Photo taken on July 14, 2020 shows the Golden Bauhinia Square in south China's Hong Kong, July 14, 2020. (Xinhua)

Economic growth in the Hong Kong Special Administrative Region (HKSAR) in 2021 will likely approach 6.5 percent, HKSAR Financial Secretary Paul Chan Mo-po predicted on Sunday. 

Data for the city's third-quarter economic performance is scheduled to be released on Monday.

Hong Kong's economic recovery remains stable due to the continuous development of goods exports and fixed investment, as well as improved private consumption expenditure, Chan wrote in a blog post.

Thanks to the boost from the Chinese mainland market, the value of the HKSAR's goods exports surged 30 percent in the first half of 2021 and 22.7 percent in the third quarter, according to Chan.

Chan added that Hong Kong residents have increased spending as the epidemic has been basically brought under control. The value of retail sales in Hong Kong rose by 8.4 percent in the first half of the year, and the total revenue of restaurants rebounded by 0.5 percent. 

Judging from trade and consumption-related indicators, Chan said that Hong Kong's economic growth for the third quarter held up quite well.

In addition, the unemployment rate fell sharply from a 17-year high of 7.2 percent earlier this year to 4.5 percent in the third quarter, a record low since the first quarter of 2020.

Employment in the retail, accommodation and food services sectors, which were severely affected by the epidemic, also bottomed out, with a year-on-year increase of 3.5 percent in the third quarter, according to Chan.

The HKSAR government predicted in mid-August that annual economic growth for 2021 would reach 5.5-6.5 percent, probably approaching the upper limit, due to the stable development of Hong Kong's economy, Chan said.

Global Times