TechFlow news, August 7: According to Hong Kong media Ming Pao, NPC Standing Committee member Yao Zhisheng stated that Hong Kong should now compile a white paper on financial development, seize the opportunity to surpass London in stablecoin and bond markets, and clearly announce specific arrangements in this year's policy address, with four main recommendations:
1. Establish two strategic goals for financial development: first, to become an international financial center based on both RMB and USD ("dual-currency base"); second, to become an international financial center on par with New York.
2. Accelerate RMB internationalization by focusing on RMB stablecoins and expanding RMB-denominated bond issuance. 3. Develop a five-year plan and outline a ten-year vision blueprint for financial development to ensure the achievement of financial goals.
4. The Chief Executive should personally lead the compilation and implementation of the white paper.
