I estimate that the likelihood of a Hong Kong dollar stablecoin emerging is not very high, as the Hong Kong government has previously stated in a white paper that it will consider developing a digital Hong Kong dollar. This path may be somewhat similar to the digital renminbi, so the Hong Kong dollar stablecoin may, to some extent, have a competitive relationship with the digital Hong Kong dollar.

Web3 plays a key role in the development of fintech. The government of the special administrative region issued a policy declaration at the end of last year regarding the development of virtual assets in Hong Kong, demonstrating our open attitude towards innovation in virtual assets and our firm determination. We are pleased to see that the industry's response has been very positive.