HK economy to grow more than 3 percent: Paul Chan

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

„It’s a little slower than we’d like to see, but this recovery effort is sustained,” he said.

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

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

He said the government has poured nearly HK$200 billion into the innovation and technology sector to attract companies and talent to the city.

More than 30 companies have expanded their businesses in Hong Kong, creating about 10,000 jobs, the finance minister said.

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

He said the government plans to increase investment in transportation and infrastructure to strengthen connectivity with the rest of the Greater Bay Area.