Political situation
Written by: Lin Jian, Zhou Lixi, Peng Zhuowei
2021-06-07 11:16
Last update date: 2021-06-07 11:25
The Legislative Council convened the Financial Affairs Committee today (7th). Financial Secretary Chen Maobo attended the meeting and briefed the latest situation of Hong Kong's overall economy.
"Hong Kong 01" will update the key content of the conference.
Chen Maobo said that the budget announced the issuance of 5,000 yuan electronic consumer coupons. In the past, many valuable opinions have been collected. The preparations are now in the final stage, including system testing with four electronic payment tools to ensure a smooth registration process. The test results are satisfactory. Details will be announced later this month, including registration procedures and distribution arrangements, and registration will be accepted within July.
Chen Maobo said that in 2021, with the strengthening of the global economic momentum, it reversed six consecutive quarters of decline, rising by 7.9% year-on-year and accelerating quarter-to-quarter growth to 5.4%. Growth was recorded for three consecutive quarters, but overall economic activity was lower than the pre-recession level. Driven by exports of goods.
He pointed out that Hong Kong's exports increased by 30.2% year-on-year, cross-border transportation and commercial services increased, and internal demand was affected by the epidemic, with a slight solid growth of 1.6% in the first quarter and a modest increase in investment by 4.5%.
In certain economic sectors, the year-on-year decline in total restaurant revenue narrowed to 8.7%, and in March alone, it increased by 20.1%.
Retail sales volume rose by 10.9% in April.
Tourism continues to be sluggish.
The government’s economic adviser Ou Xixiong said that in terms of inflation, the first four months of this year were fairly mild, and an increase is expected.
As for the property market, the European index has been quite active in the past few months, but it is still lower than the 2019 high.
He pointed out that everyone's expectations for the economic outlook have improved, and the homeownership burden index of the public is still high.
Ou Xixiong also mentioned that the pace of economic growth varies among economies.
Ou Xixiong pointed out that Hong Kong's economy is expected to recover further in the rest of this year. It is believed that there will still be some pressure on service exports. It is expected that as long as the local epidemic is controlled and the vaccination rate is increased, the economy will gradually rise, and this year's economic growth rate will be 3.5% to 5.5%. .
Chen Zhenying from the financial sector asked how the increase in property prices was higher than the increase in income, but it also showed that the buyers had the financial ability, and asked Chen Maobo how to evaluate it.
Chen Maobo responded by saying that he believes that in the next five years, the property market will supply an average of more than 18,000 per year, which is 5% higher than that in the past five years. He calls on the public to do what they can.
He also pointed out that buyers currently need to pass a stress test. Although the interest rate is currently low, it is unknown whether the interest rate will increase in the future and it is still considered safe.
He pointed out that the economic growth rate this year is 3.5% to 5.5%. If the vaccination rate rises, there is a chance that the economy will rise. He hopes that the vaccination rate will increase as soon as possible.
After Pakatan Rakyat Zhang Huafeng asked about the feasibility of developing the borders of country parks, Chen Maobo pointed out that the Secretary for Development has indicated that it is not a priority at present.
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Chen Maobo Legislative Council
