A bigger rebound looms, says Chan

Hong Kong is expected to see an economic growth of over 5.5 percent this year - higher than the original estimate - says Financial Secretary Paul Chan Mo-po.

"We estimate that the annual economic growth would be higher than the 3.5 percent to 5.5 percent growth announced in the budget [in February]," Chan said yesterday.

"We are still looking at the figures and will announce a new forecast in mid-August."

He also called on the public to get vaccinated and hopes the uptake rate can reach 70 percent by the end of next month, so that Hong Kong can strive to reopen the border with the mainland as soon as possible.

Chan also commented on reports that the National People's Congress Standing Committee would include the antisanction law in the Basic Law Annex III this month.

Chan supported the central government's antisanction law, saying it is necessary and reasonable, and criticized the United States for slapping sanctions on Chinese and Hong Kong officials in an unreasonable manner.

"The United States constantly imposes so-called sanctions. We cannot just suffer, we have to use a war to end war," he said.

Even if the law will be included in Annex III of the Basic Law, Chan said it is yet to be seen whether the law will be imposed in Hong Kong directly by promulgating it in the gazette or if it goes through local legislation.

If it has to go through local legislation, there will be a consultation on how to take into account the circumstances of Hong Kong and how to ensure the city's status as an international financial, trade and shipping center remain intact, Chan said.

He reminded investors to pay attention to possible risks to the financial market from China-US competition.

Chan added that after the national security law was implemented last year, tens of billions of dollars in capital came into Hong Kong, showing that foreign enterprises think the city has become stable and is good for conducting businesses.

Separately, Chan wrote on his blog that the silver bond received 260,000 subscriptions and was oversubscribed by two times - a 90 percent increase compared to last year.

Due to the warm response, he had earlier increased the issuance size to HK$30 billion. The allocation results will be announced on Friday.

"I have given it my best efforts to let people feel and share in the benefits of Hong Kong," Chan said.

"It doesn't matter if it's the electronic consumption voucher, or the 100 percent personal loan guarantee scheme for the unemployed, or even iBonds, silver bonds and annuity products, they are all rolled out under the same mindset."

Chan said the government is studying the possibility of adding a retail element to the bonds in the hopes of getting the general public involved.

sophie.hui@singtaonewscorp.com