Wikipedia

Economy of Hong Kong


Theeconomy of Hong Kongis ahighly developedfree-market economy.It is characterised bylow taxation,almost free port trade and a well-established international financial market.[15][16]Its currency, called theHong Kong dollar,is legally issued by three major international commercial banks,[17]and is pegged to theUS dollar.[18][19]Interest ratesare determined by the individual banks inHong Kongto ensure that they are market driven.[20]There is no officially recognised central banking system, although theHong Kong Monetary Authorityfunctions as a financial regulatory authority.[21][22]

Economy ofHong Kong
Central andVictoria HarbourofHong Kong
CurrencyHong Kong dollar(HKD)
1 April – 31 March
Trade organisations
APEC,WTO,Group of Twenty(Chinese delegation),One Belt One Road,AIIBandICCetc.
Country group
Statistics
PopulationIncrease7,498,100 (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$75,407 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
1.9% (2022)[5]
Population belowpoverty line
19.9% (2016 est.)[6]
53.9high(2016)[6]
Labour force
  • Decrease3,946,772 (2019)[8]
  • Decrease59.0% employment rate (2016)[9]
Labour force by occupation
  • manufacturing: 1.0%
  • Electricity, gas and water supply, and waste management: 1.2%
  • construction: 4.3%
  • wholesale and retail trade, restaurants, and hotels: 19.8%
  • transport and communications: 11.2%
  • financing, insurance, and real estate, professional and business service: 30.9%
  • community, social, and personal services: 31.7%
Unemployment4.3% (2022)[5]
Average gross salary
HK$ 19,100
US$ 2,439per month (2022 May)[10]
HK$ 17,883
US$ 2,284per 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
FDIstock
  • Increase$2.2 trillion (31 December 2017 est.)[6]
  • IncreaseAbroad: $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 inUS dollars.

Its economy is governed underpositive 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]TheEconomic Freedom of the World Indexlists 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, ampleforeign exchange reserveswith 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]rigorousanti-corruptionmeasures and close ties withmainland China.[26]TheHong Kong Stock Exchangeis a favourable destination for international firms and firms from mainland China to be listed, due to Hong Kong's highly internationalised and modernisedfinancial industry.Additional advantages include the city'scapital marketin Asia, its size, regulations and available financial tools, which are comparable toLondonandNew 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 slightlylargerthanChile's orRomania's[30][31][32]and itsGDP per capita at purchasing power paritywas 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 theGreat Recession.[33]

By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York City andRotterdamin terms of container throughput. Hong Kong is a full Member of theWorld 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 ofGreecein terms of total tonnage holdings in the world. TheHong Kong Stock Exchangeis thesixth largestin the world, with amarket capitalisationof 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 andtaxation of landand through attracting international businesses to provide capital for itspublic finance,due to its low tax policy. According toHealy Consultants,Hong Kong has the most attractive business environment withinEast Asia,in terms of attractingforeign direct investment(FDI).[37]In 2013, Hong Kong was the third largest recipient of FDI in the world.[38]

Hong Kong ranked fourth on theTax Justice Network's 2011Financial Secrecy Index.[39]The Hong Kong Government was the fourth highest ranked Asian government[40]in the World Economic Forum'sNetwork 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 inthe Global Innovation Index in 2024,and 3rd inthe Global Financial Centres Index.

According to theEconomic Freedom of the World 2024report, 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 the1997 handover,Hong Kong's economic future became far more exposed to the challenges ofeconomic globalisationand 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 asMilton Friedmanand theCato Instituteas an example oflaissez-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 termlaissez-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, andsocial welfarespending. 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 asartificially high pricesand 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 afterSingaporein theIndex of Economic Freedom,published byThe 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 fromChinafrom its list of freest economics of the world, citing increasing interference from theChinese governmentin 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-basedFraser Institutecontinues 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 ofthe 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 relationsandEconomy of Macau

As at 2015,Macauis 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 theHong Kong–Zhuhai–Macau Bridge.

Poverty

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Theinternational poverty lineis a monetary threshold under which an individual is considered to be living in poverty. This threshold is calculated usingPurchasing Power Parity.[59]According to theWorld 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 forpublic 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 Index2001 - 2022
Main article:Hong Kong Stock Exchange

TheHong Kong Stock Exchangeis thesixth largestin the world, with amarket capitalisationof about US$3.732 trillion as of mid-2017. In 2006, the value ofinitial 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
FromGoogle Finance: AUDCADCHFCNYEURGBPJPYUSDTWDKRWINR
FromYahoo! Finance: AUDCADCHFCNYEURGBPJPYUSDTWDKRWINR
FromXE: AUDCADCHFCNYEURGBPJPYUSDTWDKRWINR
From OANDA: AUDCADCHFCNYEURGBPJPYUSDTWDKRWINR
USD/Hong Kong Dollarexchange rate
Chinese Yuan/Hong Kong Dollarexchange rate

See also

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Notes

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  1. ^After Shenzhen and Shanghai

References

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  4. ^abcd"Report for Selected Countries and Subjects: October 2024".imf.org.International Monetary Fund.
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  9. ^"Employment to population ratio, 15+, total (%) (national estimate)".data.worldbank.org.World Bank.Archivedfrom the original on 24 August 2019.Retrieved24 August2019.
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  13. ^abcRogers, Simon; Sedghi, Ami (15 April 2011)."How Fitch, Moody's and S&P rate each country's credit rating".The Guardian.London.Archivedfrom the original on 1 August 2013.Retrieved31 May2011.
  14. ^"Hong Kong's Latest Foreign Currency Reserve Assets Figures Released".Hong Kong Monetary Authority.11 April 2023.Archivedfrom the original on 25 July 2023.Retrieved25 July2023.
  15. ^Mizuoka, Fujio (2018).Contrived Laissez-Faireism: The Politico-Economic Structure of British Colonialism in Hong Kong.Springer Publishing.p. 26.ISBN978-3319697932.Archivedfrom the original on 1 August 2020.Retrieved1 June2020.
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  17. ^Legal Tender Notes Issue OrdinanceArchived3 May 2015 at theWayback Machine.Legislation.gov.hk (30 June 1997)
  18. ^"Monetary Stability"(PDF).Hkma.gov.hk.Archived fromthe original(PDF)on 5 June 2013.Retrieved27 July2018.
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  20. ^Gough, Neil; Sang-Hun, Choe (19 July 2012)."Asian Financial Regulators Examine Local Lending Rates".The New York Times.Archivedfrom the original on 20 September 2017.Retrieved5 March2017.
  21. ^"The Hong Kong Association of Banks".Hkab.org.hk.Archivedfrom the original on 17 September 2018.Retrieved5 November2012.
  22. ^Chiu, Peter (2003)."Hong Kong's Banking Industry Facing Keen Competition".China Perspectives.2003(2).doi:10.4000/chinaperspectives.260.Archivedfrom the original on 14 May 2013.Retrieved16 November2012.
  23. ^WHub (2018)."Hong Kong Start Up Ecosystem Whitepaper".Archivedfrom the original on 17 September 2018.
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