Latest news with #FinanceSecretary
South China Morning Post
4 hours ago
- Business
- South China Morning Post
Hong Kong to stick with 2% to 3% growth goal despite strong first quarter: Chan
Hong Kong will maintain its economic growth target of between 2 and 3 per cent for this year, the city's finance chief has said, while describing the anticipated rapid gains in the first quarter as an 'exception' rather than the norm. Financial Secretary Paul Chan Mo-po also said on Monday that authorities would 'prepare for the worst' despite the easing of tariffs amid the US-China trade war, but added that the recent rise in tourism would help offset sluggish domestic consumption. The government earlier set its growth forecast for gross domestic product at between 2 and 3 per cent for the year, following a 2.5 per cent year-on-year expansion in 2024. 'The overall growth forecast has not been adjusted upwards despite [the first quarter's] performance,' Chan told lawmakers on Monday. 'That's because the rapid growth in the first quarter was the exception rather than the norm, and there may be wild changes in the US government's policy. 'So we have to manage our risks. We have to prepare for the worst.'
South China Morning Post
5 hours ago
- Business
- South China Morning Post
Hong Kong to stick with 2% to 3% growth goal despite strong first quarter: Chan
Hong Kong will maintain its economic growth target of between 2 and 3 per cent for this year, the city's finance chief has said, while describing the anticipated rapid gains in the first quarter as an 'exception' rather than the norm. Financial Secretary Paul Chan Mo-po also said on Monday that authorities would 'prepare for the worst' despite the easing of tariffs amid the US-China trade war, but added that the recent rise in tourism would help offset sluggish domestic consumption. The government earlier set its growth forecast for gross domestic product at between 2 and 3 per cent for the year, following a 2.5 per cent year-on-year expansion in 2024. 'The overall growth forecast has not been adjusted upwards despite [the first quarter's] performance,' Chan told lawmakers on Monday. 'That's because the rapid growth in the first quarter was the exception rather than the norm, and there may be wild changes in the US government's policy. 'So we have to manage our risks. We have to prepare for the worst.'
Bloomberg
5 days ago
- Business
- Bloomberg
Argentina Sells Peso Bonds Abroad for First Time Since Macri Era
Argentina sold local currency debt to foreign investors, raising roughly $1 billion that will help boost central bank reserves a month after President Javier Milei's government lifted most currency controls. The five-year peso bonds carry a coupon of 29.5%, more than what some local banks had expected, Finance Secretary Pablo Quirno said in a social media post on Wednesday evening. The notes also include a two-year put option, offering investors an early exit before another presidential vote takes place in 2027.
South China Morning Post
12-05-2025
- Business
- South China Morning Post
Hong Kong lawmakers slam HK$20 billion welfare property plan as ‘failed policy'
Hong Kong lawmakers have labelled the government's HK$20 billion (US$2.6 billion) plan to buy properties for social welfare purposes as one of the biggest 'failed policies', citing that only up to HK$240 million has been spent on five premises over the past five years. Advertisement The government had earlier decided to downsize the scheme to HK$5 billion, saying it would not be 'suckers' in deals with landlords even if there was an urgent need for places for social welfare. The Labour and Welfare Bureau on Monday said in a Legislative Council panel meeting that the Social Welfare Department had considered 191 sale proposals as of March 31 this year and bought only five premises at about HK$240 million under the scheme launched in 2020. The expenditure represented just 1.3 per cent of the original HK$20 billion earmarked by Finance Secretary Paul Chan Mo-po in 2019, for a plan to ease a long-term shortage of space for the elderly and children by providing service facilities to about 86,000 people. 'This policy has been one of the most failed policies in recent years,' lawmaker Michael Tien Puk-sun said. 'The policy means you tell people you want to buy something while showing them what's in your coffers. How much do you expect them to offer?' Advertisement He said the policy did not allow the government to report to Legco about each property deal with landlords. He said he had already warned the authorities at the time that they had to study first using government vacant premises instead of buying on the market.
South China Morning Post
11-05-2025
- Business
- South China Morning Post
Hong Kong will ‘play it safe' with growth figures amid US tariff war: Paul Chan
Hong Kong is unlikely to significantly adjust its estimates for the economy as there are major uncertainties externally, the city's finance chief has said, adding that export growth is expected to slow down after businesses rushed to beat US tariffs in the first quarter. Advertisement Financial Secretary Paul Chan Mo-po said on Sunday that the widespread effects of the US tariff war were a major concern across the board during his recent visits to international summits. 'There are major uncertainties over the economic outlook,' he told a radio programme. 'The US tariffs have a huge impact, so in the near future, to play it safe, we might not readily make major changes to our gross domestic product estimates.' The United States and China started trade talks in the Swiss city of Geneva this weekend, with US President Donald Trump calling it ' a very good meeting ' after discussions broke off on Saturday evening. Chan had forecast in his budget in February that the economy could see full-year growth of 2 to 3 per cent. Financial Secretary Paul Chan was in Italy last week for the Asian Development Bank's annual meeting. Photo: Handout
