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HK’s financial system will grow despite challenges: FS

Financial Secretary Paul Chan on Monday said Hong Kong’s financial system would continue to grow despite the challenges introduced by geopolitical tensions and modifications in consumption patterns.

At a Legco panel assembly on financial affairs, Chan said boost in employment earnings and a restoration within the stock market can also calm attend magnify interior most spending.

Fresh Folks’s Celebration lawmaker Adrian Ho requested what shall be accomplished to attend the struggling retail sector after sales dropped in April.

The finance minister said the authorities turned into once in talks with central authorities for measures to raise the native financial system.

“We’re indeed wanting into increasing the duty-free allowances for company returning to the mainland appropriate now. The HK$5,000 figure has been in space for quite some time. We now were liaising with the central authorities on this,” he said.

“We now beget no longer too prolonged ago included eight other cities within the person talk about with plot, and we are able to seem to magnify the plot even additional. Whereas we manufacture realize that we have to beget extra such protection enhance in space, we wants to be prudent within the results or doubtless impact of these measures.”

Election committee lawmaker Tan Yueheng turned into once involved over whether or no longer there shall be measures to reverse the form of Hongkongers heading north to exhaust.

“It may per chance per chance probably per chance well maybe be laborious to compete in the case of costs, nonetheless we are able to enhance the typical of services and products in Hong Kong. So how can we endorse two-method consumption to enhance the contribution of consumption to GDP in Hong Kong?”

In response, Chan said the metropolis can also calm search ways to enhance product and vacationer experiences.

“We now beget our abnormal points of interest. We never compete with others in the case of tag. We compete with others in the case of the typical of services and products. We compete with others in the case of the typical of our items and services and products and the skills we provide,” he said.

“So I mediate different sectors, be it retail or catering, all of us have to transform and enhance our competitiveness and magnify the tag to price of their products.”

The finance chief illustrious that property prices beget stabilised after the scrapping of all “racy” property cooling measures, in conjunction with the SAR would accept as true with ways to withhold away from getting caught up within the corrupt-hairs of Sino-US tensions.

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