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Hong Kong’s budget lays groundwork for city’s economic renaissance, now businesses must play their part

The budget sought to position Hong Kong at the forefront of finance, innovation and technology, while capitalising on its place in the Greater Bay Area

While policies are in place to train the local workforce, and attract talent from abroad, realising the budget’s aims will also take a concerted effort from the city’s business sector

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Financial Secretary Paul Chan at government’s headquarters in Admiralty, with the Kowloon skyline in the background, on July 25, 2022. Photo: Nora Tam

Luanne Lim was appointed chief executive, Hong Kong, of HSBC in 2022, having previously served as chief operating officer, Hong Kong, at HSBC, a role she held since 2017.

Published: 1:30pm, 28 Feb 2023

Financial Secretary Paul Chan Mo-po has unveiled a budget which, alongside a raft of measures to maintain assistance to Hong Kong’s vulnerable and smaller businesses, is part of an ambitious but clear-sighted plan to position the city at the forefront of the world’s most dynamic and exciting prospects for growth.

Chan’s budget played to Hong Kong’s unique strengths, especially when it comes to financial services.

He outlined plans to take advantage of the mainland’s continuing opening up by expanding the “connect” schemes and promoted our HK$35 trillion asset and wealth management industry. He highlighted new opportunities around the internationalisation of the renminbi – a market where Hong Kong has a 75 per cent share – such as offering renminbi settlement of carbon credits and potentially opening new futures markets in mainland bonds.