Hong Kong set for further economic growth after robust quarter, city leader says

Hong Kong’s economy is expected to continue growing after a strong performance in the last quarter, supported by a moderate global economic outlook, a vibrant financial market and an interest rate cut, the city’s leader has said.

He made the assessment at a forum on Tuesday on Hong Kong’s role in the global economy that also featured a central figure from the Chinese Academy of Social Sciences, the country’s pre-eminent research institute and national think tank, as well as local, mainland Chinese and overseas policymakers, experts and sector representatives.

Chief Executive John Lee Ka-chiu said that a strong and steady rise in exports and sustained increase in domestic demand had contributed to the city’s “robust” economic performance in the third quarter, recording 3.8 per cent growth, despite turbulence in the global environment.

“Looking ahead, the Hong Kong economy should see further solid growth, supported by sustained moderate global economic growth, vibrant financial market activity, interest rate cuts in the US, a continued increase in visitor arrivals and so on,” Lee said in his speech at the international forum on the mainland’s economy and policy.

The event was co-organised by the Chief Executive’s Policy Unit, the National Academy of Economic Strategy under the Chinese Academy of Social Sciences, and the Chinese Institute of Hong Kong.

Lee highlighted that Hong Kong had remained a “resilient and resourceful economy”, with its achievements recognised in various global rankings, such as being named the world’s freest economy and ranking third in the World Competitiveness Yearbook.