Hong Kong’s economy continued to grow in the third quarter of 2026, supported by robust exports and a resurgence in tourism, Financial Secretary Paul Chan Mo-po said during a session of the Legislative Council. Speaking amid deliberations on the city’s inaugural five-year plan and annual policy blueprint, Chan expressed confidence that the economy will expand between 3.5 and 4.5 percent for the full year.
Chan highlighted that the gross domestic product (GDP) increased by 5.1 percent in the first half of 2026, marking the strongest six-month growth in nearly five years. He noted that recent data indicate the upward trend extended into the third quarter. Merchandise exports demonstrated strong momentum, with a 52 percent year-over-year rise in July and August, reflecting continued double-digit growth over a 19-month period. Visitor arrivals also increased by 9 percent year on year in the third quarter, bringing total tourist numbers for the first nine months to approximately 41 million.
Despite the positive economic signals, Chan cautioned that external uncertainties remain substantial. These include the ongoing conflict in the Middle East, which could impact energy markets and global inflation, as well as inflationary pressures in major economies, central bank policies, and risks related to trade protectionism and rapid developments in artificial intelligence.
The Financial Secretary further pointed to strong activity in Hong Kong’s stock market and initial public offering (IPO) landscape, with funds raised surpassing HK$388 billion in the first three quarters of the year, exceeding the previous year’s total. He emphasized that this economic momentum has been hard-earned and stressed the need for Hong Kong to focus on high-quality development moving forward.
The Legislative Council’s three-day debate began with a focus on economy, finance, aviation, logistics, and trade, areas central to the government’s strategy. Lawmakers called for measures to reinforce Hong Kong’s position as a global offshore renminbi centre, an international gold trading hub, and a leading aviation gateway.
Finance sector legislator Ronick Chan Chun-ying pointed to the Northern Metropolis megaproject as a catalyst for expanding offshore renminbi use, suggesting the introduction of new financial products like dual-currency cross-border bonds with Shenzhen and support for technology firms issuing renminbi-denominated bonds. He also recommended that Hong Kong engage with the People’s Bank of China as well as central banks in India and Southeast Asia to explore storing their gold reserves in the city.
Business representative Jonathan Stuart Lamport urged the government to provide stronger support for large enterprises establishing operations in the Northern Metropolis, along with enhancing its trade networks, to boost investor confidence. He additionally proposed constructing an exhibition and convention centre within the development.
Legislator Kenneth Fok Kai-kong highlighted that Hong Kong International Airport faces increasing competition from hubs such as Singapore and Dubai. Fok recommended considering an open-skies policy similar to Singapore’s deregulation approach to expand route offerings and maintain competitiveness in air transit.
The five-year plan and annual policy address, unveiled last month by Chief Executive John Lee Ka-chiu, aim to synchronize Hong Kong’s growth with broader national development goals. The frameworks emphasize accelerating the Northern Metropolis project and enhancing Hong Kong’s roles in finance, aviation, maritime services, trade, and technology.