Zhang Ming of the Chinese Academy of Social Sciences: Suggests Hong Kong Explore Tokenization of Dim Sum Bonds

According to a report in Caijing magazine, Zhang Ming, Deputy Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, and other experts have advocated exploring the tokenization of dim sum bonds in Hong Kong as a priority asset direction worthy of development in the era of HKD stablecoins. Dim sum bonds combine the internationalization of the RMB, Hong Kong’s regulatory advantages, national asset allocation requirements, and the attributes of an offshore RMB and standardized financial instrument, alongside internationalized issuers and standard fixed-income asset features. Aligning with the global RWA (Real-World Assets) tokenization trend, they represent a crucial breakthrough avenue for Hong Kong’s digital finance sector and are well-suited to serve as premium underlying assets for an HKD stablecoin ecosystem. Whether a stablecoin ecosystem can generate long-term demand hinges not on “who issues,” but on “which assets can be purchased, settled, and allocated.”