Budget statement says increased domestic consumption, ongoing mainland recovery crucial

Hong Kong is forecasting economic growth of 1.5 percent to 3.5 percent this year, the government announced in its annual budget statement on Wednesday, driven by resilient domestic demand and the ongoing pick-up in growth on the Chinese mainland.

The projections came in the first budget under Chief Executive Leung Chun-ying, as the special administrative region saw growth of just 1.4 percent in 2012.