Yang Zaiyong, vice chairman of the Chinese Finance Association of Hong Kong, said in an article that in January this year, Chinese securities firm GF Securities (Hong Kong) successfully issued the first short-term commercial paper (Commercial Paper) tokenized securities applicable to Hong Kong law, marking the development of digital finance in Hong Kong. Entering a new milestone. Hong Kong regulators have an open and supportive attitude towards RWA innovation. For example, the Securities and Futures Commission has made it clear that RWA investment is expected to be open to retail investors. If Hong Kong wants to strive to become the source of global RWA innovation, it must further improve the top-level design, break through innovation bottlenecks, and optimize infrastructure. Cultivate the market ecology and lead the industry towards a higher quality and more sustainable track. (Economic Journal)