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Central gov't pledges support for HK economy

(Agencies)
Updated: 2008-10-30 16:14

The central government has pledged to help Hong Kong weather global economic turmoil by speeding up infrastructure projects and safeguarding food supplies, the Hong Kong Special Administrative Region's government said.

It noted in a statement that Premier Wen Jiabao, during a visit to Moscow on Wednesday, said Beijing would safeguard food supplies to Hong Kong to relieve inflation pressure in the region; expedite infrastructure projects; and support small and medium-sized businesses.

The mainland would also further relax visa restrictions so that more residents from the mainland can travel freely to Hong Kong, potentially boosting tourism in Hong Kong where the Chinese mainland customers are big spenders.

The statement reported Wen as saying that Hong Kong is economically sound but the mainland and Hong Kong regulators would develop contingency plans.

After a four-year boom, spurred by its growing integration with mainland's surging economy, Hong Kong is facing a potentially severe downturn as exports and the financial sector are hit by the global financial and economic slump. Some economists say Hong Kong could tip into recession.

Inflation is running at just above 6 percent, hurting people's spending power, although inflation is expected to ease as the economy slows.

Earlier this week, Hong Kong set up an economic task force, headed by locally based international bankers and the Asian head of the International Monetary Fund, to help it deal with the worsening global financial crisis.