Hong Kong’s economy is bouncing back: Paul Chan

Financial Secretary Paul Chan said on Sunday that Hong Kong’s economy is showing signs of improvement, with unemployment going down and the government’s HK$5,000 voucher scheme expected to boost spending.

Writing on his blog, Chan said the jobless rate has returned to 5 percent, down from 7.2 percent early this year.

But he noted that despite an improvement in the employment situation for the retail, catering and accommodation sectors, the rates still haven’t returned to pre-pandemic levels.

Chan said whether the economy and the job market can continue to improve will depend on the Covid situation and Hong Kong’s anti-epidemic efforts, adding that people should get vaccinated to protect themselves and provide a stronger basis for the economy’s recovery.

The secretary also said the central government’s 14th Five-Year Plan will provide a clear roadmap for Hong Kong to develop its technology, financial, legal and other professional services.

He said Beijing will send a team to the territory to introduce the national blueprint to different sectors this week, and the SAR government will also strengthen its promotion of the plan.