautiously. At the same time, she promotes the regulated use of AI to ensure financial security. Wu Jiejun mentioned that Hong Kong's advantages should be leveraged to strive for the development of an international financial and innovative technology hub, improving its global ranking.

DeepFlowTech

2026-03-08 02:04:23

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Deep Tide TechFlow News, March 8th, according to Hong Kong media Sing Pao, Hong Kong Legislative Council Chairman and NPC Standing Committee member Regina Ip said she will fully support and cooperate with Hong Kong’s first five-year plan. Hong Kong NPC delegate Chan Chun-ying pointed out that caution should be exercised in developing emerging financial products such as stablecoins and virtual assets. Many financial institutions, including banks, securities firms, and insurance companies, are already using artificial intelligence. There is a need for better regulation of AI usage, including improved supervision, to ensure the security of Hong Kong’s financial system and prevent any issues.

Additionally, Wu Jie-zhuang, a member of the Hong Kong Legislative Council Election Committee, stated that the “14th Five-Year Plan” represents the direction of national development for the next five years and beyond. In this new stage, Hong Kong should fully leverage its advantages, focus on building the “Four Centers and One High Ground,” strengthen and enhance its status as an international financial, shipping, and trade center, and strive to become an international innovation and technology hub. Currently, Hong Kong ranks third globally as an international financial center, but there is a real opportunity to move further and become the second in the world.

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