Financial Secretary’s blog

This year’s DSE results will be released on Wednesday. For more than 58,000 DSE candidates, the release of their exam results marks not only the culmination of years of hard work, but also a pivotal moment when they must choose the path for the next chapter of their lives. Whether they decide to pursue further studies or enter the workforce, this is an important milestone in their life journey. The wait for exam results can be unsettling. Yet many who have been through it come to realise that while exam scores may define a moment in time, they do not define one’s future. Students today enjoy more diverse pathways. Even if they cannot secure a place in their preferred programme, there are many other options for pursuing further studies, including associate degrees, higher diplomas and applied learning courses, as well as vocational training. Those who complete such courses or training can then choose to articulate to bachelor’s degree programmes. While these pathways have long existed, it is worth noting in particular that artificial intelligence (AI) is opening up new branches further along these traditional routes. This will offer students more avenues for development and job opportunities in the future, whichever path they choose. Today, even if one doesn’t know how to write code, large language models allow you to instruct computers to complete tasks using natural language. This means the threshold for adopting AI is getting lower. Whether you study business, […]

Last Wednesday, the Conference Celebrating the 105th anniversary of the founding of the Communist Party of China (CPC) was solemnly held in Beijing. General Secretary Xi Jinping delivered an important speech at the conference, offering a comprehensive and systematic account of the CPC's glorious history of unremitting struggle and the tremendous achievements it has made in leading the entire nation forward with determination. As we watched the conference together in Hong Kong and reflected on the country's proud development journey under the leadership of the CPC, we were filled with profound excitement and inspiration. Over the past 105 years, the history of the CPC has been closely intertwined with that of the Chinese nation. The Party has led the country in achieving national independence and the liberation of the people, advancing socialist construction, and, in particular, steadfastly promoting economic development since reform and opening-up. Through the hard work and dedication of successive generations, our country has completed, in just a few decades, an industrialisation process that took developed countries several centuries to achieve. It has realised a historic leap in people's living standards — from inadequate access to food and clothing, to moderate prosperity overall, and then to the building of a moderately prosperous society in all respects. Our country's economic, technological, defence and overall national strengths have been comprehensively enhanced, […]

Over the past week, I visited Dalian and Xi'an. Joining me for all or part of the trip were representatives from the Office for Attracting Strategic Enterprises (OASES), the Hong Kong Investment Corporation Limited, the Hong Kong Exchanges and Clearing Limited, Invest Hong Kong, the Hong Kong Science Park, Cyberport, and the Hong Kong-Shenzhen Innovation and Technology Park, along with a number of local and overseas innovation and technology (I&T) enterprises that these organisations have nurtured or helped attract. Our itinerary began with the Summer Davos Forum, officially known as the Annual Meeting of the New Champions, in Dalian, where I joined political and business leaders from around the world in discussions centred on innovating at scale and the current challenges facing global development. From there, I travelled to Xi'an to take part in the First Western Commercial Space Conference. These trips gave me valuable opportunities to engage in in-depth exchanges with representatives from the political and business communities, the technology sector and universities in Liaoning and Shaanxi, including the heads of more than 100 local enterprises. Through these intensive exchanges and visits, we not only witnessed the solid industrial foundations of the Northeast and the vibrant innovation momentum of the Northwest, but also gained a deeper appreciation of Hong Kong's role under the country's "dual circulation" development strategy. Beyond serving as an important […]

Last week, I travelled to Shanghai and Nanjing. Besides attending the Lujiazui Forum, I met with representatives from frontier technology enterprises and toured a number of companies specialising in artificial intelligence (AI), semiconductors, biotechnology, the low-altitude economy, and other emerging fields. This series of visits and exchanges gave me fresh insights and prompted some new reflections. These hard-tech enterprises rest on solid technological foundations. Many are genuinely at the cutting edge, with business models already proven in the Mainland market and products now entering markets overseas. The questions they are grappling with are practical ones: how to tap into global capital, find more partners and potential customers around the world, plan their production capacity, and manage their treasury. They are keen to seize this critical period of rapid AI development—consolidating their position at home while accelerating their push abroad—and to map out the optimal global footprint for their business. For Mainland technology enterprises, going global no longer means simply exporting products. By bringing in international capital and talent and by building their brands and sales networks, they are turning overseas business into a new engine of growth. What struck me most was hearing one executive after another describe the same ambition: to become true multinationals. That means connecting with the world not only in their markets, but also in their […]

As the country embarks on the 15th Five-Year Plan, we stand at a pivotal moment in the new era of artificial intelligence (AI). How Hong Kong seizes this opportunity, plays to its strengths, serves the nation's needs and harnesses that momentum for its own development, will be decisive for its future. With that in mind, we will launch the public consultation tomorrow for Hong Kong's First Five-Year Plan. Some may ask: in an era of rapid change, is a five-year plan too long a horizon? Five years ago, no one could have foreseen that AI would reshape industries at such speed. Five years from now, we likewise cannot predict what the next disruptive technology or pivotal shift will be. Yet macro trends tend to follow clear and stable patterns. As our country progresses steadily, and digital and intelligent technological advancement gathers pace across the board, the direction ahead has been set amid an uncertain future. A five-year plan will give the business community, enterprises and members of the public a clearer framework to plan for the future. It will also help the society build consensus, pool resources and channel collective energy into shared development. We look forward to sparking richer insights and broader perspectives through continued exchanges and discussions. By staying responsive to changing times and local circumstances, we can fully unlock Hong Kong's potential and, working together in common purpose, achieve something great. The National 15th Five-Year […]

Our country is a global leader in embodied intelligence, with application scenarios expanding rapidly beyond factory floors and performance venues into everyday life. An embodied-intelligence company from the Chinese Mainland, introduced by the Hong Kong Investment Corporation Limited, will soon open its first fully autonomous robotic retail store outside the Mainland on the Hung Hom waterfront. The store will feature a humanoid robot manager providing multilingual customer service around the clock. The company’s management has chosen Hong Kong as the first stop in the global expansion of its retail store concept, specifically to leverage the city’s role as an international showroom, its open environment for piloting new technologies, and the strong visibility it offers for innovation and technology projects. International capital continues to follow closely, and remains optimistic about, our country’s leading position in various emerging and future industries. As an important international financing and fundraising centre for these enterprises, Hong Kong is becoming increasingly attractive to start-ups and technology companies. The imminent debut of a humanoid robot store manager in Hong Kong points to an accelerating trend: artificial intelligence (AI) is entering people’s everyday lives in more tangible ways. In vigorously promoting AI development, we aim not only to empower industries and strengthen economic competitiveness, but also to deliver convenience that […]

Last week, an international consulting firm released its Global Wealth Report 2026, offering an observation that merits careful reflection: amid geopolitical turbulence and the sweeping global wave of artificial intelligence (AI), capital is being reallocated on an unprecedented scale. Unilateralism and regional conflicts have added significant uncertainty to the global economic outlook, accelerating capital flows towards stable and reliable safe havens. At the same time, continuing breakthroughs in AI have revealed enormous development potential, attracting substantial capital into related sectors. How Hong Kong can both capture and make good use of these two streams of capital is one of the key issues for our current development. The report estimates that Hong Kong's cross-boundary wealth under management grew by 10.7% year on year to approximately $23 trillion last year, enabling Hong Kong to Switzerland to become the world's largest cross-boundary wealth management centre — achieving our original target ahead of schedule. The report further projects that, from now to 2030, cross-boundary wealth managed in Hong Kong will grow by around 9% annually, outpacing Switzerland. This represents a vote of confidence from capital in both the Mainland and overseas in Hong Kong's institutions and investment environment. Under the "one country, two systems" framework, Hong Kong upholds the common law system, the free flow of capital, the free convertibility of its currency, a […]

Yesterday, I concluded a five-day visit to Europe, covering France, Belgium and Switzerland. During the trip, I held in-depth exchanges at multiple levels with leaders from the political, business and financial sectors. My strongest impression from this visit was Europe's clear and growing desire for change. This is evident on several fronts. Politically, unilateralism and intensifying competition among major powers have reinforced Europe's awareness of the need to secure greater strategic autonomy. In economic and trade relations, Europe is seeking stronger multilateral cooperation and better risk diversification to build stronger economic resilience. In industrial investment, particularly in cutting-edge innovation and technology fields such as artificial intelligence (AI), there is a clear recognition that discussion must be turned into action, and that Europe needs to pool its strengths and catch up as quickly as possible. Against this backdrop, there is significant room for Hong Kong and Europe to pursue pragmatic cooperation in trade, investment as well as innovation and technology, with a view to creating mutual benefits. Take investment as an example. Some representatives from the European financial sector pointed out that their current asset allocations were overly weighted towards US dollar assets, thereby resulting in excessive risk concentration. At the same time, households across the European Union possess wealth amounting to tens of trillions of euros, with […]

Late tonight, I will depart for Paris, Brussels and Zurich. My first stop will be Paris, where I will attend the “No Money for Terror” Ministerial Conference on Counter-Terrorism Financing. Thereafter, I will join representatives from more than 80 countries and regions to discuss ways to enhance co-operation, demonstrating Hong Kong’s commitment in this area as an international financial centre. I will also meet representatives of leading European financial institutions, private equity and venture capital funds, as well as family office principals in these cities, with a view to deepening partnerships and attracting investment. Strengthening international engagement through direct, face-to-face dialogue enables us to answer questions and address concerns in person. This helps the overseas business and financial communities gain a fuller understanding of Hong Kong’s current situation and development trajectory, as well as its strategic value for those seeking to expand their business in China and across Asia. Several years ago, Hong Kong, China became the first jurisdiction in the Asia-Pacific region to achieve overall compliance in the fourth-round mutual evaluation conducted by the Financial Action Task Force (FATF) on anti-money laundering and counter-terrorist financing. This recognition by the FATF, an organisation established under the auspices of the Organisation for Economic Co-operation and Development (OECD), has provided a solid foundation for Hong Kong […]

Across the world’s major bay-area economic clusters, the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is unique in combining three distinctive strengths: cutting-edge artificial intelligence (AI) research and development, a comprehensive high-end manufacturing ecosystem, and an international financial centre. This powerful combination of “AI + manufacturing + finance” places Hong Kong in an ideal position during the 15th Five-Year Plan period to assume a strategic role and perform two key functions: industrial synergy and regulatory alignment. In particular, Hong Kong can serve as an international gateway for emerging industries seeking to establish a presence in the GBA, as well as a platform for exchange and conversion through which domestic and international standards can be aligned and mutually referenced. Last week, with the joint support of the Hong Kong SAR Government and the Dongguan Municipal Government, sustainable aviation fuel company EcoCeres signed an Investment Letter of Intent to establish its first supply chain operation in Dongguan. The company is a homegrown startup. The initiative exemplifies the synergy between Hong Kong’s strengths in upstream R&D and international green finance certification, and the GBA’s large-scale advanced manufacturing capabilities. It vividly illustrates the integration of technological and industrial innovation, demonstrating how the region’s cutting-edge green technologies can expand onto the global stage. […]

As Hong Kong enters the third day of the Golden Week holiday, the city remains vibrant, with strong foot traffic and a positive business atmosphere. According to Immigration Department figures, more than 602,000 visitors entered Hong Kong through various control points in the first two days of May, representing a 6% year-on-year increase. Over the past few days, streets, shopping malls and country parks have been bustling with visitors and local residents alike. Many retailers and restaurants expect solid business performance during this Golden Week holiday period. Over the past year, the local consumption market has shown a clear recovery trend. Businesses have actively upgraded and adapted to changing consumption patterns, while improving service standards and product quality. The Government has also continued to stage mega events to attract more visitors. At the same time, local spending by residents returned to growth in the second quarter of last year, and has strengthened further since the start of this year. Data from a major electronic payment platform in Hong Kong show that residents’ daily consumer spending has increased year-on-year for six consecutive quarters. In the first quarter of this year, retail- and dining-related spending rose by 5.2%, while spending at non-fast-food restaurants increased by nearly 8%. Asset market sentiment has remained positive. Stock market turnover stayed active, while the residential property market continued to improve. In the […]

Hong Kong's role and standing as an international financial centre continue to strengthen and evolve. Despite the challenges posed by an increasingly complex geopolitical landscape, the city is cultivating new drivers of growth through sustained innovation and deeper collaboration. Last week, alongside welcoming the city's largest IPO so far this year, Hong Kong also saw the listing of its largest gold exchange-traded fund (ETF). Meanwhile, the Hong Kong Exchanges and Clearing Limited (HKEX), following the launch of a co-branded index with Bursa Malaysia, also announced plans to introduce related ETFs. Building on its strong performance last year, Hong Kong has remained the world's leading IPO market so far this year. As of last week, funds raised through IPOs in Hong Kong had exceeded HK$140 billion. More high-quality companies are seizing the opportunity to leverage the city's vibrant fundraising platform to accelerate their global expansion. Since March, average daily turnover in the Hong Kong stock market has surpassed HK$280 billion. These developments show that, despite external uncertainties, Hong Kong's financial market continues to demonstrate strong momentum. This is the result of the concerted efforts of both the Government and the industry. At a time of rapid technological change and heightened geopolitical risk, global investors are accelerating the diversification of their asset allocation, reducing reliance on any single market or asset class. Meanwhile, […]

Today, the world is undergoing changes of a scale not seen in a century, and the pace is accelerating. Geopolitical dynamics are becoming more complex and fluid, while the global division of labour is steadily evolving toward deeper regional cooperation. At the same time, frontier technologies, particularly artificial intelligence (AI), are fundamentally reshaping production systems, business models and consumption patterns. Under the dual pressures of climate change and energy security, the global transition to a greener economy is also gathering momentum. Against this backdrop, we must see today through the lens of posterity, remain firmly committed to technology and innovation, and accelerate the development of emerging and future industries. Take AI as an example. From large language models to agentic AI, and from chatbots to embodied intelligent robots, human–machine collaboration is already delivering substantial productivity gains for businesses. A comprehensive push to deepen AI adoption, application and innovation will not only create new industries, but also inject fresh momentum into existing sectors. This will strengthen the core competitiveness across finance (intelligent risk management and compliance), healthcare (drug discovery and clinical solutions), trade (smart supply chains), shipping (smart port and logistics operations) and professional services (AI-assisted analysis). In this year's Budget, we have proposed establishing the Committee on AI+ and […]

This Wednesday (15 April) is the National Security Education Day. Across the country, themed activities are being held to help citizens better understand the vital importance of national security. In Hong Kong, the HKSAR Government and different sectors of the community are organising district-wide events to deepen public understanding of the nation’s development and achievements, and to highlight the close, mutually reinforcing relationship between development and security. The theme of this year’s National Security Education Day is: “Proactively Align with the 15th Five-Year Plan Follow a Holistic Approach to Development and Security”. Security underpins a nation’s survival and progress, and it is essential to social stability and people’s well-being. Development and security reinforce each other: security is the prerequisite for development, while development provides the guarantee for security. Only by advancing both in a coordinated way can we ensure lasting stability and sustained prosperity. Profound changes unseen in a century are accelerating, and the international landscape is growing more complex and volatile. In some regions, wars continue and flashpoints remain unresolved; in others, social unrest persists. These developments underscore that national security extends across multiple interconnected domains—including finance, energy, science and technology, food security and overseas interests. We must therefore firmly uphold a holistic approach to […]

As the first quarter of 2026 passed, the global landscape remains complex and highly fluid. The conflicts in the Middle East continue to weigh on the market sentiment. This external backdrop has dragged on Hong Kong’s equity market: the Hang Seng Index is down around 2% year to date. Even so, trading has remained active. The average daily turnover in the first two months exceeded HK$260 billion, up 17% year on year. Entering March, market activities strengthened further, with average daily turnover surpassing HK$300 billion—more than 8% higher than the same period last year. The increased asset allocations to Hong Kong by investors amid heightened uncertainty suggests that they not only view the city as a reliable safe haven for capital, but are also encouraged by the abundant investment opportunities created by the steady growth in the Mainland's economy and a strong pipeline of quality companies choosing to list in Hong Kong. Meanwhile, global competition in frontier technologies such as artificial intelligence has heated up. Breakthroughs in core technologies, the development of upstream and downstream segments of the industrial chain, and the exploration of broader application scenarios all require substantial capital support. Whether these companies and industries have smooth, stable, sustained and efficient access to financing is therefore critical. Hong Kong’s listing platform is playing a pivotal role in this regard—supporting the nation’s technological […]