Treasury chief refutes talks of Hong Kong's declining economy

Secretary for Financial Services and the Treasury Christopher Hui Ching Yu said that Hong Kong still has an edge as a financial hub despite the weak performance of its stock market.

His comments came after Stephen Roach, the former chairman of Morgan Stanley Asia, recently wrote an article in the Financial Times stating that the city's stock market has performed poorly and that "Hong Kong is over" due to political factors.

Hui refuted the statement in a radio program on Sunday that certain financial services and sectors, including asset management, risk management businesses, and the bond market, are developing very well.

The treasury chief also pointed out that Hong Kong has issued more than US$500 billion in bonds in the past nine months, and the 7 percent increase can be attributed to the development of the Yuan, which has lower interest rates than the US.

Hui stated that although the city's post-pandemic economic recovery has been slower than expected, and economic pressures persist due to high interest rates and geopolitical factors, authorities will implement various measures to enhance the city's financial competitiveness.

This year marks the 10th anniversary of the launch of the Stock Connect program, and it is also the fifth anniversary of the Greater Bay Area Development Plan. 

The minister believes that it is an appropriate time to reflect on the past, learn about the present, and examine whether any other tasks or measures can be advanced.