HK's Economic Recovery Is Slowing: Paul Chan

The Financial Secretary, Paul Chan, warned on Sunday that there are signs that Hong Kong’s economic recovery is weakening, citing the latest unemployment figures as evidence.

The SAR reported a 4.5 percent unemployment rate for the three months ending in September, down from 4.7 percent over the previous three-month period. It's the lowest rate since the pandemic began, but the fall was slower than it had been in recent months.

Writing on his official blog on Sunday, Chan noted that joblessness among people aged between 15 and 24 remained much higher than for the general population, at 15 percent.

He said that the SAR's economic structure remains unbalanced and housing prices are very much unaffordable to the general public.

The finance chief said the government needs to push for a diversified industrial structure and further boost housing supply to improve people's living conditions.