Mr Tsang says Hong Kong's economic recovery is dawning but unemployment is still high

BEIJING, July 6 (Xinhua) Hong Kong's Financial Secretary, Mr John Tsang, said Hong Kong had seen the dawn of economic recovery and was expecting a narrow decline in the second quarter, but the high unemployment rate would continue.　　Speaking at a meeting of the Special Committee on Financial Affairs of the Legislative Council 6th, Mr Tsang said that the dawning of the economic recovery, the gradual stabilization of global finance in recent months, the improvement in the economic climate in the United States and Europe and the introduction of measures by the central government were in place. Mr Tsang pointed out that the forthcoming quarterly economic data would be narrowed down from the first quarter and that there would be a significant rebound in the quarter.　　However, he also pointed out that the unemployment rate in Hong Kong had recently stabilized, but the unemployment rate was lagging, and it was believed that the unemployment rate would remain under pressure in the short term. Mr Tsang also recalled that in the 9 months since the onset of the financial tsunami, Hong Kong had lost about 31,000 jobs, well below the 1997 Asian financial turmoil, which had lost 100,000 jobs in half a year. He said that the current consumer market was stable and that retail sales in April and May had narrowed year-on-year declines, indicating a smooth retail market.