Hong Kong expects GDP growth of 2%-3% in 2017Staff Writer | February 22, 2017
Hong Kong's economy is expected to grow 2% to 3% this year, improving from last year's 1.9% expansion, Financial Secretary Paul Chan said.
China Inflationary pressures
Hong Kong's gross domestic product grew 3.1% in the fourth quarter from the previous year, government data showed. On a seasonally adjusted basis, GDP expanded 1.2% in the three months ended December from the previous quarter.
As part of efforts to stimulate domestic demand and boost economic growth, Chan unveiled a 35.1 billion Hong Kong dollars ($4.52 billion) package of short-term relief measures, including tax breaks and handouts.
For example, salaries and profits taxes for 2016-2017 will be reduced by 75%, with the cap at HK$20,000 each.
Chan said the city's budget surplus will likely hit HK$92.8 billion for the fiscal year ending March, while fiscal reserves are expected to hit HK$935.7 billion. ■