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Paul Chan, Hong Kong’s Financial Secretary, has announced that the government anticipates steady economic growth for the territory this year, with detailed figures to be unveiled in next month’s budget speech. He noted that while financial market buoyancy will eventually bolster broader sectors, it will take time for these effects to permeate. Encouragingly, the retail and catering industries have recently shown signs of stabilization and modest growth. Chan encouraged these sectors to pursue transformation and innovation, adding that they could submit policy support proposals if needed. Regarding Hong Kong’s Initial Public Offering (IPO) market, Chan expressed cautious optimism, forecasting that fundraising volumes will surpass those of the previous year.
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