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Standard Chartered Huiyi expects Hong Kong's economic growth to be plus or minus 1% this year

2020-01-06T10:38:22.909Z


Last year, Hong Kong's economy was pinched by internal and external factors, and it fell into a technical recession. Standard Chartered Hong Kong Chief Executive Officer Hui Huiyi said that external factors such as the Sino-US trade war have stabilized this year, but Hong Kong still faces many uncertainties.


Financial news

Written by: Wen Haozong

2020-01-06 18:27

Last updated: 2020-01-06 18:35

Last year, Hong Kong's economy was pinched by internal and external factors, and it fell into a technical recession. According to Standard Chartered Hong Kong's chief executive officer Hui Huiyi, external factors such as the Sino-US trade war have stabilized this year, but Hong Kong still faces a number of uncertain effects. It is estimated that Hong Kong's economic growth this year will be between plus and minus 1%.

Sino-U.S. Trade situation is conducive to economic stability

When Hui Huiyi attended the TDC press conference, she pointed out that the situation of Sino-US trade talks has improved recently, and the two countries are expected to sign a trade agreement next week, and the global central bank ’s monetary policy has turned loose. The US Federal Reserve has cut interest rates three times last year. If the utility of the decline in interest rates can surface this year, it will help the global economy to stabilize. In addition, the Mainland of China introduced multiple rounds of stimulus policies last year, which will help the Mainland achieve its economic goals and will also be beneficial to our economy.

However, she also said that the unstable social situation in Hong Kong, coupled with the negative political situation in the Middle East, climate change and other negative factors, will continue to bring downside risks to the local economy, and it is expected that SMEs, hotels and retail industries will bear the brunt. As for the banking industry, she expects total loans to continue to grow last year and expects low single-digit growth this year, while US and Hong Kong interest rates will remain relatively stable this year.

Says local banks strictly adhere to anti-money laundering requirements

Earlier, the "Spark Alliance", which specifically supported the demonstrators, had been frozen by HSBC, making the bank a target of demonstrators. It was reported that the banking industry was urging the HKMA to explain relevant laws to the public. In response, Ms. Hui Huiyi said that Hong Kong banks strictly comply with local and international anti-money laundering requirements, and the industry has always maintained contact with the HKMA. In individual cases, it is necessary for the relevant banks and regulatory authorities to respond.

In addition, the Asian Financial Forum organized by TDC will be held next week. She Hui-yi, who is also the chairman of the Forum Steering Committee, pointed out that although the social situation in Hong Kong is unstable, the number of registrations received by the Forum is similar to previous years. I believe that international investors still have sufficient confidence in the foundation and opportunities in Hong Kong.

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Hong Kong Economy

Source: hk1

All news articles on 2020-01-06

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