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| Hong Kong looks to boost growth amid signs of recovery | Hong Kong looks to boost growth amid signs of recovery |
| (35 minutes later) | |
| Hong Kong's government said it will look to boost growth and employment after the territory expanded at its slowest pace since 2009. | Hong Kong's government said it will look to boost growth and employment after the territory expanded at its slowest pace since 2009. |
| Financial Secretary, John Tsang, unveiled relief measures as part of his budget proposal for the 2013-2014 year. | |
| He added that he expects the economy to grow by 1.5% to 3.5% in 2013. | He added that he expects the economy to grow by 1.5% to 3.5% in 2013. |
| Hong Kong, and the rest of Asia, saw global demand fall during Europe's debt crisis, although there have recently been some signs of recovery. | |
| Hong Kong saw growth slow to 1.4% in 2012 compared to the previous year, lower than the average over the past 10 years according to Mr Tsang. | |
| He warned of risk factors in the global economy that could weigh on Hong Kong's open economy including a trade slowdown and possible currency war. | |
| "The intricate external environment will remain unstable in the year ahead," he said. | |
| Property prices | |
| The budget offered a variety of measures to help the poor and elderly, as well as for small businesses. | |
| However, he offered no major new moves to bring down soaring property prices, something that Hong Kong residents have long complained about. | |
| Mr Tsang promised only to continue trying to boost the supply of land and find potential new areas for land reclamation. | |
| The city, and others in Asia, have seen property prices rise partly because of money flowing in from countries where monetary policy is being loosened. | |
| Last week the government announced measures to cool property prices including higher stamp duties because of concerns that an asset bubble is being created. | |
| 'Modest growth' | |
| There have been some signs that the overall economy is improving in recent months, however. | |
| The city saw growth of 2.5% in the three months to December from a year earlier, data showed. That is up from 1.4% in the third quarter. | |
| Mr Tsang said that his package of measures will stimulate the economy by 1.3 percentage points, but did not provide details. | Mr Tsang said that his package of measures will stimulate the economy by 1.3 percentage points, but did not provide details. |
| He added that the government will look to grow its logistics and fund-management industries to support long-term economic growth. | He added that the government will look to grow its logistics and fund-management industries to support long-term economic growth. |