Economy of Hong Kong

The economy of Hong Kong is a highly developed free-market economy characterised by low taxation, almost free port trade and well-established international financial market.[17][18] Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks,[19] and is pegged to the US dollar.[20][21] Interest rates are determined by the individual banks in Hong Kong to ensure they are market driven.[22] There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority.[23][24]

Economy of Hong Kong
CurrencyHong Kong dollar (HKD)
1 April – 31 March
Trade organisations
APEC and WTO
Country group
Statistics
Population 7,507,400 (2019)[3]
GDP
  • $372.989 billion (nominal, 2019 est.)[4]
  • $482.226 billion (PPP, 2019)[5]
GDP rank
GDP growth
  • 2.9% (2018) −1.2% (2019)
  • −4.8% (2020e) 3.9% (2021e)[5]
GDP per capita
  • $49,334 (nominal, 2019 est.)[4]
  • $64,928 (PPP, 2019 est.)[4]
GDP per capita rank
GDP by sector
2.0% (2020 est.)[5]
Population below poverty line
19.9% (2016 est.)[6]
53.9 high (2016)[6]
Labour force
  • 3,946,772 (2019)[9]
  • 59.0% employment rate (2016)[10]
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
  • 4.5% (2020 est.)[5]
  • 3.0% (2019)[5]
Main industries
textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks
3rd (very easy, 2020)[11]
External
Exports$537.8 billion (2017 est.)[6]
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[6]
Main export partners
 Mainland China 54.1%
 United States 7.7%
(2017 est.)[12]
Imports$561.8 billion (2017 est.)[6]
Import goods
raw materials and semi-manufactures, consumer goods, capital goods, foodstuffs, fuel (most is reexported)[6]
Main import partners
FDI stock
  • $2.2 trillion (31 December 2017 est.)[6]
  • Abroad: $2.036 trillion (31 December 2017 est.)[6]
$14.75 billion (2017 est.)[6]
$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:[14]
AAA (Domestic)
AAA (Foreign)
AAA (T&C Assessment)
Outlook: Stable[15]
Moody's:[15]
Aa1
Outlook: Stable
Fitch:[15]
AA+
Outlook: Stable
Foreign reserves
US$431 billion (December 2017)[16]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

According to the Index of Economic Freedom,[25] Hong Kong has had the highest degree of economic freedom in the world since the inception of the index in 1995. 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.[26] The Economic Freedom of the World Index listed Hong Kong as the number one country, with a score of 8.97, in 2015.[27]

Hong Kong's economic strengths include a sound banking system, virtually no public debt, a strong legal system, ample foreign exchange reserves at around US $408 billion as of mid-2017, rigorous anti-corruption measures and close ties with mainland China.[28] 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 along with its capital market in Asia, its size, regulations and available financial tools, which are comparable to London and New York.[29][30]

Hong Kong's gross domestic product has grown 180 times between 1961 and 1997. Also, the GDP per capita rose by 87 times within the same time frame.[31] Its economy is slightly larger than Israel's or Ireland's[32][33][34] and its GDP per capita at purchasing power parity was the sixth highest globally in 2011, higher than 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 global financial turmoil.[35]

By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York and Rotterdam in terms of container throughput. Hong Kong is a full Member of World Trade Organization.[36] The Kwai Chung container complex was the largest in Asia; while Hong Kong shipping owners were 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.

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]

Stock exchange
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.[43] In 2009, Hong Kong raised 22 percent of IPO capital, becoming the largest centre of IPOs in the world.[44] The exchange is the world's 10th largest by turnover and third largest in China.[45]

Economic predictions
Cathay Pacific City, the headquarters of Cathay Pacific

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. The target is to allow Shanghai to catch up to New York by 2040–2050.[46]

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 policy. However, others have argued that the economic strategy is not adequately characterised by the term laissez-faire.[47] 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.[48]

The economy functions well into the night.

Economic freedom
Further information: Economic freedom

Hong Kong has been ranked as the world's freest economy in the Index of Economic Freedom of The Heritage Foundation for 24 consecutive years, since its inception in 1995.[25][49] 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.[50]

Economic data
Treemap of Hong Kong export in 2014

The following table shows the main economic indicators in 1980–2017. Inflation under 2 % is in green.[51]

Year GDP
(in Bil. US$ PPP)		 GDP per capita
(in US$ PPP)		 GDP growth
(real)		 Inflation rate
(in Percent)		 Unemployment
(in Percent)		 Government debt
(in % of GDP)
1980 34.5 6,771 10.3 % 4.4 % 3.8 % n/a
1981 41.2 7,897 9.2 % 9.5 % 3.9 % n/a
1982 45.0 8,497 2.9 % 11.0 % 3.5 % n/a
1983 49.6 9,207 6.0 % 9.9 % 4.4 % n/a
1984 56.5 10,330 10.0 % 8.8 % 3.9 % n/a
1985 58.7 10,602 0.7 % 3.5 % 3.2 % n/a
1986 66.6 11,875 11.1 % 3.6 % 2.8 % n/a
1987 77.4 13,732 13.4 % 5.7 % 1.7 % n/a
1988 86.9 15,220 8.5 % 7.8 % 1.4 % n/a
1989 92.4 16,017 2.3 % 10.2 % 1.1 % n/a
1990 99.5 17,169 3.8 % 10.3 % 1.3 % n/a
1991 108.6 18,548 5.7 % 11.2 % 1.8 % n/a
1992 118.0 19,906 6.2 % 9.6 % 2.0 % n/a
1993 128.3 21,245 6.2 % 8.8 % 2.0 % n/a
1994 139.0 22,551 6.0 % 8.8 % 1.9 % n/a
1995 145.2 23,001 2.4 % 9.0 % 3.2 % n/a
1996 154.2 23,843 4.3 % 6.3 % 2.8 % n/a
1997 164.8 25,292 5.1 % 5.8 % 2.2 % n/a
1998 156.8 23,819 −5.9 % 2.8 % 4.7 % n/a
1999 163.2 24,587 2.5 % −4.0 % 6.2 % n/a
2000 179.7 26,776 7.7 % −3.7 % 4.9 % n/a
2001 184.8 27,462 0.6 % −1.6 % 5.1 % 3.3 %
2002 190.7 28,365 1.7 % −3.0 % 7.3 % 3.5 %
2003 200.5 29,646 3.1 % −2.6 % 7.9 % 1.6 %
2004 224.0 32,948 8.7 % −0.4 % 6.8 % 1.5 %
2005 248.3 36,306 7.4 % 0.9 % 5.6 % 1.4 %
2006 273.9 39,668 7.0 % 2.0 % 4.8 % 1.1 %
2007 299.3 43,143 6.5 % 2.0 % 4.0 % 1.0 %
2008 311.7 44,761 2.1 % 4.3 % 3.5 % 0.9 %
2009 306.4 43,787 −2.5 % 0.6 % 5.3 % 0.7 %
2010 331.1 46,948 6.8 % 2.3 % 4.3 % 0.6 %
2011 354.2 49,819 4.8 % 5.3 % 3.4 % 0.6 %
2012 366.8 51,157 1.7 % 4.1 % 3.3 % 0.5 %
2013 384.3 53,299 3.1 % 4.3 % 3.4 % 0.5 %
2014 402.0 55,431 2.8 % 4.4 % 3.3 % 0.1 %
2015 416.1 56,924 2.4 % 3.0 % 3.3 % 0.1 %
2016 430.4 58,345 2.2 % 2.4 % 3.4 % 0.1 %
2017 454.9 61,393 3.8 % 1.5 % 3.1 % 0.1 %

GDP[52]
  • GDP (nominal, 2017) – HK$2,669,009 million
  • GDP – real growth rate: +3.8% (2017)
  • GDP – per capita: HK$360,000 (2017)
  • GDP – composition by sector [53] (2015):
    • Finance and insurance: 17.6%
    • Tourism: 5.0%
    • Trade: 22.2%
    • Professional Services: 12.4%
    • Other Sectors: 42.8%
Economy of Hong Kong
Identity
Resources
Companies
Other Hong Kong topics
Hong Kong Portal

Population[52]
  • Population: – 7.409 million (end-2017), +0.9% p.a. (2015–16)
  • Unemployment rate: 2.9% (2017)
  • Labour Force Participation Rate [54] (2009):
    • Overall: 60.3%[55]
    • Male: 45.8%
    • Female: 54.2%
    • Age 15–24: 8.5%
    • Age 25–39: 36.8%
    • Age 39+: 43.7%

Labour[56]
  • Labour force: 3.9 million (mid-2017)
  • Employed: 3.86 million (96.8%, mid-2017)
    • Public administration, social and personal services 510,321
    • Finance and insurance 223.221
    • Import/export, wholesale and retail trade 808,251
    • Transport, storage, postal and courier service 178,1
  • Average Work Week: 45 hours
  • Unemployed: 128,200 (3.1%, mid-2017)
  • Underemployed: 44,200 (1.2%, mid-2017)

FY 2019–20 budget[57]
  • Total Revenues: HK$626.1 billion
  • Total Expenditures: HK$607.8 billion
  • Government debt HK$92.3 billion (US$11.89 billion; 3rd Quarter of 2019)

Trade (selective data for various years)
  • Two-way Trade: US$823.9 billion, +23.6% (2010), +11.1% p.a. (1986–2010)
    • With mainland China:' $402.6 billion, +24.2% (2010), 48.9% share
  • Exports: $459.4 billion, -0.5% (2016)
    • To mainland China:' $205.7 billion, +26.5% (2010), 52.7% share
  • Re-exports: $381.2 billion, +22.8% (2010), +14.3% p.a. (1986–2010)
    • To mainland China:' $247.7 (2016)
  • Imports: $513.8 billion, +9.1% (2016),
    • From mainland China:' $245.3 billion (2016)

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. With Hong Kong being one of the largest and most expensive cities in the world, there is no surprise that a portion of the population is living in poverty.

Recent figures show that 1.37 million people are living below the poverty line and struggling to survive on HK$4,000 ($510 USD) 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 May 1st 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 May 1st 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 February 1st 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 effecting 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 this year.[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. 

See also

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