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“I believe that this growth momentum can be sustained,” Chan wrote in a post for his weekly official blog.

the finance chief said that while the decline in retail sales had narrowed, the figures for July did not reflect any signs of significant improvement.

But Chan remained optimistic regarding consumer sentiment, pointing to a series of mega events for the finance industry that were set to take place in the coming months.

He said that a rise in income and a potential softening of the Hong Kong dollar, due to anticipated interest rate cuts, would boost help visitor arrivals and local consumption.

“If exports continue to improve, coupled with a retreat in external interest rates and improved investment sentiment, the economic atmosphere in the remaining months of this year can be expected to remain stable,” the minister said.

But he also expressed caution over the anticipated interest rate cut by America given recent comments made by US Federal Reserve officials.

“The continued high interest rates, coupled with the tense geopolitical situation and the general elections held in many places this year, have affected the risk appetite of the investment market and put considerable pressure on asset prices and capital flows in some markets,” Chan said.

“The timing and extent of interest rate cuts, their impact on easing pressure in the asset markets, and the resulting effect on local investment sentiment, remain factors that require careful assessment given the numerous variables at play.”

from city leader John Lee (left) for businesses to embrace new technologies. Photo: May Tse”/>
Financial Secretary Paul Chan (right) has echoed the call from city leader John Lee (left) for businesses to embrace new technologies. Photo: May Tse
City leader John Lee Ka-chiu earlier said on Sunday that he expected the potential federal interest cut, which is likely to happen in September, would help boost the local economy and sustain domestic growth by improving investor confidence.

Lee also urged certain industries to adopt technologies, such as artificial intelligence, to stay relevant, a call echoed by the finance chief.

“We also focus on widely promoting awareness of innovation and technology in the community, creating a stronger atmosphere of innovation and further building a knowledge-based entrepreneurial society,” Chan said.

Speaking at a town hall meeting ahead of his policy address in October, Lee on Sunday stressed the important role that innovation and technology played in growing the local economy and helping traditional businesses to digitalise and remain competitive.



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