Chief Secretary for Administration condemns Moody’s for negative outlook on city’s economy

Eric Chan

7th December 2023 – (Hong Kong) Chief Secretary for Administration Eric Chan Kwok-ki has strongly criticised ratings agency Moody’s for its negative rating outlook on the city’s economy, describing their actions as a smear campaign. His remarks came in response to Moody’s recent downgrade of Hong Kong’s credit rating outlook from stable to negative, citing the close ties between the finance hub and China.

During a radio program, Chan expressed his belief that Moody’s unjustly downgraded Hong Kong’s credit rating, accusing the agency, led by the United States, of attempting to defame the city as part of a broader effort to undermine China’s development through Hong Kong. He questioned the rationale behind Moody’s downgrade, suggesting that if they were to apply the same standard to other countries with close economic ties to China, their ratings would also need to be downgraded.

Chan also disagreed with the notion that multinational corporations have lost confidence in Hong Kong. He highlighted the government’s success in attracting 30 multinational companies to establish a presence in the city and receiving over 180,000 talent applications, which he believes reflects Hong Kong’s continued attractiveness as a business destination.