Financial Secretary Paul Chan said all economies must embrace technologies such as artificial intelligence and blockchain as he met leaders at the World Economic Forum's annual gathering in Davos.

The remark came as he delivered a speech at the "2026 Davos-Caixin CEO Luncheon" in which he said the SAR is strategically transitioning to be driven by three pillars - finance, trade, and innovation and technology.

Chan said Hong Kong is piloting initiatives in fintech innovation, with the strong backing from neighbouring cities in the Greater Bay Area, which is known for its robust innovation and technological industrial chains.

He said the SAR is a "worthwhile" investment destination with "tremendous" development potential.

He said that as global trade undergoes a "paradigm shift", the traditional model of producing and exporting low-costs goods - commonly seen in developing economies - is changing.

"Taking China as an example, the country is advancing high-level, two-way opening-up and driving its economy with a focus on expanding domestic demand," he said, according to a statement.

"This not only injects momentum into China's high-quality development, but also creates vast market opportunities for quality goods and services from across the globe, fostering shared prosperity," he added.

Chan also delivered a speech at a China-focused dinner, after meeting officials from Cambodia and the United Arab Emirates to discuss ways for further collaboration, and chatting to some 100 cross-sector leaders, including Nvidia boss Jensen Huang.

Separately, the finance minister met a medical tech firm, Yidu Tech, to encourage the company to expand in Hong Kong.