Hong Kong will weather tariff storm, finance chief says, touting ‘brisk’ IPO market
Paul Chan confident city heading in right direction and points to coming listing of mainland new energy firm, set to be world’s biggest of year so far
Hong Kong can achieve “high-quality development” by leveraging its unique advantages and remaining open, the finance chief has said, as he hailed the stock market’s strong performance and pointed to an imminent listing set to be the biggest globally so far this year.
“At a time when the global economic outlook faces multiple uncertainties, under the strong leadership of the central government, our country’s measures to stabilise the economy and expectations are gradually showing results,” Chan said.
“In a complex and ever-changing external environment, as long as we remain firm in our goals, remain open and inclusive, continue to leverage our unique advantages and continue to do our own thing with all our strength, we will surely be able to achieve high-quality development in the changing situation.”
Hong Kong’s stock market and wider economy came under enormous pressure last month after Beijing and Washington became embroiled in an escalating tit-for-tat trade war, before both sides reached an agreement last week to pause most tariffs for 90 days.
On the first day of trading following US President Donald Trump’s initial “Liberation Day” tariff announcement in April, the Hang Seng Index slumped by 13.2 per cent to 19,828.30, losing HK$194 billion (US$25 billion) in value, its biggest decline since October 1997.