Economic alliances 'key as global challenges evolve'

Secretary for Financial Services and the Treasury Christopher Hui has called on all economies to work together to achieve long-term prosperity. He made the remarks during a seminar on trade and supply-chain finance as well as green and sustainable finance at the Asia-Pacific Economic Cooperation finance ministers’ meeting on Tuesday. Hui noted that the seminar allowed regulators, business leaders and experts across the region to carry out discussions on issues such as enhancing financial resilience and promoting sustainable growth. “In an era of profound economic transformation and evolving global challenges, prosperity will not be secured by any economy acting alone,” he said. “It will be built through partnership, innovation and resilience.” Hui said trade and supply-chain finance as well as green and sustainable finance are relevant to the region's development and highlighted the efforts of the government in those regards. For instance, he said, the government has stepped up support for small and medium-sized enterprises through its finance and trade promotional efforts as well as its bid to accelerate green and sustainable finance development and establish an international carbon market. The latter was demonstrated by collaboration between Hong Kong Exchanges and Clearing, as part of its Core Climate marketplace initiative, and Hong Kong Quality Assurance Agency on...