Chen Maobo: Make every effort to increase the momentum of Hong Kong's economic development and cultivate emerging industries

Financial Secretary Chen Maobo participated in the 2022 Caixin Summer Summit in a video format today (9th). In his speech at the dialogue session, he first mentioned the current environment facing the world economy, including high energy and commodity prices; rising inflation and interest rates. The rate of increase; Sino-US relations have become tense; the downward pressure on the global economy has increased significantly.

Regarding inflation and interest rate risks, Chen Maobo pointed out that the tightening of monetary policy will further depress global economic growth, which in turn will affect trade flows.

In addition, the flow of international capital will also be affected, and some emerging market economies with weak fundamentals may be greatly affected.

However, he said that in the complex, ever-changing and cloudy international political and economic environment, the situation in the mainland may be a relatively good part.

Earlier, due to the impact of the new crown epidemic in some regions and the intensification of international geopolitical conflicts, the main economic indicators of the mainland in the sectors of industry, services, and consumption fell significantly in April.

However, the fundamentals of the mainland economy are sound and policy tools are sufficient to overcome these challenges.

In March this year, the government work report has proposed a series of proactive fiscal policies, and since May, it has introduced a number of measures to support enterprises and individuals, including increasing the value-added tax credits and rebates, and increasing the credit line of policy banks to increase financing for infrastructure. support etc.

The main economic indicators for May showed that the economic recovery was beginning to gain momentum.

As the epidemic is basically under control in June, it is believed that the mainland economy will recover quickly with the support of various policies and maintain steady growth in the rest of the year.

Long-term prospects for Hong Kong remain bright

As for Hong Kong's economy, as a small and highly export-oriented economy, Hong Kong will inevitably be affected by a cloudy external environment, but with the solid support of the state, Hong Kong's medium and long-term prospects are still bright.

Having said that, Chen Maobo made it clear that we should do our best to increase the momentum of Hong Kong's economic development, including cultivating emerging industries, so as to enrich industrial development, increase high-quality employment opportunities and increase the income of citizens.

One of the core links is the innovation and technology industry.

Over the past few years, we have invested heavily, cultivated talents and supported start-ups.

The development of the entire innovation and technology ecosystem has become increasingly vigorous. The Hong Kong government hopes that innovation and technology will play a more important role in promoting economic growth and enhancing competitiveness in the next few years.

At the same time, we provide innovative solutions for the pain points and difficulties of social and economic development, so that the achievements of I&T development can benefit the society more comprehensively and improve the quality of life of citizens.

When it comes to traditional industries, Chen Maobo said that the government is determined to develop more comprehensively, so that advantageous industries will become stronger and lead the way.

Taking the financial industry as an example, we will continue to deepen and enrich the diversified development of Hong Kong's financial industry, so as to further improve the quality and quantity of the financial industry, and continue to promote Hong Kong's economic growth.

For example, in order to grasp the country's "3060" dual-carbon goals and the general trend of global green development, the SAR government, financial regulators and related industries work together to promote Hong Kong's development into a green and sustainable region in the region through a multi-pronged strategy. Sustaining Financial Center.