Chen Maobo pointed out that the economic data has improved slightly and the unemployment rate has fallen, but he is concerned about the recent rise in the number of confirmed diagnoses

Chen Maobo, who will continue to serve as the financial secretary of the next government, said in his blog today (19th) that the local economic data released recently has improved slightly. The unemployment rate from March to May dropped slightly by 0.3 percentage points to 5.1%, reflecting The situation when the fifth wave of the epidemic was under control in the later period of the period, and the supportive effect of the issuance of consumer coupons on the economy, however, he pointed out that the number of confirmed diagnoses has picked up again recently, and the situation needs attention.

▼The second issue of $5000 coupon Q&A▼

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Under the linked exchange rate system, Hong Kong interest rates will eventually follow up

In the article, Chen Maobo said that scorching inflation and the central bank's tightening of monetary policy will further weaken global economic growth, which may further weaken Hong Kong's export growth momentum. Rising interest rates may also trigger rapid capital flows. Changes, financial markets and asset prices will be more volatile, and some economies with weaker fundamentals will be more affected.

He said that although funds in the Hong Kong market are still abundant, under the linked exchange rate system, the Federal Reserve has increased interest rates and the pace has accelerated, and since the balance sheet has already begun to shrink, Hong Kong interest rates will eventually follow up.

Chen Maobo visited grassroots families in Yuen Long earlier and distributed gift packs to celebrate the 25th anniversary of the return of the motherland.

(Chen Maobo's blog)

Hong Kong's GDP doubled to over 2.8 trillion 25 years after its return

In addition, he recalled the 25 years since Hong Kong's return to the motherland. He pointed out that despite many ups and downs, Hong Kong has still achieved considerable development. Its GDP has doubled to more than 2.8 trillion yuan; RMB 100 million, ranking sixth in the world; total employment increased by 15% to approximately 3.65 million; enterprises with Hong Kong as their regional headquarters or regional offices increased by 57% to nearly 4,000.

He believes that the development of Hong Kong's financial industry and the overall economy benefits from the solid support of the central government and the stable development of the country; it also benefits from the bridge connecting the mainland and the world, the role of a firewall and a test field, and the dividends released by institutional innovation; more importantly, the citizens The hard work and flexibility of Hong Kong's economy have kept Hong Kong's economy alive and resilient.

▼On June 13, the government announced the second phase of $5000 consumer coupons▼

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Chen Maobo pointed out that the national security law consolidates the status of an international financial center, the total deposits rose by 10% to 15.3 trillion, and the unemployment rate rose to 5.4%. Unemployment rate will worsen in April Chen Maobo pointed out that the economic growth forecast will inevitably be lowered due to the huge impact of the fifth wave of the epidemic