Financial Secretary Paul Chan Mo-po anticipates sustained robust performance for Hong Kong stocks this year, emphasizing the government’s commitment to financial security and its non-interventionist market approach
Hong Kong’s stock market is expected to maintain its strong performance throughout the year, a positive outlook shared by Financial Secretary Paul Chan Mo-po at a recent event.
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Chan’s optimistic projections are supported by current data and the continued resilience observed in exports this month, which he believes will further boost domestic consumption.
Commenting on the recent depreciation of the US dollar, Chan underscored the authorities’ steadfast commitment to upholding financial security and stability in Hong Kong.
He highlighted that local businesses stand to benefit significantly from the prevailing low interest rates. Emphasizing a hands-off approach, Chan reiterated the government’s stance on non-intervention in market dynamics.
This non-interventionist policy, he noted, signals a clear dedication to fortifying Hong Kong’s status as a leading international financial hub, a crucial trade gateway, and a thriving hub for innovation and technology, all aimed at driving sustained economic growth.
Describing Hong Kong as a secure haven for global capital inflows, Chan elaborated on the enduring strength of the linked exchange rate system.
This system, which has pegged the local currency to the U.S. dollar since its inception in 1983, remains a crucial competitive advantage.
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Despite various market fluctuations, Chan affirmed the government’s unwavering commitment to preserving the stability of Hong Kong’s currency peg to the U.S. dollar and maintaining its policy of abstaining from imposing foreign exchange controls.
