A Paradigm Shift Towards a Green and Sustainable Finance Center

5 Executive Summary This report is concerned with Hong Kong’s transition moving “from governance to greater prosperity”. We present an inventory of Hong Kong’s economy and analyze the changes in its market. We reveal that the market dynamic that supports the status of the international financial center is upset. An upgraded Guangdong-Hong Kong-Macao Greater Bay Area unification plan or an international finance center rejuvenation plan, against such a background, will not work. The city urgently requires a new anchor to sustain its competitive edge. We argue that the shared belief in green development between China and the West timely provides an updated idea to fill in the gap. It is not only necessary but also feasible for Hong Kong to have a paradigm shift from a conventional finance center to a center of green and sustainable finance. The Hong Kong Government should make it clear to the whole society that green and sustainable finance is of long-term importance of the city and the core direction for its future.