China News Agency, Hong Kong, July 31. The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, published a blog on the 31st, saying that the global economy has deteriorated significantly, affecting Hong Kong's economic performance.
The GDP for the second quarter to be announced is still shrinking on a year-on-year basis, but the decline is narrower than that in the first quarter. The situation is far from ideal.
When the annual economic forecast for Hong Kong is reviewed in the middle of next month, I believe it will inevitably be lowered again.
Chen Maobo said in his blog that when reviewing Hong Kong's economic forecast, the SAR government will comprehensively consider the "troika" that drives the economy, that is, the latest situation of exports, consumption and investment.
Hong Kong's export performance will be dragged down as the US and European central banks raise interest rates one after another and the economy turns weak.
At the same time, under the sharp interest rate hike in the United States, there will be pressure on Hong Kong interest rates to rise, which will affect the prices of assets such as Hong Kong stocks and properties, and weaken the consumption sentiment of Hong Kong citizens.
In terms of fixed investment, the weakening of the overall economic outlook and the haze of interest rate hikes will increase corporate borrowing costs and operating pressure, which will also have a negative impact on overall investment.
However, he hopes that the second phase of consumer coupons is expected to bring a boost to the Hong Kong market.
He said that the SAR government is making every effort to prepare for the "International Financial Leaders Investment Summit" to be held in November, together with the Hong Kong International Rugby Sevens to be held at the same time. Physical projects with international symbols.
These activities will help to activate the links between Hong Kong and the world, and also help to demonstrate Hong Kong's status as an international financial center.
He said that although Hong Kong's economy faces many uncertainties, he believes that there will be more opportunities than challenges in the future.
The country is continuing to develop towards higher quality, and is also entering a new pattern of opening up to the outside world in a wider range, wider field and deeper level.
As long as Hong Kong actively integrates into the overall situation of national development and actively connects with the national development strategy, Hong Kong's social and economic development will surely open up a new situation in the future.
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