28. Hong Kong's economy has grown for three consecutive years, with overall sentiment steadily turning positive. Mega events are drawing visitors to Hong Kong, and international conferences have brought together global political and business leaders, fostering deeper exchanges and collaboration:
| (a) | More buoyant asset markets: The stock market has shown encouraging momentum, with total market capitalisation rising to $50 trillion. IPO activities were also vibrant. Sentiment in the residential property market has turned positive. Total bank deposits exceeded $19 trillion as at the end of last year, increasing by 12 percent year‑on‑year, with capital continuing to flow in. The asset management sector is also faring well, with net fund inflow of $357 billion to funds domiciled in Hong Kong. Hong Kong ranked third globally and first in the Asia Pacific in the Global Financial Centres Index. Hong Kong is expected to become the world's largest cross‑boundary wealth management centre in one to two years. |
| (b) | Accelerated convergence of enterprises and talents: The Office for Attracting Strategic Enterprises (OASES) has attracted over 100 strategic enterprises to establish in Hong Kong. Among them, 51 have been listed, and 76 set up their global or regional headquarters in Hong Kong, bringing in about $60 billion of investment and creating around 22 000 jobs. Invest Hong Kong assisted 560 enterprises in establishing or expanding their operations in Hong Kong last year, which is expected to generate about $70 billion of investment and create over 10 000 jobs. The number of companies in Hong Kong with Mainland or overseas parent companies and the number of start‑ups in Hong Kong both rose by 11 percent, hitting new highs. As regards talent attraction, the Top Talent Pass Scheme has drawn over 100 000 global elites to Hong Kong. We will continue to proactively attract investments and talents, injecting fresh impetus into Hong Kong's economy; |
| (c) | Strengthening international connections: The establishment of the International Organization for Mediation in Hong Kong has further strengthened our status as the centre for international legal and dispute resolution services in the Asia‑Pacific region. International conferences and exhibitions such as the Belt and Road Summit, Asian Financial Forum, Hong Kong FinTech Week, Hong Kong Maritime Week and InnoEx each drew thousands of global political, business and industry leaders. This year, we will sustain our efforts in deepening international connections, for instance, the Asia-Pacific Economic Cooperation Finance Ministers' Meeting will be held in Hong Kong for the first time; |
| (d) | Soaring visitor arrivals drawn by mega events: Visitor arrivals approached 50 million last year, increasing year‑on‑year by 12 per cent, with non-Mainland visitors recording a growth of 15 per cent. Hong Kong boasts an extensive line‑up of mega events. The National Games as well as the National Games for Persons with Disabilities and the National Special Olympic Games, which we co‑hosted with Guangdong and Macao last year, enhanced Hong Kong's capability to organise large‑scale sports events and deepened integration and collaboration among GBA cities. Less than a year after its commissioning, Kai Tak Sports Park has achieved the highest ticket sales in Asia and ranked third globally for its main stadium, registering the highest gross income of any stadium in Asia. In the coming year, mega cultural and sports events will follow one after another, showcasing Hong Kong's unique glamour; and |
| (e) | Accelerating the development of the NM: Being a new engine for long-term development, the NM will inject fresh economic impetus into Hong Kong and support our new "South-North dual engine (finance-I&T)" industry pattern. We are accelerating its development through various measures, including adopting a large-scale land-disposal approach in land allocation and expediting the bringing in of enterprises and industries, as well as establishing two dedicated companies for San Tin Technopole and Hung Shui Kiu Industry Park respectively. We plan to introduce a dedicated legislation for the NM in the middle of this year. |
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