Chen Maobo: Hong Kong's economy is expected to record the strongest growth in 5 years this year

The Zhitong Finance App learned that on November 2, Hong Kong Financial Secretary Chen Maobo said during his welcome dinner at the International Financial Leaders Investment Summit that the Hong Kong government will raise its annual economic growth forecast, and it is expected that Hong Kong will record the strongest annual growth in five years.

He pointed out that Hong Kong's economy grew by 5.1% in the first half of the year, and the growth momentum continues. Driven by the global AI investment boom, exports recorded strong double-digit growth for 12 consecutive months, investment also recorded double-digit increases, consumption showed signs of recovery, and inflation remained at a moderate level of 1.7%. Residential property prices have been rising continuously for over a year, and commercial property occupancy rates and rents have stabilized.

On the financial market side, the amount of capital raised by IPOs in the first nine months of this year exceeded HK$388 billion, more than double the same period last year, reaching a record high during the same period; post-listing financing was strong, and trading was active. He stressed that Hong Kong is supported by the central government under “one country, two systems” and has the advantages of a sound system, predictable regulatory framework, friendly business environment and free flow of capital.

Chen Maobo said that Hong Kong's first five-year plan will promote collaborative development in finance, shipping, aviation, trade, innovation and technology, and talent. The Hong Kong Government is supporting innovation and technology with patient capital, combining Hong Kong's scientific research and internationalization advantages with the advanced manufacturing and supply chain capabilities of the Greater Bay Area, and strengthening cooperation between universities, talents, research institutions and industries through the Northern Metropolitan Area to promote the transformation of scientific research results into enterprises and explore the mainland and global markets.