NPC delegate Wu Jiezhuang proposed the establishment of a Web3 financing platform in the Greater Bay Area to promote SME innovation and international expansion.
All-China People’s Congress (NPC) delegate Wu Jiezhuang presented a proposal to establish a Web3 international financing platform specifically for small and medium-sized enterprises (SMEs) in the Guangdong-Hong Kong-Macao Greater Bay Area, as reported from Hong Kong TKWW. This ground-breaking step aims to accelerate the international expansion of Chinese niche, specialized and innovative SMEs, while promoting a market centered around green, technology and innovation sectors.
The proposal comes at a crucial time as Hong Kong vigorously supports the development of the third generation Internet, known as Web3. The establishment of an international innovative financial platform based on Web3 technology will not only leverage Hong Kong’s traditional financial advantages, but also take advantage of its unique position as a global digital technology hub. The aim of the platform is to become a benchmark for providing innovative financing models and international application scenarios for niche, specialized and innovative SMEs.
Wu Jiezhuang suggests that in order to make this vision a reality, relevant national ministries should lead the charge by researching and developing accurate support policies and preparing a road map for the practical application of innovative financial services and urban application scenarios. This includes creating action plans to nurture and incubate potential ‘little giant’ SMEs and integrating projects that promote SME growth, investment, innovation and governance cooperation into national key projects.
In accordance with the proposal, differentiated strategies and innovative investment and financing methods should be formulated to meet the diverse business environment in different countries and regions. By using a range of financial instruments such as equity, loans, bonds and leases and by creating investment or cooperative funds for capital investment, mergers and acquisitions and debt participation, sustainable development of overseas investment and financial projects can be achieved.
In addition, Wu calls for the exploration of cross-border trusted data exchange technologies and tools to connect the international innovative financing platform with the national service platform for niche, specialized and innovative SMEs. This will ensure interoperability and create a one-stop shop for technology insights, digital transformation, financial support and scenario development, moving towards a standardized and regulated environment.
Wu Jiezhuang highlighted Hong Kong’s rich experience in infrastructure construction, shipping, logistics and investment financing. Compared to mainland operations, Hong Kong’s management level and commercial mode of operation are more mature, international and market-oriented. By drawing on the public-private partnership (PPP) model and using Blockchain+ strategies, significant areas such as the Belt and Road Initiative could raise the necessary funds through compatible digital asset trading platforms based in Hong Kong.
This proposal, if accepted, could position Hong Kong as a pioneering city in the integration of Web3 technologies for international SME collaboration, further underscoring the region’s commitment to embrace the future of digital finance.
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