Hong Kong to continue to benefit from mainland's development: HKSAR finance chief

HONG KONG -- Hong Kong will continue to benefit from the ongoing development of the mainland and the shift in global economic gravity from West to East, Financial Secretary of China's Hong Kong Special Administrative Region (HKSAR) government Paul Chan said on Wednesday.

"Hong Kong can open up greater room for development by leveraging the advantages under 'one country, two systems,' playing its unique role as a gateway and an intermediary, and integrating into the new overall development of our country," Chan said when delivering the annual budget at the HKSAR's Legislative Council.

Hong Kong can also further develop by actively participating in the national dual circulation development strategy and seizing the opportunities brought by the development of Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative, the finance chief said.

Taking into account the catch-up growth that would follow the initial economic recovery this year, Chan forecast that Hong Kong's economy will grow by an average of 3.3 percent per annum in real terms from 2022 to 2025, while the underlying inflation rate will average at 2 percent.