The number of foreign and mainland Chinese firms, as well as start-ups, in Hong Kong has “reached new highs” this year, the finance chief has said, pledging that the city will further help businesses across the border “go global” and attract foreign investment.
Financial Secretary Paul Chan Mo-po revealed the development at a business conference on Wednesday amid government efforts to attract companies to Hong Kong while grappling with a deficit projected to double to an estimated HK$100 billion.
Chan told the audience of businesspeople and mainland officials that recent rankings affirmed that Hong Kong’s competitiveness was “widely recognised internationally”, adding that more enterprises were arriving in the city.
“In 2024, the number of foreign and mainland companies in Hong Kong and the number of start-ups have reached new highs, demonstrating that Hong Kong is an ideal location for companies setting up and expanding their businesses,” Chan said in his speech.
Last year, 9,039 companies with parent firms outside the city operated in Hong Kong, 24 per cent of which were from the mainland. That was followed by companies from Japan, the US, UK and Singapore, according to official figures.
In the first six months this year, more than 320 mainland and overseas companies set up or expanded their operations in the city.