The Hong Kong Special Administrative Region government on Wednesday hit back at critics challenging Hong Kong’s prospects with a wealth of data and facts demonstrating the city’s development and competitiveness.

Hong Kong’s resilience, flexibility and its long-standing strengths under the “one country, two systems” principle are ready to steer the city through an uncertain global landscape, said the SAR government in a statement issued late on Wednesday.

The consistent economic growth in the Chinese mainland, which increased by more than five percent last year and in the first quarter this year, is also a shot in the arm for the city’s growth, according to the government

Earlier, American economist Stephen Roach, who worked in Hong Kong for decades, repeated his grim forecast for the development of Hong Kong SAR and China during a trip to the city, following his sensational claim that “Hong Kong is over” in February.

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In the statement, the SAR government said it values pragmatic and constructive views of all parties and pays close attention to garner public opinions so as to respond appropriately.

However, the government noted that as deliberate rumors and distortion of Hong Kong’s situation were raised from time to time by external forces, it cannot sit back and allow others to discredit the city indiscriminately, and believes it should promptly clarify and refute any deliberate slander or unfounded criticism.

“We are duty-bound to present Hong Kong’s strengths, achievements and opportunities and tell the truth about Hong Kong,” the government said.

Beginning with the economic development of Hong Kong, the statement stresses that taking on the momentum of the 3.3-percent economic growth recorded in 2023, the city’s real gross domestic product grew 2.7 percent year-on-year in the first quarter of this year, with a full-year growth forecast of 2.5 to 3.5 percent.

The consistent economic growth in the Chinese mainland, which increased by more than five percent last year and in the first quarter this year, is also a shot in the arm for the city’s growth, according to the government.

Hong Kong stock’s market capitalization has exceeded HK$33 trillion ($4.23 trillion), 10 times that of 1997 when the city returned to the motherland, indicating the city’s reputation as an international financial hub has been reinforced and upgraded in recent years, the government said.

The city is well equipped to  introduce international enterprises and investors to the mainland market as well as assist mainland firms in expanding overseas markets, as the Stock Connect — a mechanism that allows investors in Hong Kong and the mainland to access eligible shares in the other’s stock markets — has resulted in cumulative northbound and southbound capital flows of more than 1.8 trillion yuan and HK$3.1 trillion respectively.

In terms of Exchange Traded Funds, the average daily transaction volume on the Hong Kong Stock Exchange surpassed HK$13 billion in the first quarter of this year, representing a more than 70 percent increase over 2021. In the derivatives market, the total futures trading volume hit 149 million last year, a 40 percent rise from 2021. Both achievements demonstrate Hong Kong's continuous development as an international risk management center, the government said.

The government added that city’s status as wealth management hub continues to shine as the scale of asset management in the city exceeds HK$30.5 trillion.

Hong Kong’s highly open market, the common law system, regulatory regimes aligned with those of the major overseas markets, the free flow of information and capital, combined with the unique strengths and strong support from the motherland under the principle of “one country, two systems”, will keep making the city an ideal place for mainland and overseas companies to expand their operations and find investors, the government concluded.

The statement said that the SAR government has been proactively attracting foreign investment, businesses and talents to promote Hong Kong’s development of the “eight centers”  listed in the nation’s 14th Five-Year Plan (2021-25).

As of 2023, over 9,000 mainland and overseas companies had set up offices in Hong Kong, including those from Japan, the United States, the United Kingdom and Singapore.

More than 50 companies identified by the SAR as strategic enterprises have established or expanded their business in Hong Kong, or will do so in the future, which is expected to bring over HK$40 billion in investment and over 13,000 job opportunities in the coming years, the government said.

The SAR government’s drive to draw global professionals is also encouraging, said the statement. As of April, the city had received around 290,000 applications under various talent admissions programs, and around 180,000 had been approved.

The government also stressed that the city’s freedom of speech and press is well protected by the Basic Law and the International Covenant on Civil and Political Rights.

The statement also underscored the huge potential of the Guangdong-Hong Kong-Macao Greater Bay Area, calling it a fast-growing mega city cluster with outstanding financial and innovation advantages and immense economic strength.

Hong Kong’s position is very clear as the most open and internationalized city of the GBA, said the statement, adding that the city can create synergy with other cities of the GBA to guide and support the country’s economic development.

Citing his recent visit to Hong Kong, Mobius said he saw the city is experiencing a shift in its talent pool caused by changes in the political front and in population dynamics, but he said the shift could be an opportunity for Hong Kong to evolve and thrive in new ways

“Various data and facts not only reflect the performance of Hong Kong’s economic and financial development, but more importantly, highlight Hong Kong’s unique advantages and strategic position under the ‘one country, two systems’ principle, as well as its resilience and flexibility in the face of global instability,” the government said.

The capital and investors have cast a vote of confidence in the steady development and bright prospects of Hong Kong's market, the government added.

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Mark Mobius, a veteran emerging markets fund manager and the founder of Mobuis Capital Partner LLP, said on Wednesday in his blog titled “Hong Kong: Far from over” that the fundamental spirit of Hong Kong’s business environment is still “very much alive”.

Citing his recent visit to Hong Kong, Mobius said he saw the city is experiencing a shift in its talent pool caused by changes in the political front and in population dynamics, but he said the shift could be an opportunity for Hong Kong to evolve and thrive in new ways.

“I believe Hong Kong would stand to benefit significantly by embracing technology and AI to align with China’s ambitious plans and to solidify its role as China’s bridge to the world,” Mobius said.