China News Agency, Hong Kong, September 11. The Financial Secretary of the Hong Kong Special Administrative Region Government, Chen Maobo, published a blog on the 11th, saying that Hong Kong's economy has been hit by the new crown pneumonia epidemic in the past few years. Therefore, effective control of the epidemic is the most fundamental to stabilize the overall economic situation. Only Further expansion of vaccination can restore exchanges with overseas countries to the greatest extent, stabilize the economy, and restart the momentum of development.
Chen Maobo said in his blog that the impact of rising external interest rates on Hong Kong's interest rate has further emerged recently.
Faced with the increase in capital costs, many banks have successively raised the upper limit of mortgage loan lock-in rates, which inevitably increases the mortgage burden of property owners.
With the cumulative interest rate hike in the United States to a larger extent, local banks may also adjust deposit and loan interest rates, including the prime rate. Many small and medium-sized enterprises’ bank loans are calculated based on this interest rate. The increase in interest will increase their operating pressure.
He said that due to the repeated epidemics, tightening financial conditions and the deterioration of the external environment, the recent fall in property prices in Hong Kong and the reduction in transaction volume, together with the weak situation in the Hong Kong stock market, will curb public consumption sentiment and affect the economic sentiment.
Even though the unemployment rate has gradually dropped, many industries and enterprises are still facing considerable pressure on their operations, and they dare not hold too high expectations for the business volume of this year's Mid-Autumn Festival.
In this atmosphere, we expect consumer coupons to bring periodic economic boosts.
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