Hong Kong should factor in global competition when rolling out new policies, Secretary for Financial Services and the Treasury Christopher Hui Ching-Yu said on Monday.

Hui cited recent geopolitical storms — including escalating tensions in the Middle East — that have underscored the city’s advantages in security, policy stability and the predictability of its business environment.

Under the framework of “one country, two systems”, these strengths give Hong Kong the confidence to introduce new policies to stay competitive internationally, Hui said.

The special administrative region’s New Capital Investment Entrant Scheme has attracted nearly 3,200 applications from global high-net-worth individuals in the last two years, a statement from the Hong Kong SAR government said on Monday.

The program recorded 3,166 applicants since its launch in March 2024, representing anticipated investments of about HK$95 billion ($12.15 billion) for the financial hub.

The number of applications in the second year surged by 145 percent to 2,248, reflecting growing confidence among investors and the broader market.

Of cases verified as meeting the investment requirements, more than HK$21 billion has been placed in funds authorized by the Securities and Futures Commission, representing 38 percent of the total, while over HK$16 billion, or 29 percent, has been allocated to equities.

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“Hong Kong has been actively implementing a diverse range of talent admission programs,” Director of Immigration Benson Kwok Joon-fung said. “Together with other admission programs, these programs work in synergy to attract talent and capital from around the world, supporting Hong Kong’s sustainable development and long-term competitiveness.”

Citing the newly released figures at a Legislative Council meeting on Monday, Hui said the SAR has been stepping up efforts to bolster its status as a world-leading asset management hub, with policies already yielding results.

By the end of last year, the number of single-family offices in Hong Kong rose to more than 3,380, up about 25 percent in two years. Market estimates show that single-family offices employ nearly 10,000 local people and generate about HK$13 billion in economic value each year, underscoring their contribution to the local economy, he said. The HKSAR government’s target is to see at least 220 family offices establish or expand operations in the territory over the next three years.

Secretary for Labour and Welfare Chris Sun Yuk-han said on Monday that more than 270,000 people all over the world have voted with their feet to live and work in the city as of January, drawn by a whole package of government-led initiatives over the past three years.

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“Hong Kong’s open and proactive talent policy has attracted senior professionals from the financial, trading, shipping and innovation-technology sectors,” Sun said. “The inflow was a key contributing factor behind Hong Kong ranking first in Asia in the latest World Talent Ranking published by the International Institute for Management Development.”

Calling talent as “a valuable resource and a core driver of competitiveness”, Sun said the SAR will better integrate into the country’s overall development and accelerate the building of a world-class talent pool in a year that marks the start of China’s 15th Five-Year Plan (2026-30).

Contact the writer at sophialuo@chinadailyhk.com