John Lee: Promote the internationalization of the renminbi; study the use of renminbi in certain contracts or transactions with the mainland

Hong Kong's first Five-Year Plan proposes strengthening Hong Kong's position as the world's largest offshore renminbi business hub, and the SAR government will take the lead in actively studying and promoting the use of renminbi to pay government expenses in more suitable scenarios. Chief Executive John Lee Ka-chiu said on a radio program that currently about 75% to 85% of offshore renminbi transactions are conducted in Hong Kong, but he believes more can be done to promote the internationalization of the renminbi, such as allowing investors to purchase bonds in renminbi. He also said the government will study the use of renminbi in certain contracts or transactions with the mainland, such as civil servants attending training at mainland institutions, and study using renminbi to pay part of the fees. Regarding the Policy Address's mention of artificial intelligence applications and risk governance, John Lee Ka-chiu said that while artificial intelligence is being widely applied, the public must understand its potential risks. He also said he is concerned about young people's use of artificial intelligence, and that excessive immersion in the artificial intelligence world could cause young people to become completely disconnected from society, for example no longer communicating with family or classmates, or even regarding artificial intelligence as their only friend. On attracting talent, John Lee Ka-chiu said that through various talent admission schemes, more than 300,000 talents have been attracted to Hong Kong, of whom about 20% come from places outside the mainland. These talents have excellent academic qualifications, can find higher-paying jobs, and contribute to Hong Kong's economy. He said that currently more than half of the talents are willing to continue staying in Hong Kong, but efforts are still needed to retain talent.