Chen Maobo: Hong Kong's competitiveness declines affected by the economy, but the basic market remains unchanged. The property market is still hotter

Political situation

Written by: Zhou Haoyi

2021-06-19 12:36

Last update date: 2021-06-19 12:36

In the latest "2021 World Competitiveness Annual Report" published by the Lausanne International Management Development Institute in Switzerland, Hong Kong ranked 7th, down 2 places from last year.

Financial Secretary Chen Maobo said that the report shows that Hong Kong's performance in "government efficiency" and "business efficiency" is still satisfactory, reflecting that Hong Kong's basic market remains unchanged, and that the main reason for the decline in rankings is Hong Kong's poor economic performance under the epidemic.

When Chen Maobo attended a radio program this morning (19th), he pointed out that the property prices in Hong Kong are still high. The property market has recently become hotter and the transaction volume has been relatively high. The gap between property prices and the high in 2019 has narrowed. The government has been closely monitoring and appealing People who want to buy a home must do what they can.

He also mentioned that there are many factors that affect property prices, including funding, employment, property supply and demand, and market sentiment.

People are urged to get vaccinated as soon as possible to restore the economy

Chen Maobo said that the local economy has stabilized in recent months, but the recovery momentum is insufficient. The current primary goal is to control the epidemic and clear customs as soon as possible. He emphasized that the long-term recovery of Hong Kong's economy must increase the vaccination rate and call on the public to get vaccinated as soon as possible.

Regarding market concerns that the U.S. Federal Reserve may start raising interest rates at the end of the following year, causing market volatility, Chen Maobo said that a lot of funds have flowed into Hong Kong in the past period. This year, the inflationary pressure in Hong Kong is not too great, and the local banking system will take measures to prevent earthquakes.

Hong Kong's competitiveness ranking drops to seventh

42% of U.S. Chamber of Commerce members surveyed consider or plan to leave Hong Kong related to national security laws and Hong Kong competitiveness concerns

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