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Economy of Hong Kong

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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.[15][16] Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks,[17] and is pegged to the US dollar.[18][19] Interest rates are determined by the individual banks in Hong Kong to ensure that they are market driven.[20] There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority.[21][22]

Economy of Hong Kong
Central and Victoria Harbour of Hong Kong
CurrencyHong Kong dollar (HKD)
1 April – 31 March
Trade organisations
APEC, WTO, Group of Twenty (Chinese delegation), One Belt One Road, AIIB and ICC etc.
Country group
Statistics
PopulationIncrease 7,498,100 (2023)[3]
GDP
  • Increase $401.751 billion (nominal, 2024)[4]
  • Increase $569.828 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • +6.4% (2021) −3.5% (2022)[5]
GDP per capita
  • Increase $53,165 (nominal, 2024)[4]
  • Increase $75,407 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
1.9% (2022)[5]
Population below poverty line
19.9% (2016 est.)[6]
53.9 high (2016)[6]
Labour force
  • Decrease 3,946,772 (2019)[8]
  • Decrease 59.0% employment rate (2016)[9]
Labour force by occupation
  • manufacturing: 1.0%
  • Electricity, gas and water supply, and waste management: 1.2%
  • construction: 4.3%
  • wholesale and retail trade, restaurants, and hotels: 19.8%
  • transport and communications: 11.2%
  • financing, insurance, and real estate, professional and business service: 30.9%
  • community, social, and personal services: 31.7%
Unemployment4.3% (2022)[5]
Average gross salary
HK$ 19,100
US$ 2,439 per month (2022 May)[10]
HK$ 17,883
US$ 2,284 per month (2022 May)[11]
Main industries
financing and insurance, import and export trade, professional and business services
External
Exports$533.6 billion (2023)[5]
Main export partners
Imports$593.3 billion (2023)[5]
Main import partners
FDI stock
  • Increase$2.2 trillion (31 December 2017 est.)[6]
  • Increase Abroad: $2.036 trillion (31 December 2017 est.)[6]
Increase $14.75 billion (2017 est.)[6]
Positive decrease $633.6 billion (31 December 2017 est.)[6]
Public finances
0.1% of GDP (2017 est.)[6]
+5.2% (of GDP) (2017 est.)[6]
Revenues79.34 billion (2017 est.)[6]
Expenses61.64 billion (2017 est.)[6]
Standard & Poor's:[12]
AAA (Domestic)
AAA (Foreign)
AAA (T&C Assessment)
Outlook: Stable[13]
Moody's:[13]
Aa3
Outlook: Negative
Fitch:[13]
AA+
Outlook: Stable
$430.7 billion (April 2023)[14]
All values, unless otherwise stated, are in US dollars.

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.[23] The Economic Freedom of the World Index lists Hong Kong as the freest economy, with a score of 8.58 based on data from 2022.[24]

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,[25] rigorous anti-corruption measures and close ties with mainland China.[26] 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.[27][28]

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.[29] Its economy is slightly larger than Chile's or Romania's[30][31][32] and its GDP per capita at purchasing power parity was the twelfth highest globally in 2023. By the latter measure, its GDP per capita was higher than those of 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.[33]

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.[34] 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.[35]

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.[36]

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).[37] In 2013, Hong Kong was the third largest recipient of FDI in the world.[38]

Hong Kong ranked fourth on the Tax Justice Network's 2011 Financial Secrecy Index.[39] The Hong Kong Government was the fourth highest ranked Asian government[40] 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.[41]

Hong Kong is ranked as the 18th most innovative territory in the Global Innovation Index in 2024, and 3rd in the Global Financial Centres Index.

According to the Economic Freedom of the World 2024 report, Hong Kong emerged as the top-ranked region, excelling particularly in the domains of Freedom to Trade Internationally and Regulation.

Since the 1997 handover

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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.[42]

Since the 1997 handover, Hong Kong's share of China's GDP has dropped from 18.4% to 2.1% in 2021. In 2021, the Housing Price Index was double of what it was in 1997, while the Real Wage Index was almost unchanged.[43]

Positive non-interventionism

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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] Moreover, as demonstrated in the regulation of finance companies in the 1970s and 1980s, the principle of positive non-interventionism in practice involved the government intervening in markets, albeit often hesitantly and belatedly, when the public interest was perceived to be threatened. The concept evolved towards a policy of "when in doubt, do nothing" during this period of financial instability.[46]

Economic freedom

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Further information: Economic freedom

In 2020, Hong Kong was ranked as the world's second-freest economy after Singapore in the Index of Economic Freedom, published by The Heritage Foundation.[47][48] 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.[49]

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".[50] On the other hand, the Canadian-based Fraser Institute continues to rank Hong Kong as the freest territory as late as 2024 (based on data from 2022).

On March 19, 2024, the Basic Law Article 23 (Article 23 law) was officially promulgated and took effect on March 23, 2024. The central and local government believe that this law, which safeguards national security as Article 23 states, will enable Hong Kong to transition from stability to prosperity. Zheng Yanxiong, Director of the Central Government's Liaison Office, stated that the city can now fully commit to developing the economy and improving the livelihoods of residents, thanks to the "iron wall" of its domestic national security law.[51]

Economic data

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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.[52]

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  10.3%  4.4% 3.8% n/a
1981  43.1  8,325.5  31.1  5,995.2  9.2%  9.5%  3.9% n/a
1982  47.1  8,956.7  32.3  6,139.0  2.9%  11.0%  3.5% n/a
1983  51.9  9,701.3  29.9  5,590.2  6.0%  9.9%  4.4% n/a
1984  59.2  10,892.1  33.5  6,170.5  10.0%  8.5%  3.9% n/a
1985  61.5  11,173.8  35.7  6,490.4  0.7%  3.6%  3.2% n/a
1986  69.7  12,515.9  41.1  7,380.1  11.1%  3.6%  2.8% n/a
1987  80.9  14,415.0  50.6  9,015.2  13.4%  5.7%  1.7% n/a
1988  90.9  16,032.8  59.7  10,527.5  8.5%  7.8%  1.4% n/a
1989  96.6  16,877.5  68.8  12,012.6  2.3%  10.2%  1.1% n/a
1990  104.1  18,099.3  76.9  13,374.3  3.8%  10.3%  1.3% n/a
1991  113.8  19,563.0  89.0  15,297.6  5.7%  11.2%  1.8% n/a
1992  123.6  20,995.4  104.3  17,710.5  6.2%  9.6%  2.0% n/a
1993  134.4  22,405.6  120.4  20,065.7  6.2%  8.8%  2.0% n/a
1994  145.5  23,784.5  135.8  22,194.0  6.0%  8.8%  1.9% n/a
1995  152.1  24,262.2  144.7  23,070.5  2.4%  9.0%  3.2% n/a
1996  161.5  24,975.4  159.7  24,699.0  4.3%  6.3%  2.8% n/a
1997  172.7  26,496.4  177.3  27,214.6  5.1%  5.8%  2.2% n/a
1998  164.3  24,962.9  168.9  25,649.1  -5.9%  2.8%  4.7% n/a
1999  170.8  25,737.3  165.7  24,969.0  2.5%  -4.0%  6.3% n/a
2000  188.1  28,025.5  171.6  25,574.5  7.7%  -3.7%  4.9% n/a
2001  193.4  28,737.1  169.4  25,166.9  0.6%  -1.6%  5.1% n/a
2002  199.7  29,688.3  166.3  24,731.1  1.7%  -3.0%  7.3% n/a
2003  209.8  31,022.4  161.4  23,856.5  3.1%  -2.6%  7.9% n/a
2004  234.2  34,456.0  169.1  24,873.9  8.7%  -0.4%  6.8% 1.9%
2005  259.4  37,938.2  181.6  26,551.8  7.4%  0.9%  5.6%  1.7%
2006  286.2  41,456.1  193.5  28,028.2  7.0%  2.0%  4.8%  1.4%
2007  313.0  45,106.1  211.6  30,494.6  6.5%  2.0%  4.0%  1.2%
2008  325.8  46,777.4  219.3  31,487.9  2.1%  4.3%  3.5%  1.0%
2009  319.8  45,706.2  214.0  30,594.0  -2.5%  0.6%  5.3%  0.7%
2010  345.5  48,996.0  228.6  32,421.4  6.8%  2.3%  4.3%  0.6%
2011  369.7  51,998.8  248.5  34,955.1  4.8%  5.3%  3.4%  0.6%
2012  373.5  52,082.4  262.6  36,623.7  1.7%  4.1%  3.3%  0.5%
2013  385.4  53,453.6  275.7  38,233.4  3.1%  4.3%  3.4%  0.5%
2014  396.0  54,604.9  291.5  40,185.3  2.8%  4.4%  3.3%  0.1%
2015  411.3  56,266.9  309.4  42,325.4  2.4%  3.0%  3.3%  0.1%
2016  419.8  56,903.2  320.9  43,488.2  2.2%  2.4%  3.4%  0.1%
2017  442.4  59,667.9  341.3  46,025.7  3.8%  1.5%  3.1%  0.1%
2018  465.9  62,220.8  361.7  48,310.0  2.8%  2.4%  2.8%  0.1%
2019  466.3  61,999.4  363.1  48,274.9  -1.7%  2.9%  2.9%  0.3%
2020  441.0  59,380.4  344.9  46,443.6  -6.5%  0.3%  5.8%  1.0%
2021  488.5  65,980.6  369.2  49,865.4  6.3%  1.6%  5.2%  2.1%
2022  518.7  69,987.0  368.4  49,699.6  -0.9%  1.9%  4.5%  3.3%
2023  558.4  75,134.8  387.5  52,132.1  3.9%  2.4%  4.0%  4.3%
2024  587.1  78,651.5  406.7  54,494.0  3.0%  2.5%  3.7%  4.7%
2025  615.2  81,952.1  427.3  56,912.0  2.9%  2.5%  3.4%  4.8%
2026  644.9  85,404.0  449.4  59,514.7  2.9%  2.5%  3.1%  4.7%
2027  675.8  88,978.9  471.0  62,015.3  2.8%  2.5%  2.9%  5.4%

GDP

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  • GDP – nominal (2022): HK$2,818,046 million
  • GDP – nominal in US$ (2022): $359,812 million
  • GDP – real growth rate (2022): −3.5%
  • GDP – per capita (2022): HK$383,611
  • GDP – per capita US$ (2022): $48,980
  • GDP – composition by sector (2022):
    • Financing and insurance: 21.3%
    • Import/export, wholesale and retail trades: 19.4%
    • Real estate, professional and business services: 9.1%
    • Public administration, social and personal services: 20.5%
    • Ownership of premises: 10.8%
    • Other Sectors: 18.9%

Source:[5]

Labour

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  • Labour force (2022): 3.78 million -2.4% year-on-year
  • Persons Engaged in various sectors (Dec 2022):
    • Social and personal services: 544,279
    • Import/export trade and wholesale: 679,161
    • Professional and business services: 384,439
    • Accommodation and food services: 258,304
    • Retail: 246,424
    • Finance and insurance: 233,440
    • Human health and social work services: 217,867
    • Education: 209,448
  • Unemployed (2022): 163,100 4.3%
  • Underemployed (2022): 88,100 2.3%

Source:[5]

2022–2023 fiscal year budget

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  • 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

Sources:[53][54]

Trade

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Selective data in HK$ for Main Countries/Territories (2022)
  • Total Trade: $9,459.1 billion −7.9% year-on-year, trade balance −$347.1 billion
    • With mainland China: $4,648.4 billion (49.1% share), −13.7% year-on-year
    • With Taiwan: $741.6 billion (7.8% share), +7.3% year-on-year
    • With the United States: $502.1 billion (5.3% share), −2.8% year-on-year
    • With Singapore: $481.2 billion (5.1% share), −0.5% year-on-year
    • With South Korea: $371.2 billion (3.9% share), −7.0% year-on-year
    • With Japan: $345.3 billion (3.7% share), −11.4% year-on-year
    • With Vietnam: $256.3 billion (2.7% share), +16.0% year-on-year
    • With India: $252.4 billion (2.7% share), +17.7% year-on-year
  • Imports: $4,927.5 billion −7.2% year-on-year
    • From mainland China: $2,077.7 billion (42.2% share), −14.6% year-on-year
    • From Taiwan: $587.4 billion (11.9% share), +7.3% year-on-year
    • From Singapore: $398.5 billion (8.1% share), −3.7% year-on-year
    • From South Korea: $289.8 billion (5.9% share), −10.7% year-on-year
    • From Japan: $242.8 billion (4.9% share), −10.4% year-on-year
    • From the United States: $209.4 billion (4.3% share), +1.3% year-on-year
    • From Malaysia: $176.9 billion (3.6% share), +6.1% year-on-year
    • From Vietnam: $143.9 billion (2.9% share), +22.3% year-on-year
  • Exports: $4,531.7 billion −8.6% year-on-year
    • To mainland China: $2,570.8 billion (56.7% share), −12.9% year-on-year
    • To the United States: $292.7 billion (6.5% share), −5.5% year-on-year
    • To India: $171.7 billion (3.8% share), +29.0% year-on-year
    • To Taiwan: $154.2 billion (3.4% share), +7.2% year-on-year
    • To Vietnam: $112.4 billion (2.5% share), +8.9% year-on-year
    • To Japan: $102.5 billion (2.3% share), −13.8% year-on-year
    • To the United Arab Emirates : $95.0 billion (2.1% share), +35.3% year-on-year
    • To Singapore: $82.9 billion (1.8% share), +18.6% year-on-year

Source:[5]

Trade with Macau

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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.[55] The amount of export totaled US$8.4B, with broadcasting equipment, jewelry, and precious metal watches as the major products.[56] On the other hand, Hong Kong is Macau's largest export destination.[57] 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.[58] Since 2018, Hong Kong and Macau have been connected via road by the Hong Kong–Zhuhai–Macau Bridge.

Poverty

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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.[59] 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.[60] 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.[61] 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%.[62]

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.[63] Although the total statistics for Hong Kong show declining poverty, child poverty increased .3 percentage points from 2017 to 2018, up to a total of 23.1%, as a result of larger households due to children staying with their elderly parents.[64] With economic growth projected to slow in the coming years, poverty becomes an increasingly pressing issue.[64]

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.[65] 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.[66] 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.

Financial markets

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Stock exchange

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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.[67] In 2009, Hong Kong raised 22 percent of IPO capital, becoming the largest centre of IPOs in the world.[68] The exchange is the world's 10th largest by turnover and third largest in China.[a][citation needed]

Bond market

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See also: Bond markets in East Asia and South East Asia
 
Hong Kong bonds
  15 year
  10 year
  2 year
  1 year
  6 month
  3 month

Exchange rates

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Current HKD exchange rates
From Google Finance: AUD CAD CHF CNY EUR GBP JPY USD TWD KRW INR
From Yahoo! Finance: AUD CAD CHF CNY EUR GBP JPY USD TWD KRW INR
From XE.com: AUD CAD CHF CNY EUR GBP JPY USD TWD KRW INR
From OANDA: AUD CAD CHF CNY EUR GBP JPY USD TWD KRW INR
 
  USD / Hong Kong Dollar exchange rate
 
  Chinese Yuan / Hong Kong Dollar exchange rate

See also

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Notes

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  1. ^ After Shenzhen and Shanghai

References

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  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 21 December 2019. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ "Press Releases Detail". www.censtatd.gov.hk.
  4. ^ a b c d "Report for Selected Countries and Subjects: October 2024". imf.org. International Monetary Fund.
  5. ^ a b c d e f g h i j k "List of All Statistical Products". Census and Statistics Department.
  6. ^ a b c d e f g h i j "The World Factbook". Central Intelligence Agency. Retrieved 25 January 2019.
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