A general view of International Commerce Centre (ICC) in West Kowloon District, Hong Kong on April 11, 2023. (ANDY CHONG / CHINA DAILY)
HONG KONG – The International Monetary Fund’s Article IV Mission has commended the Hong Kong Special Administrative Region government's efforts to boost economic growth and safeguard financial stability.
The mission made the assessment in its concluding statement. It was published on Friday following the completion of the 2023 Article IV Consultation with the SAR, the government said in a statement.
The mission considers that the city’s financial system remains resilient and the city continues to play its role as an international financial center under the challenging global macro-financial environment.
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The resilient financial system is premised on Hong Kong's strong institutional frameworks, in particular the high-quality financial sector oversight, substantial capital and liquidity buffers, and the well-functioning Linked Exchange Rate System, according to the mission.
The mission's positive assessment is a reflection of our capability, determination and accomplishment in maintaining financial stability and economic growth.
Paul Chan, Financial Secretary, HKSAR
As economic activity normalizes, Hong Kong's economy is recovering strongly, it said.
Financial Secretary Paul Chan Mo-po welcomed the UN financial agency’s highly positive assessment of Hong Kong.
“The mission fully recognizes that Hong Kong's economy is demonstrating momentum for a strong recovery, and commends that the Hong Kong SAR government's fiscal policy has robustly led Hong Kong in navigating through the economic challenges in the past few years,” he said.
The mission affirms once again that Hong Kong's high-quality financial sector oversight ensures the resilience of the financial system, while upholding the SAR’s status as a premier international financial center in the evolving global environment, said Chan.
“The concluding statement commends the government's multifarious efforts to boost economic growth, including the establishment of the co-investment fund to support innovation and technological development, enhancement of the talent attraction programs, adoption of a more coordinated approach to increase residential land and housing supply, etc.”
“The mission's positive assessment is a reflection of our capability, determination and accomplishment in maintaining financial stability and economic growth,” said the finance chief.
“It also clearly shows that under our new policy vision of integrating a 'capable government' and a 'highly efficient market', we are leaping forward steadily and bolstering prosperity.”
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Chief Executive of Hong Kong Monetary Authority Eddie Yue Wai-man also welcomed the mission's recognition of the city’s robust regulatory and supervisory frameworks, which have built up strong capital buffers and ample liquidity to safeguard financial stability amidst global and market uncertainties.
The mission visited Hong Kong from March 20 to 31 this year and held discussions with government officials, financial regulators and private sector representatives year for the 2023 Article IV Consultation with the Hong Kong SAR.
The relevant full report will be discussed by the IMF Executive Board this month.