Annual GDP growth will be lower than forecast, says FS
Financial Secretary Paul Chan said on Sunday that he expects Hong Kong's annual GDP growth to be lower than earlier predictions, as the economic recovery this year falls short of expectations. Writing on his weekly blog, Chan said the high interest rate environment has affected local consumption.  He said the revised annual GDP growth forecast – which will be released later this week – will be lower than the 3.5 to 5.5 percent expansion predicted earlier this year.  The financial chief noted that the SAR will continue to boost its competitiveness through innovation and technology.  For example, he said the government will drive Fintech development, which includes promoting cross-boundary payments of e-CNY and implementing fast payment systems between the SAR and Thailand.