Yao Zhisheng, member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference: Hong Kong should compile a white paper on financial development and ensure that stable currency bonds surpass London

On August 7, according to Hong Kong media outlet Ming Pao, Yao Zhisheng, a member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference, stated that Hong Kong should compile a financial development white paper in due course and clearly outline specific arrangements in this year's Policy Address, focusing on promoting the development of stablecoins and bond businesses to surpass London.

The specific arrangements were clearly announced and published in this year's Policy Address, with four main recommendations:

1. Establish two strategic goals for financial development: one is to develop into a "dual-base" international financial center based on both the RMB and the US dollar; the other is to become an international financial center on par with New York.

2. Accelerate the internationalization of the RMB by focusing on developing a RMB stablecoin and expanding the issuance of RMB bonds.

3. Develop a five-year plan for financial development and outline a 10-year vision to ensure the implementation of these financial development goals.

4. The Chief Executive of Hong Kong should personally lead the preparation and implementation of the white paper.