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The China Securities Regulatory Commission (CSRC) recently announced five measures on the collaboration with Hong Kong's capital markets, including expanding the eligible product scope of exchange-traded funds under Stock Connect; including real estate investment trusts (REITs) under Stock Connect; supporting the inclusion of Renminbi (RMB) stock trading counter under Southbound trading of Stock Connect; and enhancing the arrangements for mutual recognition of funds. These four measures aim at further enriching the contents of mutual access between the capital markets of the Mainland and Hong Kong, and further promoting the concerted development of the capital markets in the two places. CSRC will also support leading enterprises of industries in the Mainland to list in Hong Kong, and will strengthen communication and coordination with the relevant authorities. This measure will benefit Hong Kong's initial public offering market, and having more companies with long-term growth and return potential to list in Hong Kong will further attract international capital flow into Hong Kong, thereby strengthening and enhancing Hong Kong's status as an international financial centre. The measures have fully demonstrated the Central People's Government support to Hong Kong.

We are living in an era witnessing waves of technological transformation. Whether it is artificial intelligence (AI), biotech or new industrialisation, while research and development (R&D), innovation and application are crucial, the proper collection, categorisation, labelling, management and utilisation of data are no less important. Promoting comprehensive digitalisation across different industries and businesses is essential not only to enhancing the operational efficiency and competitiveness of enterprises, but also to spurring innovation in products, services and business models. It will also enable the provision of more personalised services to consumers and corporate clients. Technological innovation has become a vital driving force of production, with data being an indispensable element. Indeed, nurturing new quality productive forces that are centred around innovation and technology (I&T) has become the core of our efforts to promote the high-quality development of Hong Kong's economy.

Our country is making great strides towards high-quality development. During this year’s “Two Sessions” in Beijing, President Xi Jinping underscored the importance of accelerating the development of “new quality productive forces” as a key component and pillar for high-quality development. Alongside developing Hong Kong into an international innovation and technology (I&T) centre, we will leverage Hong Kong’s robust intellectual property (IP) protection regime and realise our role as a regional IP trading centre under the National 14th Five-Year Plan, thus creating new pathways for development.