HK economy to grow more than 3 percent: Paul Chan

Financial Secretary Paul Chan on Tuesday said he expects Hong Kong’s economy to grow by more than 3 percent this year.

“It is a little slower than what we would like to see, but this recovery effort is sustaining,” he said.

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Three months ago, the government revised its growth forecast for the full year to a range of 4 percent to 5 percent, from 3.5 percent-5.5 percent.

At the Monetary Authority’s Global Financial Leaders Investment Summit, Chan said short-term economic growth will rely on tourism, private consumption and exports of services, while mid-term growth will be driven by the financial services sector and technological innovation.

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He said the government has injected nearly HK$200 billion into the innovation and technology sector to lure enterprises and talent to the city.

The finance minister said more than 30 enterprises have expanded their businesses in Hong Kong, creating around 10,000 jobs.

Chan also said the city’s talent attraction schemes have received around 180,000 applications, with more than 100,000 approved and about 70,000 professionals having already arrived in Hong Kong.

He added that the government plans to increase investment in transport and infrastructure, to strengthen connectivity with the rest of the Greater Bay Area.

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