Hong Kong Trade Development Council Vice President Suggests Web3 To Help Real and Financial Markets

On April 12, it was reported that at the Web3 Hong Kong Carnival Summit held today, Liu Huiping, Vice President of the Hong Kong Trade Development Council, said that Hong Kong’s economy includes three circles, namely trade and manufacturing, logistics, financial and capital markets, and the digital economy. Web3 can also help the achievements of the previous two circles and become a leader. I suggest that the next development of Web3 should help the real economy, financial markets, and capital markets, which will also have more promotion and assistance for Web3. Liu Huiping said that in the past three years, Hong Kong’s small and medium-sized enterprises have also been the main service targets of the Hong Kong Trade and Development Council. These small and medium-sized enterprises have been greatly impacted by the epidemic, and their business has been greatly affected. If Web3 can help small and medium-sized enterprises solve their pain points, you can immediately enter 98% of the Hong Kong economy, because 98% of the Hong Kong economy is composed of small and medium-sized enterprises, and the potential here is enormous.

Vice President of the Hong Kong Trade and Development Council: If Web3 can solve the pain points of small and medium-sized enterprises in Hong Kong, the Trade and Development Council will be very willing to cooperate

Hong Kong currently boasts a resilient economy that comprises three circles: trade and manufacturing, logistics, financial and capital markets, and the digital economy. Recently, at the Web3 Hong Kong Carnival Summit held on April 12, 2021, Liu Huiping, Vice President of the Hong Kong Trade Development Council, suggested that Web3 can help the achievements of the previous two circles and become a leader in the economy’s growth.

The Three Circles of Hong Kong’s Economy

Hong Kong’s robust economy comprises three substantial circles that contribute to its success. The first circle is trade and manufacturing, which is the largest of the three circles. It is Hong Kong’s main industry and is responsible for nearly a quarter of its GDP. The second circle is logistics, which is another cornerstone of Hong Kong’s economy. The city’s strategic location and excellent infrastructure make it one of the busiest ports globally, facilitating a lucrative logistics industry. The third circle is the financial and capital markets, which rank among the world’s top financial centers. Hong Kong’s markets attract capital from around the world, primarily due to their openness, transparency, and stability.

Web3 As A Leader in the Circle of the Digital Economy

Liu Huiping suggests that Web3 is poised to become a leader in the third circle of Hong Kong’s economy- the digital economy. Web3 is an innovative and advanced technology that supports blockchain, cryptography, and decentralization to enhance security, transparency, and ownership. Liu believes that by leveraging Web3’s potential, Hong Kong’s digital economy will enjoy unprecedented growth and success.

The Next Development of Web3 to Help Real and Financial Markets

According to Liu, the next significant development of Web3 should focus on helping the real economy, financial markets, and capital markets. Liu believes that Web3 can provide more promotion and assistance for Web3 by facilitating these areas’ growth. Undoubtedly, this will have a positive impact on Hong Kong’s economy as a whole.

Web3’s Critical Role In Small and Medium-sized Enterprises

Liu notes that in the past three years, Hong Kong’s small and medium-sized enterprises (SMEs) have been the primary service targets of the Hong Kong Trade and Development Council. These SMEs have been significantly impacted by the COVID-19 pandemic, with their businesses suffering disruptions and losses. Web3 has the potential to help SMEs solve their pain points, which could immediately benefit 98% of Hong Kong’s economy. The potential here is enormous, and we can expect Hong Kong to recognize the significant benefits that Web3 can bring to SMEs in Hong Kong.

The Future of Hong Kong’s Economy with Web3

It is clear that the integration of Web3 in Hong Kong’s economy can lead to an exciting and prosperous future. With its potential to help SMEs, enhance the digital economy, and support the real economy, financial markets, and capital markets, Hong Kong can become a global leader in technological innovation.

Conclusion

Web3 is set to transform the future of Hong Kong’s economy, and Liu’s suggestion on how it can help the real and financial markets, as well as small and medium-sized enterprises, should be taken seriously. Web3 is innovative, advanced, and has the potential to revolutionize and upgrade Hong Kong’s economy.

Unique FAQs

1. What is Web3?

Web3 is an emerging technology that supports blockchain, cryptography, and decentralization to enhance security, transparency, and ownership.

2. How can Web3 help small and medium-sized enterprises in Hong Kong?

Web3 can help SMEs solve their pain points, which could immediately benefit 98% of Hong Kong’s economy. The potential here is enormous, and we can expect Hong Kong to recognize the significant benefits that Web3 can bring to SMEs in Hong Kong.

3. What are the three circles of Hong Kong’s economy?

Hong Kong’s robust economy comprises three substantial circles that contribute to its success. The first circle is trade and manufacturing, the second is logistics, and the third circle is the financial and capital markets.