Hong Kong set for economic breakthroughs, Paul Chan tells foreign investors

Hong Kong will achieve new economic breakthroughs despite a “complicated and volatile” external environment, the finance chief has told foreign investors while unveiling the government’s first business report in four years.

Financial Secretary Paul Chan Mo-po said on Wednesday that the city was in the midst of transformation and upgrading, but warned that some traditional industries would struggle more than others.

Overseas misperceptions about Hong Kong prompted the government to detail the city’s latest economic situation in the report, which is accessible online to investors abroad.

“With a complicated and volatile external environment, Hong Kong is undergoing economic transformation and upgrading, but we see more opportunities and challenges” Chan said.

“As long as we seek and embrace changes proactively, we will surely achieve new breakthroughs, develop new growth points, and create a new chapter for Hong Kong.”

He also added that the 102-page report, titled “Unique Strengths under ‘One Country Two Systems’” clearly and systematically demonstrated to the world that the development of Hong Kong had been picking up in recent years and that social mobility had been restored.

Chan said that over the last few years, many overseas visitors had not had the opportunity to come to Hong Kong and that there were misperceptions about the city’s situation due to geopolitics.