On April 29, 2024, Financial Secretary Chen Maobo of Hong Kong announced in a blog post today that the first quarter GDP estimate will be released this week. It is estimated to fall within the annual economic growth forecast range, reflecting the city’s economy’s moderate growth for the fifth consecutive quarter.
During a forum yesterday, Chen Maobo also mentioned that he maintains a cautious view on Hong Kong’s economic situation this year. Due to the possibility of the United States delaying interest rate cuts and the continuation of a high-interest environment, he believes it is necessary to reassess the pace of Hong Kong’s economic growth. However, he noted that there is currently no specific reason to make significant adjustments to the economic growth forecast.
In his blog post today, Chen Maobo also mentioned that the number of startups in Hong Kong exceeded 4,200 last year, an increase of over 30% from four years ago, with approximately a quarter of the founders coming from overseas. Over the past year, the authorities have successfully introduced nearly 50 key innovative companies to Hong Kong or expanded their business in the city. Most recently, the Hong Kong-Shenzhen Innovation Park in Lok Ma Chau signed memorandums of understanding with around 60 partner companies.
Chen Maobo further pointed out that this Wednesday marks the start of the May Day holiday in mainland China, during which more than 800,000 visitors are expected to travel to Hong Kong. On May 1st, a fireworks display will be held near the Tsim Sha Tsui waterfront to enhance the festive atmosphere. In the coming months, there will be a series of events, including the World Culture Festival, the Bun Festival on Cheung Chau Island, and the Vinexpo Asia, the world’s top wine and spirits event, slated for the end of May.