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Economic growth in the Hong Kong Special Administrative Region beat estimates in the fourth quarter, and Financial Secretary John Tsang forecast an expansion of as much as 5 percent this year as he moved to counter the risk of a real-estate bubble.
Gross domestic product (GDP) rose a seasonally adjusted 2.3 percent from the previous three months, Tsang told lawmakers in his budget speech yesterday. That compared with a 0.4 percent gain in the third quarter and the 2 percent median estimate in a Bloomberg News survey of five economists.
A stimulus-driven rebound in the mainland, the fastest-growing major economy, is aiding Hong Kong via demand for exports and financial services and 18 million tourist arrivals in 2009.
Tsang predicted an expansion of between 4 and 5 percent and announced a higher transaction tax on homes selling for more than HK$20 million ($2.6 million) to reduce the risk of "a property bubble" as capital flows into the city.
"It is good that the government is taking a pre-emptive move before a risk in the property market forms," said Kelvin Lau, a Hong Kong-based economist with Standard Chartered Bank. "We're optimistic about Hong Kong's economic outlook this year and the government's forecast is in line with ours."
Risks in the second half may include slower export growth, a build-up of inventories that damps demand, and possible weakness in the US economy, Lau said.
Questions:
1. What is the forecast for economic growth this year?
2. How is a strong economy on the mainland helping Hong Kong?
3. What risks are economists looking at this year?
Answers:
1. Hong Kong SAR Financial Secretary John Tsang forecast an expansion of as much as 5 percent this year.
2. A stimulus-driven rebound in the mainland, the fastest-growing major economy, is aiding Hong Kong via demand for exports and financial services. Plus, there were 18 million tourist arrivals from the mainland in 2009.
3. Economists fear a property bubble as more money flows into Hong Kong.
（中國日?qǐng)?bào)網(wǎng)英語點(diǎn)津 Helen 編輯）
About the broadcaster:
Renee Haines is an editor and broadcaster at China Daily. Renee has more than 15 years of experience as a newspaper editor, radio station anchor and news director, news-wire service reporter and bureau chief, magazine writer, book editor and website consultant. She came to China from the United States.
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