On the 15th, the Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, posted on his blog that traditional businesses such as the stock market and asset management in Hong Kong have steadily grown, and digital assets have also made significant progress. In response to the latest changes, the SAR government is about to issue its second policy declaration on the development of digital assets, outlining the next policy vision and direction. Chen Maobo stated that the external environment has remained uncertain since the beginning of this year, but the depth and breadth of the Hong Kong stock market have significantly improved. Since the beginning of this year, the Hang Seng Index has risen by over 3800 points, an increase of about 20%, ranking among the top global indices in terms of performance. As of May this year, the average daily trading volume of the stock market has increased by about 1.2 times year-on-year, reaching HKD 242 billion; The fundraising amount of new shares is also close to HKD 79 billion, ranking among the top in the world. Since the beginning of this year, the stock market has raised over HKD 150 billion in refinancing. He emphasized that many cornerstone investors for large-scale new stock fundraising come from Europe, America, the Middle East, and other regions in Asia, and the increasing trend of capital allocation in Hong Kong stocks is becoming more apparent. In addition, bank deposits continue to increase and interest rates are low. The flow of funds confirms that international investors' confidence in the Hong Kong financial market is further strengthening. The asset and wealth management business in Hong Kong is also steadily growing. Chen Maobo stated that as of the end of March this year, the number of registered funds in Hong Kong reached 976, recording a net inflow of over 44 billion US dollars annually, an increase of 285%. I believe that within two to three years, Hong Kong will become the world's largest cross-border asset management center. Chen Maobo pointed out that Hong Kong has also made significant progress in digital finance, green finance, and offshore RMB market. Since the first policy declaration on the development of the digital asset market was issued at the end of 2022, the development of the relevant market in Hong Kong has significantly accelerated. So far, 10 virtual asset trading platforms have been licensed, and the China Securities Regulatory Commission is processing license applications for another 8. In response to the latest developments and changes in the situation, Chan Mo po stated that the SAR government is about to issue a second policy declaration on the development of digital assets, outlining the next policy vision and direction. A series of specific measures include better integrating the advantages of traditional financial services with technological innovation in the field of digital assets, improving the security and flexibility of digital assets in real economic activities, and encouraging local and international enterprises to explore innovation and application of digital asset technology. He stated that the "Stablecoins Ordinance" has been passed by the Legislative Council, establishing a licensing system for fiat stablecoin issuers, which will come into effect on August 1st and has become one of the highly concerned focuses in the market recently. According to estimates, the total market value of global stablecoins is about 240 billion US dollars, while the global stablecoin trading volume exceeded 20 trillion US dollars last year. With the booming development of the digital asset market, the demand for stablecoins is expected to further increase. Chen Maobo said that Hong Kong is cautiously promoting the development of stablecoins, providing a new paradigm for the global stablecoin market, reflecting Hong Kong's functions as a "firewall" and "experimental field" under the "One Country, Two Systems" policy, and providing experience and reference for the country's financial development. (New Society)