HK sees 2-4% growth as 'new normal', no change to dollar peg

Hong Kong

HONG KONG is looking at a"new normal" economic growth rate of 2-4 per cent, about half the pace at which it grew in 2011, as its export-dependent economy grapples with a slowdown in China and elsewhere, Financial Secretary John Tsang told Reuters.

The former British colony is facing huge challenges at a time when its retail, tourism and export sectors are slowing and China's economy is heading for its weakest growth in 25 years.

"We are looking at a new normal, at the current level, at about 2-4 per cent. That is not our normal growth in the past. W…