The Hong Kong Special Administrative Region Government has had a fiscal deficit in recent years, but Chen Maobo, director of the Hong Kong Department of Finance, said that the financial situation of the Hong Kong government is very stable and the overall economy is steady.
Comprehensive Hong Kong Radio and Commercial Daily reported that Chen Maobo said on Friday (June 14) in an interview with "Opportunities Hong Kong" that although the Hong Kong government has appeared in deficit in the past two or three years, the world is generally in the crown disease epidemic situation worldwideLater, through the deficit budget to promote economic growth, Hong Kong still has more than 700 billion yuan (Hong Kong dollars, the same below, the same, S $ 120 billion) fiscal reserves, which is equivalent to one -year government expenditure.
He said that the current borrowing ratio of the Hong Kong government is very low, only about 5%.In the next few years, the Hong Kong Government plans to promote the development of the metropolitan area in the northern part of the New Territories through debt issuance. It is expected that the borrowing will accounted for 13%of the GDP in five years, which is still a healthy level.
Chen Maobo said that in terms of the asset market, Hong Kong is generally stable and maintains a stable situation.As the US interest rate declines and the entire financial environment is relatively loose, Hong Kong's capital market performance will be better in the second half of this year. In addition, as more mainland cities are open to Hong Kong to travel freely, Hong Kong's consumption will also increase moderate growth.
He believes that in the face of the challenges of complex geopolitical structure and high -interest environment, there is a certain risk of the business environment.However, Hong Kong can also seize opportunities and excavate many business opportunities in the Greater Bay Area.
Chen Maobo also mentioned that Hong Kong will continue to develop the event economy, promote the Hong Kong brand, and attract more passengers to experience in Hong Kong.He said that the Hong Kong Government is actively holding a lot of event activities, with a total of more than 200 years, and it is expected to bring up to more than 10 billion yuan in economic contributions.
In terms of stock market, Chen Maobo believes that the nervousness of Sino -US relations has a certain impact on the flow of some funds, but with the support of mainland China, especially after the China Securities Regulatory Commission has proposed a number of measures to support Hong Kong's capital market,Hong Kong stocks have rebounded by 6%to 7%from the end of last year, and the average daily transaction rose to more than 100 billion yuan.
In terms of property market, Chen Maobo said that since the Hong Kong government has completely withdrawn the property market in February, Hong Kong property prices have increased by about 2%to 3%in March and April, and the transaction volume has also increased.Although the property prices in Hong Kong fell from a historical high in September 2021 to about 24%from February this year, in the face of high interest rates, the orderly adjustment of property prices is normal, and the transaction during the period is relatively low. There is no confidence in the market.question.
