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Hong Kong is on track to meet its economic growth target this year, the finance chief has said, adding that more than 300 global financial leaders will attend two major summits in the city this week to deepen exchanges and explore opportunities. Writing in his weekly blog on Sunday ahead of the Global Financial Leaders’ Investment Summit and Hong Kong FinTech Week, Paul Chan Mo-po also spoke about his recent trip to the Middle East and the state of the city’s economy. “The current Hong Kong economy is also showing good momentum, with 3.8 per cent economic growth in the third quarter, continued resilience in exports, acceleration in the recovery of local consumption, and continued double-digit growth in visitor arrivals,” the financial secretary wrote. In August, the government said the economy was expected to grow by between 2 and 3 per cent this year as previously forecast, despite worsening geopolitics, citing a robust local stock market, stabilised property sector and rising wages. The third quarter saw the economy grow by 3.8 per cent, marking the 11th consecutive quarter of expansion, according to official statistics. The figure also represents the biggest increase since the fourth quarter of 2023, when it reached 4.3 per cent. Despite the growth, Hong Kong’s jobless rate rose to 3.9 per cent between July and September, with higher unemployment in the social work and construction sectors. The figure is the highest rate since the three-month period between July and September 2022, when it stood at 4 per cent. On the event front, Hong Kong will host the financial leaders’ summit from Monday to Wednesday, with a welcome dinner at the Palace Museum. The summit itself will take place at the Rosewood Hong Kong hotel, while the “Conversations with Global Investors” section will be held at the Hong Kong Exchanges and Clearing (HKEX) Connect Hall. Around 300 global financial leaders, including more than 100 group chairmen or chief executive officers, will attend the event, with discussions to cover topics from macro developments and market opportunities to digitalisation. Hong Kong FinTech Week will overlap with the summit, running from Monday to Friday at the Convention and Exhibition Centre and other venues. To mark its 10th anniversary, the event is joining forces with the StartmeupHK Festival and is expected to attract more than 37,000 executives and 800 speakers from over 100 economies. “We will have deep exchanges with these important international financial leaders, encouraging them to grasp the new opportunities from the multifaceted development of Hong Kong and the mainland, to achieve better mutual development,” Chan said. The finance chief also said Saudi Arabia had expressed a particular interest in technology companies and start-ups in Hong Kong, especially in fields such as artificial intelligence, health technology, financial technology, construction technology, green technology and smart city management, while hoping to strengthen collaboration in the future. Last week, Chan led a delegation of about 40 people representing the city’s innovation and technology, finance and trade sectors to Riyadh to attend the kingdom’s ninth Future Investment Initiative conference. The visit yielded several agreements, including four covering artificial intelligence, spatial-aware technology, robotics research and environmental technology. The Hong Kong Trade Development Council also signed a memorandum of understanding with the Saudi-headquartered Digital Cooperation Organisation, a multilateral body that focuses on the digital economy. Chan further revealed that Hong Kong would see its first initial public offering launched by a company headquartered in the Middle East, with more listings from the region anticipated to follow. The Post reported last week that Dubai-based diaper maker Softcare had passed its listing hearing in late October and could list within months. Chan said the city government was in the advanced stages of preparing to launch its second Economic and Trade Office in the Middle East, to be located in Riyadh. He added that HKEX’s office in the Saudi capital had also recently commenced operations. The push comes as Saudi Arabia pursues its “2030 Vision”, a national strategy to reduce its economic dependence on oil by developing sectors such as infrastructure, tourism and technology and attracting foreign investment.
