Economy

In a statement issued on Thursday after the conclusion of the 2023 Article IV Consultation Discussions with Hong Kong, the International Monetary Fund (IMF) acknowledged the contribution of the Hong Kong Special Administrative Region (HKSAR) in strengthening its economy and preserving the stability of its financial system. In a difficult global macro-financial environment, it confirmed Hong Kong's success as an international financial center. The statement claims that despite difficult macroeconomic conditions, Hong Kong's financial system has maintained stability. This has been supported by solid institutional frameworks, high-quality financial sector oversight, significant capital, liquidity buffers, and the effective operating Linked Exchange Rate System. The transition to post-pandemic normal in Hong Kong and the Chinese mainland can be made smoother with the help of strong pent-up demand. This could ultimately result in an earlier economic recovery, which includes inbound tourism. The mission proposes that the HKSAR Government maintain its efforts to fortify links with other cities in the Greater Bay Area and RCEP participants. It implies that investing more funds in technical advancement and innovation can create new growth drivers and increase economic vitality. The Hong Kong SAR Government's Financial Secretary, Paul Chan Mo-Po, hailed the mission's favorable evaluation. Chan said, “The Mission’s positive assessment is a reflection of our capability, determination and accomplishment in maintaining financial stability and economic growth." And added, “It also clearly shows that under our new policy vision of integrating a 'capable government' and a 'highly efficient market', we are leaping forward steadily and bolstering prosperity.”

May 8, 2023
Team Hongkong Journalist
Economy, Economic policies

Hong Kong receives IMF applause for boosting economy, financial stability

In a statement issued on Thursday after the conclusion of the 2023 Article IV Consultation Discussions with Hong Kong, the International Monetary Fund (IMF) acknowledged the contribution of the...

May 5, 2023
Team Hongkong Journalist
Economy, Economic policies

Hong Kong Finance Chief Paul Chan Predicts Up to 5.5% Economic Growth in 2023 with Stable Global Conditions

The financial secretary of Hong Kong expressed optimism about the performance of the city’s economy this year, and estimated further growth might be possible if international tensions do not...

April 24, 2023
Team Hongkong Journalist
Covid-19 impact, Economy

Sa Sa moves forward as pandemic fades, tourists return

Sa Sa international, a beauty retailer brand, stated that the return of Chinese travelers to Hong Kong and Macau is going to be a promising start for this financial...

April 18, 2023
Team Hongkong Journalist
Economy, Budget Series

HK$5,000 consumption voucher not enough to surprise Hong Kong consumers-Part 2

Mrs. Chan, a 55-year-old housewife, revealed that she was splurging around HK$100,000 on two gold bracelets and a diamond ring at a local jewelry store. “We have the consumption...

April 17, 2023
Team Hongkong Journalist
Economy, Budget

HK$5,000 consumption voucher not enough to surprise Hong Kong consumers-Part 1

South China Morning Post Eager shoppers in Hong Kong on Sunday kicked off a spending binge as the government rolled out the latest round of consumption e-vouchers aimed at...

March 13, 2023
Team Hongkong Journalist
Budget, Economy

Hong Kong Chief Says, “ We Won’t Sell Land At Dirt Cheap Prices.”

Key points Paul Chan, the government’s financial secretary, reiterates the government’s commitment to the land policy after the first commercial plot sold this year sold for 35% less than...

March 10, 2023
Team Hongkong Journalist
Budget, Economy

A brief on the 2k23-2k24 budget to enter Hong Kong in Green and Sustainable Financing

Paul Chan, the financial secretary for Hong Kong, presented the 2023–24 budget on February 22, 2023, emphasising China’s “3060 Dual Carbon Goals,” the promotion of a green economy and...

March 9, 2023
Team Hongkong Journalist
Budget, Economy

Time to Win the Losing battle- China on drastic budget shift

The previous three years were dramatically disastrous for China on a global stage but now China is trying to come back to win back the lost ground and is...

February 24, 2023
Team Hongkong Journalist
Economy

Budget 2023-24: Hong Kong inducing high rates on Cigarette prices HK $62 to HK $74

Currently, tobacco duty accounts for about 62% of the retail price of cigarettes in Hong Kong, far lower than the rate of 75% recommended by the World Health Organization. ...

February 23, 2023
Team Hongkong Journalist
Economy

Hong Kong Financial Budget Unveils and Showcases ‘abundant Opportunities’ As The City Recovers

Hong Kong budget- Financial Secretary Paul Chan with a positive tone gave his budget speech on Wednesday. Firstly, he discloses the measure to boost economic recovery after the COVID-19...

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