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Jan retail sales up 0.9%

The value of total retail sales in January, provisionally estimated at $36.5 billion, rose 0.9% compared with the same month in 2023, the Census & Statistics Department announced today.   After netting out the effect of price changes over the same period, the provisional estimate represents a 1.2% year-on-year decrease.   Of the total retail sales value in January, online sales accounted for 6.5%. Provisionally estimated at $2.4 billion, the value of this segment went down by 20.9% compared with a year earlier.   Noting that retail sales tend to show greater volatility in the first two months of a year due to the timing of the Lunar New Year, the department said the year-on-year comparison of the figures might have been affected to a certain extent.   The value of sales of jewellery, watches and clocks, and valuable gifts increased 25.2% compared with January 2023.   Increases were also recorded in the sales of other consumer goods not elsewhere classified (up 7

Project financing committee meets

The Committee on the Financing of Major Development Projects, chaired by Financial Secretary Paul Chan, held its first meeting today to discuss its mode of operating, future work directions and work plan.

 

The Chief Executive announced the committee’s establishment in the 2023 Policy Address.

 

With the Financial Secretary and Deputy Financial Secretary as Chairman and Deputy Chairman, the committee’s membership includes the Secretary for Financial Services & the Treasury, the Secretary for Transport & Logistics and the Secretary for Development.

 

The committee will examine financing arrangements for major development projects and advise on investment and financing options, including assessing the feasibility of bringing in investors and leveraging market capital.

 

It will also thoroughly evaluate the impact of projects on government finances to protect the Government’s fiscal sustainability.

 

Noting that major development projects are important for promoting the long-term and sustainable development of Hong Kong, Mr Chan stressed that they involve significant funding requirements.

 

“We need to draw up appropriate financing arrangements for various projects and plan ahead to ensure that projects can be taken forward smoothly and in an orderly manner,” he said.


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