Xi Jinping letter to Hong Kong

President Xi Jinping has urged Hong Kong entrepreneurs with ties to Ningbo to enhance their contributions to China's modernization in a recent letter, marking a rare engagement with the business community. Xi expressed appreciation for their ongoing support and encouraged them to leverage their strengths in the national reform process. This correspondence comes amid a challenging economic landscape for Hong Kong, which is grappling with a slowdown in China and declining real estate prices. Local officials, including Chief Executive John Lee, welcomed Xi's message as inspiring and motivating for local businesses. Meanwhile, the composition of Hong Kong's real estate market is shifting, with mainland Chinese clients now accounting for 40% of transactions, reflecting broader changes in the city's economic dynamics post-COVID. The push for integration into national development is seen as part of a broader strategy to bolster confidence in the private sector and navigate the current economic pressures.