A view of Victoria Harbor in Hong Kong Photo: VCG

As Hong Kong marks the 26th anniversary of its return to the motherland on July 1, 2023, the GDP of the city has surpassed HK$2.8 trillion ($357.3 billion), doubling from 26 years ago, Finance Secretary of the Hong Kong Special Administrative Region (HKSAR) Chan Mo-po wrote in his blog on Sunday. 

The average annual GDP growth rate of the HKSAR during the past 26 years stood at 2.8 percent, higher than the average growth rate of 1.9 percent among global developed economies. The per capita GDP of Hong Kong residents reached $49,000, he wrote. 

Chan attended the celebration of the 26th anniversary of the establishment of the HKSAR on Saturday. With the city having gone through a series of challenges such as a financial crisis, COVID-19 pandemic and 2019 riots, he reaffirmed the importance of financial security, social unity and national security. 

Chan appreciated the central government's persistent support from basic food, water and life necessities to policies that boost the local economy. "Hong Kong people's hard work and government's determination for development also helped the city to translate difficulties into opportunities in various periods," said Chan. 

Hong Kong's economic growth was mainly boosted by relatively stable geopolitical environment in Asia since Hong Kong returned to motherland in 1997, as well as great opportunities generated by Chinese mainland's reform and opening-up, Dong Shaopeng, a senior research fellow at the Chongyang Institute for Financial Studies, Renmin University of China, told the Global Times on Sunday.

Dong said a stable political and economic environment is the key to Hong Kong's development. "Hong Kong should keep using its advantage of being an economic and technological hub linking Chinese mainland and the international market, amid global economic uncertainties," he said. 

According to the latest economic statistics the Hong Kong government released on May 12, the city's economy improved visibly in the first quarter of 2023, led by the strong recovery of inbound tourism and domestic demand.

"The country's huge market size, continuous and stable development, reform and opening-up, as well as continuous innovation on multiple fronts provide the most favorable environment and unlimited opportunities for Hong Kong's development," said Chan in his blog. 

In addition, the advantages of One Country, Two Systems, the common law system and international high-quality standards and rules are factors that support Hong Kong to become an international center of finance and innovation technology, said Chan. 

"In the future, Hong Kong's abundant financial and technological resources can be used for building the Guangdong-Hong Kong-Macao Greater Bay Area, further lifting the city to a new development level," said Dong.