Results for: Hong Kong economy

Hong Kong officials emphasized the importance of countering negative perceptions about the city and implementing measures to foster economic growth and attract talent and investment. Lawmaker Lo Wai-kwok called for increased revenue and reduced expenses to address the city’s financial deficit. He also stressed the need for a multifaceted approach to economic development, including promoting international e-commerce and restoring Hong Kong’s status as an events hub. Gary Chan Hak-kan highlighted the crucial role of explaining national security legislation and its benefits to enhance confidence among foreign investors and businesses. Tang Fei emphasized the protective aspects of the law and its positive impact on the economic environment and private assets. The debate also raised concerns about the expenses incurred by former leader Carrie Lam’s office, prompting suggestions for more cost-effective arrangements.

Hong Kong’s Financial Secretary, Paul Chan Mo-po, has highlighted the need for investment in green development and the digital economy to drive economic growth amid geopolitical tensions and market pressures. Despite positive economic growth in the first quarter, the local property and stock markets have faced declines. Chan emphasized the importance of embracing green development and digitalization as key areas for future growth, in line with Beijing’s ambitions for Hong Kong’s development.

Hong Kong’s economic future requires a shift in mindset, with the private sector taking on greater responsibility. The city’s traditional drivers of growth are evolving, and the private sector must identify and capitalize on new economic opportunities. While challenges exist, the growing number of visitors to Hong Kong indicates that the city’s economic fundamentals remain strong. Rather than relying on the government, the private sector needs to actively embrace change and create value for the city and its people.