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As for MST function uniquely used by Samsung Pay, payers are required to place their handsets within a 7.5 cm distance of the payees' POS (Point of sale) for identification.

As an international financial center, Hong Kong attaches great importance to the provision of highly efficient cross-border payment services, he said, noting that the HKMA is dedicated to conducting research on the application of the latest fintech solutions for cross-border payment.

As for punitive measures, he said: "I generally do not think that barriers between countries are good things. I think, in the vast majority of cases, various regulations decrease the size of the global economy and make everybody in the world poorer."

As for the US, whatever impact its tax cut will have on an economy so close to full employment will be paid back partially later in the form of lower growth, as temporary spending incentives (notably for investment) expire and as increasing federal debt takes a toll over time, he said.

As a result of this surplus under the current account, China has also become the dominant holder of US Treasury bonds. In recent years, direct investment by Chinese companies into the US has also grown rapidly, accumulating more than 0 billion in total and creating jobs for more than 200,000 Americans.