Since the Easter holiday started last Friday, shopping malls have welcomed crowds as people armed with electronic consumption coupons go shopping.

“I've gone out these few days to get a feeling of market sentiments. What I can say for sure is, with the pandemic getting under control, it is hopeful for the local economy can gradually revive,” he wrote.

If the downward trend continues and the city sticks to “dynamic zero” policy with the goal of suppressing case numbers, business environment will improve in the second quarter. It will help the city reverse the negative growth in first quarter, he pointed.

Authorities should also establish an effective disease prevention mechanism before the next wave of outbreak, so that the economy will not be hit as badly.

Chan said he has received the fourth jab of Covid vaccine himself, as he called upon members of the public to stay vigilant against the epidemic.

Around 6.6 million Hongkongers started receiving the first batch of electronic consumption vouchers worth HK$5,000 from April 7, which is double the amount given out last year.

Sun Hung Kai Properties expected visitors for its 15 malls to surge 50 percent during the four-day holiday from the same period last year, while revenue is expected to go up by 30 percent.

With more people switching from work-from-home to offices, business for clothing stores will further improve, executive director Maureen Fung Sau-yim said.