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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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FS expects strong GDP growth

Financial Secretary Paul Chan welcomed the passage of the Appropriation Bill 2021, adding that he expected Hong Kong to register a relatively strong, positive GDP growth in the first quarter.   Meeting the media after the bill was passed by the Legislative Council today, Mr Chan noted that the advance estimates on GDP for the first quarter will be published next week.   He expected a rebound in the GDP figure due to the improved COVID-19 pandemic situation and strong recovery in the external economic environment.   “We expect there would be pretty strong GDP growth because of the fact that the comparison base last year is very low. We registered a contraction of 9% in last year’s first quarter.   “Also, since the middle of last year, although on a year-over-year basis the GDP continued to contract, on the basis of quarter-to-quarter GDP comparison we have seen gradual improvement since the third quarter.   “Given that the pandemic situation now in Hong Kong is pretty much under control - although we still need to be very vigilant - and considering the fact that the external economic environment is also recovering very strongly, no matter if it is in the Mainland, the US or other Asian countries, we are confident that with the impressive improvement on the trade side and the gradual recovery on domestic consumption, the first quarter of this year will see a relatively strong, positive GDP growth.”
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