Hong Kong's financial market remains robust despite heightened external volatilities: financial secretary

HONG KONG, Feb. 1 (Xinhua) -- Hong Kong's financial system remains robust and continues to operate smoothly despite heightened external volatilities, Paul Chan, financial secretary of the Hong Kong Special Administrative Region government, said in a blog post on Sunday.

Total bank deposits in Hong Kong exceeded 19 trillion Hong Kong dollars (about 2.43 trillion U.S. dollars) to date, Chan said.

He highlighted that Hong Kong's stock market performed well in January, citing that the benchmark Hang Seng Index gained nearly 7 percent month on month to close at 27,387 points on Friday, with average daily turnover surging 90 percent from a year ago to over 272 billion Hong Kong dollars.

Noting that there are inevitable volatilities and unpredictable fluctuations in external markets, Chan stressed that Hong Kong must not only maintain strong buffers within its financial system, but also ensure sufficient fiscal resources to counter potential shocks.

Chan said the global political and economic landscape is changing rapidly, and risks and volatilities are to be expected in the coming year.

Hong Kong will continue its efforts to align with the country's 15th Five-Year Plan (2026-2030), leveraging finance to empower technological innovation and traditional industries, and promoting the deep integration between technological innovation and industrial development, Chan said.