People's Republic of China-Hong Kong Special Administrative Region: 2009 Article IV Consultation-Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion

December 4, 2009

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People's Republic of China-Hong Kong Special Administrative Region: 2009 Article IV Consultation-Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion, (USA: International Monetary Fund, 2009) accessed November 27, 2024

Summary

This 2009 Article IV Consultation highlights that Hong Kong Special Administrative Region’s economy was severely affected by the global financial crisis. The recovery is now under way, fueled by growth on the Mainland, supportive policies, and accommodative monetary conditions imported from the United States. Despite the steepness of the downturn in early 2009, job losses have been relatively modest and unemployment now stands at 5.2 percent. Executive Directors have welcomed the robustness of the Hong Kong banking system, the result of banks’ careful risk management, and the authorities’ vigilant, prudent regulation and enforcement.

Subject: Asset prices, Banking, Credit, Deposit insurance, Foreign exchange, Inflation, Labor, Minimum wages, Money, Prices, Real exchange rates

Keywords: Asset prices, CR, Credit, GDP data, Global, Hong Kong banking system, Hong Kong financial system, Inflation, ISCR, Minimum wages, Outturn, Real exchange rates, Sc, Staff appraisal, Weaker-than-expected GDP outturn

Publication Details

Pages:

37
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2009/321
Stock No:

1HKGEA2009001
ISBN:

9781451817010
ISSN:

1934-7685

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