Financial Secretary Paul Chan on Sunday said Hong Kong is broadening its reach as a financial centre as the city looks to expand its presence in areas such as commodities, fixed income and digital assets.

He said this is part of efforts to develop different parts of the local financial eco-system to solidify one of the SAR's key economic growth pillars, as Hong Kong seeks to contribute to the country's plans of becoming a financial powerhouse with forward-looking measures and reforms.

Writing on his blog, Chan said the total market cap of the Hong Kong, Shanghai and Shenzhen bourses is now worth roughly the same as China's overall GDP, but the two American bourses are more than double the US figure.

"We are advancing all segments of the financial market with a clear, holistic perspective, pursuing a dual-track strategy of 'consolidating strengths' and 'diversifying expansion'," the minister said.

The areas for consolidation, he noted, include the stock market, asset management and green financing, while commodities, fixed income and digital assets are among the sectors for expansion.

Chan said the world is going through a financial landscape restructuring triggered by advances in technology, and the SAR is in a strong position in part due to the country's firm support.

He cited the recently announced Global Financial Centres Index, in which Hong Kong's rating grew closer to that of world leaders New York and London, which showed that the SAR's financial strengths had gained international recognition.

The index was compiled by London-based think tank Z/Yen and the China Development Institute from Shenzhen.