Hong Kong Finance Secretary warns of looming economic typhoon


  • Economy
  • Sunday, 18 Aug 2019

People march peacefully through the streets of Sydney on Saturday to call for an end to the violence which has gripped China's Hong Kong Special Administrative Region (SAR) in recent weeks. [Photo/Xinhua]

HONG KONG: Protest-battered Hong Kong should also brace itself for an "economic typhoon” caused by the U.S.-China trade war and recent political unrest in the city, Financial Secretary Paul Chan wrote in a blog post Sunday.

The warning from the city’s top budget official came after Hong Kong last week slashed its 2019 growth forecast to as little as zero, down from a previous range of 2% to 3%.

The government also adopted a $2.4 billion spending package to try to buoy the economy -- a move that Chen likened to the food stockpiles that households gather to gird themselves against a typhoon.

Two months of protests that have shut the airport, blocked streets and sent stocks sliding have hit the local economy at a time when the U.S.-China trade war was already chipping away at exports, Chan wrote.

Chan called the economic storm a level-3 danger, invoking the terminology that the Hong Kong observatory uses to issue storm warnings. A level-8 basically shuts the city down. - Bloomberg
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protests , Paul Chan , economic typhoon

   

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