Hong Kong Economic and Trade Office, New York
Hong Kong
Initiatives to diversify economy highlighted

Director of Hong Kong Economic and Trade Office in New York (HKETONY) Joanne Chu highlighted the latest initiatives to diversify Hong Kong's economy, especially in financial services and I&T at a breakfast discussion (Mar 7), organized by the Hong Kong Association of New York. These include the introduction of new listing rules to broaden the city's listing regime, promoting green finance, developing the bond market, and the issuance of virtual banking licenses. A total of US$5.6 billion in new spending would be allocated for I&T initiatives such as the development of Cyberport 5 to house more tech companies and startups, enhancement and refurbishment of campus facilities for R&D and injecting more funds into the Research Endowment Fund.

Initiatives to diversify economy highlighted

Hong Kong’s economy grew 3% in 2018. The city's labor market remained in full employment, with the unemployment rate averaging 2.8% in 2018. GDP growth for 2019 is forecast to grow 2-3%.

At the "2019 Hong Kong Outlook: Economic Prosperity and more" breakfast session, Ms Chu also spoke about the abundant opportunities for American firms in the Hong Kong-Guangdong-Macao Greater Bay Area and the pivotal role Hong Kong plays as an international financial, trade and logistics hub and as the regional arbitration and disputes resolution center.

HSBC's US Economist Ryan Wong gave a presentation on US economic outlook during the breakfast session.

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