HK's economy remains strong going into 2025: FS

Financial Secretary Paul Chan said on Sunday that Hong Kong's economy remains strong and resilient, despite potential market volatility stemming from uncertainties like geopolitics and high interest rates by 2025. Writing in his weekly blog, Chan said Hong Kong's asset market has shown substantial improvement, with the local stock market rising by about 18 percent this year and the Hang Seng Index rebounding to 20,000 points. "Trading volume has also significantly increased, reaching a historical high of over HK$600 billion in a single day in October. This year, the average daily trading volume exceeds HK$132 billion, up more than 25 percent from last year," he wrote. "The initial public offering (IPO) market has also become more active, with fundraising from new listings exceeding HK$80 billion, ranking fourth globally." Chan said family office businesses are also thriving, with about 2,700 single family offices now operating in the SAR. Additionally, the number of companies from the mainland and overseas in Hong Kong has nearly reached 10,000, including around 4,700 start-ups. The finance chief also pointed out that authorities are actively working to attract more professionals to Hong Kong, having received approximately 410,000 applications through various talent schemes over the past two years, and approving around 260,000 of them. Chan acknowledged that the retail and dining sectors continue to face challenges, but he believes that the reintroduction of multiple-entry visas for Shenzhen residents, along with the holiday season, will boost visitor numbers and give the industry a much needed boost. Looking ahead to the new year, he emphasised that Hong Kong will continue to capitalise on its unique advantages, enhance systematic investment in local innovation and technology, and solidify the SAR's position as an international financial, trade, and shipping hub.