Paul Chan: Development and Security Not a Binary Choice for Hong Kong
RTHK · 3 SOURCESabout 1 hour ago2 MIN
Summary
Financial Secretary Paul Chan Mo-po has rejected the notion that development and security are mutually exclusive for Hong Kong, describing them as an integrated equation rather than a multiple-choice question. His remarks came as the city posted its 14th consecutive quarter of economic growth, with first-half expansion reaching 5.1 percent. Chan emphasized that Hong Kong's core strengths—including its free port status and low-tax regime—can only deliver results when coupled with a stable and predictable investment environment.
Key Points
- Hong Kong has recorded 14 consecutive quarters of economic growth, with first-half 2024 GDP expanding by 5.1 percent, surpassing market expectations
- Chan posted on his social media that development and security constitute a "comprehensive question" rather than a binary choice, arguing they should reinforce each other
- Hong Kong's competitive advantages include its free port status, internationalization, open society, connectivity with the mainland and global markets, and simple low-tax regime
- Overseas companies with headquarters outside Hong Kong exceeded 11,000 last year, reaching a record high, while foreign chambers of commerce have expressed confidence in the city's economic outlook
- Chan positioned Hong Kong as both a "safe harbor" and a "development port" where capital, enterprises, and talent can focus on growth amid complex geopolitical dynamics
Why It Matters
Chan's framing carries significance for investors weighing Hong Kong's prospects, as it directly addresses concerns that security measures might compromise the city's business-friendly appeal . The strong economic data and record foreign company presence demonstrate that the government's approach of balancing development with security measures has not deterred international capital . This narrative could influence future policy discussions as Hong Kong positions itself in an increasingly competitive regional landscape.
Chan's framing carries significance for investors weighing Hong Kong's prospects, as it directly addresses concerns that security measures might compromise the city's business-friendly appeal . The strong economic data and record foreign company presence demonstrate that the government's approach of balancing development with security measures has not deterred international capital . This narrative could influence future policy discussions as Hong Kong positions itself in an increasingly competitive regional landscape.