Time for HK to step out of defensive stance, says FS

The Financial Secretary, Paul Chan, on Sunday said it's time for Hong Kong to take a step forward, after being in a defensive position over the past few years. Speaking on a radio programme, Chan said the city had been safeguarding its financial security and economy since 2019 due to the social unrest and the pandemic. But he said the government is working to boost the economy, despite the presence of external challenges. "In the short term, we are holding many mega events and inviting people to visit Hong Kong. We hope to make our city more lively and prosperous. After the pandemic, fewer people are coming here, and Western countries may have misunderstandings about Hong Kong," he said. "But businesses, who have come in recent months, feel positive about Hong Kong." Chan said some countries had criticised but they had been proved wrong. "Some said Hong Kong is no longer a financial centre, and that there was an outflow of capital. But if we look at the data, when they were making these slanders in 2023, we still saw a net capital inflow," he said.