Director of Hong Kong Finance: Hong Kongs economic recovery is weaker than expec

Chen Maobo, the director of the Hong Kong Finance Department, reviewed the Hong Kong economy last year. He admitted that Hong Kong had gone out of the epidemic in a complex and changeable environment, but his strength was weaker than expected.

Comprehensive Hong Kong Radio and Sing Tao Daily reported that Chen Maobo said on Saturday (January 6) in the stations of the radio program that facing geopolitics, the United States targeted China, coupled with the high rate of interest, etc.Hong Kong's economy increased by 3.2%last year.

He said that it was export, investment and consumption that promoted economic growth.In the context of global interest rate hikes, European and American demand is weak. Hong Kong's total export volume fell 9.4%, but investment and consumption increased by 8%to 9%, the unemployment rate fell to 2.9%, inflation was about 2%, and society was relatively stable.

Chen Maobo said that Hong Kong's property prices fell 5.6%last year, and the transaction volume was low. In terms of stock markets, Hong Kong's stock market transaction volume fell 14%last year, and the daily traffic volume was about 100 billion yuan (Hong Kong dollars, about 17 billion yuan, about 17 billion yuanNew Yuan).To this end, the Hong Kong Government will set up a group to study how to increase stock liquidity.

He predicts that this year is the year of election, and high interest rates may last for a period of time, but it is expected that after the policy adjustment is expected, the mainland's economy is steadily better this year.

In response to the financial issues of the Hong Kong government, Chen Maobo said that Hong Kong's lending only accounts for 4.5%of the GDP, and Hong Kong will definitely not learn the United States.Even if Hong Kong issued 65 billion yuan in debt for five consecutive years to promote the development of infrastructure, the relevant proportion will not exceed 10%in five years. Even if the International Monetary Fund and other rating agencies will give Hong Kong a very positive assessment even in the environment of China and the United States.

Chen Maobo emphasized that the Hong Kong government will open source and throw a balanced budget case within several years, while maintaining a fiscal reserves at a stable level.