Financial Secretary Chen Maobo stated in his blog today (15th) that private consumption expenditure has experienced a one-and-a-half year contraction and has continued to improve since the beginning of the year. The voucher effect began to appear in August, and it is believed that it will further stimulate the growth of private consumption.
He expects the latest unemployment rate announced this week to fall further from the current level of 5.5%.
Chen Maobo expects that the latest unemployment rate announced this week will further fall from the current level of 5.5%.
(Photo by Luo Junhao)
Chen Maobo explained that with reference to past data, when private consumption continues to improve, the job market will also improve accordingly. This is because about one-third of local wage earners are engaged in retail, catering, tourism, logistics and transportation industries, and these industries follow The consumer market is closely related.
Chen said that the total growth in the first half of the year was 7.8%. Taking into account the strong economic performance in the first half of the year, the growth forecast for the whole year of this year was revised up from the original 3.5% to 5.5% to 5.5% to 6.5%. There is still room for improvement, but the driving force depends on the local and global epidemic prevention and control situation in the next few months.
He believes that unless the epidemic is fully controlled and the return of personnel from the mainland and international is restored, it will be more difficult for the unemployment rate to fall back to the low level before the epidemic in a short period of time.
▼8.1 First day of issuance of electronic consumer vouchers▼
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Chen also pointed out that the unemployment rate in Hong Kong has risen from 3.4% at the beginning of 2020 to a high of 7.2% at the beginning of the year due to the successive blows of the hacktivism and the epidemic.
Although the employment situation has improved significantly in recent months, it will be difficult for the unemployment rate to fall back to the low level before the epidemic in a short period of time unless the epidemic is fully controlled and the return of personnel from the Mainland and internationally is restored.
From the perspective of stabilizing people's livelihood and ensuring employment, the key link is effective control of the epidemic.
This epidemic prevention and anti-epidemic war has been going on for a year and a half. The experience of this period of time has shown that this is not only an epidemic prevention and control war, but also an economic defense war. It is equally important to protect the health and livelihood of the citizens.
Consumer vouchers｜Chen Maobo refers to the successful boost to the economy and reiterates that no minimum consumption or additional charges are allowed. Chen Maobo expects economic growth to exceed 5.5%. Supports the anti-sanctions law and the US "stop war with war" consumer vouchers | 5.5 million people continue to receive payments today Chen Maoboji With an additional 11 billion yuan to boost economic consumption coupons | 6.3 million people will receive the first 2,000 yuan next Sunday
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