Financial Secretary Paul Chan said on Sunday Hong Kong’s GDP growth in the first quarter is expected to be in line with the government’s forecast of between 2.5 percent and 3.5 percent.
Amidst global economic uncertainties, the Hong Kong Q1 growth projection of 2.5%-3.5% by the financial chief reflects optimism.
The financial secretary mentioned that the advance estimates for the January-March period will be announced on Thursday. He anticipated moderate economic growth for the fifth consecutive quarter, dating back to the start of 2023.
“Besides opening up new points for economic growth, we also need to continue to consolidate the traditional elements,” Chan wrote on his weekly blog.
The financial secretary highlighted an estimated 800,000 visitors expected during the upcoming Labour Day Golden Week holidays. Additionally, he mentioned a maiden pyrotechnic display scheduled at Victoria Harbour on May 1.
The financial secretary mentioned upcoming events like the Cheung Chau Bun Festival and Vinexpo Asia, scheduled for next month. These events aim to showcase various cultural and culinary highlights.
On stocks, Chan said the Hang Seng Index rose by 8.8 percent in the past week, its best weekly performance in 13 years.
He credited the surge to tech shares buoyed by advancements in AI and IT, alongside mainland authorities’ stimulus measures.
Chan noted significant progress last month in an updated scheme permitting mainland residents to purchase Hong Kong wealth management products.
The Cross-boundary Wealth Management Connect Scheme recorded more than 13.1 billion yuan in transactions in March, which the finance chief said was close to half of the total amount since the scheme’s launch in late 2021.
Moreover, the resilience of key sectors like finance and logistics plays a pivotal role in driving Hong Kong Q1 growth.
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