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Strategies & Market Trends : Greater China Stocks

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From: Julius Wong	11/14/2011 7:34:05 AM
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Hong Kong Dodges Recession as China’s Shoppers Counter Weakness in Exports By Sophie Leung - Nov 11, 2011 Hong Kong’s economy grew 0.1 percent in the third quarter from the previous three months as low unemployment and tourists from China boosted consumption while Europe’s crisis dragged on exports. The figure released by the government yesterday compared with a revised 0.4 percent contraction in the three months ended June and the median estimate of no change in a Bloomberg News survey of 15 economists. Asian policy makers are weighing steps to support growth as Europe’s debt crisis threatens to engulf Italy and trigger a global slump. The GDP number showed Hong Kong skirting a technical recession, defined as two straight quarters of contraction. Chief Executive Donald Tsang warned this week in New York that there’s a 50 percent chance the global economy will shrink next year. “A persistent stall of the economy will prompt the government to pledge another round of fiscal relief measures in February’s budget,” said Raymond Yeung, an economist at Australia & New Zealand Banking Group Ltd. in Hong Kong. The economy grew 4.3 percent from a year earlier, down from a revised 5.3 percent gain in April-through-June, the government said. Officials lowered their estimate for the full-year expansion to 5 percent from a range of 5 percent to 6 percent in an August estimate. bloomberg.com

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