Hong Kong Economy Expanded in Fourth Quarter of 2012
Hong Kong’s economy expanded 2.5 percent in the last quarter of 2012 from a year earlier-the fastest pace in a year, according to the Census and Statistics Department.
The fourth quarter's figure is up from 1.4 percent in the third quarter.
Financial Secretary John Tsang projects annual growth of 1.5 percent to 3.5 percent this year following 2012’s 1.4 percent, the weakest rate since 2009 as Europe’s sovereign debt crisis sapped global demand, reports Bloomberg.
To attain long-term economic growth, Tsang said the government plans to expand the city’s logistics and fund- management industries. It is also studying the building of a new container terminal, and will provide land for the construction of logistics facilities.