Hong Kong finance chief Paul Chan says economy ‘doing OK’ as GDP rises by 3.8%
The decision by Hong Kong banks to follow the US Federal Reserve’s interest rate cut will help the city’s economy by easing loan repayments for mortgage holders, the finance chief has said. Financial Secretary Paul Chan Mo-po’s remarks came as figures released on Friday showed Hong Kong’s gross domestic product (GDP) rose by 3.8 per…
Financial Secretary Paul Chan Mo-po’s remarks came as figures released on Friday showed Hong Kong’s gross domestic product (GDP) rose by 3.8 per cent in the third quarter year on year.
“I welcome the rate cut, as it could lower the pressure on residents and businesspeople paying their mortgages,” Chan told the Post in an interview in Riyadh.
He was referring to the recent move by Hong Kong’s major banks that saw them reduce their prime lending rates in some cases to a historic low of 5 per cent.
According to the Census and Statistics Department’s advance estimates, the city’s GDP increased by 3.8 per cent in real terms in the third quarter compared with the 3.1 per cent year-on-year increase in the second quarter.
