To mark the most important occasion on the Chinese Lunar calendar, Hong Kong welcomed the arrival of the Year of the Snake with a full range of Chinese New Year – also known as Spring Festival or Lunar New Year — celebrations as the SAR’s leaders look for ways to rejuvenate and diversify the economy.
While snakes may be associated with negative connotations in some societies, rich in symbolism, in the Chinese 12-year zodiac cycle that links each year to an animal and its attributes, the snake represents wisdom, flexibility and strategic thinking. In the same way that snakes shed their skin, according to specialists in ancient Chinese divination, the Year of the Snake, which began on 29 January and ends on 16 February next year, will offer opportunities for new beginnings.
Chinese astrology also assigns one of five fundamental elements (earth, fire, metal, wood and water) to each animal sign, which defines the predominant characteristics of a specific year. This year the element is wood. Combined with wood, something that happens every 60 years, the Wood Snake is said to amplify transformation and creativity.
According to Chinese zodiac astrologers, now is an opportune time to re-evaluate business strategies, products or even brand identity. Astrologers also predict that businesses involved with fintech, biotechnology and artificial intelligence could do well in the Year of the Snake.
This could be seen as a good omen by Hong Kong’s chief executive John Lee. Born in the Year of the Rooster, considered an ally of the Snake, Chinese zodiac experts predict a smooth year for the chief executive. In his new Lunar New Year message to Hong Kong citizens, he said the government would focus on ways to ‘innovate, reform and seek development’.
Global financial centre
The chief executive also explained that Hong Kong will focus on diversifying and deepening its ties with other regions around the world to unlock new markets and strengthen the city’s position as a global financial centre.
Companies are cautiously optimistic about their prospects for 2025
Paul Chan, Hong Kong’s financial secretary, also expressed optimism during a ceremony to mark the first Year of the Snake stock market trading session. He said he was ‘cautiously positive’, as Hong Kong Exchanges and Clearing, the bourse operator, received dozens of new listing applications in January, including CATL, the world’s largest producer of batteries for electric vehicles.
However, with Hong Kong’s fiscal deficit expected to more than double to nearly HK$100bn (US$12.8bn) in the 2024-25 financial year from the earlier forecast of HK$48bn, the financial secretary will be hoping Hong Kong’s initial public offering market will continue its upward momentum during 2025.
Considering the critical role Hong Kong plays as a financial gateway to the Chinese mainland and its financial markets, perhaps signifying good news for the financial secretary and Hong Kong in general, the stimulus measures implemented by the China Securities Regulatory Commission, includes expanding mutual access between the capital markets of mainland China and Hong Kong, and encouraging leading mainland China enterprises to list on the Hong Kong Stock Exchange.
Meanwhile, companies surveyed by the Hong Kong General Chamber of Commerce are also cautiously optimistic about their prospects for 2025. The Chamber’s latest Business Prospects Survey shows that 31.1% of respondents expect a growth in turnover in 2025 compared to 2024, although a notable 46.1% believe their performance has not yet fully rebounded to pre-pandemic levels and may continue to lag.
That said, there was more optimism than caution shown at the Sha Tin Racecourse held on the third day of the Lunar New Year festivities where the Year of the Snake got off to a flying start. Racing fans placed HK$1.94bn (US$248.7m) in bets across the 11-race programme – the second highest turnover for a Lunar New Year race day.
