Energy is moving to high-value sectors, but progress will be slow and exports will remain vital in the near term

Implementation of the policy measures announced by the chief executive will be the critical test of credibility

Stablecoin regulation bolsters Hong Kong’s regulatory clout, but compliance requirements will limit its appeal

Domestic demand will struggle to offset fading export-driven growth as front‑loading unwinds for the rest of 2025

Despite recent interventions, authorities have ample reserves to defend against currency pressures