(ECNS) -- Hong Kong Special Administrative Region (HKSAR) will stick with 2 to 3 percent GDP growth for the entire year of 2025, Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said Monday during a Legislative Council meeting.
Chan stated that in the first quarter of this year, Hong Kong's economy demonstrated resilience, with real GDP growing by 3.1 percent year on year. Among the three pillars driving economic growth, external trade has shown strong performance, with overall goods exports increasing by 8.4 percent year on year.
The rise in visitor arrivals, coupled with increased cross-border transportation and active cross-border financial activities, has led to a significant expansion of service exports, which grew by 6.6 percent year on year, according to him.
Investment expenditure also saw a year-on-year increase of 2.8 percent, he said. However, private consumption experienced a decline of 1.1 percent compared to last year, influenced by changing consumption patterns among residents, he added.
Latest data indicates that the economic momentum of Hong Kong has continued into the second quarter, he said, citing that in April, the total value of merchandise exports rose by 14.7 percent year on year, while visitor arrivals to the city increased by 13 percent to 3.85 million.
"Notably, during the recent Labor Day ‘golden week' holiday of the Chinese mainland, visitor arrivals surged by 22 percent year on year, hitting 1.1 million," he said.
According to Chan, as of May 30, the banking system's total surplus had risen to 173.4 billion Hong Kong dollars (22.11 billion U.S. dollars), significantly higher than the 44.8 billion Hong Kong dollars (5.71 billion U.S. dollars) recorded at the end of last year.
As for stock market, benefiting from breakthroughs in the Chinese mainland's artificial intelligence sector and supportive economic measures from the central government, the Hang Seng Index saw a notable increase in the first quarter, reaching 23,290 points by May 30, up 16.1 percent from the end of the previous year, he said.
He also noted that the HKSAR government will continue to focus on strengthening the market fundamentals, promoting economic transformation through innovation, and exploring new markets and opportunities. This includes accelerating the development of the Northern Metropolis to enhance economic momentum and capacity.
With steadfast confidence, openness, and adaptability, Hong Kong can leverage its dual roles as a "super connector" and "super value-adder" to seize new opportunities presented by national developments, ensuring a path toward high-quality and sustainable growth, he said.
(By Zhang Dongfang)
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