Hong Kong has become a “safe haven” for capital with bank deposits exceeding HK$19 trillion (US$2.4 trillion) this year, while the city’s goods exports have remained resilient despite the tariff war, the finance chief has said.
Financial Secretary Paul Chan Mo-po on Sunday highlighted Hong Kong’s financial market performance, noting the city’s bank deposits rose by 7 per cent last year over the total for 2023 and by another 10 per cent in 2025.
“Influenced by the geopolitical landscape, global investors are re-evaluating the risk in their asset portfolios, adjusting their investment strategies and diversifying risk. Hong Kong has become a safe haven for capital,” Chan wrote on his blog.
“[The HK$19 trillion in bank deposits,] Hong Kong’s position as a global leader in initial public offering fundraising, the flourishing wealth management sector and the continuous deepening of financial cooperation with the rest of the world all reflect the strong interest international capital has in the Hong Kong market.”
Chan said many major IPOs in the city had attracted cornerstone investors from the West and the Middle East this year, adding that some international financial leaders taking part in conferences held in Hong Kong had indicated plans to locally expand their operations and hire staff.
According to the Hong Kong Monetary Authority, the city’s de facto central bank, total deposits reached HK$19.1 trillion in September, representing a 1.3 per cent increase from the previous month.