Hong Kong economy expected to grow 3.5% this year

The International Monetary Fund (IMF) expects Hong Kong’s economic growth of 3.5% this year and next year will maintain a strong growth of about 2.7%. In the medium term, as the global economy continues to gradually recover and the United States tightens monetary policy in an orderly manner, it expects Hong Kong’s economic growth to be about 3%.

Ability to respond to external challenges

According to the IMF’s assessment report, Hong Kong is well-positioned to meet its challenges both from the outside and from its local area in the future. However, with its strong buffer space and its sound policy framework, including its abundant fiscal reserves, sound financial supervision and joint banking system, Hong Kong has sufficient The conditions to deal with these challenges. However, the authorities should implement policies to further create buffer space to ensure that the economy sustains growth in the medium term.

In recent years, there have been reports of weakening the competitiveness of Hong Kong. Sonali Jain-Chandra, head of the IMF delegation, said: “Hong Kong, as a global financial center, continues to capitalize on its advantages such as the rule of law to seize new opportunities such as further asset management business And the development of enterprise finance center.

She said that the authorities’ appropriate approach to supporting the development of financial technology through different channels, including cross-border cooperation in financial science and technology with Singapore and Shenzhen, will help strengthen Hong Kong’s role as a global financial center. China’s “One Belt and One Road” initiative and the development of “Guangdong, Hong Kong, Macao and Tai Wan areas” can promote regional infrastructure, trade and financial cooperation and Hong Kong can benefit from its development as a multi-channel financing platform.

However, the report also pointed out that the overall risks from the periphery and the Mainland are still biased towards the downside, posing a hurdle for Hong Kong. Apart from the more-than-expected tightening of the property market and global financial markets, if China adjusts its policy of disorder or other protectionist policies in advanced economies Warming may affect Hong Kong’s development.