Hong Kong wants 3.2% growth in 2025 to sustain momentum
Paul Chan made the announcement on Sunday that the economic growth prediction for 2025 has been increased to 3.2%. He also emphasised the city’s commitment to expanding its role as a financial centre, innovation hub, and trade centre in order to maintain momentum. Chan had forecasted growth of between two and three percent in the month of February. Chan claimed that Hong Kong, which is the largest venue for initial public offerings in the world this year, will actively promote the internationalisation of China’s yuan currency and will attract more listings from companies located in countries such as Southeast Asia and the Middle East.
As part of its efforts to win the global race in technology, the city will also concentrate on the development of artificial intelligence and biotechnology. Additionally, it will increase its role as a trade hub by assisting more Chinese enterprises in expanding their operations overseas, as he stated. “Looking into next year, Hong Kong’s economy is expected to keep the good trend of growth,” Chan stated in an interview. “Finance, tech innovation and trade will be Hong Kong’s key engines of growth as the city actively embraces China’s development strategy.”
“Hong Kong has one of the world’s best-performing stock markets this year, with the Hang Seng Index up 30%.” The resilient exports, robust fixed-asset investment, and improving consumption have all contributed to Hong Kong’s GDP above the prediction, according to Chan. Hong Kong will work to improve the competitiveness of its stock market and grow areas such as bonds, money market, fintech, commodities, and gold trading, as he stated. This would help the city reinforce its position as a financial centre.
“In terms of innovation, Hong Kong will develop artificial intelligence into a “core industry,” as the technology will define the competitiveness of economies and reshape the landscape of the global economy,” he said. According to Chan, the city is also in the process of developing a centre for cross-border supply chain management and trade finance. The purpose of this centre is to provide higher-quality assistance to Chinese businesses that are expanding their operations overseas.
