Since the handover, Hong Kong has overcome challenges through reform and innovation, solidifying its position as an international financial center, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said.
Amid the current global political and economic uncertainty, he thought that Hong Kong is confidently moving forward, continuously seeking new development momentum and fostering new growth opportunities.
In a post on social media, Hui noted that during the current government's three years in office, there has been a strong focus on economic revitalization, development, and enhancing the well-being of citizens.
He also mentioned that Hong Kong's economy has demonstrated remarkable resilience, with improved competitiveness and a robust financial market. The stock market is recovering, with active trading, and year-to-date Initial Public Offering (IPO) fundraising has ranked first globally.
The government has implemented various reform measures, including the "18C" initiative, a dedicated line for tech enterprises, and support for the return of Chinese concept stocks, all aimed at promoting fundraising for innovation and technology companies in Hong Kong, reinforcing its role as a financing platform for the sector.
Hui also added that the ongoing efforts to enhance Hong Kong's competitiveness as an international asset management center. With nearly US$40 trillion (HK$312 trillion) in managed assets, more than ten times the local Gross Domestic Product (GDP).
He predicted Hong Kong is poised to become the world's leading cross-border asset management hub within the next two to three years.
Last week, the "second policy statement on development of digital assets" introduced the "LEAP" framework to enhance the digital asset market, emphasizing regulatory optimization, product expansion, application development, and talent collaboration, reinforcing Hong Kong's position as a global digital asset center.
Hui also mentioned plans to optimize the financial system, enhance mainland-Hong Kong connectivity, promote green finance and fintech, and attract international talent to boost Hong Kong's financial market.
ANSON LUK
