Hong Kong's Resilience Shines Amid Global Economic Uncertainty, Says HKSAR Government

HONG KONG, May 27 -- Recent credit rating affirmations for Hong Kong by prominent agencies such as Fitch, S&P, and Moody's, all maintaining a "stable" outlook, reflect the region's resilience in navigating an increasingly uncertain global economic landscape. According to a spokesperson from the Hong Kong Special Administrative Region (HKSAR) government, these ratings underscore Hong Kong's capacity to sustain stability amidst significant economic and financial challenges.

Standard & Poor's (S&P) has reaffirmed Hong Kong's strong "AA+" credit rating, complementing this with a stable outlook. Meanwhile, Moody's also confirmed Hong Kong's credit profile at "Aa3" but notably upgraded its outlook from "negative" to "stable." Both ratings agencies highlighted key strengths in Hong Kong's credit profile, which include substantial fiscal reserves, healthy foreign exchange holdings, a robust external balance, and commendable per-capita income.

Further data reveals the underlying strength of Hong Kong's financial system, as evidenced by the continuous growth in bank deposits and an active capital market environment. The initial public offering (IPO) market is particularly thriving, indicating investor confidence and a vibrant economic atmosphere in the region.

The spokesperson also pointed to robust economic growth in Hong Kong during the first quarter of this year. Despite the ongoing impact of global trade tensions, recent efforts to ease these tensions have provided some relief from external uncertainties affecting the economy.

On the mainland, efforts toward high-level economic opening and steady growth continue, supported by a range of policy measures designed to tackle risks and challenges. Innovations in technology, green transition initiatives, and the digital economy are progressing rapidly, providing substantial support for Hong Kong's economic development.

Looking forward, the HKSAR government expresses confidence in its ability to tackle external challenges while capitalizing on emerging opportunities. There is a commitment to enhancing Hong Kong's position as an international financial, shipping, and trade center, capitalizing on its unique advantages under the "one country, two systems" framework.