“Many companies are actively pursuing their listing plans in Hong Kong. With a series of national policies favorable to Hong Kong being introduced one after another, it is expected to play a supporting role in various economic sectors.”
Chan added that the city’s merchandise exports recorded double-digit year-on-year growth for the third consecutive month, rising 12.5 percent overall in the second quarter.
The city’s gross domestic product (GDP) rose 2.7% in the first quarter from a year earlier, at the low end of the government’s forecast. For the full year, GDP is expected to grow 2.5% to 3.5% from a year earlier.
However, a Hong Kong government spokesman had earlier said the city was facing the challenge of sluggish consumption as Hong Kong residents head north to spend while mainland Chinese tourists refrain from spending heavily.
The government is due to release preliminary second-quarter GDP figures on Tuesday.
Chan also noted that he visited Beijing last week along with other key financial and regulatory officials, meeting leaders of ministries and commissions including Xia Baolong, the Beijing government’s representative for Hong Kong affairs, and Li Yunze, director of the State Financial Regulatory Administration.
Financial Secretary Paul Chan says the city needs to embrace and understand the changing economy. Photo: Xiaomei Chen
Xia said Hong Kong is facing major changes in its domestic and international environment, and urged the Hong Kong leadership to recognize and respond to these changes and “achieve better development through reform”.
The head of the Hong Kong and Macau Affairs Office of the State Council also called on all sectors to actively work and do their utmost to take all possible measures to ensure that the financial centre’s “golden brand” continues to shine.
Chan wrote in a blog post Sunday that the city needs to embrace and understand change.
“We need to grasp the direction of the country’s future policy development and understand its thinking so that Hong Kong can take advantage of the country’s development momentum,” he said.
“We must take advantage of Hong Kong’s status as an international financial, shipping and trade hub to accelerate the development of new productive capacity through goal-oriented policies and efficient markets, and directly fund projects that can attract high-tech and talented people from around the world.”
