Hong Kong's three main engines of economic growth -- finance, trade and science and technology innovation -- will continue to run smoothly in the future, said Paul Chan, financial secretary of the Hong Kong Special Administrative Region government, at the annual meeting of the World Economic Forum in Davos, Switzerland, on Wednesday (21/1) local time.
He revealed that breakthroughs in technologies such as artificial intelligence (AI) and blockchain are driving profound industrial transformation and economic growth. Chan in his keynote address said Hong Kong is actively exploring and piloting various initiatives in financial and technological innovation.
Chan said Hong Kong is a favorable investment destination, given its close collaboration with neighboring cities in the Guangdong-Hong Kong-Macao Greater Bay Area, which are known for their robust innovation and technology industrial chains.
Regarding international trade, Chan highlighted the ongoing paradigm shift away from the traditional model of low-cost production and export of goods, which previously dominated among emerging economies.
China, as a prime example, is promoting a high degree of two-way openness and focusing on expanding domestic demand to strengthen its economy. This has injected momentum into the country's high-quality development and created vast market opportunities for quality goods and services from around the world, Chan said.
