Aimed at managing governmental finances more cautiously to deal with Hong Kong’s structural economic transformation and to boost the economy, a public consultation exercise on the 2025-26 Budget began on Dec 15.
Writing in his Sunday blog, Financial Secretary Paul Chan Mo-po said the Hong Kong Special Administrative Region government has worked hard to bolster the technology and information sector in the past few years, and is striving to leverage technologies to lift productivity in various industries and create a solid foundation for the SAR’s quality development. "The local innovation and technology ecosystem is thriving,” he said.
According to the latest official statistics, the number of local startups has hit a new high, while the number of non-local founders of such enterprises accounts for 28 percent of the total. Many of them agree that Hong Kong has unique advantages in innovation and technology, as well as the financing market and favorable government policies for the entire chain.
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Besides I&T companies, many overseas brands have set up shop or expanded their presence in Hong Kong, including South Korean fashion brands, Swiss galleries and catering companies from across the globe, Chan noted.
The number of Hong Kong branches of overseas firms is also growing as they have chosen the city as a base for regional or global expansion, reflecting their confidence in the financial hub despite geopolitical tensions.
“The popularity of local retail, catering and tourism-related industries has improved recently,” Chan said, with the total retail sales value having recorded a month-on-month increase in October, and restaurant receipts being generally stable in recent months.
The number of Chinese mainland tourists in Hong Kong last weekend averaged more than 130,000 -- up more than 20 percent from the first weekend of December last year -- while the number of visitors from Southeast Asia has returned to near pre-pandemic levels.
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“The financial industry also has new highlights,” Chan said. In the last quarter of this year, the number of licensed asset management companies in Hong Kong has gone up 24 percent year-on-year, and the number of open-end fund companies has climbed by more than 132 percent year-on-year.
With positive anticipation, many international wealth management giants and banks are also increasing their manpower and operations in Hong Kong, the finance chief said.
