Hong Kong shows resilience amid global economic uncertainty: HKSAR govt

HONG KONG -- The recent affirmations of Hong Kong's credit ratings by Fitch, S&P and Moody's, all with "stable" outlooks, demonstrated Hong Kong's resilience in maintaining stability amid increasing global economic and financial uncertainties, a spokesperson for China's Hong Kong Special Administrative Region (HKSAR) government said on Tuesday.

S&P has maintained Hong Kong's "AA+" credit rating with a "stable" outlook, while Moody's has affirmed Hong Kong's "Aa3" credit rating and upgraded the outlook from "negative" to "stable." Both of them provided positive evaluations of Hong Kong's credit profile, including its substantial fiscal buffers and foreign exchange reserves, a strong external balance sheet, and high per-capita income levels.

Recent data has further underscored the robustness of Hong Kong's financial system. Bank deposits have continued to grow, capital markets remain active, and the initial public offering market is thriving, the spokesperson said.

The spokesperson said that Hong Kong's economy saw robust growth in the first quarter of this year. While the tariff war continues to affect the global economy, the recent easing in international trade tensions has slightly alleviated external unfavorable factors and uncertainties.

Meanwhile, the Chinese mainland continues to advance high-level opening up, with steady economic growth supported by ample policy room and tools to address and resolve various risks and challenges. With breakthroughs and expedited developments in technology innovation, green transformation and the digital economy, the mainland offers the greatest backing for Hong Kong's economic development, the spokesperson added.

Looking ahead, the HKSAR government is confident in addressing external challenges while seizing new opportunities in this evolving landscape. The HKSAR government remains committed to leveraging Hong Kong's institutional advantages under "one country, two systems," reinforcing and enhancing its status as an international financial, shipping and trade center.