Hong Kong to focus on poverty and income inequality, Mainland and ASEAN ties

HONG KONG – In his second Policy Address as Chief Executive of Hong Kong, C Y Leung has focussed on longer-term issues of tackling poverty and housing challenges. He announced plans to raise the supply of private housing units by 40% in the next five years. A low-income working family allowance has also been proposed.

On the economic growth front, a number of policy initiatives have been advanced, including facilitating the growth of Hong Kong’s financial services industry and RMB business. These initiatives also aim to strengthen economic ties with Mainland and other regional trading partners (such as an FTA with ASEAN countries).
BBVA Bank says it expects GDP growth in Hong Kong to pick up in 2014 to 3.7% from 3.1% last year on sustained demand from China and an improving global economy. www.bbvaresearch.com (ATI).