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Ng Kang-chung

Hong Kong's economic growth could slow in the second half of the year in the face of the "inevitable" impact of uncertainties in the global economy, Financial Secretary John Tsang Chun-wah said.
But Tsang also offered reassurance that the city would be able to manage any slowdown given its sound fiscal situation.
In an article posted on his official blog on Sunday, Tsang said he saw signs of capital outflow from emerging markets which would affect their exchange rates and stock markets.
He cited the Brazilian real and Malaysian ringgit, which have fallen four per cent and almost 10 per cent respectively since the beginning of this month. The stock market in Indonesia is down 15 per cent since the start of the year and share prices in Thailand eight per cent, he said.
"As a small and export-oriented economy, Hong Kong will inevitably continue to be affected by various external uncertainties in the second half of the year," Tsang said.
"Hong Kong will continue to face volatilities in the financial markets, weak external trade and the slowdown of the tourism sector.
"The speed of the economic growth may not be as high as that in the first half of the year. But I think there is no need to be overly worried or pessimistic because our economic foundation remains good and I believe we are strong and experienced enough to cope with the possible rough situations that may come."
Tsang's blog the previous week had said a "new round of financial crisis" was looming and could hit Hong Kong's stock market.
People Power legislator Albert Chan Wai-yip, a member of the Legislative Council's economic development panel, said: "I expect a financial secretary to give solutions to improve our economy rather than act as a commentator offering warnings or advice every week."
The latest official figures released earlier this month showed the local economy expanded by a stronger-than-expected 2.8 per cent year on year in real terms in the second quarter. This was despite instability in the economic environment outside Hong Kong.
The figures prompted the government to lift its target for full-year growth to between two and three per cent - up from the one to three per cent target put forward in the government's May review.
Last week, Standard & Poor's affirmed its AAA long-term issuer credit rating for Hong Kong. It said the rating outlook remained stable.


Hong Kong's economy could slow in second half of the year, financial secretary says

Financial Secretary John Tsang warns about a slowing economy. Photo: SCMP Pictures

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