Hong Kong Is 'Thriving,' Financial Secretary Chan Says

Robust Economic Growth and Fiscal Surplus

Hong Kong's Financial Secretary, Paul Chan, has painted a positive picture of the city's economy, describing it as "thriving" despite global economic challenges. In his budget speech, Chan highlighted the city's strong economic growth and fiscal surplus as evidence of its resilience.

GDP Growth and Low Unemployment

Hong Kong's economy grew by 3.5% in real terms in 2022, exceeding initial forecasts. The city's unemployment rate remained low at 3.4%, indicating a robust labor market.

Budget Surplus and Fiscal Discipline

Hong Kong has achieved a budget surplus of HK$135.9 billion ($17.4 billion) in the 2022-23 fiscal year, reflecting the government's prudent fiscal management. The surplus is expected to continue in the coming years, providing a buffer against economic headwinds.

Business Confidence and Inflow of Talent

Chan attributed Hong Kong's economic success to the government's efforts to enhance business confidence and attract global talent. The city has implemented a series of measures to support businesses, including tax concessions and talent recruitment initiatives.

Challenges and Opportunities

Despite the positive outlook, Hong Kong faces challenges such as rising inflation, geopolitical tensions, and competition from other financial centers. Chan emphasized the need for the city to adapt to the changing global landscape.

Government Initiatives and Future Prospects

The government has announced a raft of initiatives to address these challenges, including investments in infrastructure, innovation, and human capital. Chan expressed optimism about Hong Kong's future, stating that the city has "the resilience, the determination, and the capabilities to overcome challenges and seize opportunities."