Today (March 23), Financial Secretary Paul Chan delivered a keynote speech at the China Development Forum's seminar on "Symposium on Igniting Growth Momentum through Reform," summarizing three future development trends and three key areas for Hong Kong's economic development.
Chan pointed out that, in the foreseeable future, regional development trends are likely to dominate the global economic landscape. He believes that the world economy may gradually form three major regional blocks: the Asia-Pacific, India, the Middle East, and Europe; and the Americas.
The second major trend, According to Chan, is the rise of "Global South" economies. China's economy continues to progress steadily, contributing approximately 30% to global economic growth. Additionally, regions such as ASEAN and the Middle East, with their youthful demographic, growing middle class, and substantial investments in infrastructure, green transformation, and industrial development, are becoming new engines and driving forces of the global economy.
The third trend is technological innovation, particularly the rapid advancement of artificial intelligence, which is transforming production, business, and consumption models.
Chan summarized the key areas of Hong Kong's economic development work into three aspects:
"Internal Connectivity and External Communication": As the nation actively enhances its external trade capabilities, Hong Kong will continue to strengthen relationships with traditional markets in Europe and the U.S. while fully exploring new markets. It will also collaborate with more mainland provinces and cities to attract investment.
"Financial Empowerment": Current technological advancements and climate change initiatives require substantial financial investment. Hong Kong possesses a comprehensive financing market and a high-level financial service system, leading in areas such as securities, bonds, private equity, venture capital, green finance, offshore RMB services, and asset and wealth management. This positions Hong Kong to meet the diverse needs of global enterprises and projects at various stages of development.
"Leading in Innovation and Technology," particularly in artificial intelligence. Hong Kong has strong capabilities in fundamental research, and with the government's significant investment and support, the innovation and technology ecosystem is thriving.
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