Chan wrote in his blog on Sunday that Hong Kong is a small open economy whose export performance is greatly dependent on external factors, and the government could take the initiative to stabilize local consumption to support the internal economy and maintain the public confidence.

He added that the consumption vouchers and the Happy Hong Kong campaign launched this month would help reinforce the economic revival during the second quarter and positively affect the market.

Chan said the latest economic figures and retail sales data to be revealed this week would show local consumption has greatly improved, which could offset the effects of weakening exportation and support the economy to improve in the first quarter.

He hopes that different measures and activities will boost the market's confidence in the economic outlook and the public's expectations for economic recovery.