Hong Kong Economy

Economy of Hong Kong
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Hong Kong Harbour Night 2019-06-11.jpg
Central and Victoria Harbour of Hong Kong
Currency Hong Kong dollar (HKD)
Fiscal year 1 April – 31 March
Trade organisations APEC, WTO, Group of Twenty (Chinese delegation), One Belt One Road, AIIB and
ICC etc.
Country group
Developed/Advanced[1]
High-income economy[2]
Statistics
Population Increase 7,553,689 (2021)[3]
GDP
Decrease $368.373 billion (nominal, 2022 est.)[4]
Increase $518.743 billion (PPP, 2022)[5]
GDP rank
— (nominal, 2022)
— (PPP, 2022)
GDP growth
+2.8% (2018) −1.7% (2019)
−6.5% (2020) +6.3% (2021)[6]
GDP per capita

Decrease $49,700 (nominal, 2022 est.)[4]
Decrease $69,987 (PPP, 2022 est.)[4]
GDP per capita rank
— (nominal, 2022)
— (PPP, 2022)
GDP by sector
agriculture: 0.1%
industry: 6.5%
services: 93.4%
(2020)[6]
Inflation (CPI) 1.6% (2021)[6]
Population below poverty line 19.9% (2016 est.)[7]
Gini coefficient 53.9 high (2016)[7]
Human Development Index
Increase 0.949 very high (2019)[8] (4th)
Increase 0.824 very high IHDI (2019)[9]
Labour force
Decrease 3,946,772 (2019)[10]
Decrease 59.0% employment rate (2016)[11]
Labour force by occupation
manufacturing: 6.5%
construction: 2.1%
wholesale and retail trade, restaurants, and hotels: 43.3%
financing, insurance, and real estate: 20.7%
transport and communications: 7.8%

community and social services: 19.5%
Unemployment
Increase 5.8% (2020)
Decrease 5.2% (2021)[6]
Main industries financing and insurance, import and export trade, professional and business services
Ease-of-doing-business rank Increase 3rd (very easy, 2020)[12]
External
Exports $537.8 billion (2017 est.)[7]
Export goods electrical machinery and appliances, textiles, apparel, watches and clocks, toys, jewelry,
goldsmiths' and silversmiths' wares, and other articles of precious or semi-precious materials[7]
Main export partners Mainland China 59.5%
United States 6.2%
Taiwan 2.9%
(2021)[6]
Imports$561.8 billion (2017 est.)[7]
Import goods raw materials and semi-manufactures, consumer goods, capital goods, foodstuffs, fuel
(most is reexported)[7]
Main import partners
Mainland China 45.8%
Taiwan 10.3%
Singapore 7.8%
(2021)[6]
FDI stock
Increase$2.2 trillion (31 December 2017 est.)[7]
Increase Abroad: $2.036 trillion (31 December 2017 est.)[7]
Current accountIncrease $14.75 billion (2017 est.)[7]

Gross external debt Positive decrease $633.6 billion (31 December 2017 est.)[7]
Public finances
Public debt 0.1% of GDP (2017 est.)[7]
Budget balance +5.2% (of GDP) (2017 est.)[7]
Revenues 79.34 billion (2017 est.)[7]
Expenses 61.64 billion (2017 est.)[7]
Credit rating Standard & Poor's:[13]
AAA (Domestic)
AAA (Foreign)
AAA (T&C Assessment)
Outlook: Stable[14]
Moody's:[14]
Aa1
Outlook: Stable
Fitch:[14]
AA+
Outlook: Stable
Foreign reserves US$431 billion (December 2017)[15]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
The economy of Hong Kong is a highly developed free-market economy. It is characterised by low
taxation, almost free port trade and a well-established international financial market.[16][17] Its
currency, called the Hong Kong dollar, is legally issued by three major international commercial banks,
[18] and is pegged to the US dollar.[19][20] Interest rates are determined by the individual banks in Hong
Kong to ensure that they are market driven.[21] There is no officially recognised central banking system,
although the Hong Kong Monetary Authority functions as a financial regulatory authority.[22][23]
Its economy is governed under positive non-interventionism, and is highly dependent on international
trade and finance. For this reason it is regarded as among the most favorable places to start a company.
In fact, a recent study shows that Hong Kong has come from 998 registered start-ups in 2014 to over
2800 in 2018, with eCommerce (22%), Fintech (12%), Software (12%) and Advertising (11%) companies
comprising the majority.[24] The Economic Freedom of the World Index listed Hong Kong as the number
one territory, with a score of 8.91, in 2019.[25]
Hong Kong's economic strengths include a sound banking system, virtually no public debt, a strong legal
system, ample foreign exchange reserves with assets of US$481.6 billion represent over six times the
currency in circulation or about 46 per cent of Hong Kong dollar M3 as at the end of March 2022,[26]
rigorous anti-corruption measures and close ties with mainland China.[27] The Hong Kong Stock
Exchange is a favourable destination for international firms and firms from mainland China to be listed,
due to Hong Kong's highly internationalised and modernised financial industry. Additional advantages
include the city's capital market in Asia, its size, regulations and available financial tools, which are
comparable to London and New York City.[28][29]
Hong Kong's gross domestic product had grown 180 times between 1961 and 1997. Also, the GDP per
capita rose by 87 times within the same time frame.[30] Its economy is slightly larger than Chile's or
Romania's[31][32][33] and its GDP per capita at purchasing power parity was the eleventh highest
globally in 2022. By the latter measure, its GDP per capita was higher than those of the United States and
the Netherlands, and slightly lower than Brunei. In 2009, Hong Kong's real economic growth fell by 2.8%
as a result of the Great Recession.[34]
By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New
York City and Rotterdam in terms of container throughput. Hong Kong is a full Member of the World
Trade Organization.[35] The Kwai Chung container complex was[when?] the largest in Asia, while Hong
Kong shipping owners were[when?] second only to those of Greece in terms of total tonnage holdings in
the world. The Hong Kong Stock Exchange is the sixth largest in the world, with a market capitalisation of
about US$3.732 trillion.[36]
Hong Kong has also had an abundant supply of labour from the regions nearby. A skilled labour force
coupled with the adoption of modern British/Western business methods and technology ensured that
opportunities for external trade, investment, and recruitment were maximised. Prices and wages in Hong
Kong are relatively flexible, depending on the performance and stability of the economy of Hong Kong.
[37]
Hong Kong raises revenues from the sale and taxation of land and through attracting international
businesses to provide capital for its public finance, due to its low tax policy. According to Healy
Consultants, Hong Kong has the most attractive business environment within East Asia, in terms of
attracting foreign direct investment (FDI).[38] In 2013, Hong Kong was the third largest recipient of FDI in
the world.[39]
Hong Kong ranked fourth on the Tax Justice Network's 2011 Financial Secrecy Index.[40] The Hong Kong
Government was the fourth highest ranked Asian government[41] in the World Economic Forum's
Network Readiness Index (NRI), a measure of a government's information and communication
technologies in 2016, and ranked 13th globally.[42]
Contents
1 Economic predictions
2 Positive non-interventionism
3 Economic freedom
4 Economic data
4.1 GDP[6]
4.2 Population[6]
4.3 Labour[6]
4.4 2022–23 fiscal year budget[52]
4.5 Trade[6]
4.5.1 Trade with Macau
5 Poverty
6 Stock exchange
7 See also
8 References
9 External links
Economic predictions
Since the 1997 handover, Hong Kong's economic future became far more exposed to the challenges of
economic globalisation and the direct competition from cities in mainland China. In particular, Shanghai
claimed to have a geographical advantage. The Shanghai municipal government dreamt of turning the
city into China's main economic centre by as early as 2010.[43]
Positive non-interventionism
Main article: Positive non-interventionism
Hong Kong's economic policy has often been cited by economists such as Milton Friedman and the Cato
Institute as an example of laissez-faire capitalism, attributing the city's success to the government having
a relatively low level of involvement in the economy. However, others have argued that the economic
strategy is not at all adequately characterised by the term laissez-faire.[44] They point out that there are
still many ways in which the government is involved in the economy, some of which exceed the degree of
involvement in other capitalist countries. For example, the government is involved in public works
projects, healthcare, education, and social welfare spending. Further, although rates of taxation on
personal and corporate income are low by international standards, unlike most other countries Hong
Kong's government raises a significant portion of its revenues from land leases and land taxation. All land
in Hong Kong is owned by the government and is leased to private developers and users on fixed terms,
for fees which are paid to the state treasury. By restricting the sale of land leases, the Hong Kong
government keeps the price of land at what some consider as artificially high prices and this allows the
government to support public spending with a low tax rate on income and profit.[45]
The economy functions well into the night.
Economic freedom
Further information: Economic freedom
Hong Kong was ranked as the world's 2nd freest economy in the Index of Economic Freedom of The
Heritage Foundation in 2020 after Singapore.[46][47] The index measures restrictions on business, trade,
investment, finance, property rights and labour, and considers the impact of corruption, government size
and monetary controls in 183 economies. Hong Kong is the only economy to have scored 90 points or
above on the 100-point scale, achieved in 2014 and 2018.[48] In 2021 the Heritage Foundation removed
Hong Kong as a separate entity from China from its list of freest economics of the world citing increasing
interference from the Chinese government in Hong Kong's governmental system and democratic
process. With this Hong Kong, along with Macao, lost a position they had held in the index since the
index's inception in 1995. At the time of the removal from the index, the founder of the Heritage
Foundation indicated that while the SARs "offer their citizens more economic freedom than is available
to the average citizen of China", these economic policies are still "ultimately controlled from Beijing".[49]
Economic data
Treemap of Hong Kong export in 2014
Development of real GDP per capita in Hong Kong, Taiwan and Mainland China
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–
2027). Inflation below 5% is in green.[50]
Year GDP
(in Bil. US$PPP)
GDP per capita
(in US$ PPP)
GDP
(in Bil. US$nominal)
GDP per capita
(in US$ nominal)
GDP growth
(real)
Inflation rate
(in Percent)
Unemployment
(in Percent)
Government debt
(in % of GDP)
1980 36.1 7,130.7 28.9 5,704.0 Increase10.3% Increase4.4% 3.8% n/a
1981 Increase43.1 Increase8,325.5 Increase31.1 Increase5,995.2 Increase9.2% Negative

increase9.5% Negative increase3.9% n/a
1982 Increase47.1 Increase8,956.7 Increase32.3 Increase6,139.0 Increase2.9% Negative

increase11.0% Positive decrease3.5% n/a
1983 Increase51.9 Increase9,701.3 Decrease29.9 Decrease5,590.2 Increase6.0%

Negative increase9.9% Negative increase4.4% n/a
1984 Increase59.2 Increase10,892.1 Increase33.5 Increase6,170.5 Increase10.0%

Negative increase8.5% Positive decrease3.9% n/a

Increase3.6% Positive decrease3.2% n/a

Increase3.6% Positive decrease2.8% n/a







Negative increase8.8% Steady2.0% n/a




1998 Decrease164.3 Decrease24,962.9 Decrease168.9 Decrease25,649.1 Decrease-5.9%

Increase2.8% Negative increase4.7% n/a

Increase-4.0% Negative increase6.3% n/a

Increase-3.7% Positive decrease4.9% n/a




Increase-0.4% Positive decrease6.8% 1.9%

Increase0.9% Positive decrease5.6% Positive decrease1.7%



Increase0.6% Negative increase5.3% Positive decrease0.7%


Negative increase5.3% Positive decrease3.4% Steady0.6%


Increase4.3% Negative increase3.4% Positive decrease0.5%


Increase3.0% Negative increase3.3% Steady0.1%

Increase2.4% Negative increase3.4% Steady0.1%

Increase1.5% Positive decrease3.1% Steady0.1%

Increase2.4% Positive decrease2.8% Steady0.1%
2019 Increase466.3 Decrease61,999.4 Increase363.1 Decrease48,274.9 Decrease-1.7%

Increase2.9% Negative increase2.9% Negative increase0.3%

Increase0.3% Negative increase5.8% Negative increase1.0%

Increase1.6% Positive decrease5.2% Negative increase2.1%
2022 Increase518.7 Increase69,987.0 Decrease368.4 Decrease49,699.6 Decrease-0.9%





GDP[6]
GDP – nominal (2021): HK$2,869,682 million
GDP – real growth rate (2021): +6.3%
GDP – per capita (2021): HK$387,110
GDP – composition by sector (2020):
Financial services: 23.4%
Trading and Logistics: 19.8%
Professional Services and Other Producer Services: 11.5%
Tourism: 0.4%
Other Sectors: 44.9%
Gdp ppp\per capita in $2020 59520, Gdp ppp 444,86milliards\billions dollars[51]
Identity
Hong Kong dollar
Banknotes
Coins
Monetary Authority
Four Asian Tigers
Resources
Employment
Transport
Tourism
Postal
Agri/aqua
Ports
Manufacturing
Companies
Stock Exchange
Growth Enterprise Market
Companies listed on HKSE
Other Hong Kong topics
Culture
Education
Geography
History
Politics
Hong Kong Portal
vte
Population[6]
Population (2021 year end): ~7.4 million

Unemployment rate (2021): 5.2%
Labour Force Participation Rate (2021):
Overall: 59.4%
Male: 65.8%
Female: 54.2%
Age 15–24: 34.9%
Age 25–44: 85.9%
Age 44-64: 68.8%
Age 65 and over: 12.5%
Labour[6]
Labour force (2021): 3.87 million -1.2% year-on-year
Persons Engaged in various sectors (Dec 2021):
Social and personal services: 537,322
Import/export trade and wholesale: 439,500
Professional and business services: 387,702
Accommodation and food services: 253,527
Retail: 251,421
Finance and insurance: 240,274
Unemployed (2021): 200,300 5.2%
Underemployed (2021): 98,900 2.6%
2022–23 fiscal year budget[52]
Total Revenues: HK$715.9 billion
Total Expenditures: HK$807.3 billion
Deficit: HK$91.4 billion
Government debt at 31 March 2022: HK$56.68 billion

[53]
Trade[6]
Selective data in HK$ for Main Countries/Territories (2021)
Total Trade: $10,268.4 billion +25.3% year-on-year, trade balance -$347.1 billion
With mainland China: $5,385.4 billion (52.4% share), +26.8% year-on-year
With Taiwan: $691.3 billion (6.7% share), +37.1% year-on-year
With USA: $516.3 billion (5.0% share), +19.1% year-on-year
Imports: $5,307.8 billion +24.3% year-on-year
From mainland China: $2,433.4 billion (45.8% share), +26.5% year-on-year
From Taiwan: $547.5 billion (10.3% share), +35.0% year-on-year
From Singapore: $413.8 billion (7.8% share), +31.7% year-on-year
Exports: $4,960.6 billion +26.3% year-on-year
To mainland China: $2,951.9 billion (59.5% share), +27.0% year-on-year
To USA: $309.6 billion (6.2% share), +19.6% year-on-year
To Taiwan: $143.8 billion (2.9% share), +46.0% year-on-year
Trade with Macau
Location of Hong Kong and Macau
See also: Hong Kong–Macau relations and Economy of Macau
As at 2015, Macau is Hong Kong's second largest export destination, occupying 6.1% of Hong Kong's total
exports.[54] The amount of export totaled US$8.4B, with broadcasting equipment, jewelry, and precious
metal watches as the major products.[55] On the other hand, Hong Kong is Macau's largest export
destination.[56] Totaled USD 774M, with precious metal watches, jewelry, trunks and cases as the major
trading products, the exports to the Hong Kong forms 53% of Macau's total exports.[57] Since 2018,
Hong Kong and Macau have been connected via road by the Hong Kong–Zhuhai–Macau Bridge.
Poverty
The international poverty line is a monetary threshold under which an individual is considered to be
living in poverty. This threshold is calculated using Purchasing Power Parity.[58] According to the World
Bank, the international poverty line was most recently updated in October 2015, in which it was
increased from $1.25 per day to $1.90 per day using the value of 2011 dollars.[59] Raising this threshold
helps account for changes in costs of living, which directly effects individuals ability to obtain basic
necessities across countries.
Recent figures show that 1.37 million people are living below the poverty line and struggling to survive
on HK$4,000 (US$510) per month for a one-person household, HK$9,800 for a two-person household
earning, and HK$15,000 or a three-person household.[60] The poverty rate in Hong Kong hit a high of
20.1%, but recent efforts by government programs have lowered this number to 14.7%.[61]
In December 2012, the Commission on Poverty (CoP) was reinstated to prevent and alleviate poverty
with three primary functions; analyze the poverty situation, assist policy formulation and to assess policy
effectiveness. Cash handouts have been credited with alleviating much of the poverty, but the extent in
which poverty has been alleviated is still questionable. Although cash handouts raise households above
the poverty line, they are still struggling to meet certain standards as the cost of living in Hong Kong
steadily increases.
Coupled with these cash payments, statutory minimum wage is set to increase for a second time in the
past 10 years. Statutory Minimum Wage (SMW) came into existence on 1 May 2011 and the SMW rate
has been HK$34.5 per hour since May 2017. The Legislative Council in Hong Kong most recently
approved the revision on the SMW rate to increase to HK$37.5 per hour, effective 1 May 2019.[62]
Although the total statistics for Hong Kong show declining poverty, child poverty has recently
increased .3 percentage points, up to a total of 23.1%, as a result of larger households due to children
staying with their elderly parents.[63] With economic growth projected to slow in the coming years,
poverty becomes an increasingly pressing issue.
Beyond benefiting the younger generation through cash handouts and minimum wage increases,
expanded elderly allowances have been implemented to increase disposable incomes of the elderly
population that can no longer work. As of 1 February 2019 the amount payable per month for eligible
elderly population became HK$1,385 in an effort to raise households incomes living with elderly tenants.
Although Hong Kong has become one of the largest growing cities in the world, much of the population
is struggling to keep up with the rising costs of living.
One of the largest issues affecting low income families is the availability of affordable housing. Over the
past decade, residential Hong Kong property prices have increased close to 242%, with growth finally
starting to decelerate in 2019.[64] Considering housing is a basic necessity, prices have continuously
increased while disposable incomes remain virtually unchanged. As the amount of affordable housing
diminishes, it has become much harder for families to find homes in their home country. Public housing
programs have been implemented by the government, but delayed construction and growing waitlists
have not helped to the extent they planned for. Recent results from a Hong Kong think tank show that by
2022, the average citizen could wait up to 6 years for public housing.[65] Evidence shows that the
availability of affordable housing has declined, forcing households to spend more on shelter and less on
other necessities. These issues can lead to worse living conditions and imbalanced diets, both of which
pose problems beyond just financial well-being.
Stock exchange
Hang Seng Index 2001 - 2022
Main article: Hong Kong Stock Exchange
The Hong Kong Stock Exchange is the sixth largest in the world, with a market capitalisation of about
US$3.732 trillion as of mid-2017. In 2006, the value of initial public offerings (IPO) conducted in Hong
Kong was second highest in the world after London.[66] In 2009, Hong Kong raised 22 percent of IPO
capital, becoming the largest centre of IPOs in the world.[67] The exchange is the world's 10th largest by
turnover and third largest in China.[68][citation needed]
See also
flag Hong Kong portal
icon Economy portal
Mainland and HK Closer Economic Partnership Arrangement (CEPA)
Mainland and Macau Closer Economic Partnership Arrangement (CEPA)
Economy of China
Manufacturing in Hong Kong
Economy of East Asia

Individual Visit Scheme
John James Cowperthwaite
Positive non-interventionism
The Hongs
Taiwan Miracle
Poverty Campaign: Speak Up
Seamen's strike of 1922
Nylonkong
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Retrieved 18 April 2019.
"FAQs: Global Poverty Line Update". World Bank. Archived from the original on 18 April 2019. Retrieved
18 April 2019.
"Record 1.37 million people living below poverty line in Hong Kong". South China Morning Post. 19
November 2018. Archived from the original on 18 April 2019. Retrieved 18 April 2019.
"Analysis of poverty situation in Hong Kong in 2017 announced (with photo/video)". info.gov.hk.
Archived from the original on 1 September 2019. Retrieved 18 April 2019.
"Labour Department – Employee Rights and Benefits". labour.gov.hk. Archived from the original on 4
April 2019. Retrieved 18 April 2019.
hermesauto (20 November 2018). "In Hong Kong, one in five are living in poverty". The Straits Times.
Archived from the original on 18 April 2019. Retrieved 18 April 2019.
Guide, Global Property (6 March 2019). "Investment Analysis of Hong Kong Real Estate Market". Global
Property Guide. Archived from the original on 19 April 2019. Retrieved 18 April 2019.
Chan, Holmes (18 April 2019). "By 2022, average Hongkonger could wait 6 years or more for public
housing, think tank warns". Hong Kong Free Press HKFP. Retrieved 18 April 2019.
Hong Kong surpasses New York in IPOs Archived 9 February 2009 at the Wayback Machine, International
Herald Tribune, 25 December 2006. Retrieved 20 January 2007.
"Hong Kong IPOs May Raise Record $48 Billion in 2010, E&Y Says". Bloomberg L.P. 21 December 2009.
Archived from the original on 29 April 2011. Retrieved 6 March 2017.
After Shenzhen and Shanghai
External links
Hong Kong Economy
Hong Kong Government
Hong Kong Economic Structure, The Economist, 10 January 2007. Retrieved 24 February 2007.
The Hong Kong Experiment by Milton Friedman
Economic History of Hong Kong Catherine R. Schenk, University of Glasgow
Hong Kong Census and Statistics Department
Hong Kong Forex Nows (IBTimes HK)
World Bank Summary Trade Statistics Hong Kong
Tariffs applied by Hong Kong as provided by ITC's Market Access Map, an online database of customs
tariffs and market requirements
vte
Hong Kong
vte
vte
Asia-Pacific Economic Cooperation (APEC)
vte
World Trade Organization
vte
Economy of Asia
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Economy of Hong Kong

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Economy of Hong Kong

Hong Kong Harbour Night 2019-06-11.jpg

Central and Victoria Harbour of Hong Kong

Currency Hong Kong dollar (HKD)

Fiscal year 1 April – 31 March

Population Increase 7,553,689 (2021)[3]

Decrease $368.373 billion (nominal, 2022 est.)[4]

Increase $518.743 billion (PPP, 2022)[5]

+2.8% (2018) −1.7% (2019)

−6.5% (2020) +6.3% (2021)[6]

GDP per capita

Decrease $69,987 (PPP, 2022 est.)[4]

GDP per capita rank

Inflation (CPI) 1.6% (2021)[6]

Population below poverty line 19.9% (2016 est.)[7]

Gini coefficient 53.9 high (2016)[7]

Human Development Index

Increase 0.949 very high (2019)[8] (4th)

Increase 0.824 very high IHDI (2019)[9]

Decrease 3,946,772 (2019)[10]

Decrease 59.0% employment rate (2016)[11]

Labour force by occupation

wholesale and retail trade, restaurants, and hotels: 43.3%

financing, insurance, and real estate: 20.7%

transport and communications: 7.8%

Increase 5.8% (2020)

Decrease 5.2% (2021)[6]

Ease-of-doing-business rank Increase 3rd (very easy, 2020)[12]

Exports $537.8 billion (2017 est.)[7]

Main export partners Mainland China 59.5%

United States 6.2%

Imports$561.8 billion (2017 est.)[7]

Main import partners

Mainland China 45.8%

Increase$2.2 trillion (31 December 2017 est.)[7]

Increase Abroad: $2.036 trillion (31 December 2017 est.)[7]

Current accountIncrease $14.75 billion (2017 est.)[7]

Public debt 0.1% of GDP (2017 est.)[7]

Budget balance +5.2% (of GDP) (2017 est.)[7]

Revenues 79.34 billion (2017 est.)[7]

Expenses 61.64 billion (2017 est.)[7]

Credit rating Standard & Poor's:[13]

AAA (T&C Assessment)

Foreign reserves US$431 billion (December 2017)[15]

Main data source: CIA World Fact Book

All values, unless otherwise stated, are in US dollars.

4.4 2022–23 fiscal year budget[52]

4.5.1 Trade with Macau

Main article: Positive non-interventionism

The economy functions well into the night.

Further information: Economic freedom

Treemap of Hong Kong export in 2014

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

1980 36.1 7,130.7 28.9 5,704.0 Increase10.3% Increase4.4% 3.8% n/a

1981 Increase43.1 Increase8,325.5 Increase31.1 Increase5,995.2 Increase9.2% Negative