Hong Kong leader downplays business closures, cites anticipated GDP growth
John Lee also urges businesses to reform amid what he calls a ‘transitional period’, following closure of congee chain Ocean Empire
“New demands and new likings are emerging. There are sectors that do well and some sectors that don’t do as well. Some shops are closed while many are open,” Lee said ahead of the weekly meeting of the Executive Council.
“There will be ups and downs in different sectors during this transitional period, but overall, we see positive growth in GDP this year,” he said, referring to recent estimates by the government that the economy would grow by 2 to 3 per cent.
Despite the recent chain closures, Lee highlighted that the number of registered companies in the city had reached a record high of 1.46 million by the end of last year, an increase of about 29,000 firms.
The 84 enterprises recruited by the Office for Attracting Strategic Enterprises were also expected to bring in more than HK$50 billion (US$6.39 billion) in direct investment and create more than 20,000 jobs, he added.