Paul Chan Mo-po, GBM, GBS, MH, JP Financial Secretary of Hong Kong SAR Government, delivering a speech at Peking University

Peking University April 27, 2023: Paul Chan Mo-po, Financial Secretary of the Government of the Hong Kong Special Administrative Region (SAR) of the People's Republic of China, visited Guanghua School of Management of Peking University on April 20, 2023, to deliver a speech entitled "Hong Kong's Economic Development: Directions and Future Opportunities." 

During his speech, Chan shared insights on Hong Kong’s recent economic situation, unique advantages, future layout, and potential opportunities of Hong Kong. He also had a deep-dive dialogue with Prof. Liu Qiao, dean of Guanghua School of Management, and exchanged views with PKU students.
 

Chan highlighted the overall landscape of Hong Kong's economy, describing it as a high-income, highly developed, and open economy with four pillar industries: finance, foreign trade, professional services, and tourism. Exports, investment, and consumption are the three key drivers of Hong Kong's GDP, he noted. 

While the past four years have seen economic challenges due to a tough external environment, the HKSAR Government stabilized the economy through initiatives such as protecting small and medium-sized businesses, stabilizing employment, and maintaining the safety of the financial system, he said.
 

Looking ahead, the secretary believes that challenges and opportunities coexist, with opportunities outweighing the challenges. The short-term challenges include talent and labor force shortages, while insufficient land supply poses a medium to long-term challenge. He also acknowledged that high property prices due to insufficient land supply could affect Hong Kong's overall competitiveness. To address these challenges, the HKSAR Government is focusing on attracting enterprises, talent, and increasing economic competitiveness.

Last year, President Xi Jinping highlighted Hong Kong's unique advantages, being backed by the Motherland and connected to the world. With the support of the Chinese Central Government, Chan emphasized that the HKSAR Government is devoted to economic development. The National 14th Five-Year Plan has established Hong Kong as a development center in eight key areas. Chan stated that the HKSAR Government will make full efforts to achieve these goals and proposed three short and medium-term directions: digital economy, Web 3.0, and green technology and green finance. He also mentioned that Hong Kong should be based on the Guangdong-Hong Kong-Macao Greater Bay Area and mainland cities to promote mutual development. 
 

The event was well received by over 400 PKU students who attended the talk at Guanghua's auditorium. Chan extended a warm welcome to students to live, work, and start their own businesses in Hong Kong, stating that it is "a wonderful place" with low-tax rates, mountains, and rivers, and excellent food and wine. He ended the event with a group photo with the audience, capturing this precious moment.
 

Group photo

 

A Certified Public Accountant, Chan is a former President of the Hong Kong Institute of Certified Public Accountants. Before joining the HKSAR Government, Chan held a number of public service positions including member of the Legislative Council and Chairman of Legal Aid Services Council. Chan served as Secretary for Development from July 2012 to January 2017. He has been Financial Secretary since 2017.

Edited by: Dennis Meng
Source: Guanghua School of Management