HK Economy Will Bounce Back

Secretary for Commerce & Economic Development Edward Yau today expressed hope that with the progress of Sino-US trade negotiations Hong Kong's economic environment could improve in the new year.

Speaking to reporters after a radio programme, Mr Yau said Hong Kong is being hit by double storms of the Sino-US trade dispute affecting its economic and trading outlook, as well as the local unrest.

He said: “On the US-China trade war, I hope we are seeing some light at the end of the tunnel with the sitting down of the two leaders and the teams, hopefully we will be having some easing on that tension, which will create a better environment for us hopefully in the new year.

“As to the local unrest, I hope the restoration of law and order could provide a better environment for the hard-hit sectors.”

Mr Yau added that despite the current economic situation he was confident Hong Kong would bounce back because of its strong fundamentals.

“By and large you can see that the overall economy in Hong Kong is suffering, both from a bigger (economic) picture and local situation, though not necessarily across the board. Some sectors were hit much harder than others. But that said, that means some other sectors, particularly professional services or financial services remain very much intact.

“It comes back to the fundamentals, where if Hong Kong can maintain its ease of doing business, a place where we lay out a level playing field for all, and also where a place where law and order could be maintained, I think confidence will be able to come back.

“So, we are struggling, but I think we will soldier on and we will certainly bounce back in the fullness of time.”