CMA Annual General Meeting 2026 Highlights Economic Outlook
AI Boom Expected to Sustain Hong Kong’s Momentum,
with GDP Growth Forecast at 3% in 2027
The Chinese Manufacturers’ Association of Hong Kong (the CMA) hosted its 2026 annual general meeting (AGM) today (24 September). President Dr Wingco Lo reviewed the CMA’s major development over the past year, and shared insights into the economic outlook.
AI boom drives exports amid external headwinds
Dr Wingco Lo pointed out that while Hong Kong’s economy demonstrated strong momentum in the first half of 2026, the external environment remains challenging. Headwinds include slowing US economic growth, a sluggish recovery in the Eurozone, weak consumption and investment in Japan, supply-demand imbalances in the Mainland, and heightened uncertainties from ongoing Middle East tensions. Nevertheless, underpinned by solid economic fundamentals, Dr Lo remains cautiously optimistic about Hong Kong’s growth prospects.
First, the global boom in artificial intelligence (AI) investment is set to intensify, directly benefiting Hong Kong as a major trading hub for technology-related products in the Asia-Pacific region. Meanwhile, amid relatively stable US-China relations, the city’s merchandise exports are projected to maintain solid growth over the coming months, with momentum potentially extending into 2027. Trade in services is also expected to rise steadily, driven by a continued recovery in inbound tourism, increased cross-boundary transportation volume, and vibrant financial market activities.
On the domestic front, the value of local retail sales has recorded year-on-year growth for 15 consecutive months. Driven by the broader economic recovery and positive wealth effects from revitalised asset markets, private consumption sentiment is anticipated to strengthen gradually. Meanwhile, rising demand for AI products and services among businesses and the public, alongside the accelerated development of the Northern Metropolis, is expected to further stimulate fixed capital investment. Furthermore, the release of Hong Kong’s first Five-Year Plan and the 2026 Policy Address has bolstered investor confidence in the city’s long-term growth.
Taking all factors into account, the CMA forecasts Hong Kong’s full-year GDP growth at approximately 4.3% in 2026. Despite the Federal Reserve’s rate hikes and a higher base effect, GDP growth is expected to remain solid at around 3% in 2027. On inflation, volatile global oil prices and geopolitical tensions may exert upward pressure in the near term, with Consumer Price Index (CPI) projected to range between 2% and 3% in both 2026 and 2027.
CMA empowers business transformation through innovation
President Lo emphasised that despite impressive macroeconomic indicators, local businesses continue to face compounding pressures, including geopolitical risks, rising operating costs, sluggish demand, and the complexities of business transformation. As the business environment rapidly evolves, the CMA will continue to serve as a vital bridge, empowering enterprises to build operational resilience, drive value creation, capture new opportunities in emerging markets, and enhance their overall competitiveness.
On market expansion, the CMA has actively broadened its global reach over the past year, welcoming nearly 120 local, Mainland, and international trade delegations. The CMA also led trade missions to various Mainland provinces and cities, as well as emerging markets in the Middle East, with an upcoming delegation to Central Asia next month. These efforts have helped enterprises capitalise on the vast opportunities arising from the country’s high-level opening-up and the deepening of the Belt and Road Initiative.
In addition, the CMA launched its innovative “Enterprise Go-Global Strategist Services” while joining forces with the Hong Kong Brand Development Council (BDC) to organise the inaugural Go Global Top Brand Awards and Go Global Top Service Brand Awards. These targeted initiatives provide comprehensive support to empower enterprises in advancing their global expansion and establishing an international brand presence.
To support enterprises in strengthening their core competitive advantages, the CMA organised various seminars on AI applications this year, while accelerating the commercialisation of R&D outcomes and promoting the development of new quality productive forces.
Meanwhile, participation in the fourth edition of the “ESG Pledge” and “Hong Kong ESG Awards” continues to grow, underscoring that sustainable practice has become essential for Hong Kong enterprises to fortify their market advantages and satisfy international market standards. In parallel, CMA Testing has stayed ahead of market developments by introducing specialised certification and advisory solutions across emerging sectors—including care food, halal products, pet-friendly premises, and testing and registration advisory services for Chinese proprietary medicines entering Hong Kong and international markets—to support enterprises in capitalising on emerging market demand.
Looking ahead, the CMA will align with the strategic framework of Hong Kong’s first Five-Year Plan and the 2026 Policy Address, providing targeted support services for enterprises. From driving new industrialisation and contributing to the development of Northern Metropolis, to leveraging AI, pursuing green transformation, and expanding into regional markets, the CMA remains committed to empowering Hong Kong’s industrial and commercial sectors to capture emerging opportunities, boost overall competitiveness, and inject sustainable momentum into long-term, high-quality economic growth.
CMA office-bearers attending the AGM also included The Hon Jimmy Ng, Legislative Council Representative; Dr Allen Shi, Permanent Honorary President; Professor Simon Wong, Mr Dennis Ng Kwok On, Mr Jackson Leung, Mr Calvin Chan, Mr Robert Lok, Mr Ivan Sze, The Hon Albert Chuang and Dr Ellis Wong, Vice Presidents; Ms Ida Ng, Chief Executive Officer and Dr Wong Chun, Honorary Presidents.
Encls: CMA’s Hong Kong Economic Outlook for 2027 (Chinese Only)
Dr Wingco Lo, President of the CMA, delivered a speech at CMA 2026 Annual General Meeting
Office-bearers of the CMA posed for a photo at 2026 Annual General Meeting
(Front row, from left) Mr Robert Lok, Mr Dennis Ng Kwok On, and Professor Simon Wong, Vice Presidents; The Hon Jimmy Ng, Legislative Council Representative; Dr Wingco Lo, President; Dr Allen Shi, Permanent Honorary President; Mr Jackson Leung, Mr Calvin Chan, and Mr Ivan Sze, Vice Presidents
（Back row, third from the left）The Hon Albert Chuang and Dr Ellis Wong, Vice Presidents; Dr Wong Chun, Honorary President
AI boom drives exports amid external headwinds
Dr Wingco Lo pointed out that while Hong Kong’s economy demonstrated strong momentum in the first half of 2026, the external environment remains challenging. Headwinds include slowing US economic growth, a sluggish recovery in the Eurozone, weak consumption and investment in Japan, supply-demand imbalances in the Mainland, and heightened uncertainties from ongoing Middle East tensions. Nevertheless, underpinned by solid economic fundamentals, Dr Lo remains cautiously optimistic about Hong Kong’s growth prospects.
First, the global boom in artificial intelligence (AI) investment is set to intensify, directly benefiting Hong Kong as a major trading hub for technology-related products in the Asia-Pacific region. Meanwhile, amid relatively stable US-China relations, the city’s merchandise exports are projected to maintain solid growth over the coming months, with momentum potentially extending into 2027. Trade in services is also expected to rise steadily, driven by a continued recovery in inbound tourism, increased cross-boundary transportation volume, and vibrant financial market activities.
On the domestic front, the value of local retail sales has recorded year-on-year growth for 15 consecutive months. Driven by the broader economic recovery and positive wealth effects from revitalised asset markets, private consumption sentiment is anticipated to strengthen gradually. Meanwhile, rising demand for AI products and services among businesses and the public, alongside the accelerated development of the Northern Metropolis, is expected to further stimulate fixed capital investment. Furthermore, the release of Hong Kong’s first Five-Year Plan and the 2026 Policy Address has bolstered investor confidence in the city’s long-term growth.
Taking all factors into account, the CMA forecasts Hong Kong’s full-year GDP growth at approximately 4.3% in 2026. Despite the Federal Reserve’s rate hikes and a higher base effect, GDP growth is expected to remain solid at around 3% in 2027. On inflation, volatile global oil prices and geopolitical tensions may exert upward pressure in the near term, with Consumer Price Index (CPI) projected to range between 2% and 3% in both 2026 and 2027.
CMA empowers business transformation through innovation
President Lo emphasised that despite impressive macroeconomic indicators, local businesses continue to face compounding pressures, including geopolitical risks, rising operating costs, sluggish demand, and the complexities of business transformation. As the business environment rapidly evolves, the CMA will continue to serve as a vital bridge, empowering enterprises to build operational resilience, drive value creation, capture new opportunities in emerging markets, and enhance their overall competitiveness.
On market expansion, the CMA has actively broadened its global reach over the past year, welcoming nearly 120 local, Mainland, and international trade delegations. The CMA also led trade missions to various Mainland provinces and cities, as well as emerging markets in the Middle East, with an upcoming delegation to Central Asia next month. These efforts have helped enterprises capitalise on the vast opportunities arising from the country’s high-level opening-up and the deepening of the Belt and Road Initiative.
In addition, the CMA launched its innovative “Enterprise Go-Global Strategist Services” while joining forces with the Hong Kong Brand Development Council (BDC) to organise the inaugural Go Global Top Brand Awards and Go Global Top Service Brand Awards. These targeted initiatives provide comprehensive support to empower enterprises in advancing their global expansion and establishing an international brand presence.
To support enterprises in strengthening their core competitive advantages, the CMA organised various seminars on AI applications this year, while accelerating the commercialisation of R&D outcomes and promoting the development of new quality productive forces.
Meanwhile, participation in the fourth edition of the “ESG Pledge” and “Hong Kong ESG Awards” continues to grow, underscoring that sustainable practice has become essential for Hong Kong enterprises to fortify their market advantages and satisfy international market standards. In parallel, CMA Testing has stayed ahead of market developments by introducing specialised certification and advisory solutions across emerging sectors—including care food, halal products, pet-friendly premises, and testing and registration advisory services for Chinese proprietary medicines entering Hong Kong and international markets—to support enterprises in capitalising on emerging market demand.
Looking ahead, the CMA will align with the strategic framework of Hong Kong’s first Five-Year Plan and the 2026 Policy Address, providing targeted support services for enterprises. From driving new industrialisation and contributing to the development of Northern Metropolis, to leveraging AI, pursuing green transformation, and expanding into regional markets, the CMA remains committed to empowering Hong Kong’s industrial and commercial sectors to capture emerging opportunities, boost overall competitiveness, and inject sustainable momentum into long-term, high-quality economic growth.
CMA office-bearers attending the AGM also included The Hon Jimmy Ng, Legislative Council Representative; Dr Allen Shi, Permanent Honorary President; Professor Simon Wong, Mr Dennis Ng Kwok On, Mr Jackson Leung, Mr Calvin Chan, Mr Robert Lok, Mr Ivan Sze, The Hon Albert Chuang and Dr Ellis Wong, Vice Presidents; Ms Ida Ng, Chief Executive Officer and Dr Wong Chun, Honorary Presidents.
Encls: CMA’s Hong Kong Economic Outlook for 2027 (Chinese Only)
Dr Wingco Lo, President of the CMA, delivered a speech at CMA 2026 Annual General Meeting
Office-bearers of the CMA posed for a photo at 2026 Annual General Meeting
(Front row, from left) Mr Robert Lok, Mr Dennis Ng Kwok On, and Professor Simon Wong, Vice Presidents; The Hon Jimmy Ng, Legislative Council Representative; Dr Wingco Lo, President; Dr Allen Shi, Permanent Honorary President; Mr Jackson Leung, Mr Calvin Chan, and Mr Ivan Sze, Vice Presidents
（Back row, third from the left）The Hon Albert Chuang and Dr Ellis Wong, Vice Presidents; Dr Wong Chun, Honorary President