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Transcript of remarks by FS at media session (with video)
     Following is the transcript of remarks by the Financial Secretary, Mr Paul Chan, at a media session after attending the Asian Financial Forum today (January 11):
Reporter: Mr Chan, you mentioned that the world faces a lot of challenges in coming 2023, given that the European and US (United States) economy is also facing inflation pressures, and the Mainland is also having a lot of difficulties with jumpstarting the economy. So how do you think Hong Kong is going to overcome these challenges and pandemic recovery in the coming year? Thank you.
Financial Secretary: The external environment is quite challenging, as you have rightly put it. Interest rate hikes, continuing tightening of monetary conditions by central banks, and some of the developed economies, for example, those in the European Union, are not doing very well. So the external demand is weak, and the financial market may be more volatile. For us, first, we have to prepare well in terms of our financial stability, so that despite external headwinds, the financial stability of Hong Kong would be maintained.
     On the other hand, the Mainland's economic recovery is going to be stronger than expected. I do think they have enough room for monetary and fiscal policies. So we expect the Mainland's economic recovery would be pretty strong, particularly in the second half of this year. This would provide strong support to Hong Kong and cushion some of the external headwinds. Domestically, in Hong Kong, with the reopening of the boundary, the business sentiment has become more optimistic. No matter it is export, private consumption or private sector capital investment - we will have stronger support than we did last year. So, overall, we do think that we should be more optimistic for the economic outlook of 2023. Thank you.
(Please also refer to the Chinese portion of the transcript.)
Ends/Wednesday, January 11, 2023
Issued at HKT 18:43
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FS meets the media