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HK sees negative economic growth

Source: Xinhua | January 20, 2009, Tuesday | Print Edition

HONG Kong expects negative economic growth for the last quarter of 2008 and the first two quarters of 2009, Chief Executive Donald Tsang said yesterday.

Addressing the Asian Financial Forum in Hong Kong, Tsang said whether there will be clear signs of recovery in the latter part of this year will depend on how the global economy responds to various stimulus packages and policies.

"We have a long and difficult road ahead of us in terms of economic recovery," he said.

Hong Kong's top official said that the damages from the financial tsunami have been less than in the United States and Europe and that the fundamentals of the Asian economies and the key elements of Hong Kong's economic success remained sound.

"I am confident that Hong Kong will rebound strongly from the economic downturn," he said, citing the high quality labor force, the can-do spirit of Hong Kong people and the new opportunities arising from the closer ties with the Chinese mainland.

Hong Kong is by far the largest trade partner of neighboring Guangdong Province. Trade between the two hit approximately US$140 billion in 2007, Tsang said.

The chief executive said Hong Kong has been trying to mitigate the impact of the financial tsunami and the global economic slowdown by fast-tracking infrastructure projects.

The Asian Financial Forum, a two-day event hosted by the Hong Kong government, attracted about 1,000 guests from around the world, including economic and political heavyweights such as Russian Minister of Finance Alexei Leonidovich Kudrin, finance officials from South Korea and Japan, as well as the co-founder of the Quantum Fund, James Rogers.
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