The current government of the Hong Kong Special Administrative Region is about to take office for three years. The Financial Secretary for the SAR Government, Chan Mo-po, published a blog on the 22nd, saying that Hong Kong's GDP has maintained growth for nine consecutive quarters, exceeding HK$3 trillion (the same below), the income of workers has increased substantially, and inflation has remained roughly stable.
Chan Mo-po said that under the leadership of the Chief Executive of the SAR Li Jiachao, the entire team is united and strives to strive for the economy, development and benefit people's livelihood. From getting out of the new crown epidemic to the sudden geopolitical changes, Hong Kong's economy has always shown strong resilience.
He gave an example, the stock market has resumed its upward trajectory over the past year, with the market trading volume significantly increasing, and the average daily turnover this year has increased to more than 240 billion yuan; and the IPO fundraising amount is also temporarily ranked first in the world. In terms of wealth management, as of the end of March this year, the number of registered funds reached 976, recording a net inflow of more than US$44 billion on year, an increase of 285%. It is expected that within two or three years, Hong Kong will become the world's number one cross-border asset management center.
In terms of innovation and technology, Hong Kong's total local R&D expenditure was close to 33 billion yuan in 2023, an increase of 10% year-on-year. The number of local start-ups increased to about 4,700 at the end of last year, a new high; Hong Kong has also increased its investment in innovation and technology, accelerated development of the northern metropolitan area, and deepened cooperation with brother cities in the Greater Bay Area. In terms of talent absorption, various imported talent plans have attracted more than 210,000 talents to Hong Kong since the end of 2022.
Chan Mo-po said that the century-long change is accelerating. Although there is huge uncertainty in the peripheral environment and the intensification of unilateralism and protectionism, Hong Kong has always been in a state of change. With the development of the country, we see new opportunities, find new positioning, and show new actions. Hong Kong must face challenges and find ways to respond in a flexible manner; see opportunities and seize them with all their might.
He also said that it is very important to tell a good story about Hong Kong from both inside and outside. On the 23rd, Chan Mo-po will lead a delegation of about 30 people to attend the 2025 New Leaders Annual Meeting of the World Economic Forum held in Tianjin, introducing Hong Kong's examples in the research and development and application of innovative technology to international investors and innovation leaders.
