Hong Kong’s capital market is likely to experience significant fluctuations this year owing to intensifying geopolitical risks, the city’s finance chief has warned, stressing the need for caution in financial management.

During a briefing for lawmakers on Friday, Chan reported that the economic growth for last year is forecast at 3.2 per cent despite geopolitical pressures. While export performance remained strong, consumer spending had weakened, he said.

For the coming year, Chan expressed “cautious optimism” about the economic outlook, citing risks that could affect financial security but also highlighted the improving economy in mainland China.

“Caution is needed because we anticipate that geopolitical risks will only intensify. Under such circumstances, the capital market is inevitably subject to significant fluctuations,” he said at a special meeting of the Legislative Council’s finance committee. “Geopolitical factors influence capital flows. We must exercise caution.

“While we must vigorously pursue development, we also need to coordinate efforts on security, particularly in financial safety, to prevent unexpected disruptions and ensure financial stability.”

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Speakers

The Penn Township commissioners unanimously voted Wednesday to fire Finance Director Jaime Peticca after about five months on the job.

Peticca was hired by the township Aug. 20 to fill a vacancy left by Colleen Gain, who resigned in June.

Township Secretary/Manager Mary Perez declined to comment on the reason for Peticca’s termination. Perez said her last day was Jan. 9.

Attempts to reach Peticca on Wednesday evening were unsuccessful.

Before working for the township, Peticca worked about three years as manager of Trafford Borough and 3½ years as secretary and zoning officer for South Greensburg. She also previously worked as a recruitment specialist and membership manager for the Girl Scouts of Western Pennsylvania.

Perez, who is operating as the interim finance director, said the township will advertise the position in the coming weeks.

It has been difficult for the township to fill vacant job posts in recent years, she said. A code enforcement officer and building inspector role that commissioners will vote on filling next week has been empty for nearly two years, Perez said.

“It’s helpful if (candidates) have government experience. A lot of folks do not,” Perez said. “It’s difficult to find someone from another municipality. A lot of what we do is different than the private sector. There’s a lot of unique reporting requirements that we have that they just aren’t familiar with when they come in.”

The finance director is the only employee of its kind in Penn Township, meaning that person manages everything from accounts and payroll to audits and financial reporting.

“We have a larger budget,” Perez said. “We need to have someone here who understands how to read those financial statements, how to prepare those financial statements alongside our auditors and perform the accounting functions that are necessary to issue those statements.”

The township commissioners approved a $12 million spending plan for 2026 in December, holding property taxes at 17.4 mills and the fire tax at 1.3 mills.