HKSAR's credit ratings demonstrate its economic resilience: spokesperson

The recent affirmations of China's Hong Kong Special Administrative Region's (HKSAR) credit ratings by Fitch, S&P and Moody's demonstrate the region's economic resilience and positive outlook amid current rising uncertainties facing the world economy, a Chinese Foreign Ministry spokesperson said on Friday.

Recently, the three major international rating agencies affirmed a "stable" rating outlook for HKSAR, with S&P and Moody's maintaining their AA+ and Aa3 ratings. Both agencies cited the region's substantial fiscal buffers, robust foreign exchange reserves, strong external balance sheet and high per capita income levels.

Notably, Moody's upgraded its outlook for Hong Kong from "negative" to "stable," citing the region's resilient credit profile amid global trade tensions and slower trade growth.

Lin Jian, the spokesperson, said this "is a vote of confidence in Hong Kong's status as an international financial center."

He added that China is steadily advancing its high-quality development, which provides even greater opportunities and momentum for Hong Kong's growth.

"We are confident about Hong Kong's development prospects and welcome enterprises from all countries to invest in Hong Kong, work together for mutual development and share in its prosperity," Lin said.

Paul Chan Mo-po, the region's financial secretary, said in a social media post on Tuesday that the "stable" outlooks from the three agencies demonstrate the resilience and strength of Hong Kong's economic and financial system amid growing global uncertainties.

Chan believes that Hong Kong's financial market will continue to thrive, with significant achievements in attracting investment, reflecting international capital's confidence and positive expectations for the city.