In response to the report from Fitch today (May 23) on maintaining Hong Kong's "AA-"credit rating and "stable" outlook, a Government spokesman made the following response:

     We noted Fitch's decision to maintain Hong Kong's credit rating at "AA-" with a "stable" outlook. Fitch recognised Hong Kong's strong credit fundamentals, including large fiscal buffers, robust external finances, and a low level of fiscal debt. It also pointed out that our banking sector is resilient, with solid funding and liquidity.

     Hong Kong's financial system remains robust, with a consistently healthy level of overall asset quality in the banking sector according to international standards. Bank deposits have continued to grow. As of the end of March this year, the total amount of bank deposits in Hong Kong was near $18 trillion, marking an 11 per cent year-on-year increase.

     Data have demonstrated the continuous reinforcement and enhancement of Hong Kong's status and functions as an international financial centre. The confidence of global investors in Hong Kong is strengthening. The capital markets are active. For the stock market, the Hang Seng Index rose by 18 per cent last year, and has increased by over 15 per cent since the beginning of this year. The total market capitalisation of Hong Kong stocks has exceeded $41 trillion. The average daily turnover in the first four months of 2025 surpassed $250 billion, representing a 144 per cent increase compared to the same period last year. The initial public offering (IPO) market is also thriving, with cumulative funds raised exceeding $60 billion. This week, the Hong Kong Exchanges and Clearing Limited welcomed the world's largest IPO activity so far this year.

     The fiscal situation of the Hong Kong Special Administrative Region Government has remained robust. In the 2025-26 Budget, reinforced fiscal consolidation was set out. It focuses primarily on containing expenditure growth, supplemented by revenue increase. It will gradually restore balance to government accounts. According to the Government's medium-range forecast, the Operating Account (i.e. the Government's daily income and expenses) is expected to be largely balanced in this financial year, and will return to surplus in the next financial year (2026-27). The Capital Account mainly involves capital works expenditure, which represents investments for the future, such as the development of the Northern Metropolis. Therefore, the Government will make flexible use of market resources, including increasing the scale of bond issuance, to fast-track the related projects. Even if so, the level of deficit in the Capital Account will gradually decrease starting from the 2026-27 financial year. Overall, after counting the proceeds from bond issuance, the Consolidated Accounts will return to surplus in the 2028-29 financial year.

     The tariff war has increased global economic uncertainty, and the world economy is facing broad challenges. However, international trade tensions have recently eased to a certain extent, and the Mainland's economy has continued to grow steadily, supported by more proactive fiscal policies and moderate expansionary monetary policies. These will benefit the trade performance in Hong Kong and the region. Meanwhile, the Mainland's high-level two-way opening up, as well as its pursuit of green transition, innovation and technology, and digital economy, will continue to create business and investment opportunities for Hong Kong. 

     Leveraging its unique advantages of connecting with both the Mainland and the rest of the world under the "one country, two systems" arrangement, Hong Kong will aptly adjust to the global trade realignment and seize opportunities. In fact, more Mainland and international companies are establishing international headquarters, research and development centres and regional offices in Hong Kong to expand their global business. For example, in 2024, the number of companies in Hong Kong with parent companies located outside Hong Kong increased by about 10 per cent to nearly 10 000, reaching a new historical high. The Office for Attracting Strategic Enterprises and Invest Hong Kong have also achieved good results in attracting businesses and investments.

     As a "super connector" and "super value-adder", Hong Kong will continue to actively link the Mainland with the world. While reinforcing connections with traditional markets, we will also forge more economic and investment networks with new markets, particularly those in the Global South. Furthermore, Hong Kong will deepen integration with the Guangdong-Hong Kong-Macao Greater Bay Area. These will allow us to open up new growth points and inject greater impetus into our economy.

     The Chairman of the Hong Kong Jockey Club, Mr Michael Lee, reviewed the Fire Services passing-out parade for 36 station officers, five ambulance officers, 15 senior firemen/senior firewomen of the Mobilising and Communications Division, 84 firemen and 55 ambulancemen at the Fire and Ambulance Services Academy today (May 23).

     Speaking at the parade, Mr Lee said that Hong Kong is subject to natural disasters such as typhoons and rainstorms from time to time. Therefore, the Hong Kong Jockey Club (HKJC) supports the Fire Services Department (FSD) through its Charities Trust to implement the HKSAR Government FSD's Disaster Management Programme. The programme aims to promote the training of emergency response and preparedness, strengthen regional collaboration and enhance public emergency awareness, in a bid to improve Hong Kong's overall emergency response capabilities. 

     Mr Lee mentioned that the HKJC supported the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) joint emergency response and rescue exercise, "Liancheng-2025", held in March this year. The Hong Kong FSD, the Fire and Rescue Corps of Guangdong Province and the Macao Fire Services Bureau jointly held the exercise in Hong Kong. It simulated Hong Kong experiencing a typhoon and rainstorm with prompt cross-boundary support from Guangdong and Macao rescue teams. The exercise concluded successfully by not only demonstrating the collaboration among the rescue teams of the three places, but also laying the foundation for the GBA rescue network.

     Mr Lee also said that, with the support of the HKJC, the FSD provides basic fire safety equipment and stand-alone fire detectors for the community, while also expanding automated external defibrillator coverage and organising public education activities to promote fire safety knowledge.

     Mr Lee added that, thanks to the FSD's thorough preparation in advance, a number of major events in Hong Kong could be held safely and smoothly. For the 15th National Games to be held in November this year, the FSD has stepped up fire safety inspections at the venues and co-ordinated with other departments to conduct various test events and stress tests, with a view to better protecting the athletes and audiences.

     Mr Lee commended the graduates for their high morale and readiness to take up the FSD mission of "saving those in distress and protecting the community", which is in line with the core values of the HKJC in serving the community. He expressed his heartfelt gratitude to the FSD for its outstanding contributions to Hong Kong over the years and for nurturing a new generation of excellent fire and ambulance personnel.
           
     The parade was followed by a demonstration of firefighting and rescue techniques by the graduates. The 195 graduates will be posted to various fire stations, ambulance depots and the Fire Services Communications Centre.

                  

The following is issued on behalf of the Major Sports Events Committee:
 
     The Major Sports Events Committee (MSEC) has awarded "M" Mark status to the Defining Education Challenge Cup – Hong Kong, China vs Manchester United, scheduled to take place on May 30 at Hong Kong Stadium.

     The Chairman of the MSEC, Mr Wilfred Ng, said today (May 23), "Manchester United is returning to Hong Kong to showcase their skills in an exciting match against Team Hong Kong, China. It not only promotes local football development, but also showcases Hong Kong's vitality and strengthens its status as the centre for major international sports events."

     The "M" Mark System aims to encourage and help local National Sports Associations and private or non-government organisations to organise more major international sports events and nurture them into sustainable undertakings. Sports events meeting the assessment criteria will be considered for "M" Mark status by the MSEC. Funding support will also be provided to some events.
      
     For details of "M" Mark events, please visit www.mevents.org.hk.

     The opening ceremony of the "Kowloon Walled City: A Cinematic Journey" Movie Set Exhibition, organised by the Cultural and Creative Industries Development Agency of the Culture, Sports and Tourism Bureau and financially supported by the Film Development Fund, was held at Kowloon Walled City Park today (May 23). The movie set exhibition will be open free of charge to the public from tomorrow (May 24), and will last for three years.
      
     The Deputy Chief Secretary for Administration, Mr Cheuk Wing-hing, expressed in his speech during the opening ceremony that the movie set exhibition, curated and built by Hong Kong's film professionals, reappears in Kowloon Walled City Park. It is hoped that the exhibition, along with other attractions in the region of Kowloon City, will draw both local, Mainland and overseas visitors through different travelling routes in the region to experience the local culture and cuisine, boost consumption in the region, and generate economic benefits.
      
     Other officiating guests in the opening ceremony included the Deputy Financial Secretary, Mr Michael Wong; the Secretary for Culture, Sports and Tourism, Miss Rosanna Law; the Commissioner for Tourism, Mrs Angelina Cheung; the Chairman of Hong Kong Film Development Council, Dr Wilfred Wong; and the Chairman of Hong Kong Tourism Board, Dr Peter Lam.
      
     Following on the enthusiasm for the previous two exhibitions at Hong Kong International Airport and Kai Tak, the "Kowloon Walled City: A Cinematic Journey" Movie Set Exhibition is the largest of its kind and will last the longest. Created by the same team behind the Best Film at Hong Kong Film Awards, "Twilight of the Warriors: Walled In", the film sets have been reconstructed on the original site of Kowloon Walled City, now Kowloon Walled City Park. There are more classic movie sets in this exhibition, with elements of local traditional craftsmanship and large-scale projection incorporated. Visitors will gain a unique immersive experience of the Walled City back in time, while being able to appreciate the ingenious creativity and dedication to exquisite craftsmanship of Hong Kong's film professionals. Details of opening arrangements can be found on the Leisure and Cultural Services Department website (www.lcsd.gov.hk/en/parks/kwcp/common/attachment/exhibition_guide_english.pdf).

    

     Police today (May 23) appealed to the public for information on a man who went missing in Kwai Chung.
 
     Wu Hoi-sing, aged 70, went missing after he left his caring home on Lei Muk Road this morning. Staff of the caring home then made a report to Police.
 
     He is about 1.65 metres tall, 72 kilograms in weight and of medium build. He has a square face with yellow complexion and short black hair. He was last seen wearing a blue and white striped shirt, black trousers and black shoes.
 
     Anyone who knows the whereabouts of the missing man or may have seen him is urged to contact the Regional Missing Person Unit of New Territories South on 3661 1173 or 5239 7701 or email to rmpu-nts-2@police.gov.hk, or contact any police station