First-quarter GDP expected to be within the growth forecast range: Paul Chan

Financial Secretary Paul Chan Mo-po expected the GDP in the first quarter to be within the government’s previous growth forecast range.

In his latest blog update on Sunday, Chan estimated that the GDP will be within the full-year economic growth forecast range, reflecting the economy’s moderate growth for five consecutive quarters.

Chan pointed out that Hong Kong must consolidate its traditional economic links, as more than 800,000 mainland tourists are expected to visit Hong Kong during the Labour Day Golden Week.

A fireworks display will be held on the Tsim Sha Tsui Promenade on May 1, and Hong Kong will host a number of mega events in the next few months, including the World Cultures Festival, Cheung Chau Bun Carnival, etc.

He added that Hong Kong will continue to organize events with different themes to boost consumption sentiment as well as attract more citizens and tourists to spend in Hong Kong during holidays.

The financial chief also pointed out that the number of individual investors participating in “Cross-boundary Wealth Management Connect Scheme 2.0” increased by more than 24,000 last month, and the amount of cross-border remittances of funds involved increased nearly eight times month-on-month to more than 13.1 billion yuan.