Hong Kong finance minister vows to even out economic recovery through better market conditions, boost to consumer confidence
- Paul Chan says varying success of economic recovery across business sectors needs action to promote more growth
- Chan adds retail and catering trades still suffering, although property sector is bouncing back after market cooling measures removed
Hong Kong’s economic fightback has had varying success across different sectors, despite an improvement in the property and stock markets after cooling measures were ditched, the finance minister has warned.
Financial Secretary Paul Chan Mo-po said on Sunday industries such as retail and catering were still suffering from changing spending habits among the city public and tourists.
“Industries such as retail and catering are still struggling to adapt to the challenges brought about by changes in the consumption patterns of residents and tourists,” he said in his weekly blog.
“In the medium term, the economy must add momentum to create greater and faster growth space. It is the basis for building confidence.”
Chan said the benchmark Hang Seng Index had jumped by more than 3,300 points over the past four weeks and rebounded by more than 30 per cent from the low recorded at the start of the year.
