Chan Mo-po: Hong Kong's economy shows good momentum, expected to smoothly achieve this year's economic growth target

The Financial Secretary Paul Chan stated in a blog post that Hong Kong's economy is currently showing good momentum, with a 3.8% economic growth in the third quarter. Exports continue to be resilient, local consumption is also accelerating in recovery, and the number of visitors to Hong Kong continues to record double-digit growth. It is expected that the target for overall economic growth this year can be smoothly achieved.

Paul Chan also summarized last week's trip to Riyadh, Saudi Arabia, leading a delegation of about 40 representatives from the innovation and technology and financial trade sectors. He introduced Hong Kong's new developments and opportunities to the international investment community and business leaders in Saudi Arabia at the 9th "Future Investment Initiative Conference," and engaged in in-depth exchanges on global macroeconomic developments. At the same time, several agreements or memorandums of cooperation were signed between delegation members and local partners, further promoting exchanges and cooperation in innovation and technology, fintech, digital economy, and other fields.

He also mentioned that the preparation work for the government's second economic and trade office in the Middle East is in full swing, and the Hong Kong Stock Exchange (00388.HK) has recently officially commenced operations at its office in Riyadh. The financial regulatory authorities of both places have also signed a memorandum of cooperation. In addition to the existing cross-listing of ETFs on both exchanges, Hong Kong is about to welcome its first company headquartered in the Middle East to list and raise funds in Hong Kong, and it is expected that more Middle Eastern companies will list in Hong Kong or on both exchanges in the future