In response to a recent news report misquoting comments made by the Financial Secretary, Mr John C Tsang, on the Mainland's economy, a spokesman for the Financial Secretary's Office would like to clarify as follows:

     The Financial Secretary, Mr John C Tsang, has made comments publicly regarding the global economic situation on different occasions this year. He has said that in light of the bleak macroeconomic condition, all the major economies around the world, including the Mainland, are facing downward pressure. The Mainland is the second-largest economy and the largest manufacturing and trading nation in the world. While its economy has been growing at a slower rate in recent years, it is still the major driving force of the global economy and has contributed more than a quarter of global economic growth. Mr Tsang said he believes that the Mainland will continue to be a key source of growth and stability for the world economy in the foreseeable future. He also said that the Mainland’s economy is fundamentally sound and that the authorities have sufficient policy room to deal with future challenges, contrary to the news report, which quoted him as saying that the Mainland’s economy was facing the worst time in 20 years.

     Mr Tsang said that with the implementation of China's 13th Five-Year Plan and the Belt and Road Initiative, the Mainland is capable of maintaining steady economic development, and at the same time can offer more invaluable opportunities to Hong Kong.  With its experience and strengths, Hong Kong has the determination as well as the capability to seize these opportunities and meet the challenges arising from the unstable external environment.

     He also said he believes that as the Mainland's economy continues with structural reform and rebalancing from an investment-led economy to one that is consumption-driven, the demand in the Mainland for high-end service industries will grow and will in turn create more business opportunities for a service-oriented economy like Hong Kong.
   

Ends/Thursday, July 28, 2016
Issued at HKT 15:09

NNNN