National Committee of the Chinese People's Political Consultative Conference Standing Committee Member Yao Zhisheng: Hong Kong should prepare a white paper on financial development to promote stablecoin bonds surpassing London

ChainCatcher news, National Committee member of the Chinese People's Political Consultative Conference Yao Zhisheng stated that Hong Kong should timely prepare a white paper on financial development and clearly propose specific arrangements in this year's policy address, focusing on promoting the development of stablecoins and bond business to surpass London. He made four suggestions:

1. Establish two strategic goals for Hong Kong's financial development: first, to build a "dual foundation" international financial center based on the RMB and USD; second, to stand alongside New York as a global financial hub;
2. Focus on developing RMB stablecoins and expanding RMB bond issuance to promote the internationalization of the RMB;
3. Formulate a financial development plan for the next 5 years and outline a 10-year vision blueprint;
4. The Chief Executive of Hong Kong should personally lead the preparation and implementation of the white paper. (Ming Pao)