Hong Kong's Finance Secretary Paul Chan stated that the city is balancing financial security with innovation. The city views itself as a testing ground and firewall for China's ongoing reforms, citing geopolitical tensions as the impetus for its strategy.

Hong Kong has struck a balance between financial security and innovation in its strategic roles as a “testing ground” and “firewall” for the nation’s reform and opening up, the city’s finance chief has said. Financial Secretary Paul Chan Mo-po said on Sunday that security was core to the objective of achieving high-quality development as geopolitical tensions fuel risks in global financial markets and energy supplies. As Hong Kong rolled out the first batch of stablecoin licences last week, the....