Lin Zhengyue: Hong Kongs economy is facing internal and external challenges, but its core competitiveness is still

 Lin Zhengyue: Hong Kongs economy is facing internal and external challenges, but its core competitiveness is still

Xinhua news agency, Hong Kong, October 31 (Xinhua) - Hong Kongs economy is facing challenges from external pressures and internal situations, but Hong Kongs institutional advantages and core competitiveness as a global financial center are not lost, said Lin Zhengyue, chief executive of the Hong Kong SAR, at a joint business luncheon on October 31, calling on business people to stand up to resist violence and restore order in Hong Kong as soon as possible.

She said that in terms of the external environment, Hong Kong is also vulnerable to the increased downside risks of the world economy. Hong Kongs economy grew only about 0.5% in the first half of this year, its worst performance since 2009.

She said that in the past four months, extensive violent conflicts have occurred in Hong Kong. These acts of violence have caused social panic and chaos in Hong Kong and seriously affected the normal life of the people. Hong Kongs economy has been severely damaged, especially in the service industry. In response to the economic challenges, the financial secretary has announced three rounds of measures in the past three months to support enterprises, ensure employment and stabilize the economy, many of which are aimed at small and medium-sized enterprises. The SAR government also introduced measures to help small and medium-sized enterprises to solve liquidity problems, called on real estate developers to give preferential leasing, and encouraged banks to provide more support to small and medium-sized enterprises without violating the principle of risk management. The SAR government will also provide a number of subsidies for transportation, tourism and other industries.

Lin stressed that despite the difficult internal and external environment, the SAR government is determined to stop violence and chaos and ensure the full and effective implementation of one country, two systems. At present, Hong Kong has a stable basic economy and sufficient foreign exchange reserves. The SAR government will use its financial reserves to introduce measures to stimulate the economy and improve peoples livelihood. She also called on business people to offer advice and wisdom so that Hong Kong could walk out of the storm and embrace the rainbow as soon as possible.

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