Chen Maobo: Hong Kong must coordinate development and security, and build a national security line in areas such as finance and energy.

Hong Kong Financial Secretary Paul Chan Mo-po stated in a post that the current international situation is becoming increasingly complex and volatile, with conflicts in some regions ongoing, hot issues still burning, and social unrest in others. These challenges reflect one clear point: national security exists in various sectors such as finance, energy, technology, food, overseas interests, etc., and they are interrelated. It is essential to firmly establish a comprehensive national security perspective and enhance the ability to prevent risks and respond effectively to incidents. He mentioned that as an international financial, trade, shipping, and innovation center, Hong Kong must continue to balance development and security, maintain security within openness, consolidate and enhance its own strengths, promote innovation, and focus on preventing risks in advance. For example, Hong Kong's financial system has always been stable and efficient, supporting the smooth operation and rapid development of the market while firmly maintaining security. The linked exchange rate system provides a reliable anchor for Hong Kong's local currency and financial stability; the capital adequacy and liquidity of the banking system are far higher than international standards; and securities firms have sufficient funds and orderly transactions. At the same time, Hong Kong attaches great importance to innovation. Recently, the HKMA granted the first batch of stablecoin issuers licenses under the "Stablecoin Regulation," illustrating the balance between security and innovative development. The principle of stablecoins set by the authorities is that they have the potential to address pain points in economic activities, especially in cross-border transactions and payments, while upholding financial stability, anti-money laundering, and protecting users and consumers. Therefore, the HKMA adopts a cautious and gradual approach to issuance, considering the issuer's strong compliance capabilities as a significant factor. He further cited energy as an example. The international geopolitical situation has caused a global impact on energy supply, with many places facing energy shortages. In contrast, the national energy self-sufficiency rate has been maintained at over 80% in recent years. Looking at the energy composition structure, non-fossil energy (including hydroelectric, nuclear, wind, and solar) consumption accounts for over 30%, with oil at less than 20%, and diversified sources of imported energy. This structure makes the country more resilient and able to withstand shocks in the global energy market. Stable energy supply is crucial for society's livelihoods and economic operations. Hong Kong receives about 80% of its oil products from the mainland, and with solid support from the country, energy supply in Hong Kong remains stable. In response to the latest energy supply and demand situation, the HKSAR government has established a "Cross-Departmental Monitoring Task Force on Fuel Supply," closely monitoring the dynamics of the fuel market and proposing four short-term measures, including subsidies for diesel prices to support industries and public services significantly impacted. The relevant funds have been quickly approved by the Legislative Council, and the details are being implemented rapidly. In the medium and long term, continuing to actively promote the green transformation of Hong Kong's energy, including expanding the proportion of zero-carbon energy through strengthening regional cooperation, gradually moving towards the "Net Zero Emissions by 2050" target set in the "Hong Kong Climate Action Blueprint," and increasing the diversity and resilience of Hong Kong's energy structure is essential. The HKSAR government plans to increase the proportion of zero-carbon energy generation to about 60-70% by 2035. The latest strengthening of the transmission system is expected to be completed this year, allowing Hong Kong to gradually introduce more zero-carbon electricity. In the ever-changing international situation, geopolitical games intensifying, risks and challenges exist in various fields from financial markets to energy supply. Faced with the constantly changing new situation, Hong Kong must place security at the core of development and solidify the foundation of security through high-quality development.