In 2025, Hong Kong's economy continued its steady development. Through the effective synergy of a "proactive government" and an "efficient market," key economic segments such as foreign trade exports, financial investment, and local consumption performed well, allowing Hong Kong to deliver a robust report card while accelerating its structural transformation.
Hong Kong's economy recorded positive growth in each of the first three quarters of the year. The year-on-year growth rate of Gross Domestic Product (GDP) further expanded to 3.8% in the third quarter, marking the best quarterly performance in over a year and a half. The full-year growth forecast reached 3.2%, representing the third consecutive year of positive growth.
"The Hong Kong economy this year showed a pattern of comprehensive rebound and recovery. The financial market improved in a low-interest-rate environment, with capital inflows driving significant rebounds in areas like real estate," said Chuang Tailiang, Executive Director of the Lau Chor Tak Institute of Global Economics and Finance at The Chinese University of Hong Kong.
The "three drivers" of Hong Kong's economic growth performed well this year, with exports accelerating, fixed asset investment increasing, and local consumption continuing to rise. Notably, merchandise exports grew by over 10% year-on-year in aggregate for the first three quarters. A survey by the Hong Kong Trade Development Council projected Hong Kong's export growth to be between 8% and 9% next year, with most Hong Kong exporters targeting Asia as their primary region for business expansion over the next two years.
In terms of financial investment, the Hong Kong market has become the preferred platform for global capital to connect with "China opportunities." Stimulated by factors such as leading mainland enterprises listing in Hong Kong and the "Technology Company Fast Track" attracting innovative firms, over 110 companies have listed on the Hong Kong Exchanges and Clearing Limited (HKEX) this year, raising nearly HKD 300 billion in total. Among these, four companies ranked among the world's top ten largest new listings this year, and 17 "A+H" listings set a record high, propelling Hong Kong to the top spot globally for Initial Public Offering (IPO) fundraising.
Driven vigorously by the Special Administrative Region (SAR) government's professional teams, efforts to attract key enterprises and family offices also yielded excellent results this year. On September 15, the Financial Services and the Treasury Bureau announced that the number of family offices that had set up or expanded in Hong Kong with the assistance of InvestHK had surpassed 200, achieving the target set in the 2022 Policy Address ahead of schedule. The industry's scale is even larger when considering family offices that established themselves independently or through professional service networks.
On October 9, Hong Kong's initiative to attract key enterprises reached a milestone. With the addition of 18 key enterprises that day, the total number of officially settled key enterprises in Hong Kong exceeded 100. These enterprises are expected to bring approximately HKD 60 billion in investment and create around 22,000 job opportunities. Yin Hui, Senior Lecturer in the Department of Marketing at Hong Kong Hang Seng University, noted that the concentration of family offices in Hong Kong consolidates its status as a global asset and wealth management center. The accompanying capital flows not only into the stock market but also drive industrial upgrading.
Recently, several institutions have predicted moderate growth for the Hong Kong economy next year. Scholars interviewed also believe multiple favorable factors exist for Hong Kong's economy, such as the continuation of a low-interest-rate environment benefiting economic development. Furthermore, the mainland's cultivation of new quality productive forces is boosting export demand, suggesting Hong Kong's exports are likely to remain strong. On another front, the appreciation of the Renminbi has enhanced the purchasing power of mainland tourists, which is expected to stimulate the tourism and retail sectors.