Tsang announces economic growth strategies

Infrastructure investment boost, more diversified business environment promotion, attraction of a wider variety of foreign firms to Hong Kong and enhancement of Hong Kong's accessibility are among the strategies presented.

At the fifth Asian Financial Forum on Monday, Chief Executive Donald Tsang described Hong Kong's strategies to promote sustainable growth, despite the global economic downturn.

They included stepping up infrastructure investment, promoting a more diversified business environment, attracting a wider variety of foreign firms to Hong Kong and enhancing Hong Kong's accessibility and potential as a capital-raising platform.

Noting the Eurozone debt crisis and US recovery, Mr Tsang said that Asia is well placed to drive sustainable growth, having a sound economic environment and providing a springboard for sustainable global growth.

At a forum reception this evening, Financial Secretary John Tsang spoke on the proliferation of renminbi business outside the Mainland.

"We are now witnessing the birth of the renminbi as a new international currency. In 2011, renminbi deposits in Hong Kong almost doubled to around RMB630 billion,” the financial secretary said.

Total renminbi trade settlement handled by Hong Kong banks since its inception in 2009 now exceeds RMB2 trillion, he added.

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Tags: Hong Kong economy, HK economic growth, Hong Kong growth