Hong Kong is on track to wrap up 2024 with a stellar stock market performance, record-high inflows of enterprises and talents, and a reviving retail and tourism sector, Financial Secretary Paul Chan Mo-po said in his Sunday blog.
The local stock market has advanced almost 18 percent so far, with the benchmark Hang Seng Index rebounding to the 20,000-point mark and daily turnover hitting a record high of over HK$600 billion ($76.9 billion) in October, he noted.
The initial public offering market is also picking up steam, with total fundraising having exceeded HK$80 billion this year, helping the city to clinch the fourth spot in the global IPO league.
According to Chan, some 10,000 Chinese mainland and overseas companies have expanded their presence in the special administrative region this year, of which about 4,700 are startups. Both figures are at a record high and represent a year-on-year increase of 10 percent.
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Besides promising enterprises, Hong Kong has cemented its status as a magnet for the world’s finest minds. In the past few years, the SAR has received about 410,000 applications under various talent attraction programs, with more than 260,000 of them having been approved, and up to 170,000 professionals setting foot in the city, Chan said.
The local retail and catering business is also showing signs of recovery although challenges remain. The city has seen more than 44 million visitor arrivals so far this year -- up more than 30 percent from a year ago.
Overall, Chan said Hong Kong’s economic output is projected to grow at a rate of 2.5 percent, with the unemployment rate staying low at 3.1 percent.
Looking ahead, amid mounting concerns over geopolitical storms and the prospect of high interest rates, Chan said the SAR government will press ahead with three areas, backed by the central government’s staunch support.
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“We’ll make the best of our unique advantages as an international city, reinforcing the practices of connectivity and strengthening the entrenched status as a ‘super connector’ and ‘super value-adder’,” he said.
The SAR will make huge efforts to boost innovation and speed up the development of new quality productive forces.
“Faced with the reshaping of the global geoeconomic landscape, we’ll adopt a more comprehensive approach to cement Hong Kong’s position as a world-renowned financial, trade and shipping center, and polish its brand as a hub for high-end talents,” the finance chief said.
