Hong Kong's GDP has exceeded HK$2.8 trillion ($357.3 billion), according to Finance Secretary of the Hong Kong Special Administrative Region (HKSAR) Chan Mo-po.

Over the last 26 years, Hong Kong's average annual GDP growth rate was 2.8%, higher than the 1.9% average rate in developed economies. In addition, the per capita GDP of Hong Kong residents hit $49,000, Chan stated.

Economic growth in Hong Kong was primarily boosted by a comparatively stable geopolitical environment in Asia, along with a raft of opportunities generated by the Chinese mainland's reforms and re-opening, said a senior research fellow at the Chongyang Institute for Financial Studies, Renmin University of China, Dong Shaopeng. 

"Hong Kong should keep using its advantage of being an economic and technological hub linking the Chinese mainland and the international market amid global economic uncertainties," he stated.

Furthermore, Hong Kong's economy markedly improved in Q1 this year, according to the government's latest economic statistics, driven by the robust recovery of tourism and domestic demand.

"The country's huge market size, continuous and stable development, reform and opening-up, as well as continuous innovation on multiple fronts, provide the most favourable environment and unlimited opportunities for Hong Kong's development," Chan stated.

Additionally, the benefits of One Country, Two Systems, a common law system and global high-quality standards and regulations have all helped to make Hong Kong an international hub of finance and innovative technology; Chan went on to add.

"In the future, Hong Kong's abundant financial and technological resources can be used for building the Guangdong-Hong Kong-Macao Greater Bay Area, further lifting the city to a new development level," Dong Shaopeng commented.

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