The President of the Hong Kong Legislative Council called for cautious development of emerging financial systems such as stablecoins and virtual assets.

PANews reported on March 8 that, according to Hong Kong media, Legislative Council President Starry Lee stated that the Legislative Council will fully support and cooperate with Hong Kong in formulating its first five-year plan, emphasizing that Hong Kong will continue to integrate into serving the overall development of the nation. She also put forward suggestions regarding financial and technological development, including improving the functions and regulation of financial markets.

Hong Kong National People's Congress deputy and Legislative Council member Chan Chun-ying pointed out that the development of emerging financial products such as stablecoins and virtual assets should be approached with caution. He also emphasized that many financial institutions, including banks, securities firms, and insurance companies, have already widely adopted artificial intelligence. He believes that it is necessary to better regulate and supervise the use of AI to ensure Hong Kong's financial security and avoid problems.

In addition, Legislative Council member Wu Jiezhuang, representing the electoral sector, said that the "15th Five-Year Plan" represents the direction of national development for the next five years and even longer. Hong Kong should give full play to its advantages, do a good job in building "four centers and one high ground", consolidate and enhance Hong Kong's status as an international financial, shipping and trade center, and strive to build an international innovation and technology center, aiming to further improve from the world's third largest international financial center to the second largest.

Hong Kong National People's Congress deputy and Legislative Council member Chan Chun-ying pointed out that the development of emerging financial products such as stablecoins and virtual assets should be approached with caution. He also emphasized that many financial institutions, including banks, securities firms, and insurance companies, have already widely adopted artificial intelligence. He believes that it is necessary to better regulate and supervise the use of AI to ensure Hong Kong's financial security and avoid problems.

In addition, Legislative Council member Wu Jiezhuang, representing the electoral sector, said that the "15th Five-Year Plan" represents the direction of national development for the next five years and even longer. Hong Kong should give full play to its advantages, do a good job in building "four centers and one high ground", consolidate and enhance Hong Kong's status as an international financial, shipping and trade center, and strive to build an international innovation and technology center, aiming to further improve from the world's third largest international financial center to the second largest.