Hong Kong can obtain “high-quality growth” by leveraging its distinctive benefits and remaining open, the town’s finance chief has mentioned, as he revealed that the native inventory market has outperformed different main indexes thus far this yr.
Writing on his weekly weblog, Monetary Secretary Paul Chan Mo-po additionally mentioned that regardless of worries concerning the influence of america’ tariffs on the worldwide economic system, Hong Kong’s preliminary public providing (IPO) market remained “brisk” and financial institution deposits have been rising.
“At a time when the worldwide financial outlook faces a number of uncertainties, beneath the sturdy management of the central authorities, our nation’s measures to stabilise the economic system and expectations are regularly exhibiting outcomes,” Chan mentioned.
“In a posh and ever-changing exterior setting, so long as we stay agency in our objectives, stay open and inclusive, proceed to leverage our distinctive benefits, and proceed to do our personal factor with all our power, we are going to absolutely be capable to obtain high-quality growth within the altering state of affairs.”
Hong Kong’s inventory market and wider economic system had come beneath monumental stress final month after Beijing and Washington grew to become embroiled in an escalating tit-for-tat commerce warfare, earlier than either side reached an settlement final week to pause most tariffs for 90 days.
On the primary day of buying and selling following US President Donald Trump’s preliminary so-called “Liberation Day” tariff announcement in April, Hong Kong’s Grasp Seng Index had slumped 13.2 per cent to 19,828.30, dropping HK$194 billion (US$25 billion) in worth, its largest decline since October 1997.
Chan mentioned that though Hong Kong’s inventory market was “beneath stress” in April owing to the US-China commerce warfare, it had since rebounded, closing at 23,345 on Friday, which he mentioned was up round 16 per cent and outperforming different main markets.
