HK bureau head: only certainty in 2014 economy is more uncertainty

A Hong Kong government official said on Monday that the only certain thing about 2014 is that there will be more uncertainty, and the aftermaths of the U.S. tapering is still debatable at this stage.

Ceajer Chan, Hong Kong Secretary for Financial Serivice and Treasury, said at a public conference that the major concern of 2014 global economy is the tapering of the U.Ss, with the Federal Reserve reduces spending 10 billion U.S. dollars per month on buying bonds.

"The conventional monetary policies globally in the past few years might have averted deep economic depression similar to that in the 1930's, and the unwinding of such measures is equally unprecedented," Chan said, adding that there is yet any solution to solve our setback at the moment.

On the other hand, Tahehiko Nakao, president of Asian Development Bank, said even if the U.S. puts a halt to quantitative easing (QE), it would not hit Asian economy severely as growth momentum in the advanced states of the continent remains, which brings a moderate projected GDP growth of 6.2 percent.

"First, despite the moderation, growth remains robust by anone's standard, and second, is occuring alongside the critical structural reform needed to strengthen the growth in a more equitable and sound environment," said Nakao, "In a sense, this is targeted in policies."