Hong Kong's Financial Secretary Deputy Financial Secretary Huang Weilun: Hong Kong's exports remain robust under the influence of geopolitical factors

On January 16, Hong Kong's Financial Secretary and Deputy Chief Secretary, Paul Chan, stated in his speech at an event that in recent years, global trade has faced complex geopolitical situations and significant disruptions in the supply chain. Despite this, Hong Kong's export performance remains strong, with exports increasing by 18.8% year-on-year in November last year and a total increase of 14.3% in the first 11 months of the year. Particularly, small and medium-sized enterprises in Hong Kong have shown resilience and flexibility in exploring new markets. Chan pointed out that Hong Kong is actively expanding into new markets, with exports to various ASEAN countries such as Malaysia increasing by over 70%, Vietnam by around 55%, and Thailand by approximately 40%. Even in traditional markets like the Netherlands and the United States, export figures have also risen, indicating the success of local SMEs in seeking new opportunities. In the tourism sector, Chan mentioned that there has been an increase in visitors to Hong Kong, especially from countries in the Gulf region, which has seen a nearly 80% increase. It is estimated that the total number of visitors to Hong Kong last year reached 49.9 million, a growth of over 10% compared to the previous year, with mainland Chinese visitors increasing by over 12%. The short-haul market saw a 14.3% increase while the long-haul market saw a 19.1% increase. He also mentioned that the trend of increasing retail sales, especially in online consumption, is expected to continue. Although e-commerce only accounts for a small proportion, the government will continue to assist businesses in adapting to the changing landscape. In the financial market, there is a need for innovation and support for the listing of technology companies to broaden the Hong Kong stock market. When promoting the development of stable coins, precautions will be taken to prevent abuse by criminals. Chan also disclosed that the Hong Kong government is actively expanding its gold storage facilities, aiming to increase the total capacity to 2000 tons in the next 3 years. Hong Kong is also establishing a gold central clearing system, with the Shanghai Gold Exchange invited to participate, and the system is expected to be operational within the year.