Hong Kong has solidified its position as a “safe haven” for international capital, with bank deposits exceeding HK$19 trillion (US$2.4 trillion) this year, while goods exports continue to show resilience despite global trade tensions, Finance Secretary Paul Chan Mo-po told the South China Morning Post on Sunday.
Highlighting the city’s financial market performance, Chan noted that total bank deposits increased by 7 percent in 2024 compared with the previous year and have grown a further 10 percent in 2025. “Influenced by the geopolitical landscape, global investors are re-evaluating risk in their portfolios, adjusting their strategies, and diversifying exposure. Hong Kong has become a safe haven for capital,” he wrote on his blog.
Chan emphasized that Hong Kong’s position as a leading center for initial public offering fundraising, its flourishing wealth management sector, and ongoing financial cooperation with international markets reflect the city’s appeal to global investors. Major IPOs this year attracted cornerstone investors from the West and the Middle East, with some international financial leaders indicating plans to expand operations and hire staff locally.
According to the Hong Kong Monetary Authority, total deposits reached HK$19.1 trillion in September, representing a 1.3 percent increase from the previous month. Hong Kong dollar deposits and foreign currency deposits rose 1.4 percent and 1.3 percent, respectively, while the year-to-date increase for total deposits was 10.2 percent and 4.1 percent for Hong Kong dollar deposits.
Beyond banking, Chan highlighted the growth in the city’s goods exports, which have recorded year-on-year increases for 19 consecutive months. Exports rose 11.3 percent in the first three quarters of 2025 compared with the same period last year, demonstrating the city’s resilience amid global trade tensions. Growth has been supported by China’s deepening economic ties with ASEAN and the Global South, as well as ongoing global supply chain restructuring.
The finance chief also underscored Hong Kong’s maritime sector, noting the establishment of the Hong Kong Shipowners Mutual Assurance Association, which chose the city for its headquarters for the first time. Chan said the move would strengthen collaboration within the maritime insurance industry and enhance resilience in a complex geopolitical environment.
Plans to further improve the sector include promoting high-value services, attracting commodity trading, expanding into new markets, adopting technological innovations, and establishing a green smart port to enhance efficiency and maintain Hong Kong’s strategic global position.
Chan also expressed optimism about the city’s convention and exhibition industry, which hosted over 350 events last year, attracting more than 9 million visitors, aided by increased tourism from mainland China and overseas.
Terence Chong Tai-leung, executive director of the Lau Chor Tak Institute of Global Economics and Finance at the Chinese University of Hong Kong, said the HK$19 trillion in deposits highlights the large pool of capital available in the city. He noted Hong Kong’s unique advantages as a safe haven, including free capital flow, the Hong Kong dollar’s peg to the US dollar, low taxation, and strong rule of law. “No other places can compare with Hong Kong,” Chong said, adding that the city could maintain its safe haven status as long as these policies remain in place.
