Hong Kong Monetary Authority Chief Executive: First-quarter economic growth double the forecast, AI application emphasizes optimization rather than replacement

【Caixin】 “It’s not just the financial markets—Hong Kong’s economy is also rebounding, with 5.9% growth in the first quarter.” Eddie Yue Wai-man, Chief Executive of the Hong Kong Monetary Authority, said.

On June 9, 2026, Yue Wai-man visited Beijing and, at a media roundtable, explained the reasons behind the economic growth: “Of course, this benefits from exports. In Hong Kong’s exports, 70% are electronic technology products related to AI. But Hong Kong’s growth is not driven only by exports—consumption also grew by nearly 5% in the first quarter, and investment increased as well.”

Data released on May 5 by the Statistics Department of the Hong Kong Special Administrative Region Government shows that in the first quarter, Hong Kong’s GDP grew 5.9% year-on-year, with the quarter-on-quarter growth rate reaching the highest level in nearly five years. Of this, private consumption expenditure increased 5.0% year-on-year, further accelerating from the 2.5% growth rate in the fourth quarter of 2025; total gross domestic fixed capital formation increased 17.7% year-on-year, and total merchandise exports increased 23.8% year-on-year.