Paul Chan: Hong Kong's economy continues to improve, and retail sales are expected to rise for ten consecutive months.

Xinhua News Agency, Hong Kong, March 29 (Xi Tianqi) — The Financial Secretary of the Hong Kong Special Administrative Region, Paul Chan, said in a blog published on March 29 that, as of March 27, the number of visitors to Hong Kong this year had exceeded 13.7 million, up about 17% year-on-year. The tourism sector is showing a good momentum of recovery, which has helped boost the overall atmosphere in the market. In addition, with the stock market and the residential property market continuing to perform well, sectors such as catering and retail have followed suit with growth, further strengthening market confidence.

Paul Chan pointed out that, in this favorable environment, the total retail sales value for February—expected to be released soon—will likely see a notable increase, and is expected to record year-on-year growth for the tenth consecutive month, reflecting that local consumption momentum is continuing to strengthen.

He said that the HKSAR government will continue to promote a variety of large-scale financial, cultural and arts, and sports events to attract more high-value-added visitors, while also enriching residents’ cultural, recreational, and leisure activities.

Paul Chan said that Hong Kong’s overall economy continues to improve. In terms of exports, in the first two months of this year, the value of Hong Kong’s commodity exports increased by nearly 30% year-on-year, rising for 24 consecutive months and exceeding market expectations. This shows that demand in external markets is steadily picking up, and that Hong Kong is playing a key role as a “super connector” in the reshaping of regional production and supply chains.

He said that in the residential property market, the momentum of both prices and transaction volumes rising has continued throughout this year. In the first two months, the property price index rose cumulatively by about 2.6%, extending a nine-month consecutive rise; the average monthly number of transactions increased by 18% compared with the average level for all of last year, exceeding 6,100 cases, and the market atmosphere is active and positive.

Paul Chan said that Hong Kong’s economy is showing good resilience and momentum, and the state of public finances continues to improve. The HKSAR government will use a dual-engine approach of “AI+” and “Finance+” to drive upgrading and transformation across all sectors, and to develop new sources of growth momentum.

He said that the steady development of the country is always Hong Kong’s greatest source of support. In a complex external environment, the country has maintained a high degree of strategic resolve, and has implemented a stable, predictable, and open economic and trade policy, becoming a “foundation of certainty” for the global economy.

Paul Chan said that in recent years, the country has developed rapidly in areas such as artificial intelligence, robotics, and new energy, and has been deeply focused on emerging and future industries—bringing opportunities and expectations to investors everywhere, and further enhancing the willingness of all parties to deepen cooperation. As a unique “super connector” and “super value-added partner,” Hong Kong’s advantages will increasingly stand out.