Hong Kong growth to slow this half, warns Fi­nance Chief Tsang

The Pak Banker - - 6BUSINESS -

HONG KONG: Top fi­nance of­fi­cial warned the city's econ­omy faced dif­fi­cul­ties and growth would slow. "In the sec­ond half of the year, Hong Kong still needs to face the chal­lenges brought by the fluc­tu­at­ing fi­nan­cial mar­kets, weak for­eign trade and slower tourism," Fi­nan­cial Sec­re­tary John Tsang said in his blog on Sun­day.

"Eco­nomic growth may be slower than the first half." The city's econ­omy ex­panded 2.6 per cent in the first six months of the year and Tsang re­vised his 2015 growth forecast to 2 to 3 per cent from 1 to 3 per cent ear­lier this month.

Hong Kong's Hang Seng In­dex of shares has fallen 18 per cent since the end of June as main­land eq­uity mar­kets plunged amid signs China's econ­omy is slow­ing at a faster pace than pre­vi­ously thought. The city has be­come rel­a­tively more ex­pen­sive for tourists as its dol­lar is pegged to the green­back and has held its value while most Asian cur­ren­cies weak­ened. The city's bud­get and cur­rent-ac­count sur­pluses would help it over­come pos­si­ble dif­fi­cul­ties, Tsang wrote on Sun­day.

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