The government on Wednesday hit back at criticism by "some individuals" of the city's economic and financial development, which it said had "clearly overlooked the existing advantages and the current positive development momentum of Hong Kong".

It said in a statement that it intended to set the record straight, saying China's real economic growth rates in the first quarter and for all of 2023 were both above five percent, "ranking it among the fastest-growing major economies in the world".

It quoted an International Monetary Fund study which had concluded that the Mainland economy contributed to more than 30 per cent of global economic growth.

The government said the SAR was also growing steadily, increasing by 3.3 per cent in 2023, and notching up year-on-year real gross domestic product growth of 2.7 percent. It said it was estimated to grow by 2.5 per cent to 3.5 per cent for 2024.

The government also defended the city's status as a financial hub, saying Hong Kong stocks market capitalisaion exceeds HK$33 trillion, which is 10 times higher than at the time of the handover in 1997, while Stock Connect had also brought about a cumulative northbound and southbound capital flows of more than 1.8 trillion yuan and HK$3.1 trillion respectively.

"These figures demonstrate that Hong Kong, as an international financial centre, has fully utilised its ability to mobilise both Mainland and foreign capital, and will continue to play a key role in helping to 'bring in' international enterprises and investors, as well as assisting mainland enterprises to 'go out',"

It also singled out other highlights in the stock market, including the average daily transaction volume of Exchange Traded Funds on the Hong Kong Stock Exchange exceeding HK$13 billion in the first quarter of this year.

The government said the China Securities Regulatory Commission had also recently announced five new measures to support the development of Hong Kong's financial sector.

It said the one country, two systems principle was the cornerstone of the city's prosperity, and the Basic Law protected freedom of speech and freedom of the press.

It said its successful implementation of the Hong Kong National Security Law and Safeguarding National Security Ordinance had "brought about a safe and stable environment conducive to investment and financial development".

"Early this year, a survey conducted by a major foreign chamber of commerce reflected that nearly 80 per cent of its members interviewed had confidence in the rule of law in Hong Kong, and nearly 70 per cent of them also indicated that the operation of their enterprises had not been affected by the National Security Law," the statement said.

It underlined Hong Kong's status in the Greater Bay Area.

"Various data and facts not only reflect the performance of Hong Kong's economic and financial development, but more importantly, highlight Hong Kong's unique advantages and strategic position under the 'one country, two systems' principle, as well as its resilience and flexibility, in the face of global instability," it said. "Despite the fact that external environment will remain complicated, the Mainland and Hong Kong's economic growth is steadily improving, and even in a faster pace than some developed economies."