People’s Republic of China—Hong Kong Special Administrative Region: 2023 Article IV Consultation Discussions-Press Release; and Staff Report

Author: International Monetary Fund. Asia and Pacific Dept

People’s Republic of China—Hong Kong Special Administrative Region: 2023 Article IV Consultation-Press Release; and Staff Report

Volume/Issue: Volume 2023 Issue 186

Publication date: May 2023

ISBN: 9798400243905

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Topics covered in this book

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Finance , Money and Monetary Policy , Business and Economics - Statistics , International - Economics , Business and Financial , Hong Kong SAR economy , exchange rate system , rate of HK , GDP compilation , transparency policy , household expenditure survey , Hong Kong SAR authority , Hong Kong SAR official , return on equity , expenditure measure , Housing , External sector statistics , Housing prices , Credit , Global

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Summary

After coping with another year of large COVID-related disruptions, economic activity is normalizing with the re-opening of the border, including with Mainland China. Strong fiscal policy support has helped the economy navigate through multiple shocks over the last few years, while strong institutional frameworks and financial buffers have allowed the financial system to remain resilient and continue to operate smoothly, including the Linked Exchange Rate System. The economy is facing macro-financial challenges amid rising interest rates, spillovers from strains in Mainland China’s real estate sector, adjustment in the local property market, and global economic slowdown.