Paul Chan, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, said on Sunday that Hong Kong's economy is expected to resume positive growth in 2021, noting that the epidemic is the most critical variable in the speed and strength of economic recovery.

Chan said in a blog post that the economy will still face major challenges in the first half of the year as hard-hit industries try to recover and cross-boundary activities will require time to resume.

He also pointed out that Hong Kong's economic recovery is expected to gain momentum in the second half of the year as more people get vaccinated, allowing for hope that the epidemic will be reined in.

He mentioned that Hong Kong is actively striving to join the Regional Comprehensive Economic Partnership (RCEP), as a way for the HKSAR government to ensure better access to different markets for Hong Kong's goods and services.

He stressed that the country is certainly the strongest support and backing for Hong Kong's economic recovery, which will surely pick up speed with Hong Kong's successful integration into the country's new development paradigm of "dual circulation."