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Written by: Zhang Jiamin
2020-04-25 11:24
Date of last update: 2020-04-25 11:24The epidemic of new coronaviruses continues, and the latest unemployment rate in Hong Kong has risen to 4.2%, the highest level in 10 years. Lei Dingming, an emeritus professor of the Department of Economics at the University of Science and Technology, said today (25th) on the Hong Kong and Taiwan program "Hong Kong Family Letters" that Hong Kong's economy has been affected by major outbreaks in Europe and the United States and other places. It is expected that Hong Kong will have negative growth this year.
He also pointed out that the government can use 1.21 trillion of fiscal reserves to save the market, but said that Hong Kong reserves have huge downward pressure. If the economic recovery is slow or the epidemic and other factors affect it, it is expected that they will have the opportunity to run out of reserves in 10 years or need to borrow.
▼ A number of measures of the second round of epidemic prevention and epidemic prevention funds ▼
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Lei Dingming, an emeritus professor of the Department of Economics at the University of Science and Technology, said today (25th) on the Hong Kong and Taiwan program "Hong Kong Family Letters" that because Hong Kong's trade relies mainly on re-exports, the economy will be affected by the Sino-US trade war and the epidemic. In addition, although China has resumed work to a large extent, major outbreaks in Europe and the United States have led to the postponement of recovery in Hong Kong and the Mainland. It is expected that this year will have negative growth. Although supported by the rebound of the Chinese economy next year, if the European and American economies suffer too much damage, Hong Kong will next year The situation is not very optimistic.
He also mentioned on the show that due to the anti-amendment movement, the collapse and loss of businesses and industries are only trauma, which affects the human capital of younger people. He said that Hong Kong's economy and future innovation in science and technology are very dependent on young people, but most young people in the society have no intention of developing, but instead are interested in political activities. Their employment prospects and long-term economic development will be hindered.
Professor Lei Dingming, an emeritus professor of the Hong Kong University of Science and Technology, said that due to the pressure of the aging population, Hong Kong's reserves are under huge downward pressure. (Profile picture / Photo by Wu Zhongkun)
Lei Dingming said that the government has about 1.21 trillion fiscal reserves and 0.73 trillion fund balances, and believes that the funds can be used to save the market. However, he said that due to the pressure of the aging population, Hong Kong ’s reserves have been under huge downward pressure. If Hong Kong ’s economic recovery is slow, or it takes time to resolve the epidemic and political difficulties, the opportunity to use up reserves in 10 years will lead to Hong Kong ’s entry into borrowing. Day. He pointed out that the Hong Kong Government should cherish the principle of cost-effectiveness and prudent financial management as stipulated in the Basic Law.
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