Hong Kong’s Paul Chan says exports likely to face significant hurdles in 2024, while perks of investment trawl may take time to appear
- Finance chief also says tourism services and consumption set to become main drivers of local economy, but ‘need to be consolidated’
- ‘During this period, we will focus on our investment promotion work, which we will do vigorously,’ Chan says, but adds effects may take time to become visible
Hong Kong exports are likely to still face “significant challenges” next year, the city’s finance chief has said, adding that the effects of government efforts to attract investors may take time to become apparent.
“Looking ahead, the main drivers of our economy in the coming year will be the export of tourism services and consumption, both of which still need to be consolidated,” Financial Secretary Paul Chan Mo-po told a radio programme on Sunday.
“As for exports, we expect significant challenges will remain next year. During this period, we will focus on our investment promotion work, which we will do vigorously.”
But Chan added that the effects of such government efforts might not be visible immediately.
Authorities earlier this month adjusted the city’s growth forecast for 2023 from 4 to 5 per cent to 3.2 per cent.
Officials in October said the economy had grown by 4.1 per cent year on year in the third quarter.
Chan on Sunday said authorities had downgraded the yearly forecast largely due to challenges in terms of exports.