Updated at 3.12pm: Hong Kong?s economy was recovering and expanded 8.1 per cent last year, Financial Secretary Henry Tang Ying-yen said on Wednesday.
At the start of his second budget speech, Mr Tang was upbeat on Hong Kong?s economy. The budget speech comes at a dramatic time for Hong Kong following the recent resignation of Chief Executive Tung Chee-hwa.
Mr Tang told the Legislative Council that Hong Kong had now largely overcome the economic problems which had plagued it since the 1997-98 Asian financial crisis.
?Last year, the economy grew by 8.1 per cent, the highest rate in four years and well above the average annual growth rate of 4.8 per cent over the past 20 years. This suggests that our economy is back on an upward track following the adjustments over the past few years,? he said.
Mr Tang emphasised some positive economic developments which had occurred last year.
?Our external trade in 2004 remained buoyant: total exports of goods and offshore trade both surged 15 per cent,? He noted that the number of visitor arrivals for last year had reached an all-time high of 21.81 million.