Hong Kong Sees Surge In Asset Management And Startups

According to PANews, Hong Kong's Financial Secretary, Paul Chan, highlighted significant growth in the city's financial and startup sectors in his latest "Secretary's Blog." The number of licensed asset management companies in Hong Kong increased by 24% year-on-year in the last quarter. Additionally, the number of open-ended fund companies saw a remarkable rise of over 132% compared to the previous year. The latest data also reveals a record high in the number of startups in Hong Kong, with a notable increase in those founded by non-local entrepreneurs, now accounting for 28% of the total. This growth underscores Hong Kong's appeal as a hub for innovation and business development. Furthermore, Paul Chan announced the commencement of public consultations for the new fiscal year's Budget, inviting public input and engagement in shaping the financial strategies and priorities for the upcoming year. This initiative aims to gather diverse perspectives to inform the government's fiscal planning and ensure it aligns with the needs and aspirations of the community.