Hong Kong economy sees upward trend: financial secretary

Hong Kong's economy is improving with stable financial situation, positive market outlook and upbeat stock market, Financial Secretary of the Hong Kong Special Administrative Region government Paul Chan said Sunday.

Global market sentiment has improved recently, with the benchmark Hang Seng Index exceeding 19,000 points to a nine-month high, and market turnover has also increased significantly, Chan said in his blog.

Property market transactions also increased and housing prices stabilized after a 10-month losing streak, showing that government policies to lift property curbs are taking effect, Chan said.

He cited the latest Standard & Poor's rating for Hong Kong, which showed a stable outlook on the city amid steady economic recovery, stabilized property market and a trend for more balanced fiscal situation.

While different sectors still saw uneven recovery, Chan said that the HKSAR government will create more favorable conditions to lift consumption and cultivate new growth drivers.