Source: Hong Kong Government special administrative region
IMF commends Hong Kong’s resilient economic growth
The Mission notes that Hong Kong’s economy has continued to recover, supported by robust technology-related exports, improving private demand and a rebound in financial market activity.
The Mission reaffirms Hong Kong’s role as an international financial centre and a “super connector”, particularly as a leading fundraising hub and a premier offshore Renminbi centre. The Mission also acknowledges that policy initiatives, including the development of the Northern Metropolis, are conducive to the development of innovation and high-value services in Hong Kong, supporting economic growth and structural transformation.
The Mission considers the fiscal stance in 2026 as appropriate given the current economic conditions, while supporting a focus on achieving stronger medium-term consolidation to rebuild fiscal reserves and address rising spending pressures.
The Mission acknowledges that financial sector risks are manageable, supported by strong buffers and robust regulatory oversight. As noted by the Mission, banks remain well capitalised, liquid, and profitable, while the Linked Exchange Rate System (LERS) continues to be an appropriate and credible anchor for macroeconomic and financial stability. The Mission commends the continued efforts to strengthen the monitoring framework for the non-bank financial institution sector, noting that expanded risk assessments and targeted stress testing have improved early-warning capabilities.
The Mission recognises that Hong Kong is well placed to build further on its digital and sustainable finance agenda, supported by effective implementation and robust systemic oversight. The Mission also highlights that the “Fintech 2030” strategy aims to modernise market infrastructure as well as to promote responsible AI innovation and asset tokenisation within a robust regulatory framework.
The Financial Secretary, Mr Paul Chan, said, “We welcome the Mission’s assessment of Hong Kong’s ongoing economic recovery and its support for the Government’s fiscal policies to drive economic growth and achieve economic diversification.
“The Hong Kong economy expanded robustly in the first quarter of 2026. Looking ahead, Hong Kong’s economic growth outlook is positive, underpinned by strong global demand for AI-related electronics, sustained growth in visitor arrivals and robust cross-boundary financial activities. A favourable business environment and the gradual improvement to consumer sentiment will continue to support domestic demand. We will closely monitor the development of the situation in the Middle East, dynamically assess the economic situation, and react flexibly.
“We note the views in the Concluding Statement on Hong Kong’s commercial real estate (CRE) sector. In the post-epidemic era, the global CRE market has generally faced challenges amid changing office work and consumption patterns. The Government has in recent years introduced a series of market-stabilising policy measures, including suspending the sale of commercial land and encouraging developers to convert suitable vacant office space into student hostels. Currently, Hong Kong’s CRE market has stabilised, with transaction and leasing volumes rising significantly, and prices and rents becoming steady.
“On the pace of fiscal consolidation, the reinforced fiscal consolidation programme is progressing as planned. According to the Medium Range Forecast set out in the 2026-27 Budget, the Operating Account will record surpluses for each of the next five years, with surpluses increasing year by year, reflecting the effectiveness of the Government’s measures to increase revenue and control expenditure. The Capital Account will still record deficits during this period, resulting in a deficit (before issuance and repayment of bonds) in the Consolidated Account, mainly due to the Government’s enhanced infrastructure spending in accelerating the development of the Northern Metropolis and proactively creating capacity for Hong Kong’s high-quality development. These investments for the future will bring broader economic benefits and tax revenues to Hong Kong. We will make good use of market forces to finance these infrastructure projects.
“In fact, two major credit rating agencies have recently affirmed Hong Kong’s credit rating and ‘stable’ outlook, reflecting Hong Kong’s considerable resilience underpinned by its sound economic fundamentals, robust public finances, and a well-established financial system.
“The Government will analyse and study the various recommendations put forward by the Mission.”
The Chief Executive of the Hong Kong Monetary Authority, Mr Eddie Yue, said, “I welcome the Mission’s continued support for the LERS, a key anchor of Hong Kong’s financial system and economy. I am pleased to note the Mission’s recognition of our robust regulatory and supervisory frameworks, underpinned by strong buffers and prudent practices in the banking sector. I also appreciate the Mission’s affirmation of Hong Kong’s role as an international financial centre and a “super connector” between the Chinese Mainland and the rest of the world.”
The Mission visited Hong Kong from March 16 to 27, 2026, with discussions held with HKSAR Government officials, financial regulators and private sector representatives. The Concluding Statement is in the Annex. The relevant full report will be discussed by the IMF Executive Board later this month.
Issued at HKT 17:48
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Economic performance in first quarter of 2026 and latest GDP and price forecasts for 2026
Source: Hong Kong Government special administrative region – 4
The Government released today (May 15) the First Quarter Economic Report 2026, together with the revised figures on Gross Domestic Product (GDP) for the first quarter of 2026.
The Government Economist, Ms Irina Fan, gave an account of the economic performance in the first quarter of 2026 and the latest GDP and price forecasts for 2026.
Main points
＊ The Hong Kong economy expanded robustly in the first quarter of 2026, driven by the sustained strong performance in external trade and pick-up in domestic demand. Real GDP grew by 5.9% over a year earlier in the first quarter, accelerating from the 4.0% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter comparison, real GDP rose notably by 2.9%.
＊ Total exports of goods grew markedly by 23.7% year-on-year in real terms in the first quarter, underpinned by sustained global demand for artificial intelligence (AI)-related electronic products and buoyant regional trade flows in Asia. Exports of services continued to expand solidly by 3.5% in real terms over a year earlier, with broad-based growth across all major service groups.
＊ Domestic demand strengthened across both consumption and investment. Private consumption expenditure saw accelerated growth of 4.9% year-on-year in real terms in the first quarter, reflecting the more entrenched recovery in households’ spending. Overall investment expenditure continued to expand at a double-digit rate of 17.7% year-on-year in real terms in the first quarter, alongside the robust economic growth.
＊ The labour market showed modest improvement in the first quarter. The seasonally adjusted unemployment rate edged down further by 0.1 percentage point from the preceding quarter to 3.7% in the first quarter. The underemployment rate also decreased by 0.1 percentage point to 1.6%. Average employment earnings continued to record year-on-year growth in the first quarter.
＊ The local stock market saw varying monthly performance during the first quarter. The Hang Seng Index (HSI) rallied to a four-and-a-half-year high of nearly 28 000 in January, moved sideways in February, and corrected in March after the Middle East conflict. Trading and fund‑raising activities remained strong throughout the quarter. More lately, since entering the second quarter, the HSI has largely recovered the earlier lost ground and returned to the pre-conflict levels. Separately, the residential property market continued to strengthen in the first quarter, with both prices and rentals recording further increases.
＊ Consumer price inflation stayed modest in the first quarter, though it picked up somewhat in March, mainly driven by fuel-related components amid higher international oil prices. Price pressures in other components were largely contained. The underlying Composite Consumer Price Index (Composite CPI) rose by 1.4% in the first quarter over a year earlier, following the 1.1% increase in the preceding quarter.
＊ Looking ahead, Hong Kong’s economic outlook remains broadly resilient. Strong global demand for advanced electronics and AI‑related products is expected to support goods export performance, while services exports should remain firm, underpinned by sustained vibrancy in inbound tourism, robust cross-boundary financial activity, and steady demand for business services. Relatively solid consumer sentiment and resilient business outlook are expected to support domestic demand. The impacts of the Middle East conflict on the Hong Kong economy have so far been limited. Yet, the outlook of the conflict remains highly uncertain. A further escalation or persistence of tensions could heighten global financial market volatility, posing downside risks to growth and upside risks to inflation.
＊ Taking into account the stronger-than-expected outturn in the first quarter and the potential near-term headwinds in the external environment, the real GDP growth forecast for 2026 as a whole is maintained at 2.5% – 3.5%, the same as that announced in the Budget. Risk to growth is tilted to the downside due to the uncertainty surrounding the actual outcome of the scale and duration of the Middle East conflict.
＊ On the inflation outlook, the feed-through of higher international oil prices to fuel-related components in consumer prices should continue in the coming months. Overall inflation in Hong Kong is, however, expected to remain relatively well anchored, reflecting the city’s low energy intensity as a predominantly service-oriented economy, with stable energy supplies from the Chinese Mainland (Mainland) helping to mitigate external shocks. Taking into account the actual inflation situation in the first quarter and the factors mentioned above, the forecasts for the underlying and headline consumer price inflation rates for 2026 are revised up to 2.5% and 2.6% respectively, from 1.7% and 1.8% as announced in the Budget.
＊ In the past two months, the Government has introduced short-term, targeted measures to provide timely relief to sectors with relatively high fuel cost. The Government remains vigilant to the risks of further escalation of the conflict, will closely monitor the developments, and will respond further as appropriate to safeguard price stability.
Details
GDP
According to the revised figures released today by the Census and Statistics Department, real GDP grew robustly by 5.9% year-on-year in the first quarter of 2026 (same as the advance estimate), having increased by 4.0% in the preceding quarter. On a seasonally adjusted quarter-to-quarter comparison, real GDP rose by 2.9% in the first quarter (same as the advance estimate), further to the 1.1% increase in the preceding quarter (Chart).
The latest figures on GDP and its major expenditure components up to the first quarter of 2026 are presented in Table 1. Developments in different segments of the economy in the first quarter are described below.
External trade
Total exports of goods grew markedly by 23.7% year-on-year in real terms in the first quarter of 2026, following an increase of 15.4% in the preceding quarter. The strong export growth was supported by the sustained global demand for AI-related electronic products and buoyant regional trade flows in Asia. Recent data still pointed to continued strengthening of export shipments within the region. Analysed by major market and with reference to external merchandise trade statistics, exports to the Mainland maintained double-digit growth. Exports to Association of Southeast Asian Nations markets continued to surge, and those to most advanced economies in Asia increased further. Exports to the United States showed strong growth, and those to the European Union grew solidly. On a seasonally adjusted quarter-to-quarter basis, total exports of goods rose notably by 15.9% in real terms in the first quarter.
Exports of services continued to expand solidly by 3.5% in real terms in the first quarter over a year earlier, after rising by 4.7% in the preceding quarter. Broad-based growth was seen across all major service groups. Specifically, exports of travel services continued to grow visibly, driven by strong inbound tourism. Exports of transport services and financial services grew moderately, amid solid performance in cross-boundary traffic and financial service activities. Exports of business and other services also showed moderate growth. On a seasonally adjusted quarter-to-quarter basis, exports of services decreased slightly by 0.4% in real terms in the first quarter.
Domestic sector
Private consumption saw accelerated growth in the first quarter of 2026, indicating a more entrenched recovery in households’ spending. Private consumption expenditure rose by 4.9% in real terms in the first quarter over a year earlier, after an increase of 2.5% in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, private consumption expenditure rose by 1.7% in real terms. Meanwhile, government consumption expenditure increased by 3.0% in real terms in the first quarter over a year earlier, after rising by 1.5% in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, government consumption expenditure increased by 1.5% in real terms.
Overall investment expenditure in terms of gross domestic fixed capital formation continued to expand at a double-digit rate of 17.7% year-on-year in real terms in the first quarter, following an 11.7% increase in the preceding quarter. Expenditure on acquisitions of machinery, equipment and intellectual property products surged, with private sector spending showing particularly strong growth. Costs of ownership transfer soared amid active property transactions. Expenditure on building and construction turned to an increase, driven by a pick-up in the public sector.
Labour sector
The labour market showed modest improvement in the first quarter of 2026. The seasonally adjusted unemployment rate edged down further by 0.1 percentage point from the preceding quarter to 3.7% in the first quarter. The underemployment rate also decreased by 0.1 percentage point to 1.6%. The average monthly employment earnings of full-time employees (excluding foreign domestic helpers) continued to increase, by 5.6% in nominal terms or 4.0% in real terms in the first quarter over a year earlier.
Asset markets
The local stock market saw varying monthly performance during the first quarter of 2026. The HSI rallied to a four-and-a-half-year high of nearly 28 000 in January, moved sideways in February, and corrected in March after the Middle East conflict. The HSI closed the first quarter at 24 788, down by 3.3% from end-2025. Nevertheless, trading and fund‑raising activities remained strong throughout the quarter. More lately, since entering the second quarter, the HSI has largely recovered the earlier lost ground and returned to the pre-conflict levels. On May 13, the HSI closed at 26 388, up somewhat by 3.0% over end-2025.
The residential property market continued to strengthen in the first quarter. The number of transactions, in terms of the total number of sale and purchase agreements for residential property received by the Land Registry, increased notably further by 9% over the preceding quarter to 18 654 in the first quarter. This was the highest level since the third quarter of 2021, and also 53% higher than the level a year ago. Overall flat prices rose further by 4% during the first quarter. The index of home purchase affordability went up in the first quarter amid the continued rise in flat prices. Overall flat rentals rose further by 1% in the first quarter. The non-residential property market remained soft in the first quarter. Transactions of office space moderated, though those for retail shop space and flatted factories rose.
Prices
Consumer price inflation stayed modest in the first quarter of 2026, though it picked up somewhat in March, mainly driven by fuel-related components amid higher international oil prices. Price pressures in other components were largely contained. The underlying Composite CPI rose by 1.4% in the first quarter over a year earlier, following the 1.1% increase in the preceding quarter. Including the effects of the Government’s one-off relief measures, the headline Composite CPI increased by 1.6% year-on-year in the first quarter.
Latest GDP and price forecasts for 2026
Looking ahead, Hong Kong’s economic outlook remains broadly resilient. Strong global demand for advanced electronics and AI‑related products is expected to support goods export performance, while services exports should remain firm, underpinned by sustained vibrancy in inbound tourism, robust cross-boundary financial activity, and steady demand for business services. Relatively solid consumer sentiment and resilient business outlook are expected to support domestic demand. The impacts of the Middle East conflict on the Hong Kong economy have so far been limited. Yet, the outlook of the conflict remains highly uncertain. A further escalation or persistence of tensions could heighten global financial market volatility, posing downside risks to growth and upside risks to inflation.
Taking into account the stronger-than-expected outturn in the first quarter and the potential near-term headwinds in the external environment, the real GDP growth forecast for 2026 as a whole is maintained at 2.5% – 3.5%, the same as that announced in the Budget (Table 2). Risk to growth is tilted to the downside due to the uncertainty surrounding the actual outcome of the scale and duration of the Middle East conflict.
On the inflation outlook, the feed-through of higher international oil prices to fuel-related components in consumer prices should continue in the coming months. Overall inflation in Hong Kong is, however, expected to remain relatively well anchored, reflecting the city’s low energy intensity as a predominantly service-oriented economy, with stable energy supplies from the Mainland helping to mitigate external shocks. Taking into account the actual inflation situation in the first quarter and the factors mentioned above, the forecasts for the underlying and headline consumer price inflation rates for 2026 are revised up to 2.5% and 2.6% respectively, from 1.7% and 1.8% as announced in the Budget (Table 2).
In the past two months, the Government has introduced short-term, targeted measures to provide timely relief to sectors with relatively high fuel cost. The Government remains vigilant to the risks of further escalation of the conflict, will closely monitor the developments, and will respond further as appropriate to safeguard price stability.
The First Quarter Economic Report 2026 is now available for online download, free of charge at www.hkeconomy.gov.hk/en/situation/index.htm. The Report of the Gross Domestic Product by Expenditure Component, which contains the GDP figures up to the first quarter of 2026, is also available for browse and download, free of charge on the homepage of the Census and Statistics Department, www.censtatd.gov.hk.
Office of The Ombudsman holds learning and exchange session to enhance alignment with National 15th Five-Year Plan
Source: Hong Kong Government special administrative region
The following is issued on behalf of the Office of The Ombudsman:
The Hong Kong International Ombudsman Academy (HKIOA) under the Office of The Ombudsman today (May 15) held a learning and exchange session on the National 15th Five-Year Plan for investigation and administrative staff of the Office. The session aimed to deepen staff members’ understanding of the National 15th Five-Year Plan and explore how their work can be aligned with and integrated into the Plan.
Credit Card Lending Survey Results for First Quarter 2026
Source: Hong Kong Government special administrative region – 4
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority published today (May 15) the credit card lending survey results for the first quarter of 2026.
Following an increase of 8.7 per cent in the previous quarter as driven by festive spending and salaries tax payment, total card receivables decreased by 3.8 per cent in the first quarter to HK$158.0 billion at end-March 2026.
The combined delinquent and rescheduled ratio was 0.45 per cent at end-March 2026, compared with 0.40 per cent at the previous quarter-end. The charge-off ratio for the first quarter of 2026 was 0.56 per cent, compared with 0.62 per cent in the previous quarter.
Development Bureau imposes regulating action on contractor involved in fatal industrial incident at private worksite in Stanley
Source: Hong Kong Government special administrative region
Development Bureau imposes regulating action on contractor involved in fatal industrial incident at private worksite in Stanley
The DEVB, being the party that procures services for public works, attaches great importance to the site safety performance of all construction sites under the purview of contractors on the List, regardless of whether the sites are public works construction sites or not. The DEVB issued notification to the contractor concerned today to suspend it from tendering for public works contracts in lift, escalator and passenger conveyor installation category with immediate effect pursuant to the regulating regime. The contractor concerned has to conduct an independent safety audit to review its safety management system. Taking cognisance of the outcome of the independent safety audit, the contractor is required to submit an improvement action plan and implement improvement measures, with a view to demonstrating that it has an effective safety management system before the lifting of the suspension from tendering can be considered. The suspension from tendering is not only confined to tender exercises within the period of suspension from tendering, but is also applicable to tender exercises with procedures initiated but not concluded.
The Labour Department is investigating this industrial incident and will handle it in accordance with the law. Subject to the investigation findings, the DEVB may impose further regulating actions on the contractor concerned later on, including extension of the period of suspension from tendering for public works contracts and even removal from the List.
Issued at HKT 16:35
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Singapore’s active sports brand Xventure lands in Hong Kong as demand for sportainment among experience-first consumers soars
Source: Hong Kong Government special administrative region – 4
Invest Hong Kong (InvestHK) today (May 15) welcomed the opening of Xventure, a new indoor active sports park in Hong Kong. Spanning a 20 000-square-foot facility in Kornhill Plaza, Quarry Bay, the Singapore-created concept features 26 high-energy challenges that blend physical sports, interactive entertainment, and digital technology. The launch represents a significant boost to Hong Kong’s experiential retail and leisure sector.
Xventure is a spin-off of its family edutainment destination arm, Kiztopia, which established its presence in Hong Kong in 2022. Building on the massive local success of its family-centric outlets, this new concept represents the group’s strategic diversification into Hong Kong’s high-growth teenaged and young adult sportainment market.
Associate Director-General of Investment Promotion of InvestHK Mr Arnold Lau welcomed the opening of Xventure in Hong Kong. He said, “The arrival of Xventure is yet another testament to our city’s unique advantages as a premier destination for innovative business and the experiential economy. Nothing is more rewarding than seeing visionary companies invest, thrive and continuously reinvest in our city. The business diversification is a strong vote of confidence in Hong Kong’s vibrant retail and leisure landscape.”
Hong Kong’s retail sector is surging, with the Census and Statistics Department reporting a 12.8 per cent year-on-year increase in March retail sales and 11 consecutive months of growth.
The General Manager of Kiztopia Hong Kong, Mr Ricky Ng, said, “Hong Kong consumers are diverse, sophisticated and quick to embrace innovative experiences. With the valuable support of InvestHK, pioneering a large-scale, cross-generational sportainment venue in the city is a natural choice to drive new growth and act as springboard for our innovative experiential concepts to overseas markets.”
Xventure is designed to capture the booming global sportainment trend, catering to modern consumers who crave unique, physically engaging, and highly sharable experiences. The massive venue features nine distinct themed zones packed with diverse attractions. Highlights include an 8 metre slide park, a suspended high-altitude rope course, a ninja warrior obstacle run, a high-energy jump arena, and an interactive “tech-meets-sports” digital playground. The highly anticipated Hong Kong launch will serve as a strategic regional springboard for the brand’s planned future expansions into Thailand, Malaysia, and Singapore.
The journey from Kiztopia’s initial entry to the launch of Xventure highlights a strong, multiyear partnership with InvestHK. Over the years, InvestHK has worked hand-in-hand with the group, providing crucial support ranging from go-to-market strategies and local market insights to seamless policy facilitation, helping the brand successfully scale and diversify its footprint in Hong Kong’s evolving retail landscape.
For more information about Xventure, please visit www.xventurepark.com.
Appointments to Board of Directors of Hong Kong Design Centre announced
Source: Hong Kong Government special administrative region – 4
The Government announced today (May 15) the appointments of the Board of Directors (BoD) of the Hong Kong Design Centre (HKDC) for a three-year term from May 15, 2026, to May 14, 2029.
The membership of the new term of the HKDC BoD is as follows:
Chairman
————
Mr Steve Leung Chi-tien
Vice-Chairmen
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Dr Elita Lam Yee-nee
Mr Alan Cheung Yick-lun
Members
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Mr Patrick Bruce
Mr Alan Wan Siu-lun
Dr Albert Wong Kwan-butt
Mr Wilfred Wong Kam-pui
Mr Henry Lai Hin-wing
Mr Brian Hui Cheng-hung
Ms Bonnie Wong Tak-wei
Mr Calvin Chan Ka-wai
Mr Sunny Tan
Ex-officio Members
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Commissioner for Cultural and Creative Industries
Principal Assistant Secretary for Culture, Sports and Tourism (West Kowloon Cultural District)
Representative of Hong Kong Federation of Design and Creative Industries
Representative of Hong Kong Designers Association
Representative of Hong Kong Fashion Designers Association
Representative of Hong Kong Interior Design Association
Representative of Chartered Society of Designers (Hong Kong)
Assistant Executive Director of Hong Kong Trade Development Council
The Secretary for Culture, Sports and Tourism, Miss Rosanna Law, said, “The appointed members come from a diverse background with extensive experience and expertise in their respective sectors, professions and community services. I am confident that they will provide valuable advice to the HKDC in fostering the continuous development of Hong Kong’s design and related creative industries.”
Miss Law also thanked the outgoing Chairman, Mr Joseph Lo Kin-ching, and Vice Chairman Professor Viveca Chan E-nam for their valuable contributions and support to the work of the HKDC during their tenure.
Since its establishment in 2001, the HKDC has been the Government’s close strategic partner in promoting design and related cultural and creative industries. As the governing body of the HKDC, the BoD leads and steers the HKDC to effectively take forward initiatives of supporting small and medium enterprises in the design industry, proactively promoting the development of design and related cultural and creative industries of Hong Kong.
Speech by SHYA at 2026 APEC Women and Economy Forum Public-Private Dialogue on Women and Economy Panel on “Advancing Economic and Trade Cooperation”
Source: Hong Kong Government special administrative region – 4
Following is the speech by the Secretary for Home and Youth Affairs, Miss Alice Mak, at the 2026 Asia-Pacific Economic Cooperation (APEC) Women and the Economy Forum Public-Private Dialogue on Women and the Economy Panel on “Advancing Economic and Trade Cooperation” in Shanghai today (May 15):
Thank you Chair. Distinguished panelists, fellow colleagues and guests, good afternoon.
Let me begin with expressing once again our sincere appreciation to our country, the People’s Republic of China (PRC), for bringing us together for this year’s Public-Private Dialogue. The focus on advancing economic and trade co-operation is especially relevant as economies across the Asia Pacific continue to strengthen connectivity, deepen integration and explore new drivers of growth.
Hong Kong, China (HKC) stands as one of the world’s most open and dynamic economies. Our competitiveness is deeply rooted in our openness, seamless connectivity, and world-class expertise. It is no surprise that HKC’s top-notch competitiveness regularly receives the highest recognition in different global studies. I am thrilled to share that our first quarter GDP (Gross Domestic Product) grew by 5.9 per cent – marking a near five-year high.
Trade has been an underlying force connecting our economies, starting from trade in the South China Sea and Northeast Asia in ancient times and across the Pacific over the past two hundred years. Throughout this history, women have played a pivotal role in weaving different trade networks into a regional community of common prosperity. They are leading micro, small and medium enterprises (MSMEs), spearheading the service sectors, and contributing to supply chain resilience. By further enhancing market access and support, capacity building and promoting inclusivity, we can create a more level playing field for women to untap economic potential.
In HKC, small and medium enterprises account for more than 98 per cent of our enterprises and employ around 45 per cent of the private sector workforce, around half of which is made up by women. We have therefore put in place targeted and result-oriented measures to support these enterprises, including many women‑led enterprises, to flourish in cross‑border trade.
One of HKC’s APEC priorities is the promotion of inclusive growth of MSMEs. HKC runs over 70 funding schemes that support the development of our enterprises and industries in general. These include the Dedicated Fund on Branding, Upgrading and Domestic Sales, the SME Export Marketing Fund and the SME Financing Guarantee Scheme, which help our MSMEs to explore the Chinese Mainland and overseas markets, and to obtain financing. To expand global networks, the Economic and Trade Express, supported by Hong Kong’s overseas economic and trade offices, connects local business to the international community, helping them to pursue business opportunities and strengthen their foothold beyond home.
Strengthening trade facilitation is equally important for supporting our enterprises. HKC has been developing the one-stop Trade Single Window for lodging import and export trade documents. Launched in 2018, and after two earlier successful phases, we have recently integrated the Road Cargo System into the Trade Single Window. It is our hope that through the implementation of the platform, we can further promote the digitalisation of trade processes and strengthen HKC’s competitiveness as an international trade centre and logistics hub.
While HKC upholds a gender-neutral approach in trade policy, we spare no efforts in creating conditions that empower women to fully participate in regional trade and economic cooperation.
The Women Empowerment Fund, which I have highlighted to colleagues this morning, underlines our mission to promote women’s development. With over HK$66 million allocated to date, the Fund fuels a wide spectrum of community projects designed to help women build capacities and seize opportunities in the new era. Through this Fund, we are turning potential into progress. We are equipping women with practical knowledge in digital marketing and e-commerce, ensuring their entrepreneurial dreams are well within reach. We are supporting women through career transitions through new skills training. Ultimately, the Fund creates a win‑win outcome where women gain grounded skills and greater confidence to navigate a changing world, while giving our economy the full benefit of their invaluable participation.
Complementing the Women Empowerment Fund, we launched the “She Inspires” Mentorship Programme last year. By pairing seasoned women leaders with aspiring female university students, this initiative provides structured training, deep industry insights, professional networks and mentorship. I am proud to say that this first batch of mentees include international students from different APEC economies who have chosen to study in Hong Kong. So Hong Kong is not just a premier hub for international business and finance; it is also a world-class destination for higher education and endless opportunity. Driven by the overwhelming enthusiasm of the inaugural cohort, we have recently expanded the programme’s scale with a 50 per cent increase in mentee quota to benefit more young women.
Meanwhile, HKC continues to actively integrate women’s perspectives into policymaking through gender mainstreaming. Since 2015, all policies or major initiatives have been required to use a Gender Mainstreaming Checklist. This crucial step encourages policymakers to develop the foresight needed to evaluate the gender implications of their ideas and proposals from the very beginning. By the end of last year, we had completed about 2,000 of these checks, making absolutely sure that the distinct needs of women are never an afterthought.
Beyond government initiatives, our business community is also taking meaningful steps to promote a more enabling environment for women’s participation. The Hong Kong Exchanges and Clearing Limited amended its rules in 2022, making it the first major global exchange to prohibit single-gender boards. By now, more than 99 per cent of listed companies in Hong Kong have at least one female director. In 2025, more than 60 per cent of newly listed issuers appointed two or more female board directors, making a remarkable progress in boardroom diversity. Such diversity enhances innovation and competitiveness, which is essential for success in regional trade.
Speaking of the stock exchange, Hong Kong reclaimed its crown of the number one initial public offering market in the world last year. And we are keeping this momentum through and through. About 40 companies have raised about US$13 billion in the first quarter – a 450 per cent increase from the same period in 2025. And who are leading this charge behind the scene? The CEOs of our stock exchange and the Securities and Futures Commission are both women. It is a testament that Hong Kong is a city of endless opportunity, where leadership knows no gender.
The suite of measures that we have rolled out underscore HKC’s steadfast commitment to enhancing women’s economic and trade participation. Building on these practical efforts, I wish to put forward three key priorities as food of thoughts for our joint endeavours in furtherance of driving regional progress.
First: to improve women’s access to markets, supply chain and business opportunities. In the highly integrated Asia-Pacific economy, access to markets is access to opportunity. HKC will continue to press ahead with the SME support initiatives and relevant trade facilitation measures, alongside the sustained efforts in advancing women’s development.
Second: to embed women’s voices and influence across various trade and economic activities. Women should not only benefit from trade and growth; they should also shape the rules, institutions and partnerships that govern them. HKC will continue to support women’s participation in policy discussions, so that their perspectives are better reflected in the development of our economic and trade agenda.
Third: to deepen public‑private partnership to mainstream gender in trade policies and business activities, which is why we are all gathered here today. Governments cannot do this alone. By working together, we turn policy principles into real opportunities for women in every sector.
Ladies and gentlemen, as we look towards the long‑term goal of realising the Free Trade Area of the Asia‑Pacific in line with the APEC’s Putrajaya Vision 2040, women’s participation will be essential in ensuring that regional integration is both sustainable and equitable. Together, let us break barriers, expand opportunities, and build a more connected, resilient, and prosperous Asia Pacific for all. Thank you.
SHYA attends APEC Women and Economy Forum in Shanghai
Source: Hong Kong Government special administrative region – 4
The Secretary for Home and Youth Affairs, Miss Alice Mak, attended the Asia-Pacific Economic Cooperation (APEC) Women and the Economy Forum in Shanghai today (May 15). Promoting high-quality development of women’s cause is a shared responsibility of the international community. In her speeches at the High-Level Policy Dialogue on Women and the Economy and the panel discussion under the Public-Private Dialogue on Women and the Economy, Miss Mak clearly stated that empowering women is one of the key policy priorities of the current-term Hong Kong Special Administrative Region (HKSAR) Government. She also encouraged member economies participating in the forum to foster women’s development together.
The theme of the 2026 APEC Women and the Economy Forum is “Promoting Women’s Economic Empowerment to Prosper Together in the Asia-Pacific”. Member economies engaged in exchanges and discussions on key issues such as women’s participation in digital and smart development, green and low-carbon development, as well as employment and entrepreneurship.
Miss Mak attended the High-Level Policy Dialogue this morning. She noted in her speech that the country held the Global Leaders’ Meeting on Women in Beijing in 2025 to commemorate the 30th anniversary of the United Nations Fourth World Conference on Women. Carrying forward the spirit of the Beijing Declaration and Platform for Action, the HKSAR Government has proactively responded to the proposals put forward by President Xi Jinping in the meeting, and has been creating more opportunities for the high-quality development of the women’s cause. Relevant measures include the establishment of the Women Empowerment Fund in 2023, which has approved over 450 projects with a total funding allocation of over $66 million to date to support organisations in carrying out non-profit projects that facilitate women in developing their potential; the launch of the “She Inspires” Mentorship Programme, which pairs local female university students with women leaders as mentors to provide guidance on their career planning; and the organisation of the Hong Kong Family and Women Development Summit, which brings together leaders responsible for relevant policies, representatives of international organisations and stakeholders to share experiences on women’s development and rights.
Miss Mak said, “As Hong Kong, China continues to navigate economic transformation, the HKSAR Government echoes the four proposals raised by President Xi at the Global Leaders’ Meeting on Women in advancing women’s all-round development and is committed to turning these proposals into actions. We stand ready to collaborate with fellow APEC economies in championing women’s economic empowerment, so that the progress we make today will lay the foundation for a more inclusive and prosperous tomorrow.”
Miss Mak also participated as a guest speaker in the panel discussion on “Advancing Economic and Trade Cooperation” under the Public-Private Dialogue on Women and the Economy in the afternoon. She stated that apart from implementing measures to support small and medium-sized enterprises and facilitate trade, the HKSAR Government is also committed to creating favourable conditions for women to fully participate in regional trade and economic co-operation.
Miss Mak reiterated that the HKSAR Government’s efforts in promoting women’s development fully demonstrated the Government’s determination to enhance women’s participation in economic and trade affairs. She encouraged APEC member economies to work together to promote women’s development and jointly build a prosperous Asia-Pacific region.
The Chairperson of the Women’s Commission, Dr Eliza Chan, attended the forum’s related activities with the delegation. She spoke on the topic “Empowering Women in the Green Transition for a Sustainable Asia-Pacific” at the Policy Partnership on Women and the Economy meeting yesterday (May 14).
Miss Mak will conduct visits to Shanghai tomorrow (May 16) to exchange views on the work of the Chinese Mainland and Hong Kong in promoting women’s development and family building initiatives.
SCS visits Working Family and Student Financial Assistance Agency
Source: Hong Kong Government special administrative region – 4
The Secretary for the Civil Service, Mrs Ingrid Yeung, visited the Working Family and Student Financial Assistance Agency (WFSFAA) this afternoon (May 15) to learn about the department’s recent efforts in applying technology and enhancing service quality and efficiency. She also exchanged views with staff representatives from various grades in the department.
Accompanied by the Permanent Secretary for the Civil Service, Ms Shirley Lam, Mrs Yeung first met with the Head, WFSFAA, Mr Gilford Law, and the directorate staff and received a briefing on the latest developments of the department, as well as various dedicated financial assistance and loan schemes to support children and youths receiving education and encourage household members to stay in active employment.
Mrs Yeung then proceeded to the Counter Service Unit to understand the work of frontline staff in vetting financial assistance and loan applications. During the visit, the staff introduced the department’s Online Counter Appointment System, which allows applicants to make appointments for services, reducing on-site waiting time. It also enables front-line staff to prepare for cases in advance, thereby enhancing processing efficiency.
The WFSFAA staff demonstrated to Mrs Yeung the department’s AI chatbot mascot S. Buddy on-site. Since its launch in 2023, the chatbot has been providing round-the-clock instant enquiry services on the department’s website, handling an average of about 15 000 enquiries per month in the last financial year. In addition to providing information on various application schemes, S. Buddy is the first chatbot on government websites to provide real-time updates of application progress.
Mrs Yeung encouraged the department to make good use of technology, optimise the use of civil service manpower resources and continue to enhance work effectiveness.
In the Loan Management Division, staff introduced the work on processing applications for non-means-tested loan schemes for post-secondary and tertiary students, and arranging repayments. Through continuous enhancement of the Student Finance Office E-link service on the e-service platform “eWFSFAA”, services under student financial assistance schemes are digitised to facilitate applicants’ online submissions of applications as well as financial assistance and loan account management, including uploading supporting documents, checking application progress, viewing loan statements and repayment statuses, and making online repayments. In addition, the WFSFAA has established a data matching mechanism with relevant government departments and tertiary institutions to more effectively verify the authenticity of application materials.
The WFSFAA is currently exploring the use of an in-house developed computer programme to automate certain repetitive and simple workflows. Examples include instructing the loan management system to automatically update repayment records based on autopay repayment failure reports, and assisting in collecting and organising public transport fare information available online to facilitate the calculation of student travel subsidy amounts. These save certain manual data entry work and improve efficiency and service quality.
Before concluding her visit, Mrs Yeung met with staff representatives from various grades in the department to exchange views on matters of concern to them.