Financial Secretary Paul Chan Mo-po has warned of negative growth in Hong Kong this year amid the deteriorating external economic environment. Chan expects the economic outlook for the city to weaken as it faces challenges from the external environment including interest rate hikes, geopolitical tensions, and slower growth globally. Hong Kong's exports have reportedly fallen for four consecutive months due to the cooling demand globally while weaker investor sentiments are putting pressure on the local property and stock markets. Chan said Hong Kong has taken steps to open up its international borders by removing hotel quarantine, but the pace of the city's recovery and its competitiveness in international markets would be determined by how well the city fares under the new regime.
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