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News analysis: can Hong Kong's economy seek stability in "change"?

Date: 2022-01-12
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Xinhua news agency, Hong Kong, January 11 (reporter Wang Qian and Chen Peiying) - facing the uncertainty of the global epidemic, Chen maobo, financial secretary of the Hong Kong Special Administrative Region government, firmly said at the 15th Asian Financial Forum on the 11th that 'Hong Kong can benefit from the dual cycle strategy and make great achievements by virtue of its unique advantages of 'one country, two systems'.'

As a typical small-scale open economy, Hong Kong's economy has always reflected the power transformation of global economic recovery. Similarly, Hong Kong can not avoid the global outbreak of mutant viruses.

In January 2022, the Omicron mutant strain roared to Hong Kong, bringing a cold wind to the Hong Kong economy that had stopped falling and rebounded.

In response to changes in the epidemic situation, the SAR government immediately took measures to tighten epidemic prevention policies. From January 7, all restaurants in Hong Kong have banned food in the evening market for 14 days. People in the catering industry in Hong Kong estimate that the overall loss of the industry during this period may be as high as HK $1.5 billion. If the measures continue, the loss in two months will be as high as HK $8 billion, and some small restaurants may be in a more difficult situation.

Hong Kong is currently experiencing the fifth wave of epidemic, and there is still uncertainty in the short term. However, at the sub forum of the financial forum, Chen Delin, former president of the HKMA, said that from the perspective of Hong Kong's long-term development, there will be unlimited opportunities in the future. Other financial centres in Asia do not have the same conditions as Hong Kong.

Chen maobo said at the forum that the national '14th five year plan' has given strategic recognition to the role and positioning of Hong Kong in the overall development of the country and provided opportunities for Hong Kong in various important fields. The sustainable development of the mainland will bring great opportunities to Hong Kong.

This is consistent with his previous judgment on Hong Kong's economic prospects this year. He believes that 2022 will be the year of Hong Kong's economic and social development. Hong Kong is entering a new stage of good governance, including solving the long-standing deep-seated contradictions in society and actively accelerating economic construction and development.

Chen maobo stressed that the market generally expects the major peripheral economies to further recover this year, which will provide support for Hong Kong's exports.

Therefore, he still firmly believes that the mainland will establish mutually beneficial relations with Hong Kong and with the world through Hong Kong. As long as Hong Kong actively integrates into the overall situation of national development, Hong Kong's economy will certainly get more growth momentum and development space.

Behind this view of full confidence in Hong Kong's economic development is the stop and recovery of Hong Kong's economy in 2021.

The relevant economic data of Hong Kong in 2021 are gratifying: the unemployment rate has improved significantly, from 7.2% at the beginning of the year to 4.1% at the end of the year; The import and export of goods rebounded strongly, 13.6% higher than the record high in 2018; The fund-raising amount of initial public offering (IPO) of Hong Kong stocks is expected to rank fourth in the world.

Yang Yuchuan, a visiting professor of the Hong Kong Institute of financial management, believes that the current situation facing Hong Kong is that the economy will recover well in 2021, but the epidemic will have a great impact on relevant industries. The SAR government still needs to pay attention to people's livelihood and the impact of the epidemic on the lives of grass-roots people. At the same time, it should also consider investing in the future to build a new growth engine for Hong Kong's economy.

Chen Delin also talked about how to integrate environmental, social and governance factors with financial technology. He believes that financial technology will play an important role in Hong Kong.

Facing the future, most people in the Hong Kong business community expressed optimism about the Hong Kong economy. Zheng Zhigang, chief executive of New World Development Co., Ltd., said at the forum that he is optimistic about Hong Kong's economic development this year and in the future. Hong Kong's future is full of opportunities and challenges.


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