Hong Kong's economy grows for 10th straight quarter: HKSAR financial chief

Financial Secretary of China's Hong Kong Special Administrative Region (HKSAR) government Paul Chan said on Sunday that the upcoming Q2 GDP estimate, driven by exports, investment and private consumption, is expected to mark the 10th straight quarter of growth.

Chan said in his blog that retail sales in May showed the first year-on-year growth in 14 months, indicating early signs of consumer market stabilization and figures of June are cautiously optimistic. Private consumption, which declined for four consecutive quarters, is expected to rebound in the second quarter.

The HKSAR government has been actively pursuing new growth drivers, especially through support for innovation and technology. At the same time, the HKSAR government is working to expand into overseas markets, seek new partners, and develop supply chain management hubs to capture opportunities, he added.

"Economic transformation and upgrading is a continuous process. As long as we stay confident, make use of the country's development strengths and policy support, and push for diversified and high-quality growth, Hong Kong's economy will gain momentum and benefit its people," Chan said.