Hong Kong Financial Secretary Paul Chan Mo-po emphasized on Wednesday that the city’s current economic momentum is hard-won, stressing the need to chart a clear path toward sustained, high-quality growth in the next phase of development.
Speaking at a Legislative Council meeting, Chan reaffirmed his confidence that Hong Kong will meet its annual economic growth target of 3.5 to 4.5 percent this year. His optimism follows the city’s strongest first-half economic performance in five years, during which gross domestic product (GDP) grew by 5.1 percent.
Chan noted that the HKSAR government will actively align itself with the nation’s 15th Five-Year Plan. By doing so, Hong Kong aims to contribute to China’s national development amid profound global shifts unseen in a century, while securing its own long-term economic prosperity.
At the same time, the government will vigilantly monitor external factors, including inflation trends in major economies, key central bank policies, and potential risks stemming from trade protectionism and the rapid rise of artificial intelligence.
Highlighting third-quarter performance, Chan pointed out that economic growth maintained its upward trajectory, bolstered by a 52 percent surge in exports in August.
Tourism also showed strong momentum. Visitor arrivals grew 9 percent year-on-year in the third quarter, bringing the total number of incoming travelers to nearly 41 million in the first nine months of the year.
Domestic consumption remained solid as retail sales recorded their 16th consecutive month of growth, rising 5.1 percent in August. Meanwhile, the labor market stayed resilient, with the unemployment rate holding at 3.8 percent from June to August alongside steady wage growth.
The residential property sector saw noticeable gains, with home prices rising 7 percent and rental rates increasing 5 percent year-to-date.
Hong Kong’s financial markets also demonstrated robust activity. Average daily turnover on the stock market rose nearly 10 percent to HK$272.9 billion over the first nine months. Additionally, the city hosted 118 initial public offerings (IPOs) during the same period, raising a total of HK$388 billion—already surpassing the full-year total recorded last year.