Visitors sit on the barrier in front of the Victoria Harbor the West Kowloon Waterfront Promenade in the West Kowloon Cultural District, Hong Kong, on June 14, 2022. (PHOTO / CHINA DAILY)

China's huge market size, reform and opening-up, and continuous innovation provide the most favorable environment and unlimited opportunities for Hong Kong Special Administrative Region's development, Financial Secretary Paul Chan Mo-po said.

Writing on his Sunday blog after celebrating the 26th anniversary of the establishment of the HKSAR, the finance chief noted that the institutional advantages of "one country, two systems", the common law system, and the connection with the best international standards and rules allow Hong Kong to attract global funds, top enterprises and talents to support the development of the city as an international financial center and international innovation and technology center.

The finance chief reckoned the country's solid support for the SAR, the flexibility and hard work of Hong Kong residents, as well as the determination of the HKSAR government to serve the public have enabled the city to turn crises into opportunities at different stages, and seize new opportunities to take off vigorously

Since the establishment of the SAR, Hong Kong’s economy has continued to develop and expand, and government spending on healthcare, social welfare and education also continues to increase.

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“Hong Kong’s gross domestic product (GDP) has exceeded HK$2.8 trillion ($358.9 billion), which is more than double that of 1997. The average annual growth rate is about 2.8 percent, which is higher than the average growth rate of 1.9 percent in other advanced economies in the last 26 years, while the city’s per-capita GDP has reached a high level of $49,000,” the finance chief said.

Chan cited the Human Development Index ranking compiled by the United Nations Development Program which showed that Hong Kong SAR was ranked after Switzerland, Norway and Iceland in terms of overall development level and quality of life.

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For example, the average life expectancy of men and women in Hong Kong increased from 77.2 years and 83.2 years in 1997 to 81.3 years and 87.2 years last year respectively. The proportion of the city’s working population with post-secondary education is about 47 percent, an increase of about 25 percentage points in the last 26 years.

The finance chief reckoned the country's solid support for the SAR, the flexibility and hard work of Hong Kong residents, as well as the determination of the HKSAR government to serve the public have enabled the city to turn crises into opportunities at different stages, and seize new opportunities to take off vigorously.