In his speech to a forum today (6th), Financial Secretary Chen Maobo said that the weak external economy has affected Hong Kong's exports to decline for four consecutive months. Coupled with the rising interest rate in Hong Kong, it is difficult for the local economy to perform well in the short term. With negative growth, although consumer coupons play a certain supporting role in the retail market, the key is to effectively control the epidemic and restore economic momentum.
The economy is hard to perform well in the short term
The DAB held a high-end forum today on "Coping with a century of changes to consolidate Hong Kong's status as an international metropolis". In his speech, Financial Secretary Paul Chan said that the international situation is complicated, and the weak external economy has affected Hong Kong's exports for four consecutive months, with a drop of 1 percentage point in May , tumbled 14.3 percent in August.
In addition, global central banks continue to raise interest rates, and Hong Kong's interest rates are also rising. Interbank interest rates have risen by more than 1% this year. Investors' confidence in the local economic outlook has weakened. Investment sentiment and capital flows have put pressure on the property market and stock market. It is difficult to perform well, and it is estimated that negative growth will be recorded throughout the year.
Chen Maobo said that although Western countries led by the United States are disturbed by the rise of China and deliberately suppress it, Hong Kong still has many opportunities, such as the eastward shift of the global economic center, the stable development of China and the rapid economic development of the ten ASEAN countries, Hong Kong and Asian countries. Close relationship and become a favorable party for development.
In addition, the unique advantages of "one country, two systems" and the development of technological innovation are also the key forces for the future economy to open up new growth space.
Be more proactive and attract enterprises and talents
He stressed that Hong Kong must play its role as a gathering place to seize new opportunities brought by the eastward shift of the international economic center, the new needs brought about by the steady development of the country, and the demand for professional or financial services brought about by the de-globalization and the development of multilateral relations. The work includes expanding the diversified development and innovation of advantageous industries, enhancing Hong Kong's competitiveness in the Greater Bay Area urban agglomeration, pooling resources in the Greater Bay Area, and making use of complementary advantages to build a global technological innovation highland.
He said that the government will actively promote the Xintian Science and Technology City in the "Northern Metropolitan Area", combining a promising government with an efficient market to create more space for development, while attracting enterprises and talents with a more proactive attitude.
Chief Executive Li Jiachao delivered a video speech, saying that Hong Kong is a highly export-oriented economy, and its economic environment is affected by external factors. However, Hong Kong has the institutional advantages of "one country, two systems" and can "back to the motherland and connect with the world" to overcome various difficulties and challenges.
The government will continue to consolidate its traditional core advantages, and make every effort to develop emerging industries such as innovation and technology, culture and art, to create momentum for Hong Kong's economy and strengthen the foundation of the real economy.
Census and Statistics Department: The value of Hong Kong's exports fell by 14.3% last month, and the tangible trade deficit was 13.3 billion yuan Chen Maobo: Hong Kong's exports and asset prices will be under pressure under the interest rate hike.
Chen Maobo: Going back to business as usual, the policy address will have talent attraction measures Chen Maobo: Consumer coupons have a short-term boost, but the retail market is still affected by the economic environment
