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1 month ago
23
Source: AFP
Hong Kong's economy grew by 3.1 percent successful the archetypal 4th of the year, the city's authorities said Friday, though it warned US tariffs had heightened "downside risks" successful the planetary economy.
US President Donald Trump's stinging tariffs of 145 percent connected galore Chinese products came into unit past month.
Beijing has responded with caller 125 percent levies connected American imports.
Hong Kong, a peculiar administrative portion successful China with its ain commercialized policies, has not followed Beijing's pb successful imposing retaliatory tariffs.
Officials said Friday the city's system had "expanded solidly" this year, buoyed by the mainland's maturation and an summation successful exports and arrivals successful the archetypal quarter.
"According to the beforehand estimates, existent GDP grew by 3.1 percent implicit a twelvemonth earlier, picking up from the 2.5 percent maturation successful the preceding quarter," a authorities spokesperson said.
The maturation was higher than the 2.1 percent expected by economists polled by Bloomberg.
But officials warned that with the crisp summation successful planetary tensions "the downside risks surrounding the planetary system person heightened visibly".
"The highly precocious levels of commercialized argumentation uncertainty volition dampen planetary commercialized flows and concern sentiment, which successful crook overshadow the near-term outlook for the Hong Kong economy," a spokesperson said.
But economical activities successful the metropolis volition beryllium bolstered by the section government's pro-growth measures and "sustained dependable maturation of the Mainland (Chinese) economy", they added.
Friday's preliminary figures showed an 8.7 percent maturation successful exports of goods, which authorities attributed to "sustained outer demand".
Private depletion decreased 1.2 percent year-on-year -- reflecting the lingering interaction of changes successful residents' depletion patterns.
Authorities person acceptable a maturation extremity of 2 to 3 percent for the metropolis this year.
But Paul Chan, the city's concern chief, successful April urged vigilance successful the look of a "tense outer environment".
"The US' bullying acts and unilateralism volition proceed to measurement connected the planetary economical outlook," helium wrote.
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Source: AFP
