Expect Difficult Economic Times Ahead: FS

Financial Secretary Paul Chan said on Saturday he expects the external economic environment in the second half of the year to be worse than the first half.

Speaking at a forum at the Hong Kong News-Expo, he cited factors such as rising inflation globally, interest rate hikes in the US and the war in Ukraine.

Chan said he expects another round of consumption vouchers next month to help the local economy, but he insisted the outlook for the year is rather dim as exports are expected to be weak given the external environment.

The minister added that as there could still be major changes in the international situation, economic and political risks would rise and officials will be looking to manage them.

For example, he said they have been monitoring financial markets every day, and in the event that there are abnormal transactions or that short selling is focused on a particular type of stocks, officials would halt the deals accordingly.