Related News
HK faces a 'challenging year' for expansion
Source: Agencies |
February 28, 2013, Thursday
|
Print Edition
Print Edition
HONG Kong's finance chief predicted the southern Chinese financial city will have a modest economic recovery in 2013 as he yesterday unveiled measures to boost growth and bolster employment in his latest budget.
Financial Secretary John Tsang said it will be a "challenging year" for Hong Kong, an Asian financial center that is highly dependent on trade.
He cited factors including the "slow" economic recovery in the US, European economies mired in recession and uncertainty over the effectiveness of the Japanese government's stimulus measures.
"The intricate external environment will remain unstable in the year ahead," Tsang told lawmakers. "The whole world will have to face wars on three fronts, namely 'currency,' 'trade' and 'geopolitics.' As a highly open and small economy, Hong Kong will be impacted by the development of these wars to a certain extent."
Tsang forecast a "modest improvement" for Hong Kong's economy in 2013 with growth between 1.5 percent and 3.5 percent, after it scraped out a 1.4 percent expansion last year. Last year's economic growth was the slowest since 2009 and well below the 10-year average of 4.5 percent.
On a quarterly basis, growth rose to 2.5 percent in the final three months of 2012, the fastest rate in a year.
Tsang unveiled measures to boost key industries, including financial services, tourism and trade logistics. They ranged from incentives to attract private equity and hedge funds to lending HK$2.3 billion (US$300 million) to the Ocean Park theme park to expand.
Tsang also outlined HK$33 billion in relief measures to ease pressure on the middle and working classes and small businesses as the government attempts to narrow a widening rich-poor gap.
Financial Secretary John Tsang said it will be a "challenging year" for Hong Kong, an Asian financial center that is highly dependent on trade.
He cited factors including the "slow" economic recovery in the US, European economies mired in recession and uncertainty over the effectiveness of the Japanese government's stimulus measures.
"The intricate external environment will remain unstable in the year ahead," Tsang told lawmakers. "The whole world will have to face wars on three fronts, namely 'currency,' 'trade' and 'geopolitics.' As a highly open and small economy, Hong Kong will be impacted by the development of these wars to a certain extent."
Tsang forecast a "modest improvement" for Hong Kong's economy in 2013 with growth between 1.5 percent and 3.5 percent, after it scraped out a 1.4 percent expansion last year. Last year's economic growth was the slowest since 2009 and well below the 10-year average of 4.5 percent.
On a quarterly basis, growth rose to 2.5 percent in the final three months of 2012, the fastest rate in a year.
Tsang unveiled measures to boost key industries, including financial services, tourism and trade logistics. They ranged from incentives to attract private equity and hedge funds to lending HK$2.3 billion (US$300 million) to the Ocean Park theme park to expand.
Tsang also outlined HK$33 billion in relief measures to ease pressure on the middle and working classes and small businesses as the government attempts to narrow a widening rich-poor gap.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
