Chen Guoji: Challenges and opportunities coexist as government reforms seek to explore new growth points for the Hong Kong economy.

Recently, the acting Chief Executive of Hong Kong, Chen Guoji, attended the Chinese General Chamber of Commerce Spring Festival reception and mentioned that Hong Kong is still facing various unclear factors. The future presents both challenges and opportunities, but he firmly believes that opportunities outweigh challenges. The government will take a more proactive approach to reform and innovation, exploring new growth points for the economy of Hong Kong. While consolidating and enhancing traditional industries, new emerging industries will be developed, tailored to the specific conditions to cultivate new productive forces, actively align with national strategies, and integrate into the overall national development. He pointed out that the government has achieved good results in attracting businesses and talents. The total number of mainland and overseas companies in Hong Kong is close to 10,000, and there are nearly 4,700 startup companies, both reaching record highs. The number of high-end talents applying to come to Hong Kong continues to grow, with about 430,000 applications received in the past two years, and over 270,000 approved. He expressed gratitude for the various measures implemented by the country to benefit Hong Kong, including increasing the number of cities eligible for individual travel, reinstating and expanding the Shenzhen one-stop multiple-entry arrangement, and raising the duty-free allowance for luggage of mainland residents. Last year, there were nearly 45 million visitors to Hong Kong, with a nearly 30% year-on-year increase in mainland visitors, showing the immediate effects of the country's measures to benefit Hong Kong. He mentioned that the mainland has further opened up service trade to Hong Kong under the CEPA, and implemented various measures to support financial development and facilitate the movement of people between the two places, which will bring even greater benefits to the Hong Kong economy in the long run.