Financial Secretary Paul Chan told the Asian Financial Forum on Wednesday that Hong Kong serves as an "active contributor" to global sustainable development in the face of escalating geopolitical tensions and economic fragmentation.

"The world is far off track in achieving sustainable development goals. We certainly face multiple crises. Wars and conflicts have resulted in a widespread humanitarian crisis. Geopolitical tensions and economic fragmentation disrupted normal trade, investment and innovation. They hamper global economic growth and in some cases, hinder climate actions," he said.

Chan said economic progress is vital for achieving sustainable development and securing the necessary resources to meet the goals.

He said Hong Kong can contribute to global sustainable development by ensuring the free flow of manpower and goods and upholding the common law system under the "one country, two systems" principle.

Speaking at the same event, Eddie Yue, chief executive of the Hong Kong Monetary Authority, expressed concerns about a decline in international cooperation in recent years.

"Unfortunately, in the last few years, we are seeing this kind of global collaboration receding a little bit. We are increasingly hearing terms like de-globalisation, decoupling, de-risking. This will unfortunately have the potential of disrupting supply chains and also even hindering economic progressions," he said.

Yue warned that Asia will bear the brunt of de-globalisation, citing the International Monetary Fund's prediction of a greater loss in GDP for the region due to the trend.