Financial Secretary Paul Chan said on Sunday that boosting the vaccination rate is the key to reopening the border, as the city faces headwinds such as a resurgence of Covid cases, a high external inflation rate and interest rate hikes in the US.

Writing on his official blog, Chan said he's not too hopeful about the prospect for retail sales during this year's Mid-Autumn Festival, given weak economic momentum and consumer sentiment.

He noted that the US will raise interest rates again two weeks from now, which will lead to a rise in local interest rates and put pressure on businesses and mortgage borrowers.

But Chan expressed confidence that another round of consumption voucher to be disbursed next month will inject about HK$15 billion of consumption power into the local market.

He urged people to comply to anti-pandemic measures and get jabbed as soon as possible, so that social and economic activities can get back to normal.