Diffusion indices on small and mediumsized enterprises an update halfyearly economic report 2015 pdf recent economic performance of the selected member economies in the eurozone pdf gender wage gap for lowpaid employees in hong kong during 20112014 pdf the chinese new year effects on hong kong s retail sales and merchandise. The government on friday confirmed hks economy contracted by 8. Hong kong stocks plunge 4% as global economy concerns play out. In 20, oecd and g20 countries, working together on an equal footing, adopted a 15point action plan to address beps. Economies are ranked on their ease of doing business. Hong kong s tourism industry august 2015 growth in hong kong s inbound tourism eased in 2014. Life expectancy at birth in hong kong 2017, by gender. The mainlands colonisation of the hong kong economy. Beyond securing revenues by realigning taxation with economic activities and value creation, the oecdg20 beps project aims to. Doing business 2015 is the 12th edition in a series of annual reports measuring the regulations that enhance business activity and those that constrain it. As ane o the warlds leadin internaitional financial centres, hong kong haes a major caipitalist service economy characterised bi law taxation an free tred, an the currency, hong kong dollar, is the nint maist tradit currency in the warld. Whether youre planning travel to hong kong, reminiscing about a great trip, or just browsing, this chan. An 800fowk election committee selects the chief executive o hong kong, the heid o govrenment.
List of books and articles about hong kong economy. Moreover, the international institute for management. Hong kongs economic and political history has been primarily determined by its geographical location. The four key industries in the hong kong economy census and. World gdp ranking 2015 data and charts ministry of. Unrest has detrimental effect on hk economy hong kong. Hk retail sales see record 44% slump in february hong. Hong kongs struggling retail sales plummeted by a record 44 percent in february yearonyear, battered by the monthslong citywide violent protests and the novel coronavirus pandemic. Hong kong economy beijing has struggled to tame hong kong politically.
The territory of hong kong is comprised of two main islands hong kong island and lantau island and a mainland hinterland. Hong kong s recent economic situation and nearterm outlook,lc paper no. Hong kong market profiles data and profiles hktdc research. Hong kong economy hong kong economic situation archive of. Global economic performance was less than spectacular in 2014. Sep 23, 2019 this statistic shows the disposable income per capita of hong kong from 2010 to 2015 with forecasts up to 2020, at current market prices. The official youtube channel for discover hong kong. The sar government pledged a second round of financial aid worth billions of dollars to help businesses and wage earners weather the storm. The introduction of a minimum wage marks the further erosion of hong kongs freemarket ways. Such modest figures reflect subdued demand from major economies. The hong kong economy grew modestly in the third quarter of 2015. We have set an ambitious carbon intensity target of 65% to 70% by 2030 using 2005 as the base, which is equivalent to 26% to 36% absolute reduction and a reduction to 3.
This undated photo shows visitors at the victoria harbor in tsim sha tsui, hong kong, in june 2017. Hong kong was the worlds eighth largest trading economy in 2015, fourth largest foreign exchange market in 2016, sixth largest banking centre as at september. Hong kongs economic outlook for 2015 the reasons why the. Guangdong china, hong kong china, singapore and chinese taipei are topperforming students in mathematics. Photo provided to china daily the central government and all walks of life in hong kong are worried that social unrest in the city is starting to take its toll on its economy. Four pillars and six industries research hong kong. The transfer of sovereignty over hong kong, commonly known as the handover of hong kong or simply the handover, also the return in mainland china and hong kong, occurred at midnight at the start of 1 july 1997, when the united kingdom ended administration for the colony of hong kong and returned control of the territory to china. Industry still cautious amid lingering chinaus trade. Yet other popular tourist destinations such as japan and europe have seen increased inflow of mainland. Estimating the returns on attaining university education in hong kong may 2018 pdf hong kong s competitiveness in selected aspects pdf hong kong poverty situation report 2018 december 2019 pdf hong kong economic situation. The slowdown continued and was more pronounced in the first half of 2015 as a result of slower mainland visitor arrivals during the period. It is a vibrant cultural and financial center of chinese society.
The coronavirus pandemic will prevent a rebound in hong kongs economy in 2020, following a fullyear recession in 2019 amid longrunning protests. Oecd digital economy outlook 2015 the digital economy now permeates countless aspects of the world economy, impacting sectors as varied as banking, retail, energy, transportation, education, publishing, media or health. Free and competitive economy in 2016, hong kong was ranked the worlds freest economy by the usbased heritage foundation for the 22nd consecutive year. Growing with risks gdp growth decelerated once more in 2016 1. Interest rates are determined by the individual banks in hong kong. It is one of the very few major economies which do not have a maximum. Antipathy towards the government remains high, and disruptive demonstrations are likely to erupt again in late 2020, around the time of legislative election. Second additional round of fiscal stimulus approved in april. Nov 24, 2015 gdp is the single most commonly referenced figure to cover the entirety of a national economy and the trajectory it is on in a single statistic. Hong kong has a free market economy, highly dependent on international trade and finance the value of goods and services trade, including the sizable share of. Hong kong s recent economic situation and nearterm outlook pdf hong kong s latest overall economic situation. The fraser institute in canada, has also consistently ranked hong kong number one in the world in terms of economic freedom in 2015.
Growing opportunities for led lighting products, hong kong hktdc hong kong electronics fair survey autumn 2019. There has been a rapid expansion in the services sector. Environment bureau, hong kong climate change report 2015, november 2015. The government has also identified and promoted six industries to help diversify the local industry structure.
Sustaining hong kongs services amid the changing dynamics of. Hong kongs stocks took a battering on thursday, with the benchmark index falling 4% in late morning trade as worries about the health of the global economy, particularly china, sparked a sell. Hong kong is also an attractive investment destination for australia. Hong kong as a service economy hong kongs economy has undergone a remarkable transformation in the past two decades. Population and the challenges of economic development in. The ird issued a revised dipn 39 on digital economy. It consists of hong kong island, originally ceded by. Hong kongs history truly started from the time when the british gained control of it from the chinese. The government has been actively pursuing economic development in order to keep up the competitive advantage of hong kong. In 2015, hong kong students ranked second in the world in reading and mathematics and ninth in science.
On the other hand if the nr does not have a pe in hong kong, it does not necessarily follow that the nr is not carrying on a trade, profession or business in hong kong. Seasonally adjusted quartertoquarter rate of change of gdp in real terms. Hk retail sales see record 44% slump in february hong kong. It thus forms a natural geographic port for guangdong province in southeast china. No claims are made regarding the accuracy of hong kong economy 2020 information contained here. While between 2006 and 2015 no country or economy improved its. Hong kong has a free market economy, highly dependent on international trade and finance the value of goods and services trade, including the sizable share of reexports, is about four times gdp. All suggestions for corrections of any errors about hong kong economy 2020 should be addressed to the cia or the source cited on each page.
Annual gdp growth for the asean 10, china and india is forecast to average 6. Thanks are also due to participants in the hong kong university, the 2007 wssa annual conferences in calgary, canada, and the 2008 assa annual meetings innew orleans for their helpful comments. The traditional four key industries in hong kong, including financial services, tourism, trading and logistics, and professional and producer services, have been the driving force of hong kongs economic growth, providing impetus to growth of other sectors and creating. Selected economic and financial indicators, 201016 proj.
Hktdc hong kong international lighting fair survey autumn 2019. The economy of hong kong is a highly developed freemarket economy characterised by low taxation, almost free port trade and wellestablished international financial market. Hong kong businesses see australia as a safe, reliable and open investment destination with a wellperforming and wellmanaged economy. On the external front, the performanceof hong kong s exports of goods has been mostly lacklustre amid the fragile. Hong kong economy gdp, inflation, cpi and interest rate. In contrast to china, where more than 70 percent of u. Mar 31, 2020 hong kongs struggling retail sales plummeted by a record 44 percent in february yearonyear, battered by the monthslong citywide violent protests and the novel coronavirus pandemic. Hong kongs economic history has formed the country and economy it is now. Oecd ilibrary addressing the tax challenges of the digital. Hong kongs unique history is key to understanding the development of its topperforming education system. Growth momentum remains robust in the 10 asean countries, with economic growth averaging 5.
Kong is the only industrial economy which still does not have a sales tax. With its ideal location in fastgrowing asia and riding on the opportunities brought by the mainland economy, the hong kong special administrative region has developed into an international business, trade and financial hub, as well as a renowned tourist city, providing high valueadded and knowledgeintensive services to the globalised world. Hong kong economy, politics and gdp growth summary the. Lam department of politics and public administration, university of hong kong, hong kong abstract singapore and hong kong are very different and yet very similar in many respects. Hong kong economy hong kong economic situation archive. Due to a sharp decline in gold exports, in the first three quarters, merchandize exports as a. The importance of the financial sector for the hong kong economy see table. Hong kong fact sheets hong kong as a service economy govhk. Information and communication technologies are transforming the ways social interactions and personal relationships are conducted, with fixed, mobile and broadcast networks converging.
Yet, the impact of covid19 on the economy is much more severe due to hyper connectivity. Measured annually, quarterly, or monthly, trends in gdp for a single country or comparisons among peer countries are often called out in popular press, sometimes with alarmist tones that can make one wonder why or how this single data point has taken. Hong kong was a british possession for decades until it rejoined china in 1997. Addressing base erosion and profit shifting is a key priority of governments around the globe. Hong kong, special administrative region of china, located to the east of the pearl river estuary on the south coast of china.
In february, retail sales posted the worst contraction in the seriesa history, while the unemployment rate jumped to the highest level since october 2010 in march, boding ill for private consumption. The economy likely contracted at one of the sharpest paces on record in the first quarter, after shrinking in the previous two quarters due to last yearas protests. Jan 20, 2020 singapore, january 20, 2020 moodys investors service has today downgraded the longterm issuer and senior unsecured ratings of the government of hong kong to aa3 from aa2 and changed the outlook to stable from negative. The prolonged postasian financial crisis economic recession in hong kong requires a new analysis. Hong kong hong kong, mandarin xianggang, special administrative region of china, formerly a british crown colony 2015 est. The first segment of hong kongs economic history was under early british rule from the 1840s to the 1940s. Thanks to the sars experience, hong kongs covid19 infections and death rate are much lower than sars. The revised gdp reading confirmed the economy contracted at the sharpest pace since june 2009 in the fourth quarter, as political turmoil continued to extinguish economic activity.
Calendar of events of significance for the hong kong economy in 2019. The economy evolved from being an entrepot trading centre for china. The authors thank ken chan, robert feenstra and justin lin for their helpful suggestions, and also the editor and referees for their very helpful comments. But in business its a different story as mainland chinese companies consume ever bigger chunks of the citys economy. The pisa 2015 survey focused on science, with reading. Photo provided to china daily the central government and all walks of life in hong kong are worried that social unrest in the city is starting to take its toll on its economy yang guang, a spokesman for the hong kong and macao affairs office of the state council, said. The downgrade principally reflects moodys view that hong kong s institutions and governance strength is lower than. Hong kong economy news including annual budget, mpf pensions, retail and transport.
The hong kong economy has achieved an advanced status and has been aiding chinas economic reform since 1978. The facts hong kong as a service economy hong kongs economy has undergone a remarkable transformation in the past two decades. Hong kong tax 2 pwc section 50aak1 provides that a nonresident nr is deemed as carrying on a trade, profession or business in hong kong if it has a pe in hong kong. Two building blocks the two building blocks of modern economic development resources. The traditional four key industries in hong kong, including financial services, tourism, trading and logistics, and professional and producer services, have been the driving force of hong kongs economic growth, providing impetus to. Its currency, called the hong kong dollar, is legally issued by three major international commercial banks, and is pegged to the us dollar. The university of hong kong population and the challenges of economic development in hong kong. Hong kong is home to many of asias biggest media entities and remains one of the worlds largest film industries. The digital economy now permeates countless aspects of the world economy, impacting sectors as varied as banking, retail, energy, transportation, education, publishing, media or health. Until then, hong kong was simply a port city of china. Hong kong in transition economic transformation in the eighties. The four key industries in the hong kong economy census. The region is bordered by guangdong province to the north and the south china sea to the east, south, and west.
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