HKSAR govt welcomes IMF's affirmation of Hong Kong's economic growth, financial stability

HONG KONG - The Hong Kong Special Administrative Region (HKSAR) government on Friday welcomed the International Monetary Fund (IMF) Article IV Mission's affirmation of the HKSAR government's efforts to boost economic growth and safeguard financial stability.

The mission visited Hong Kong from March 20 to 31 and held discussions with HKSAR government officials, financial regulators and private sector representatives. The mission completed the 2023 Article IV Consultation with the HKSAR and published a concluding statement on its assessment on Friday.

The statement commends the HKSAR government's multifarious efforts to boost economic growth, including the establishment of the Co-Investment Fund to support innovation and technological development, enhancement of the talent attraction programs, and adoption of a more coordinated approach to increase residential land and housing supply.

Financial Secretary of the HKSAR government Paul Chan welcomed the mission's highly positive assessment of Hong Kong, which, once again, affirmed that Hong Kong's high-quality financial sector oversight ensured the resilience of the financial system, while upholding Hong Kong's status as a premier international financial center in the evolving global environment.

Chan said that the mission's positive assessment was a reflection of Hong Kong's capability, determination and accomplishment in maintaining financial stability and economic growth. "It also clearly shows that under our new policy vision of integrating a 'capable government' and a 'highly efficient market,' we are leaping forward steadily and bolstering prosperity."

Chief Executive of the Hong Kong Monetary Authority Eddie Yue said that as noted by the mission, Hong Kong's Linked Exchange Rate System was an anchor to the economic and financial stability in Hong Kong, and its credibility continues to be supported by the mechanism's transparency, Hong Kong's ample foreign reserves, prudent fiscal policy frameworks, robust financial regulation and supervision, and the economy's flexibility.