Hong Kong Financial Secretary Chen Maobo said that the risk of local economic recession is increasing. The HKSAR Government has studied timely measures to play a counter-cyclical role. However, the effect of government expenditure alone has been limited, and only a concerted effort by the general public can hopefully reverse the situation. He also pointed out that the impact of the past two months and the current situation are correct. Some of the actions brewed have affected people's livelihood and the foundation of Hong Kong's success, and hurt the vitality of the economy.
According to Chen Maobo's blog on Sunday, Hong Kong's economy is plagued by adverse external factors and local social events, and its momentum is gradually weakening, which is worrying.
"Hong Kong's economy grew negatively by 0.3% in the second quarter. If it continues to grow negatively in the third quarter, Hong Kong will technically fall into recession." "It can be said that the risk of a recession in Hong Kong's economy is gradually increasing," he said.
He pointed out that the continuing violent shocks in the past two months have increased the pressure on retail markets. Some shops have even been suspended intermittently. People's daily life and consumption intentions have been affected. The damage to Hong Kong's international image has also weakened the willingness of foreign businessmen and funds to come to Hong Kong. The number of visitors to Hong Kong also reflects this situation.
Internationally, both credit rating agencies have paid close attention to the impact of large-scale demonstrations and fierce protests on Hong Kong.
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