National Committee of the Chinese People's Political Consultative Conference Yao Zhisheng: Hong Kong should prepare a Financial Development White Paper, focus on Stablecoin Bonds surpassing London

By: theblockbeats.news|2025/08/07 10:52:08

BlockBeats News, August 7th, according to Hong Kong media Ming Pao, National Committee of the Chinese People's Political Consultative Conference (CPPCC) member Yao Zhisheng stated that Hong Kong is at a time to draft a white paper on financial development, focusing on surpassing London in stablecoin bonds, and to clearly announce and publish specific arrangements in this year's policy address. The main suggestions are as follows:

1. Establish two major strategic goals for financial development: first, to develop into an "RMB and USD dual-based" international financial center; second, to become an international financial center on par with New York.

2. Focus on developing RMB stablecoins and expanding the issuance of RMB bonds to accelerate RMB internationalization.

3. Develop a 5-year plan and outline a 10-year vision blueprint for financial development to ensure the realization of financial development goals.

4. The Chief Executive should personally lead the drafting and implementation of the white paper.

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