Legislative Council member Ricky Choi submitted the "Three Arrows, Three Circles" economic and technology development policy initiative.
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Legislative Council member Ricky Choi submitted the "Three Arrows, Three Circles" economic and technology development policy initiative.
The "Three Arrows, Three Circles" policy initiative takes into account that in the post-pandemic era, countries around the world are making efforts to recover from economic downturns as soon as possible, and Hong Kong is no exception.
Navigating Web3 tides with focused insightsLegislative Council (Innovation and Technology) member Ricky Choi submitted a policy proposal titled "Three Arrows, Three Circles" on economic and technological development in response to the 2023 Policy Address, putting forward multiple recommendations. These include establishing a HK$5 billion "Angel Mother Fund" through Hong Kong Investment Management Limited to stimulate investment in the innovation and technology sector, launching a "Fixed-Amount Investment Attraction Scheme" targeting high-potential growth-stage tech enterprises, creating a "Secondary Market Matching Fund" to invigorate the secondary capital market, reducing or abolishing stamp duty on stock transactions, issuing tokens to support the development of Northern Metropolis Science Park, accelerating the rollout of retail-level e-HKD, introducing a "Hong Kong Dollar Stablecoin Sandbox," and providing policy incentives to encourage private-sector issuance of compliant HKD stablecoins. The goal is to leverage market forces to accelerate Hong Kong's economic recovery and create new momentum by advancing digital economy and Web3 development.
Ricky Choi held a press conference today (August 31) at the Legislative Council Complex to introduce the details of the "Three Arrows, Three Circles" policy proposal he has submitted to the Chief Executive. He explained that the proposal was formulated with consideration of the post-pandemic era, during which countries worldwide—including Hong Kong—are striving to recover from economic downturns. Given ongoing geopolitical tensions and Sino-US relations, Hong Kong must adopt breakthrough strategies to reboot its economy. Relying solely on government efforts is insufficient; it is essential to harness market forces. Only through joint efforts between the government and the market can Hong Kong drive forward its economic engine with strong momentum and solid support for high-quality development.
Therefore, during the consultation period for the 2023 Policy Address, he proposed the "Three Arrows, Three Circles" initiative, aiming to position the government as a pioneer that creates favorable conditions to mobilize market and private capital in driving innovation, technology, and capital market development. Additionally, by implementing supportive policies and leading in the adoption of innovative technologies, the government can demonstrate Hong Kong’s determination to advance Web3, foster local Web3 ecosystem growth, attract global Web3 investors, and accelerate the city's digital economy and Web3 progress.
He added that on August 18, he met with the Chief Executive together with several other G19 lawmakers to share views on the 2023 Policy Address, during which he introduced the importance and strategic rationale of the "Three Arrows, Three Circles" proposal. He has since formally submitted both the policy proposal and another set of recommendations on innovation and technology to the Chief Executive and relevant officials for consideration.
Regarding the "Three Arrows, Three Circles" initiative, the "Three Arrows" refer to: (1) establishing a mother fund to unlock private investment in the tech sector; (2) attracting promising growth-stage tech enterprises through targeted investment; and (3) enhancing fundraising capabilities for small and mid-sized listed companies by setting up a secondary market matching fund and lowering stamp duty. The "Three Circles" encompass: (1) issuing tokens to support the development of Northern Metropolis Science Park; (2) expediting the launch of digital港元 (e-HKD) with government disbursements serving as pilot use cases; and (3) issuing Hong Kong dollar stablecoins to promote the development of Hong Kong's virtual asset industry.
On the proposal to issue tokens to support Northern Metropolis Science Park, Ricky Choi explained that about 23% of the land in Phase One of the science park consists of "ancestral halls land" (zutong di), where ownership belongs collectively to entire clans. Under an Asset-Backed Token (ABT) issuance mechanism, such plots could be tokenized and subdivided, helping overcome challenges in reclaiming ancestral halls land. ABTs would also grant token holders voting rights over decisions related to the land while allowing them to retain rights similar to those historically enjoyed by members of ancestral clans.
In addition, Ricky Choi put forward over 60 recommendations on innovation and technology policy for the 2023 Policy Address. These include urging the SAR government to draw reference from the mainland’s Overall Layout Plan for Building Digital China, with the Chief Executive leading top-level design to establish a robust digital security framework for Hong Kong’s digital economy; enacting a Data Security Law as soon as possible; establishing a central Government Data Bureau to unify storage and management of public and public-interest-related private data; formulating a comprehensive digital infrastructure development plan; building a sound regulatory regime for Web3; developing a data industry strategy and roadmap; promptly announcing specific arrangements for cross-boundary data flows ("data going across the river") between Hong Kong and Guangdong-Hong Kong-Macao Greater Bay Area cities; and piloting such data exchanges first in livelihood areas such as healthcare and transportation.
To address technology talent shortages, he recommended the government introduce a dedicated "Digital Work Visa" (DigiPass) for tech enterprises, allowing tech professionals from the Greater Bay Area holding this visa to travel freely between Hong Kong and mainland GBA cities. He also urged the government to swiftly release details of the revised Capital Investor Entrant Scheme, including requirements for applicants to invest a specified amount or proportion of their assets into local technology-related projects, enterprises, and funds. Moreover, he emphasized that Hong Kong must maintain sustainable self-renewal capacity, and therefore recommended a comprehensive review and establishment of an integrated innovation and technology education system covering primary, secondary, tertiary, and vocational training levels.
On combating telephone scams, Ricky Choi suggested the government discuss with telecom operators the reorganization of phone numbers used by government departments and public institutions, switching them all to start with the digit "1." In the future, only government and public bodies would be allowed to use numbers beginning with "1," effectively preventing scammers from impersonating government officials.
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