Hong Kong's economy is subject to fluctuations in the external environment. Financial Secretary Chen Maobo said today (31st) that Hong Kong's GDP in the second quarter contracted year-on-year, and the decline was narrower than that in the first quarter. He described the situation as "unpredictable", and it is inevitable that it will be repeated. The economic forecast for the whole year of Hong Kong is lowered, but it is believed that with the distribution of the second phase of consumer coupons and the control of the epidemic, the local retail and catering market is expected to improve significantly.
The second phase of consumer coupons will be issued in August. Financial Secretary Chen Maobo expects that the retail and catering market is expected to improve significantly.
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Chen Maobo pointed out in his blog that the global economy has deteriorated significantly under the interest rate hike by the US Federal Reserve and the conflict between Russia and Ukraine, which has also affected Hong Kong's economic performance. The second quarter GDP announced by the Hong Kong government tomorrow has improved quarterly, but On a year-on-year basis, it still shrank, and the decline was narrower than that in the first quarter. The situation was described as "unpredictable", and it is expected that Hong Kong's full-year economic forecast will inevitably be lowered again.
The value of Hong Kong's overall exports in June fell by 6.4% year-on-year
Chen Maobo continued to point out that when reviewing Hong Kong's economic forecast, the "troika" that drives the economy will be comprehensively considered, that is, the latest situation in exports, consumption and investment.
In terms of exports, the central banks of the United States and the European Union have successively raised interest rates, and the economy has become weaker, and the performance of Hong Kong's exports will be dragged down. In June, the value of Hong Kong's overall exports fell by 6.4% year-on-year. Among them, exports to the European and American markets turned from rising to falling, reflecting the deterioration of the local economy. impact on Hong Kong's exports.
The second phase of consumer coupons will be issued in August. Financial Secretary Chen Maobo expects that the retail and catering market is expected to improve significantly.
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▼The second issue of $5000 coupon Q&A▼
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Chen Maobo: The retail and catering market is expected to improve significantly
In terms of consumption, Chen Maobo believes that the sharp increase in US interest rates and the upward pressure on Hong Kong interest rates will affect asset prices such as Hong Kong stocks and properties, and weaken consumer sentiment. The second phase of consumer coupons is expected to bring a boost to the local market. He pointed out that if the epidemic is stabilized and controlled, coupled with the effect of consumer coupons, the retail and catering market is expected to improve significantly.
In terms of fixed investment, the weakening of the overall economic outlook and the haze of interest rate hikes will increase corporate borrowing costs and operating pressure, which will also have a negative impact on overall investment.
"Sevens helps to activate international connections"
Chen Maobo also pointed out that Hong Kong is preparing for the "International Financial Leaders Investment Summit" to be held in November, as well as the Hong Kong International Rugby Sevens, which will be an entity with an international symbol that restores contact with overseas after Hong Kong has been plagued by the epidemic for more than two years. The project will help to activate the connection between Hong Kong and the world, and also help to demonstrate Hong Kong's status as an international financial center.
▼On July 14th, 100 people went to the Consumer Coupon Secretariat to inquire about disqualification▼
Consumer Coupon | Receive DQ notification before the transfer deadline, citizens are ill and rush to the center for enquiries: Discharge Coupon on the Dead Day | DQ Appeal Strategy Service Center is extended to 8.13, you must apply for a consumer coupon within 2 weeks after receiving SMS | Transfer / New registration week On the 6th deadline, watch the plus code discount Mannings buy $288 and get a discount of $100 | July 23, the deadline for "transfer" registration, the government reminds that the qualification will be reviewed as soon as 8.7, and Chen Maobo believes that large exhibitions such as book fairs will stimulate additional consumer demand and create short-term employment opportunities
