Financial Secretary Paul Chan said on Sunday that while the full border reopening with the mainland will boost the economy in a wide-ranging manner, recent economic data called for caution.

He said on his weekly blog that the reopening on Monday can bring a positive economic outlook as it helps the likes of Hong Kong's exports, logistics, retail and tourism.

But Chan said there's a need to strengthen the hard-to-come-by momentum and be cautious about risks.

He noted that the value of Hong Kong's exports last December slumped by 29 percent, the worst monthly plunge in nearly seven decades. The value of exports for the year fell by 8.7 percent.

"Only by creating a stable economic environment that favours good development and rolling out policies and measures that facilitate businesses, that we can allow Hong Kong's economy to rebound in the largest degree possible," Chan said.

Looking ahead, the minister stressed that the external environment remains challenging and uncertain and it takes time to revive the economy.