Hong Kong economy expected to grow 5% to 6% this year

18:48, October 13, 2010      

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Hong Kong Chief Executive Donald Tsang said Wednesday in his policy address that Hong Kong's economy is expected to grow by five to six percent this year.

"There are still many uncertainties in the external economy," he said in delivering the speech at the Legislative Council, noting the need to guard against greater downside risks in the global economy and increased risks of asset-price bubbles in Asia resulting from the fragile recovery of the U.S. economy and the lingering sovereign debt crisis in Europe.

Tsang said for the past two years, Hong Kong lived under the menace of a looming global economic recession, thus policies were geared to responding to the crisis triggered by the financial tsunami.

"With the retreat of the economic shadow, livelihood issues are now the community's principal concerns, with housing, the wealth gap and elderly welfare drawing the greatest attention," he said.

Tsang said this policy address outlines the results achieved in these areas and proposes initiatives for the next stage of work.

Source: Xinhua


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