Economy

August 30, 2023
Team Hongkong Journalist
Economy, Global Trade Tensions

The Impact of Powell’s Comments on Market Performance

Asian markets increased on Monday after Federal Reserve Chairman Jerome Powell said officials would proceed cautiously with interest rate increases, and Chinese shares advanced after the government reduced trade...

June 27, 2023
Team Hongkong Journalist
Economic policies, Economy, Markets

Hong Kong’s condition after three years of China’s crackdown

China, after three years, imposed a wide-ranging national security law on Hong Kong. Finally, the city has come to its original shape which is crowded malls and restaurants. The...

June 12, 2023
Team Hongkong Journalist
Economy, Economic policies

China’s Economic Recovery Slows Down as Factory Production Contracts Further

Factory activity has now hit its lowest level as a result of China’s decision to stop its Zero-Covid policy in December. The nation’s economic recovery is beginning to falter....

June 5, 2023
Team Hongkong Journalist
Economy, Economic policies

Improved Earning Prospects Propel Hong Kong Banks’ Outlook Upwards

Due to anticipated higher profitability in the second half of 2023, Fitch Ratings has changed its outlook for the Hong Kong banking sector from “neutral” to “improving.” Strong net...

May 23, 2023
Team Hongkong Journalist
Economy, Economic policies

China Criticizes U.S. Report Urging Sanctions on Hong Kong Security Judges

On Friday, China’s doomed U.S. Congressional report that stated sanctions against 29 Hong Kong judges who are involved in national security cases was blamed for ‘weakening’ the rule of...

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...

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