Paul Chan Optimistic About Economic Rebound

Financial Secretary Paul Chan on Monday expressed optimism regarding the outlook for Hong Kong's economy, saying growth this year could potentially reach the upper end of a predicted range of 3.5 to 5.5 percent.

At a Legco panel meeting, he noted there was growth of 2.7 percent in the first quarter and said unless there is a drastic change in the external environment, the economy is likely to continue on a positive trend.

Lawmakers asked Chan for an update on the government's efforts to attract 35,000 people to work in the SAR this year, and the same amount in each of the next two years.

He said the target for this year has almost been reached, with more than 30,000 applications approved so far.

Chan added that he doesn't think the arrival of thousands of new workers will significantly affect the city's property market.

“As for implications on the property market, indeed there is an increase in rental, but as for the buying of properties, they are required to pay 30 percent at the outset. I don’t think there is a high proportion of those coming in buying properties at the outset because we are talking about some significant investment in the market. So I don’t think it will unnecessarily cause property prices to surge,” he said.