Hong Kong's embattled leader Tung Chee-hwa said on Saturday the city's economy could grow by six percent this year, thanks to a host of economic stimulus measures offered by Beijing last year.
"We see the economic growth could reach six percent this year," the Chief Executive told a Chinese official in a meeting, which was aired by a cable TV network in Hong Kong.
The estimate by Tung, who is seen as deeply unpopular for mismanaging the Chinese territory, compared with a consensus forecast for a gain of 7.8 percent in gross domestic product by economists.
The city's five-year deflation cycle has shown signs of easing and is expected to end eventually, but a marked improvement in the rate of unemployment, which stood at 7.3 percent in January, could be slow in coming, Tung added.
"I think (the unemployment rates) will fall gradually but as Hong Kong is going through an economic transition the drop would not come quickly, though I wish it would," he added.
Tung said the Closer Economic Partnership Agreement, or CEPA, signed with China last June was the chief driver of Hong Kong's rebounds from years of economic doldrums in recent months.
The signing of CEPA opened up the Chinese market to various business sectors in Hong Kong ahead of WTO timetables as well as relaxing travel curbs on its citizens.
Comments
Comments are closed.