Hong Kong's Financial Secretary Paul Chan Mo-po has announced that he expects the city's GDP growth to slow down in the second quarter of this year.
In a blog post on Sunday, Chan wrote that while private consumption continues to support economic growth, the export of Hong Kong remains under pressure due to the sustained weakness of the external environment.
Local investment is also likely to be weakened in the second quarter due to rising interest rates and weak global economic prospects.
Chan pointed out that the mainland has various economic measures in place that could benefit Hong Kong's economy, such as expanding domestic demand, boosting market confidence, adjusting real estate policies, and stabilizing foreign trade and investment.
However, he also noted that the night economy in Hong Kong has slowed down during the Covid
-19 pandemic, while there has been a significant increase in people traveling to the mainland for spending.
Chan stressed the need for Hong Kong to broaden and improve its retail sales performance and called for different sectors to work together to come up with new methods to revitalize the economy.
He also expressed hope that the mainland's economic measures will help to support Hong Kong's economy in the coming months.