Expect Bold Measures Soon To Boost Economy: Paul Chan

Financial Secretary Paul Chan on Wednesday said Chief Executive John Lee will roll out bold measures to revive Hong Kong’s economy in his first policy address in two weeks’ time.

Chan noted that the SAR’s economy, especially its exports, had been affected by the “not very positive” external environment, including interest rate hikes, inflation and geopolitical challenges.

He said Hong Kong’s outlook is not positive at all for the short term, adding that the city will unavoidably record economic contraction for 2022 and that next year will still be pretty challenging.

But Chan said he’s confident about the city’s medium- to long-term development.

“Given the continuing development of our country, given the Guangdong-Hong Kong-Macau Greater Bay Area development... we will take a more proactive attitude to adopt bold measures to stimulate our economic development and provide new economic impetus,” he said.

“In about two weeks, the chief executive will be announcing his first policy address, in terms of attracting investments, in terms of attracting business talents, market facilitations, there are bold measures,” Chan added.

He was speaking after attending a third antechamber meeting with lawmakers.

His deputy Michael Wong as well as six bureau heads and officials from the Hong Kong Monetary Authority and Securities and Futures Commission also attended the meeting with 70 legislators.

The financial chief said there had been keen discussion on topics including land supply, housing, logistics, financial development, and innovation technology.