Hong Kong leader points to economic strides as finance chief warns of looming deficit
- Chief Executive John Lee urges residents not to belittle themselves or city’s economic progress since emerging from ‘haze of pandemic’
- Secretary Paul Chan tells lawmakers that Hong Kong expected to record deficit next year but denies claims city’s days as financial hub are over
Hong Kong’s leader has urged residents not to belittle themselves or recent economic strides made after emerging from “the haze of the pandemic”, while the finance chief invited mainland Chinese to witness the city’s strengths for themselves as he denied claims its days as a financial hub are over.
But Financial Secretary Paul Chan Mo-po admitted the city was likely to continue operating at a deficit next year given the economic uncertainties created by geopolitical tensions and high interest rates.
Addressing a summit on Monday, Chief Executive John Lee Ka-chiu seized on a string of economic indicators to show Hong Kong was bouncing back.
Imports grew by 1.4 per cent and exports by 2.6 per cent in October against a year ago, third-quarter private consumption expenditure was up by 6.3 per cent compared with the same period in 2022, and 26.8 million people visited in the first 10 months of this year, he noted.
“I quote so many economic figures in one go because I want to remind everyone that Hong Kong maintains advantages in many areas,” Lee said. “We should not belittle ourselves.”
The city’s leader called on residents to make good use of the “strength, perseverance, flexibility and adaptability that Hongkongers are so well-known for, and to use our innovation and creativity to create a better future”.