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FS visits biomedical firm in UK

Financial Secretary Paul Chan yesterday visited a biopharmaceutical company and the Royal College of Art, and attended a lunch hosted by the China-Britain Business Council, as part of his ongoing trip to London.   Mr Chan visited AstraZeneca and met the company’s senior management to learn about its drug research and development activities, as well as its latest expansion plans.   AstraZeneca indicated that following in-depth talks with Hong Kong’s Office for Attracting Strategic Enterprises, it plans to develop a research and development centre in Hong Kong and will engage in further discussion with relevant government departments on the matter.   The Financial Secretary then attended a roundtable luncheon held by the China-Britain Business Council, and met representatives of British enterprises that do business, or plan to do business, either in the Mainland or Hong Kong.   Mr Chan later visited the Royal College of Art, which collaborated with the Hong Kong Polytechnic Unive
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HK economic outlook positive: FS

Hong Kong’s economy is expected to resume a 3.5% to 5.5% growth in real terms this year, though the progress of economic recovery will hinge on the epidemic’s development.   Unveiling his 2021-22 Budget today, Financial Secretary Paul Chan told lawmakers that the economy will still face significant challenges in the first half of the year as cross-boundary and tourism activities take time to resume normal.   However, he said if people work together to control the epidemic and social stability is maintained, the economic recovery will likely gain a stronger momentum in the second half of the year in tandem with an anticipated rebound in the global economy.   On inflation, he expected external price pressures will remain modest, with the projected headline inflation rate and the underlying inflation rate at 1.6% and 1% this year.   The finance chief said in the medium term, Hong Kong will continue to benefit from the Mainland’s ongoing development and the shift in global economic gravity from West to East.   He predicted Hong Kong’s economy will see an annual average of 3.3% growth in real terms from 2022 to 2025, while the underlying inflation rate will average 2%.
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