The current government is approaching its third year in office. Financial Secretary Paul Chan published a blog today (June 22), describing how, under the leadership of Chief Executive John Lee, the entire team is united in efforts to boost the economy, seek development, and benefit the public. He noted that the local GDP has maintained growth for nine consecutive quarters, surpassing HK$3 trillion, with real income increases for workers and inflation remaining stable.
Chan listed various achievements in finance, innovation, and talent acquisition. In the stock market, trading volumes have significantly increased, with the average daily turnover exceeding HK$240 billion this year, while IPO fundraising is currently the highest globally. "In terms of innovation, local R&D expenditure is expected to reach nearly HK$33 billion in 2023, a year-on-year increase of 10%, and the number of local startups rose to about 4,700 by the end of last year, setting a new record. As for talent acquisition, various talent input programs have attracted over 210,000 individuals to Hong Kong since the end of 2022. Furthermore, the number of non-local students enrolled in local tertiary institutions has continuously risen over the past three academic years, with the 2024/25 academic year projected to exceed 79,000, a 45% increase compared to 2022/23."
However, Chan also acknowledged that despite ongoing economic growth, some sectors, such as retail and dining, continue to face significant challenges due to changing consumer habits. "For instance, while total revenue in the restaurant sector slightly declined by 0.6% year-on-year in the first quarter of 2025, revenues for fast food outlets rose by 1.9%, marking 11 consecutive quarters of year-on-year increases. Non-Chinese restaurants and bars also saw revenue growth of 2.4% and 6.5%, respectively."
Chan emphasized that adapting to changing customer preferences and creating new experiences is key to generating new business. The Trade Development Council will hold the next Hong Kong Shopping Festival 2025 in August to help local businesses leverage e-commerce platforms to enter the mainland market and enhance the visibility of Hong Kong consumer products and brands.
He stressed that the overall fundamentals of Hong Kong's economy are solid. Besides continuing to work hard for the economy and public welfare, telling the Hong Kong story well is also crucial. Tomorrow, he will lead a delegation of about 30 startup representatives to attend theWorld Economic Forum Annual Meeting of the New Champions 2025 in Tianjin, where they will showcase Hong Kong's examples of innovation and technology development to international investors and technology leaders.
Chan stated that the global situation is evolving rapidly, with significant uncertainties in the external environment, and increasing unilateralism and protectionism. However, Hong Kong has always found new opportunities and positioning amid changes, showcasing new achievements alongside national development.
"On this 28th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR), with solid support from the country and the collective efforts of the SAR government and society, we look forward to moving forward together with confidence and unity," he said.
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