Hong Kong: Hong Kong’s economy and business environment that were largely impacted by violence in 2019 and 2020 have been effectively back on track since the adoption of the national security law, according to a report issued by the Hong Hong Special Administrative Region (HKSAR) government on Monday.
Paul Chan, financial secretary of the HKSAR government, said violence and unreasonable U.S. economic suppression of Hong Kong had a serious impact on its economy and business environment, but with the implementation of the national security law for Hong Kong, the SAR has relied on the advantages of “One Country, Two Systems” to recover its social stability and the business environment, creating better conditions for Hong Kong’s economic recovery.
The improvements to Hong Kong’s electoral system have laid a foundation for the long-term stability and stable development of Hong Kong, enabling it to maintain a safe and vibrant business environment for a long time, the report said.
Hong Kong’s economy has shown a “U-shaped” trend. It expanded 7.9 percent year on year in the first three months of 2021, of which the growth brought by trade was the highest in the past 10 years.
In the first half of this year, the economy rebounded by 7.8 percent, and the unemployment rate fell from 7.2 percent to 4.7 percent, according to the report.
The financial market situation is also improving. In the 12 months ending in June this year, the amount of IPO funds increased by more than 50 percent, and the turnover of Hong Kong stocks increased by nearly 70 percent, the report said.
In addition, overall crime in the first half of 2021 fell by nearly 10 percent compared with the peak of the violence in the second half of 2019.
“One Country, Two Systems” is the biggest advantage for Hong Kong’s business environment, said a spokesperson from the Liaison Office of the Central People’s Government in the HKSAR on Monday.
–The Daily Mail-CGTN
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