SCMP China reports: Finance chief Paul Chan says growth reflects improving property market, but concedes uneven recovery across different sectors Hong Kong recorded 17 per cent growth in investment in the first quarter of the year, driven mainly by machinery purchases and construction-related activities that reflected a steadily improving property market, the finance chief has said. Financial Secretary Paul Chan Mo-po noted on Sunday that while the city recorded its fastest quarterly expansion in nearly five years at 5.9 per cent, not all residents might immediately perceive the improvements in the economy. Nevertheless, he remained positive about the investment environment and prospects for the rest of the year.
Chan told a radio show that robust exports and the 17 per cent increase in investment compared with a year ago were the main drivers of the economy. “The 17 per cent investment growth in the first quarter reversed the single-digit growth in the past few years,” he said. “This reflects a positive market attitude, with funds mainly used to purchase machinery and construction-related projects.
Background
The stabilisation and improvement of the property market has also increased the recovery momentum of the construction industry.”
Key facts
- Nevertheless, he remained positive about the investment environment and prospects for the rest of the year.
- Chan told a radio show that robust exports and the 17 per cent increase in investment compared with a year ago were the main drivers of the economy.
- “The 17 per cent investment growth in the first quarter reversed the single-digit growth in the past few years,” he said.
Originally reported by SCMP China. This story has been edited and re-presented by BRIC Team.
