FS highlights HK's economic stability and optimistic outlook

Hong Kong Financial Secretary Paul Chan has stated that Hong Kong's economy has been stable in recent years.

In a radio program, Chan said that Hong Kong will host numerous events in the second and next half of this year. In the short term, he hopes these major events will attract more visitors to the city, boost the atmosphere, and bring economic benefits.

Chan noted that during the pandemic, the number of visitors from Europe and the United States to Hong Kong has decreased, leading to some misconceptions about the city. However, after revisiting Hong Kong, these visitors have expressed positive and active evaluations.

Chan pointed out that some media have reported negatively on the situation in Hong Kong, and he reminded the public to pay attention to the stance and motives of the speakers.

He said that occasionally, there are claims that Hong Kong's status as an international financial center is under threat, but objective data shows otherwise, and the public need not worry.

He expressed optimism about the economic outlook, stating that the mainland economy continues to grow steadily, with an overall positive trend.

Chan acknowledged that the geopolitical landscape cannot be ignored, and financial markets are inevitably subject to fluctuations. However, he said the government has a market monitoring mechanism to provide early warnings and has formulated response plans through various scenarios.

Regarding the property market, Chan noted that it remains stable, with a mortgage delinquency rate of less than 0.1% among homeowners. Although the market adjustment has increased negative equity cases, many of these have an extremely low delinquency rate. Additionally, the favorable employment and economic conditions suggest that Hong Kong can weather the property market volatility, as history has shown.