A view of Hong Kong File Photo: VCG

The Hong Kong Special Administrative Region (HKSAR) in 2025 will focus on leveraging its unique international advantages while reinforcing connectivity with both the Chinese mainland and the world, increasing systematic investment in innovation and technology while accelerating cultivation of new quality productive forces based on local conditions, as well as consolidating and strengthening its status as an international financial, trade, and shipping center, Financial Secretary of the HKSAR government Paul Chan Mo-po said on Sunday.

Hong Kong will accelerate work in the three above-mentioned fields next year, Chan noted in his weekly journal. He said that Hong Kong's economy has a strong foundation and market resilience, and is steadily advancing under a new pattern amid changing circumstances with the solid support of the central government and the efforts and exploration of the HKSAR government over the past years.

The HKSAR will further enhance its role and function as a super connector and super value-adder, as Hong Kong will seek overseas opportunities with the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and other provinces and cities in the mainland, Chan said. 

In 2024, the HKSAR government has actively encouraged mainland firms to expand international businesses and markets while focusing on promoting the city's economic, trade and financial cooperation with emerging markets such as the Middle East, ASEAN and the Global South. 

When it comes to advancing local high-tech development, Chan said that Hong Kong will promote more policy innovations and step up cooperation in innovation and technology between Hong Kong and Shenzhen along with the entire GBA. 

He said that nearly 70 key firms entered Hong Kong through the Office for Attracting Strategic Enterprises over the past two years. The firms are expected to invest more than HK$42 billion ($5.41 billion) in the next few years, creating about 17,000 quality jobs and driving enterprises in the upstream, midstream and downstream of their industrial chains to the city. 

In addition, Chan stressed the importance of building a highland for high-end talent amid profound restructuring of the global landscape as Hong Kong aims to retain its status as a key center in various fields.

Taking the financial sector as an example, Chan said that the HKSAR will continue to promote the all-round development of the financial market covering diverse sectors from the stock market to digital finance, enabling its function for raising funds and better serving the development of the real economy. It will also focus on its various strengths such as providing complementary financial and other specialized services to mainland firms going overseas. 

In the post, Chan highlighted achievements for Hong Kong's economic development in 2024. For example, the IPOs raised in Hong Kong topped HK$80 billion and ranked fourth globally. 

Meanwhile, the total number of companies from the mainland and overseas based in Hong Kong is close to 10,000 with nearly 4,700 start-ups, both recording a 10 percent year-on-year increase and setting new records.