Hong Kong to leverage on advantage for economic recovery: HKSAR acting chief executive

HONG KONG, April 22 (Xinhua) -- Acting Chief Executive of the Hong Kong Special Administrative Region (HKSAR) Matthew Cheung said Thursday that Hong Kong's economy will soon recover as long as it leverages on its unique advantages and integrates itself into the overall development of the country with the strong support of the central government.

Cheung said at a public event that containing the COVID-19 outbreak is important for restarting the economy. The HKSAR government recently announced a new direction in fighting the pandemic and will adjust social distancing measures with a "vaccine bubble" as the basis, which is expected to enable the society to gradually return to normal operations and resume cross-boundary people flow soon.

Cheung said that the global economy is expected to recover by the middle of this year as the number of people who have received COVID-19 vaccination rises around the world. Hong Kong has recorded a strong rise in trade in the first two months of the year, and he expected Hong Kong's economy to grow by 3.5 to 5.5 percent this year.

According to the outline of the 14th Five-Year Plan (2021-2025) for national economic and social development and the long-range objectives through the year 2035, Hong Kong is supported to promote its position as an international financial, shipping and trade center and to establish itself as a center for international legal and dispute resolution services in the Asia-Pacific region, which has enhanced Hong Kong's confidence in economic recovery, he said.

Cheung said that a safe and stable social environment is conducive to Hong Kong's business and economic recovery. The Law of the People's Republic of China on Safeguarding National Security in the HKSAR has been implemented for more than nine months, bringing remarkable results in restoring social security and stability in Hong Kong.

The National People's Congress' decision to improve the HKSAR's electoral system helps Hong Kong establish a more broadly representative Election Committee, which is in line with the actual situation of Hong Kong and to safeguard the overall and fundamental interests of the society, he added.

Cheung said that over the past two years, Hong Kong has gone through unprecedented challenges. Despite the volatile COVID-19 pandemic situation, Hong Kong remains fundamentally sound. He is confident that Hong Kong will be able to get out of the predicament and reach even greater heights.