Hong Kong's economy has been resilient while seeking further growth by embracing new quality productivity, said Paul Chan Mo-po, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR).
As Hong Kong approaches the 27th anniversary of its return to the motherland next Monday, thanks to robust support from the central government, Hong Kong is embracing new productivity and fostering close cooperation with mainland cities in the Greater Bay Area to drive innovation and technological development, Chan said in an exclusive interview with China Media Group (CMG).
In April this year, the China Securities Regulatory Commission (CSRC), the country's securities regulator, announced five measures to boost cooperation between the capital markets of the Chinese mainland and Hong Kong.
The scope of eligible exchange-traded funds (ETFs) under the Shanghai-Hong Kong and Shenzhen-Hong Kong stock connect schemes will be expanded to improve the schemes and support Hong Kong's efforts to strengthen its status as an international financial center.
The CSRC will also enhance the mutual recognition of funds and support the listing of leading mainland companies in the Hong Kong market.
Reflecting on the past two years under the new administration, Chan acknowledged the challenges posed by high interest rates, geopolitical tensions, and economic transformation. Despite these hurdles, he noted that the SAR government has maintained financial stability.
"After the introduction of such policies, people see that the market reaction is very good. The stock market has increased in value with higher price and the trading volume has been so much higher. In our exchanges with foreign businessmen and some financial institutions here, we also feel that they are very encouraged by these measures and their confidence in the country's support for Hong Kong has become stronger," Chan said.
Looking ahead, Chan stressed the importance of proactive strategies alongside maintaining stability.
The HKSAR government is leveraging its advantages as international financial center to actively embrace new quality productivity, attract and serve well the development of sci-tech enterprises, speeding up the construction of a prospering innovation sci-tech ecosystem with close collaboration with mainland cities in the Greater Bay Area.
"In the Guangdong-Hong Kong-Macao Greater Bay Area - a key national strategy, the Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone is a very important cooperation platform. We hope that through this platform, we will join hands with Shenzhen to boost the entire scientific-technological industry, giving full play to its upper, middle and lower reaches," Chan said.
The successful implementation of Article 23 of the Basic Law will enhance the region's business environment, making it safer and more stable, Chan said, while expressing optimism about Hong Kong's future development.
The SAR government will continue to tell Hong Kong's story to the world, inviting more international investors to share in Hong Kong's development opportunities, he concluded.
HK confident about economic development with support from mainland: finance chief
HK confident about economic development with support from mainland: finance chief
