The Financial Secretary of the Hong Kong Special Administrative Region Government, Chan Mo po, stated on the 5th that Hong Kong's gross domestic product (GDP) increased by 2.7% year-on-year in the first quarter of this year, marking the fifth consecutive quarter of growth. After seasonal adjustments, the quarterly growth rate also accelerated to 2.3%. Chen Maobo posted a blog on the same day, stating that the atmosphere in the Hong Kong asset market has also improved. The Hong Kong stock market has risen for 9 consecutive trading days, with the Hang Seng Index accumulating a nearly 14% increase and an average daily trading volume exceeding HKD 128 billion. After the cancellation of the "hot trick" in the real estate market, transactions have become more active, and property prices have gradually stabilized. He said that the main driving force for economic growth in the first quarter of this year came from visiting Hong Kong tourism. The number of tourists visiting Hong Kong has further increased, and service output continues to achieve significant growth. This year's May Day Golden Week holiday saw a 25% increase in inbound passengers in the first three days compared to last year's May Day holiday. The external demand is more ideal than expected, which also supports the overall improvement of goods exports in the first few months of this year. Chen Maobo mentioned that the peripheral environment is still complex and ever-changing. The Federal Reserve held interest rates unchanged last week, and coupled with the stagnation of the slowdown in US inflation in recent months, market expectations for US interest rate cuts this year have significantly cooled compared to the beginning of the year. Maintaining interest rates at a high level for a long time will have an impact on global economic recovery, Hong Kong exports, local investment intentions, and asset market performance. "The continued strong exchange rate in Hong Kong has also affected the desire of non local tourists to come to Hong Kong for consumption. In addition, changes in the consumption patterns of local citizens and visitors have brought challenges to the local retail, catering and other consumer industries," said Chen Maobo. (Lai Xin She)
Edit：Lubaikang Responsible editor：Chenze
Source：Xinhua network
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