Hong Kong to stay on guard against external risks and challenges after shaky economic recovery in early 2023: finance minister Paul Chan
- Financial secretary says city continues to face economic headwinds, some from political interference, pointing to US
- ‘Supporting local demand and spending is our strategy in the medium term, especially as a key way to stabilise the economy,’ he says
Hong Kong will keep its guard up against any external risks and challenges after a shaky economic recovery earlier this year, the city’s finance minister has vowed.
He blamed the United States for engaging in trade protectionism, which he said had exacerbated geopolitical tensions.
In the first four months of the year, Hong Kong’s economy improved in terms of consumer spending, employment, tourism and property transactions, Chan said.
“Supporting local demand and spending is our strategy in the medium term, especially as a key way to stabilise the economy,” he added.
He referred to the government’s disbursement of consumption vouchers of up to HK$5,000 (US$638) for eligible residents this year and the “Happy Hong Kong” campaign boasting a raft of events including gourmet food marketplaces, carnivals and popular culture shows.
The e-vouchers alone injected almost HK$30 billion – equivalent to a month’s retail sales – into the economy, according to the chief executive.