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IMF forecast: Hong Kong's real GDP to rise 3.75 pct in 2014

Editor: Zhang Pengfei 丨Xinhua

04-09-2014 16:41 BJT

HONG KONG, April 9 (Xinhua) -- International Monetary Fund (IMF) Wednesday projected Hong Kong's real GDP growth to hit 3.75 percent in 2014, supported by improving global economy and solid domestic demand.

The IMF also endorsed the city government's proactive policies to reinforce the resilience of the economy and the financial system, and reiterated that the Linked Exchange Rate System is the best arrangement for Hong Kong.

According to IMF, a key external risk for Hong Kong is the possible increased volatility in capital flows and financial markets associated with the exit from the unconventional monetary policy in the United States.

Successful transformation of the Mainland's economy could slow near-term growth, but would offer significant benefits over the medium and long terms. Hong Kong's main domestic risk is a disorderly correction in property prices.

IMF commended the Hong Kong authorities' proactive implementation of counter-cyclical prudential and fiscal measures, which help facilitate an orderly adjustment in the property market and safeguard financial stability.

Hong Kong's financial system, in the IMF's assessment, is regulated and supervised at the global forefront in many areas, in line with the needs of a major global financial centre and is resilient to likely shocks.

"I welcome the IMF's commendation of our financial oversight and fiscal management policies, which have greatly contributed to the success and resilience of Hong Kong. In light of developments globally and in the Mainland, the city government will continue taking proactive policies to enhance the strengths of our economy and financial system, managing any external risks that may arise, while capturing new opportunities, particularly from increasing integration with the Mainland." Hong Kong's Financial Secretary John Tsang said.

The IMF Mission visited Hong Kong from March 4 to 12 this year for the 2014 Article IV Consultation with the Hong Kong Special Administrative Region. It held discussions with the city's government officials and private sector representatives.

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