Chen Maobo: Hong Kong's economic development is on a good trajectory and the annual growth target is expected to be achieved.

On November 2, Hong Kong Financial Secretary Paul Chan Mo-po wrote in his blog that while Hong Kong is committed to strengthening its ties with traditional markets, it is also actively exploring new markets to expand its international connections and market space. The Hong Kong economy is currently showing positive momentum, with a 3.8% growth in the third quarter, strong resilience in exports, accelerating local consumption recovery, and continued double-digit growth in visitor numbers. It is expected that the economic growth target for the whole year can be achieved smoothly. Paul Chan Mo-po also mentioned that preparations for the second economic and trade office in the Middle East in Riyadh are progressing rapidly, and the Hong Kong Stock Exchange's office in Riyadh has officially started operations. Financial regulatory agencies in both regions have signed a memorandum of cooperation, and the first Middle Eastern-based company is about to be listed in Hong Kong. With the solid foundation built over the years, it is anticipated that there will be more Middle Eastern companies listing in Hong Kong or in both regions. He further discussed the visit to Saudi Arabia: Last week, I led a delegation of about 40 representatives from the innovation, technology, and financial sectors to Riyadh, Saudi Arabia, to participate in the 9th Future Investment Initiative (FII) and introduce Hong Kong's new developments and opportunities to international investors and business leaders gathered in Saudi Arabia. This visit also facilitated the signing of several agreements and memorandums of cooperation between delegation members and local partners, further promoting cooperation in areas such as innovation, financial technology, and the digital economy. Four agreements covering artificial intelligence, space perception technology, Siasun Robot & Automation research and development, and environmental technology were signed by technology companies from Hong Kong and mainland China for cooperation with partners in Saudi Arabia in technology application, application scenarios, and business expansion in the Middle East. Some representatives of tech companies stated that the visit of the Hong Kong delegation to Saudi Arabia last year allowed the Saudi side to have a deeper understanding of Hong Kong's and mainland China's technological strengths, and the foundation laid last year led to the cooperation agreements today. Other Hong Kong tech company representatives admitted that the delegation's visit has expedited the signing of the cooperation framework with Saudi partners. Additionally, the Hong Kong Trade Development Council signed a memorandum of understanding with the Digital Cooperation Organization headquartered in Saudi Arabia, which will assist the organization's member economies' startups and small businesses in expanding into the Asia-Pacific market using Hong Kong as a platform, while supporting Hong Kong companies to help promote digital transformation and innovation development within member economies of the organization. These accumulated efforts will lay a solid foundation for deeper cooperation between the two regions in the future. In fact, over the past few years, we have made several visits to Saudi Arabia and other Middle Eastern regions, gaining a deeper understanding of the local development needs and preferences. Taking Saudi Arabia as an example, under its "Vision 2030," the country is continuing to reduce its economic dependence on oil, heavily investing in infrastructure, tourism, innovation, and attracting foreign investment. In Riyadh, we saw large-scale projects being promoted, new landmarks, new projects, and a focus on green, sustainable, and people-centric urban planning and architectural design. They place great importance on the development and application of innovative technology, as well as nurturing and supporting startups. The composition of this delegation also reflected the development needs of the region, including representatives from financial institutions from Hong Kong and mainland China, as well as entrepreneurs and executives from enterprises in various fields such as artificial intelligence, biomedicine, e-commerce, green energy, building technology, and new materials. Some mainland tech startups accompanying the delegation, who traveled to the Middle East for the first time, stated they had received numerous follow-up negotiation opportunities, taking the first step in exploring new market opportunities and providing valuable support for their international development. In summary, through exchanges with leaders in government and business sectors in Saudi Arabia and the Middle East, we observed significant cooperation opportunities in at least three areas: The first is financial cooperation. Saudi Arabia and other Middle Eastern regions are accelerating development, with many large infrastructure projects underway requiring diversified sources of funding and innovative financing models. Hong Kong, with its convergence of international and mainland capital and a wide range of financial tools, including the world's largest IPO market, Asia's largest green finance market, and a vibrant bond market, can provide support for the region's development while expanding its own growth space. Preparations for the second economic and trade office of the SAR Government in the Middle East in Riyadh are progressing rapidly, and the opening of the Hong Kong Stock Exchange office in Riyadh has already taken place. Financial regulatory agencies in both regions have signed a memorandum of cooperation, with the ETFs already mutually listed in the two stock exchanges. We are also expecting the first company based in the Middle East to be listed in Hong Kong. Building on the solid foundation laid over the past few years, we anticipate more Middle Eastern companies listing in Hong Kong or in both regions. The second is innovation and technology cooperation. During visits to local startup incubators and organizations promoting digital development, we noticed many similarities in promoting the innovation and digital development sectors of both regions. The Hong Kong Science Park signed a cooperation memorandum with Saudi Arabia last year, leading to Saudi startups coming to Hong Kong and becoming part of our startup ecosystem. Saudi Arabia has shown interest in Hong Kong's tech companies and startups, particularly focusing on artificial intelligence, healthcare, fintech, building technology, green technology, and smart city management, aiming to strengthen collaboration in the future. The third is sailing together. Under the "one country, two systems" principle, Hong Kong's international advantages are highlighted, attracting international funds, talents, and companies, serving as a dual-platform for mainland companies to enter the Middle East and for Middle Eastern companies to enter the mainland and Asian markets. In this delegation, we particularly emphasized the joint efforts of mainland and local companies to explore new market opportunities together. Some mainland tech startups in the delegation signed cooperation memorandums during this visit, successfully expanding into new markets. Furthermore, we actively promoted roadshows for large local development companies to find suitable partners in Hong Kong. While committed to strengthening ties with traditional markets, we are actively exploring emerging markets, advancing on dual tracks to broaden our international connections and market space. The current Hong Kong economy is showing positive momentum, with a 3.8% growth in the third quarter, strong resilience in exports, accelerated local consumption recovery, continued double-digit growth in visitor numbers, and expected achievement of this year's economic growth target. This week, two major financial events in Hong Kong the International Financial Leaders Investment Summit and the FinTech Week will be held consecutively. The International Financial Leaders Investment Summit will bring together about 300 international financial leaders, including over 100 chairmen or CEOs of groups, to discuss global issues of economic, trade, financial, and digital development. We will engage in in-depth discussions with these important international financial leaders, encouraging them to seize new opportunities for development in Hong Kong and mainland China. In our path towards stable and positive development, we need to enhance governance efficiency, and better interaction between the executive and legislative branches is an important driving force. The nomination period for the 2025 Legislative Council election has begun, with many patriotic and capable individuals signing up to run for election. To promote the better economic and social development of Hong Kong, let's all cast our votes on December 7 for capable leaders to serve in Hong Kong! November 2, 2025