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Hong Kong's retail sales for April are expected to maintain a decent increase, marking 12 consecutive months of growth and reflecting stable recovery momentum for the local retail sector, Financial Secretary Paul Chan Mo-po said.
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Writing in his weekly blog on Sunday (May 31), Chan noted that the government will release the official retail sales figures for April this week.
He attributed the economic momentum to a new wave of technological revolution and industrial transformation, where technological breakthroughs and product innovations have driven both investment and sales, serving as a primary engine of growth.
Supported by this trend, Hong Kong’s overall merchandise exports in April surged by 42.9 percent year-on-year, driven largely by the export of artificial intelligence electronic products.
Chan described the current global climate as a mix of geopolitical shifts and a worldwide AI wave, both of which have led to a reallocation of capital on an unprecedented scale.
He emphasized that attracting and utilizing these two massive capital flows is a critical task for Hong Kong's current development.
To foster a positive cycle between finance and the innovation and technology (I&T) sector, Chan said the government is currently advancing capital injections into the Hong Kong Investment Corporation (HKIC).
Additionally, the government will actively work to launch a brand-new offshore Renminbi venture capital fund.
