IMF Staff Country Reports

People’s Republic of China—Hong Kong Special Administrative Region: Staff Report for the 1999 Article IV Consultation Discussions

Publication Date:

March 6, 2000

Electronic Access:

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Summary:

The Asian crisis hit the Hong Kong Special Administrative Region (SAR) economy hard in 1998, despite its generally strong fundamentals. In response to the crisis, the authorities eased fiscal policy—within the framework of a medium plan to restore budget balance, and significantly strengthened job creation and retraining efforts. Despite the inevitable pressures arising from declining output and the regional crisis, the financial position of the banking system remains generally strong. Executive Directors strongly supported the authorities' efforts to further strengthen employment and training programs.

Series:

Country Report No. 2000/028

Subject:

Banking Commercial banks Competition Financial institutions Financial markets Labor Securities markets Stock markets

Notes:

Included with the Staff Report is the text of Public Information Notice No. 00/15--IMF Concludes Article IV Consultation with People's Republic of China in Respect of the Hong Kong Special Administrative Region.