Financial Sector Back On Track

The importance of the financial services sector in driving Hong Kong's economic rebound cannot be overstated. Real GDP expanded 2.6% y-o-y in Q409, after four consecutive quarterly contractions, and the service sector (in particular the financial services sector) was at the heart of this recovery. We expect this growth to accelerate into the first half of 2010, although given the risks posed by the local property market, the high rates of expansion seen in 2006-07 are unlikely to be matched going forward.

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