Hong Kong fourth-quarter growth weakest in three years as trade war takes toll
HONG KONG - Hong Kong unveiled a less expansionary budget for fiscal year 2019/20 on Wednesday, though with relief measures for individuals and businesses at a time of economic uncertainty and trade tensions as growth slowed sharply.
Hong Kong’s open and trade-reliant economy has been buffeted by external risks, including an economic slowdown in China, cooling property prices and stock market volatility. Iris Pang, Greater China economist at ING, said in a report the weaker than expected growth was due to spillover from the U.S.-China trade dispute.
Hong Kong is expected to record a budget surplus of HK$58.7 billion for 2018/2019, Chan said, less than half the bumper surplus of HK$148.9 billion announced for the previous financial year. Business registration fees were waived for companies this year, and greater funding options would be provided to help those facing liquidity difficulties. Some business sectors, including film, will also be injected with fresh funds to preserve film heritage.
On the frothy property market, now one of the most expensive in the world, Chan said the government has “no intention to withdraw” existing cooling measures despite a recent easing back of property prices.
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