HONG KONG – Financial Secretary Paul Chan Mo-po on Thursday welcomed British businesses and talent to explore opportunities in Hong Kong, stressing that the city has a bright development outlook.

“The sound and robust fundamentals of Hong Kong are here to stay. And, I'm pleased to say, they're encouraging new developments, fresh opportunities,” he said while delivering a keynote speech at the annual "Hong Kong Dinner" in London.

Approximately 350 leaders from the British political and business sectors and professionals were invited to the annual dinner organized by the Hong Kong Trade Development Council.

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While sharing the latest developments in Hong Kong, Chan, who began his London visit on Thursday, emphasized that Hong Kong continues to be one of the largest sources of foreign investment for the United Kingdom.

The special administrative region will continue to adhere to the "one country, two systems" arrangement, which includes the implementation of common law and respect for the rule of law; maintaining the free flow of capital, information, talent, and goods; and ensuring a friendly business and investment environment, he said.

Stressing that national security laws ensure a stable and predictable environment for Hong Kong's economic development, he said many foreign businesses in the city have reported that their operations have remained normal since the implementation of the national security law, and expressed confidence in Hong Kong's rule of law.

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There have been many positive changes in Hong Kong over the past year, Chan said, referring to solid economic growth – up 3.3 percent last year and 3 percent in the first half of 2024.

“Social unrest followed by three years of pandemic have disrupted our connections with the rest of the world. That's why we're organizing so many mega events this year – from Art Basel and the Rugby Sevens, to FinTech Week and the Global Financial Leaders Summit.”

In the first eight months of the year, tourist numbers reached nearly 30 million, increasing by 44 percent over last year, he said, adding that the SAR expects 46 million tourists this year.  

With the steady recovery of the tourism and aviation industries, the Three-Runway System at the airport will come into operation this year, further reinforcing Hong Kong's position as a global logistics hub, said the finance chief.

Pointing out that Hong Kong's IPO market is recovering, with fund-raising exceeding HK$50 billion to date, making it the fourth-largest IPO market globally this year thus far, he said, “On top, more than 100 companies are now in our listing pipeline.”

With more family offices establishing in Hong Kong and the deepening of the Guangdong-Hong Kong-Macao Greater Bay Area Cross-Boundary Wealth Management Connect, the asset and wealth management sectors in Hong Kong are set to flourish, according to Chan.

Hong Kong is committed to developing key sectors such as artificial intelligence, biotechnology, fintech, and new energy and new materials, he said, adding that the inno-tech ecosystem is continuously expanding.

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“Our efforts in attracting strategic enterprises from all over the world to Hong Kong are paying off. To date, more than 100 such companies, including AstraZeneca, have settled in Hong Kong. Together, they will invest some 5 billion pounds in our city, creating more than 15,000 jobs.”

During the day, Chan also attended the plenary of the "Hong Kong-Europe Business Council" and a roundtable meeting hosted by the British think tank "Asia House", where he introduced Hong Kong's economic situation and development strategies to European and British financial and business leaders, particularly focusing on consolidating and enhancing Hong Kong’s development of international financial, trade, and shipping center.

He met with Tulip Siddiq, the UK Economic Secretary to the Treasury, and Andrew Bailey, the governor of the Bank of England, to exchange views on global economic and financial development matters of mutual concern.

While calling on the Chinese Ambassador to the UK Zheng Zeguang, Chan spoke about the latest situation and development directions of Hong Kong. They had in-depth discussions on promoting economic and trade co-operation between Hong Kong and the UK.