According to the Hong Kong Economic Journal, the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, published the first "Policy Address" during his tenure. Li Jiachao mentioned that the government will take measures to comprehensively enhance the competitiveness of Hong Kong's financial services. Regarding virtual assets, the government has proposed a bill to introduce a statutory licensing system for service providers. The Hong Kong Monetary Authority is studying the market's views on the regulation of stablecoins, and will ensure that the regulatory system is consistent with international regulatory recommendations and suitable for local circumstances. In addition, the Hong Kong Monetary Authority has started preparations for the "Digital Hong Kong Dollar" and is cooperating with mainland institutions to expand the test of using "Digital Renminbi" as a cross-border payment tool in Hong Kong.