Tung Chee Hwa: HK economic growth momentum to continue in 2nd quarter

Hong Kong Chief Executive Tung CheeHwa said here Friday that Hong Kong's growth momentum will continue in the second quarter, and the growth rate may be close to or even reach double digits.

Tung Chee Hwa made the remarks at a media session before he attended a reception hosted by the Hong Kong Chinese Civil Servants' Association Friday.

Our economic growth for the first quarter of this year has reached 6.8 percent. Deflation continues to ease, bankruptcy figures have declined, the land bidding atmosphere has been enthusiastic, consumption confidence surges and unemployment rate is falling, Tung said.

These are indeed encouraging developments, he said, adding "We expect that the growth rate may be close to or even reach double digits. So the outlook is optimistic."

Hong Kong's sustained economic growth is attributed not only toexternal factors, but more importantly to our effective positioning for development, our strategy and policy. With the support of the central government, the implementation of Chinese mainland/Hong Kong Closer Economic Partnership Arrangement (CEPA) and a range of other measures such as the individual visit scheme have achieved good results, he said.

He stressed that the paramount task of the Hong Kong Special Administrative Region government is to develop the economy, improve people's livelihood and create jobs. We will grasp this golden opportunity to work together with the people of Hong Kong to strive for a robust economic growth.

Source: Xinhua