Welcome Remarks by Financial Secretary Paul Chan | Global Investors' Symposium Hong Kong 2025

Hong Kong Economic Performance (2024–2025)

• The economy expanded by 2.5% despite external headwinds, with inflation held low at 1.1% and unemployment at 3.2%.
• International confidence surged as bank deposits rose by 7% (approx. US$140 billion), driven by institutional rebalancing and tech sector enthusiasm.
• The Hang Seng Index gained 18% in 2024 and surged an additional 20% within a three-month span in early 2025.
• Average daily stock market turnover reached over US$28 billion in the first two months of 2025, a 70% year-over-year increase.
• The IPO market raised US$11 billion last year (ranking fourth globally), with projections to raise US$17–20 billion in 2025 from a pipeline of 100+ major companies.

Global Rankings and Competitiveness

• Ranked 3rd in the Global Financial Centres Index (GFCI), closing the gap with New York, and 1st globally in investment management, insurance, and finance.
• Ranked 4th in fintech (up five places) and retained the title of the world's freest economy and 5th most competitive economy.
• The number of regional headquarters, regional offices, and local offices operated by mainland and overseas firms rose 10% to an all-time high of 10,000.
• Tourism rebounded with 45 million visitor arrivals in 2024, a 30% year-over-year increase.

Financial Market Reforms and Wealth Management

• The government is reviewing listing regimes and enhancing product offerings to create a more dynamic capital market.
• Hong Kong manages approximately US$4 trillion in assets, with over 2,700 family offices (50% managing assets >US$50 million).
• Goal to become the world's largest cross-boundary wealth management center by 2028, accompanied by enhanced tax concessions for funds and single family offices.
• Insurance sector gross premiums grew 12% in the first three quarters of last year, reaching US$62 billion, reflecting Asia's highest insurance density.

International Market Expansion and Connectivity

• Forging closer financial partnerships with Global South economies, including the issuance of two HK stock-tracking ETFs on the Saudi Arabia Stock Exchange in October.
• Collaborating with ASEAN and Gulf stock exchanges to encourage dual primary or secondary listings in Hong Kong.
• Hosting the inaugural Hong Kong Global Financial and Industry Summit in June to match capital with projects in emerging economies.
• Leveraging Hong Kong's position to support mainland companies' global supply chains through project finance, trade finance, and professional consultancy.

AI, Innovation, and Technology Strategy

• Established a vision to make AI a core industry, integrating "AI+" across traditional sectors to redefine global competitiveness.
• Leveraging unique convergence of mainland and international data/talent and five world-leading universities for cutting-edge research, particularly in life sciences (drug design and clinical trials).
• Designing the Northern Metropolis (300-hectare I&T cluster bordering Shenzhen) as a hub to experiment with policies facilitating the flow of people, capital, goods, data, and biosamples.
• Attracted over 80 strategic enterprises in AI, life/health tech, fintech, advanced manufacturing, and new energy, with projected investment of US$60 billion and creation of 20,000 jobs.
• The Hong Kong Investment Company has invested in 90+ nascent projects, mobilizing US$4 in private capital for every US$1 invested.