Hong Kong considers new offshore yuan venture fund for tech, emerging industries

Hong Kong is actively considering launching a new offshore renminbi venture fund to channel capital into cutting-edge technology and emerging industries, while supporting yuan internationalisation, the city’s finance chief has said.

The initiative aligns with the nation’s 15th five-year plan, which guides development from 2026 to 2030 and calls on Hong Kong to enhance its role as an international financial hub and expand its offshore renminbi business.

“We are actively considering establishing a brand-new offshore renminbi venture capital fund,” Financial Secretary Paul Chan Mo-po wrote in his weekly blog on Sunday.

“This will help channel and leverage offshore renminbi capital into cutting-edge technology and emerging industries, while supporting the steady development of renminbi internationalisation.”

Such a move sought to build on the growing convergence between artificial intelligence and finance, Chan said.

He highlighted the virtuous cycle in which finance and innovation and technology (I&T) support each other’s growth and inject stronger momentum into high-quality economic development.

“Hong Kong has invested heavily in innovation and technology, and this effort is transforming into a new driving force for economic growth,” Chan said. “However, this effort must be intensified and accelerated.”