Hong Kong can handle pressure, Beijing official says, hailing stock market rally

Beijing’s point man on Hong Kong affairs has hailed the recent strong performance of the city’s stock market, expressing confidence the financial hub can withstand external pressure.

Xia Baolong, director of the Hong Kong and Macau Affairs Office (HKMAO), held a closed-door meeting with National People’s Congress (NPC) deputies from both cities on Tuesday night. The top legislature holds its annual session on Wednesday, with Premier Li Qiang delivering a work report.

NPC deputy Ma Fung-kwok later said Xia hailed the Hong Kong stock market’s positive performance over the past few months, saying its trajectory could benefit the city’s economy.

He said Xia warned that Hong Kong would face external pressures Beijing was contending with, without referencing global geopolitical tensions.

“[Xia] mentioned that the pressures faced by the nation will be transmitted to Hong Kong, but he believed Hong Kong can withstand them,” Ma said.

He added that the director also called on deputies to accurately implement the “one country, two systems” principle and fully support the local administration’s law-based governance.