Hong Kong’s economic growth will approach 6.5% in 2021, says financial secretary


Photo taken on July 14, 2020 shows Golden Bauhinia Square in Hong Kong, southern China, July 14, 2020 (Xinhua)

Economic growth in the Hong Kong Special Administrative Region (HKSAR) in 2021 will likely be around 6.5 percent, Hong Kong SAR Financial Secretary Paul Chan Mo-po predicted on Sunday.

Data on the city’s economic performance in the third quarter is expected to be released on Monday.

Hong Kong’s economic recovery remains stable due to the continued development of goods exports and fixed investment, as well as improving private consumption spending, Chan wrote in a blog post.

Thanks to the boost from the mainland Chinese market, the value of Hong Kong SAR’s merchandise exports jumped 30 percent in the first half of 2021 and 22.7 percent in the third quarter, according to Chan.

Chan added that Hong Kong residents have increased their spending as the outbreak has been largely contained. The value of retail sales in Hong Kong rose 8.4% in the first half of the year, and total restaurant revenue rebounded 0.5%.

Judging by indicators related to trade and consumption, Chan said Hong Kong’s economic growth for the third quarter has held up rather well.

In addition, the unemployment rate has fallen sharply, from a 17-year high of 7.2% earlier this year to 4.5% in the third quarter, a record high since the first quarter of 2020.

According to Chan.

The Hong Kong SAR government predicted in mid-August that annual economic growth for 2021 would reach 5.5-6.5%, likely approaching the upper limit, due to the stable development of Hong Kong’s economy. , Chan said.

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