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{{Short description|Economy of the city Hong Kong}} <!-- This short description is INTENTIONALLY "none" - please see WP:SDNONE before you consider changing it! -->
{{Economy of Hong Kong}}
{{Use Hong Kong English|date = February 2022}}
{{Use dmy dates|date=August 2022}}
{{Infobox economy
| country = Hong Kong
| image = Hong Kong Harbour Night 2019-06-11.jpg
| image_size = 310px
| population = {{Increase}} 7,498,100 (2023)<ref>{{Cite web|url=https://www.censtatd.gov.hk/en/press_release_detail.html?id=5265|title=Press Releases Detail|website=www.censtatd.gov.hk}}</ref>
| caption = Central and ] of ]
| currency = ] (HKD)
| fixed exchange =
| year = 1 April – 31 March
| organs = ], ], ] (Chinese delegation), ], ] and ] etc.
| group = {{plainlist|
*]<ref>{{cite web |url=https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=110&sg=All+countries+%2f+Advanced+economies |title=World Economic Outlook Database, April 2019 |publisher=] |website=IMF.org |access-date=29 September 2019 |archive-url=https://web.archive.org/web/20191221015247/https://www.imf.org/external/pubs/ft/weo/2019/01/weodata/weoselco.aspx?g=110&sg=All+countries+%2f+Advanced+economies |archive-date=21 December 2019 |url-status=live }}</ref>
*]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=] |website=datahelpdesk.worldbank.org |access-date=29 September 2019 |archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |archive-date=28 October 2019 |url-status=dead }}</ref>}}
| gdp = {{plainlist|
*{{increase}} $401.751 billion (nominal, 2024)<ref name="IMFWEOHK">{{cite web |url=https://www.imf.org/en/Publications/WEO/weo-database/2024/October/weo-report?c=111,&s=NGDPD,PPPGDP,NGDPDPC,PPPPC,&sy=2022&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 |title=Report for Selected Countries and Subjects: October 2024|publisher=]|website=imf.org}}</ref>
*{{increase}} $569.828 billion (], 2024)<ref name="IMFWEOHK"/>}}
| gdp rank = {{plainlist|
*]
*]}}
| growth = {{plainlist|
*+6.4%&nbsp;(2021) −3.5%&nbsp;(2022)<ref name="C&SD"/>}}
| per capita = {{plainlist|
*{{increase}} $53,165 (nominal, 2024)<ref name="IMFWEOHK"/>
*{{increase}} $75,407 (PPP, 2024)<ref name="IMFWEOHK"/>}}
| per capita rank = {{plainlist|
*]
*]}}
| components =
| sectors = {{plainlist|
*]: 0.1%
*]: 6.5%
*]: 93.5%
*(2022)<ref name="C&SD"/>}}
| inflation = 1.9% (2022)<ref name="C&SD"/>
| poverty = 19.9% (2016 est.)<ref name="CIAWFHK">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/hong-kong/ |title=The World Factbook |publisher=] |access-date=25 January 2019 }}</ref>
| gini = 53.9 {{color|red|high}} (2016)<ref name="CIAWFHK"/>
| hdi = {{plainlist|
*{{increase}} 0.956 {{color|darkgreen|very high}} (2022)<ref name="hkhdi">{{Cite web |date=13 March 2024 |title=Human Development Report 2023/2024 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20240313164319/https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf |archive-date=13 March 2024 |access-date=30 April 2024 |publisher=] |language=en}}</ref> (])
*{{increase}} 0.840 {{color|darkgreen|very high}} ] (2022)<ref name="hkhdi"/>}}
| labour = {{plainlist|
*{{decrease}} 3,946,772 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=HK |title=Labor force, total – Hong Kong SAR, China |publisher=] |website=data.worldbank.org |access-date=11 December 2019 |archive-url=https://web.archive.org/web/20190814172858/https://data.worldbank.org/indicator/SL.TLF.TOTL.IN%3Flocations%3DHK |archive-date=14 August 2019 |url-status=live }}</ref>
*{{decrease}} 59.0% employment rate (2016)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=HK&name_desc=true |title=Employment to population ratio, 15+, total (%) (national estimate) |publisher=] |website=data.worldbank.org |access-date=24 August 2019 |archive-url=https://web.archive.org/web/20190824162607/https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS%3Flocations%3DHK%26name_desc%3Dtrue |archive-date=24 August 2019 |url-status=live }}</ref>}}
| average gross salary = ] per month (2022 May)<ref>{{citation|title=Wages and Labor Income|url=https://www.censtatd.gov.hk/sc/scode210.html|website=www.censtatd.gov.hk}}</ref>
| average net salary = ] per month (2022 May)<ref>{{citation|title=Income tax calculator Hong Kong|url=https://hk.talent.com/en/tax-calculator?salary=19100&from=month&region=Hong+Kong|website=hk.talent.com}}</ref>
| occupations = {{plainlist|
*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%}}
| unemployment = 4.3% (2022)<ref name="C&SD"/>
| industries = financing and insurance, import and export trade, professional and business services
| edbr = {{increase}} ]<ref>{{cite web |url=http://www.doingbusiness.org/data/exploreeconomies/hong-kong-china |title=Ease of Doing Business in Hong Kong SAR, China |publisher=Doingbusiness.org |access-date=2017-11-24 |archive-url=https://web.archive.org/web/20170207100603/http://www.doingbusiness.org/data/exploreeconomies/hong-kong-china |archive-date=7 February 2017 |url-status=live }}</ref>
| exports = $533.6 billion (2023)<ref name="C&SD"/>
| export-partners = {{plainlist|
*{{flag|Mainland China}} 55.5%
*{{flag|United States}} 6.5%
*{{flag|India}} 4.0%
*{{flag|Taiwan}} 3.3%
*{{flag|Vietnam}} 2.7%
*{{flag|United Arab Emirates}} 2.5%
*{{flag|Japan}} 2.0%
*(2023)<ref name="C&SD"/>}}
| imports = $593.3 billion (2023)<ref name="C&SD"/>
| import-partners = {{plainlist|
*{{flag|Mainland China}} 43.5%
*{{flag|Taiwan}} 11.3%
*{{flag|Singapore}} 7.1%
*{{flag|South Korea}} 4.8%
*{{flag|Japan}} 4.8%
*{{flag|United States}} 4.3%
*{{flag|Malaysia}} 3.2%
*{{flag|Vietnam}} 2.9%
*(2023)<ref name="C&SD"/>}}
| FDI = {{plainlist|
*{{increase}}$2.2 trillion (31 December 2017 est.)<ref name="CIAWFHK"/>
*{{increase}} Abroad: $2.036 trillion (31 December 2017 est.)<ref name="CIAWFHK"/>}}
| current account = {{increase}} $14.75 billion (2017 est.)<ref name="CIAWFHK"/>
| gross external debt = {{decreasePositive}} $633.6 billion (31 December 2017 est.)<ref name="CIAWFHK"/>
| debt = 0.1% of GDP (2017 est.)<ref name="CIAWFHK"/>
| revenue = 79.34 billion (2017 est.)<ref name="CIAWFHK"/>
| expenses = 61.64 billion (2017 est.)<ref name="CIAWFHK"/>
| balance = +5.2% (of GDP) (2017 est.)<ref name="CIAWFHK"/>
| aid =
| cianame = hong-kong
| credit = ]:<ref>{{cite web |title=Sovereigns rating list |publisher=Standard & Poor's |url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |access-date=26 May 2011 |archive-url=https://web.archive.org/web/20110928234500/http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |archive-date=28 September 2011 |url-status=live }}</ref><br>AAA (Domestic)<br>AAA (Foreign)<br>AAA (T&C Assessment)<br>Outlook: Stable<ref name=guardian>{{cite news |title=How Fitch, Moody's and S&P rate each country's credit rating |date=15 April 2011 |first1=Simon |last1=Rogers |first2=Ami |last2=Sedghi |newspaper=] |url=https://www.theguardian.com/news/datablog/2010/apr/30/credit-ratings-country-fitch-moodys-standard |access-date=31 May 2011 |location=London |archive-url=https://web.archive.org/web/20130801105234/http://www.theguardian.com/news/datablog/2010/apr/30/credit-ratings-country-fitch-moodys-standard |archive-date=1 August 2013 |url-status=live }}</ref><br>]:<ref name=guardian/><br>Aa3<br>Outlook: Negative<br>]:<ref name=guardian/><br>AA+<br>Outlook: Stable
| reserves = $430.7 billion (April 2023)<ref>{{cite web |title=Hong Kong's Latest Foreign Currency Reserve Assets Figures Released |date=11 April 2023 |publisher=] |url=https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/04/20230411-4/ |access-date=25 July 2023 |archive-url=https://web.archive.org/web/20230725125230/https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/04/20230411-4/ |archive-date=25 July 2023 |url-status=live }}</ref>
| spelling =
}}
The '''economy of Hong Kong''' is a ] ]. It is characterised by ], almost free port trade and a well-established international financial market.<ref>{{cite book |last=Mizuoka |first=Fujio |date=2018 |title=Contrived Laissez-Faireism: The Politico-Economic Structure of British Colonialism in Hong Kong |url=https://books.google.com/books?id=kVNSDwAAQBAJ&q=hong+kong+free+market+economy |publisher=] |page=26 |isbn=978-3319697932 |access-date=1 June 2020 |archive-date=1 August 2020 |archive-url=https://web.archive.org/web/20200801070842/https://books.google.com/books?id=kVNSDwAAQBAJ&printsec=frontcover&dq=hong+kong+free+market+economy |url-status=live }}</ref><ref>{{cite web|url=http://www.hkma.gov.hk/media/eng/publication-and-research/quarterly-bulletin/qb200309/fa1.pdf|title=The Profitability of the Banking Sector in Hong Kong|website=Hkma.gov.hk|access-date=27 July 2018|archive-url=https://web.archive.org/web/20180614212620/http://www.hkma.gov.hk/media/eng/publication-and-research/quarterly-bulletin/qb200309/fa1.pdf|archive-date=14 June 2018|url-status=live}}</ref> Its currency, called the ], is legally issued by three major international commercial banks,<ref> {{Webarchive|url=https://web.archive.org/web/20150503002823/http://www.legislation.gov.hk/blis_pdf.nsf/CurAllEngDoc/8850FA52388F223C482575EE0036B8BB/$FILE/CAP_65_e_b5.pdf |date=3 May 2015 }}. Legislation.gov.hk (30 June 1997)</ref> and is pegged to the ].<ref>{{cite web|url=http://www.hkma.gov.hk/eng/exhibition/2.pdf|title=Monetary Stability|website=Hkma.gov.hk|access-date=27 July 2018|archive-url=https://web.archive.org/web/20130605003028/http://www.hkma.gov.hk/eng/exhibition/2.pdf|archive-date=5 June 2013|url-status=dead}}</ref><ref>{{cite journal|url=http://www.bis.org/publ/rpfx07.pdf|title=Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2007|date=September 2007|journal=Triennial Central Bank Survey 2007|page=7|publisher=]|access-date=5 September 2010|archive-url=https://web.archive.org/web/20171206030127/https://www.bis.org/publ/rpfx07.pdf|archive-date=6 December 2017|url-status=live}}</ref> ]s are determined by the individual banks in ] to ensure that they are market driven.<ref>{{cite news | url=https://dealbook.nytimes.com/2012/07/19/asian-financial-regulators-examine-local-lending-rates/ | newspaper=] | first1=Neil | last1=Gough | first2=Choe | last2=Sang-Hun | title=Asian Financial Regulators Examine Local Lending Rates | date=19 July 2012 | access-date=5 March 2017 | archive-url=https://web.archive.org/web/20170920045241/https://dealbook.nytimes.com/2012/07/19/asian-financial-regulators-examine-local-lending-rates/ | archive-date=20 September 2017 | url-status=live }}</ref> There is no officially recognised central banking system, although the ] functions as a financial regulatory authority.<ref>{{cite web|url=http://www.hkab.org.hk/DisplayArticleAction.do?sid=20&ss=2|title=The Hong Kong Association of Banks|website=Hkab.org.hk|access-date=5 November 2012|archive-url=https://web.archive.org/web/20180917073951/http://www.hkab.org.hk/DisplayArticleAction.do?sid=20&ss=2|archive-date=17 September 2018|url-status=live}}</ref><ref>{{cite journal|url=http://chinaperspectives.revues.org/260|title=Hong Kong's Banking Industry Facing Keen Competition|author=Chiu, Peter|journal=China Perspectives|year=2003|volume=2003|issue=2|doi=10.4000/chinaperspectives.260|access-date=16 November 2012|archive-url=https://web.archive.org/web/20130514054327/http://chinaperspectives.revues.org/260|archive-date=14 May 2013|url-status=live|doi-access=free}}</ref>


Its economy is governed under ], 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.<ref>{{cite web|url=https://www.whub.io/toolbox|title=Hong Kong Start Up Ecosystem Whitepaper|last=WHub|date=2018|archive-url=https://web.archive.org/web/20180917215437/https://www.whub.io/toolbox|archive-date=17 September 2018|url-status=live}}</ref> The ] lists Hong Kong as the freest economy, with a score of 8.58 based on data from 2022.<ref>{{Cite web |date=2024-10-16 |title=Economic Freedom of the World |url=https://www.fraserinstitute.org/sites/default/files/economic-freedom-of-the-world-2024.pdf |access-date=2024-10-18 |website=Fraser Institute |language=en}}</ref>
The '''economy of ]''' has often been cited by people such as ] and the ] as an example of the benefits of ]. Many analysts believe that this characterization of the Hong Kong economy is not entirely accurate, as the Hong Kong government, both under British and Chinese rule, have often intervened quite actively in the economy, for example by determining the amount of land to be sold and in quite actively maintaining the peg to the U.S. dollar.


Hong Kong's economic strengths include a sound banking system, virtually no public debt, a strong legal system, ample ] 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,<ref>{{Cite web|url=https://www.info.gov.hk/gia/general/202204/07/P2022040700407.htm|title=Hong Kong's latest foreign currency reserve assets figures released|website=www.info.gov.hk}}</ref> rigorous ] measures and close ties with ].<ref>{{cite web|url=https://2009-2017.state.gov/r/pa/ei/bgn/2747.htm|title=Hong Kong|work=U.S. Department of State|access-date=23 May 2019|archive-url=https://web.archive.org/web/20190604184813/https://2009-2017.state.gov/r/pa/ei/bgn/2747.htm|archive-date=4 June 2019|url-status=live}}</ref> The ] is a favourable destination for international firms and firms from mainland China to be listed, due to Hong Kong's highly internationalised and modernised ]. Additional advantages include the city's ] in Asia, its size, regulations and available financial tools, which are comparable to ] and ].<ref>{{cite news|url=http://www.ft.com/intl/cms/s/0/4772c47c-9310-11e2-b3be-00144feabdc0.html|title=London retains financial services crown|newspaper=Financial Times|access-date=27 September 2013|archive-date=10 December 2019|archive-url=https://web.archive.org/web/20191210225551/http://www.ft.com/intl/cms/s/0/4772c47c-9310-11e2-b3be-00144feabdc0.html|url-status=live}}</ref><ref>{{cite web|url=http://www.zyen.com/images/GFCI_25March2013.pdf|title=The Global Financial Centres Index 13|date=March 2013|website=Zyen.com|access-date=27 July 2018|archive-url=https://web.archive.org/web/20171118172346/http://www.zyen.com/images/GFCI_25March2013.pdf|archive-date=18 November 2017|url-status=live}}</ref>
After a slump caused by the regionwide ] that began in ], Hong Kong's economy has been on the rebound. Real ] growth was 3.1% in 1999 and reached double digits in the first half of 2000. In 2004, real GDP grew by 8.1%, the second fastest since 1988.


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.<ref>{{cite book|author=Rikkie Yeung|title=Moving Millions: The Commercial Success and Political Controversies of Hong Kong's Railways|publisher=] Press|year=2008|isbn=978-962-209-963-0}}</ref> Its economy is slightly ] than ]'s or ]'s<ref>{{cite web|title=Nominal GDP list of countries. Data for the year 2010|url=https://www.imf.org/external/pubs/ft/weo/2022/02/weodata/weorept.aspx?sy=2009&ey=2011&scsm=1&ssd=1&sort=country&ds=.&br=1&c=512%2C941%2C914%2C446%2C612%2C666%2C614%2C668%2C311%2C672%2C213%2C946%2C911%2C137%2C193%2C962%2C122%2C674%2C912%2C676%2C313%2C548%2C419%2C556%2C513%2C678%2C316%2C181%2C913%2C682%2C124%2C684%2C339%2C273%2C638%2C921%2C514%2C948%2C218%2C943%2C963%2C686%2C616%2C688%2C223%2C518%2C516%2C728%2C918%2C558%2C748%2C138%2C618%2C196%2C522%2C278%2C622%2C692%2C156%2C694%2C624%2C142%2C626%2C449%2C628%2C564%2C228%2C283%2C924%2C853%2C233%2C288%2C632%2C293%2C636%2C566%2C634%2C964%2C238%2C182%2C662%2C453%2C960%2C968%2C423%2C922%2C935%2C714%2C128%2C862%2C611%2C716%2C321%2C456%2C243%2C722%2C248%2C942%2C469%2C718%2C253%2C724%2C642%2C576%2C643%2C936%2C939%2C961%2C644%2C813%2C819%2C199%2C172%2C184%2C132%2C524%2C646%2C361%2C648%2C362%2C915%2C364%2C134%2C732%2C652%2C366%2C174%2C734%2C328%2C144%2C258%2C146%2C656%2C463%2C654%2C528%2C336%2C923%2C263%2C738%2C268%2C578%2C532%2C537%2C944%2C742%2C176%2C866%2C534%2C369%2C536%2C744%2C429%2C186%2C433%2C925%2C178%2C746%2C436%2C926%2C136%2C466%2C343%2C112%2C158%2C111%2C439%2C298%2C916%2C927%2C664%2C846%2C826%2C299%2C542%2C582%2C967%2C474%2C443%2C754%2C917%2C698%2C544&s=NGDPD&grp=0&a=&pr.x=48&pr.y=9|work=World Economic Outlook Database, October 2022|publisher=]|access-date=5 November 2022}}</ref><ref name=wbpdf>{{cite web |url=http://siteresources.worldbank.org/DATASTATISTICS/Resources/GDP.pdf |work=The World Bank: World Development Indicators database |title=Gross domestic product (2009) |date=27 September 2010 |publisher=World Bank |access-date=5 October 2010 |archive-url=https://web.archive.org/web/20090912122439/http://siteresources.worldbank.org/DATASTATISTICS/Resources/GDP.pdf |archive-date=12 September 2009 |url-status=live }}</ref><ref> {{Webarchive|url=https://web.archive.org/web/20081004071135/https://www.cia.gov/library/publications/the-world-factbook//fields/2195.html |date=4 October 2008 }}, ''The World Factbook''</ref> and its ] 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 ].<ref>{{cite web |title=GDP growth (annual %) |url=https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?contextual=default&end=2017&locations=HK-CN&start=1990 |website=World Bank |access-date=11 June 2019 |archive-url=https://web.archive.org/web/20191210225545/https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?contextual=default&end=2017&locations=HK-CN&start=1990 |archive-date=10 December 2019 |url-status=live }}</ref>
After peaking at 6.3% in 1999, the unemployment rate eased back to 4.8% in mid-2000. As of May 2005, the unemployment rate was 5.7%, with an underemployment rate of 3.0%.


By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York City and ] in terms of container throughput. Hong Kong is a full Member of the ].<ref> {{Webarchive|url=https://web.archive.org/web/20120921215927/http://www.wto.org/english/thewto_e/countries_e/hong_kong_china_e.htm |date=21 September 2012 }}. WTO. Retrieved 1 November 2012.</ref> The Kwai Chung container complex was{{when|date=August 2018}} the largest in Asia, while Hong Kong shipping owners were{{when|date=August 2018}} second only to those of ] in terms of total tonnage holdings in the world. The ] is the ] in the world, with a ] of about US$3.732 trillion.<ref>{{cite web |title=World's Largest Stock Exchanges December 2017. |url=https://www.relbanks.com/stock-exchanges/largest-stock-exchanges |access-date=20 April 2020}}</ref>
In August 1998, the government intervened in the stock, futures, and currency markets to fend off "manipulators." The banking sector remains solid, and the government is committed to the U.S.-] link.


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.<ref>{{cite web |url=http://www.hkma.gov.hk/media/eng/publication-and-research/research/working-papers/HKMAWP09_20_full.pdf |title=A Structural Investigation into the Price and Wage Dynamics in Hong Kong |date=30 December 2009 |author=Hong Kong Monetary Authority |access-date=5 November 2012 |archive-url=https://web.archive.org/web/20130619144617/http://www.hkma.gov.hk/media/eng/publication-and-research/research/working-papers/HKMAWP09_20_full.pdf |archive-date=19 June 2013 |url-status=live }}</ref>
Hong Kong's ] has facilitated rapid development of foreign trade. Hong Kong's principal trading partners include ], the ], ], ], ], ], and ].


Hong Kong raises revenues from the sale and ] and through attracting international businesses to provide capital for its ], due to its low tax policy. According to ], Hong Kong has the most attractive business environment within ], in terms of attracting ] (FDI).<ref name="Healy Consultants">{{cite web|title=Hong Kong Company Formation|url=http://www.healyconsultants.com/company-incorporation/hong-kong-offshore-company.htm|access-date=27 August 2013|archive-url=https://web.archive.org/web/20130825095710/http://www.healyconsultants.com/company-incorporation/hong-kong-offshore-company.htm|archive-date=25 August 2013|url-status=live}}</ref> In 2013, Hong Kong was the third largest recipient of FDI in the world.<ref name="World Investment Report 2013">{{cite web|title=UNCTAD World Investment Report|url=http://unctad.org/en/pages/PublicationWebflyer.aspx?publicationid=588|publisher=UNCTAD|access-date=27 August 2013|archive-url=https://web.archive.org/web/20130817221222/http://unctad.org/en/pages/PublicationWebflyer.aspx?publicationid=588|archive-date=17 August 2013|url-status=live}}</ref>
Hong Kong enjoyed economic growth in the past because of its strong manufacturing sector, but in recent years the service sector has surpassed it in importance and now accounts for 85% of GDP. The major components of Hong Kong's service trade are shipping, civil aviation, tourism, and various financial services. Hong Kong has one of the world's most sophisticated telecommunications and information technology infrastructures and functions as a major regional and international financial and commercial center.


Hong Kong ranked fourth on the ]'s 2011 ].<ref>{{cite web|url=http://www.financialsecrecyindex.com/2011results.html |title=2011 Results – Financial Secrecy Index |access-date=2013-08-12 |url-status=dead |archive-url=https://web.archive.org/web/20130828000235/http://www.financialsecrecyindex.com/2011results.html |archive-date=28 August 2013 }}</ref> The Hong Kong Government was the fourth highest ranked Asian government<ref>After Singapore, S. Korea and Taiwan</ref> in the World Economic Forum's ] (NRI), a measure of a government's information and communication technologies in 2016, and ranked 13th globally.<ref>{{cite web | url=http://reports.weforum.org/global-information-technology-report-2016/ | title=Global Information Technology Report 2016 | publisher=World Economic Forum | access-date=16 September 2018 | archive-url=https://web.archive.org/web/20180917101751/http://reports.weforum.org/global-information-technology-report-2016/ | archive-date=17 September 2018 | url-status=live }}</ref>
'''GDP:''' purchasing power parity - $226.8 billion (2005 est.)
<br>'''GDP - real growth rate:''' 8.1% (2004)
<br>'''GDP - per capita:''' purchasing power parity - $32,300 (2005 est.)
<br>'''GDP - composition by sector:'''
<br>''agriculture:'' 0.1%
<br>''industry:'' 13.4%
<br>''services:'' 86.5% (2001 est.)


Hong Kong is ranked as the 18th most innovative territory in ], and 3rd in ].
'''Population below poverty line:''' NA%
<br>'''Household income or consumption by percentage share:'''
<br>''lowest 10%:'' NA%
<br>''highest 10%:'' NA%


According to the '']'' report, Hong Kong emerged as the top-ranked region, excelling particularly in the domains of Freedom to Trade Internationally and Regulation.
'''Inflation rate (consumer prices):''' -1.6% (2001 est.)


==Since the 1997 handover==
'''Labour force:''' 3.44 million (2001 est.)
Since the ], Hong Kong's economic future became far more exposed to the challenges of ] 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.<ref>Richardson, Harry W. Bae, Chang-Hee C. (2005) ''Globalization and Urban Development: Advances in Spatial Science'' {{ISBN|3-540-22362-2}}</ref>
<br>'''Labour force - by occupation:''' wholesale and retail trade, restaurants, and hotels 31%, financing, insurance, and real estate 13%, community and social services 11%, manufacturing 7%, transport and communications 6%, construction 2%, other 30% (2001 est.)
<br>'''Unemployment rate:''' 5.2% (2001 est.)


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&nbsp;was almost unchanged.<ref>{{cite news|title=The transformation of Hong Kong in five charts|work=Reuters|url=https://www.reuters.com/world/china/transformation-hong-kong-five-charts-2022-06-28/ | access-date=29 June 2023}}</ref>
'''Budget:'''
<br>''revenues:'' $22.9 billion
<br>''expenditures:'' $24.6 billion, including capital expenditures of $465 million (FY00/01)


== Positive non-interventionism ==
==Primary industry==
{{Main|Positive non-interventionism}}
Both ] and ] are the only ] in Hong Kong.
===Agriculture and fisheries===
:''Main articles: ] and ]''
Hong Kong has little ] and virtually no natural resources, including water for agriculture. Agriculturally, it is less than 20% self-sufficient. Hong Kong used to be fishing villages, thus fisheries is a local industry of certain significance.


Hong Kong's economic policy has often been cited by economists such as ] and the ] as an example of ], 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''.<ref>''Journal of Contemporary China'' (2000), 9(24) 291–308 {{cite web |url=http://psweb.sbs.ohio-state.edu/faculty/mcooper/ps536readings/cheung_interventionism.pdf |title=New Interventionism in the Making: interpreting state interventions in Hong Kong after the change of sovereignty |access-date=2006-12-12 |url-status=dead |archive-url=https://web.archive.org/web/20080910033041/http://psweb.sbs.ohio-state.edu/faculty/mcooper/ps536readings/cheung_interventionism.pdf |archive-date=10 September 2008 }}</ref> 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 ] 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 ] and this allows the government to support public spending with a low tax rate on income and profit.<ref>Geocities. {{cite web |url=http://geocities.com/CapitolHill/1931/secC12.html |title=Doesn't Hong Kong show the potentials of 'free market' capitalism? |access-date=2010-10-09 |url-status=dead|archive-url=https://web.archive.org/web/20091020055110/http://geocities.com/CapitolHill/1931/secC12.html |archive-date=20 October 2009}}</ref> 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.<ref>{{Cite journal |last=Schenk |first=Catherine |date=2017 |title=Negotiating Positive Non-interventionism: Regulating Hong Kong's Finance Companies |url=https://doi.org/10.1017/S0305741017000637 |journal=The China Quarterly (London) |volume=230 |issue=230 |pages=348–370|doi=10.1017/S0305741017000637 }}</ref>
'''Main produce:''' fresh vegetables; poultry, fish, pork


== Economic freedom ==
==Secondary industry==
{{Further|Economic freedom}}
] in Hong Kong includes textiles, clothing, electronics, plastics, toys, and watches and clocks
In 2020, Hong Kong was ranked as the world's second-freest economy after ] in the '']'', published by ].<ref name="Index of Economic Freedom">{{cite web|url=http://www.heritage.org/index/Explore.aspx|title=''Index of Economic Freedom''|publisher=Heritage Foundation|access-date=21 June 2010|archive-url=https://web.archive.org/web/20100620211336/http://heritage.org/index/Explore.aspx|archive-date=20 June 2010|url-status=live}}</ref><ref>{{cite news |url=http://www.businessweek.com/articles/2014-01-21/the-worlds-freest-economy-is-also-the-least-affordable-housing-market |title=The World's Freest Economy Is Also Its Least-Affordable Housing Market |newspaper=Bloomberg BusinessWeek |date=21 January 2014 |access-date=28 January 2014 |archive-url=https://web.archive.org/web/20140125014151/http://www.businessweek.com/articles/2014-01-21/the-worlds-freest-economy-is-also-the-least-affordable-housing-market |archive-date=25 January 2014 |url-status=dead }}</ref> 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.<ref>{{cite web |url=http://www.heritage.org/index/country/hongkong |title=2014 Index of Economic Freedom – Hong Kong |publisher=The Heritage Foundation |access-date=16 September 2018 |archive-url=https://web.archive.org/web/20181001190717/https://www.heritage.org/index/country/hongkong |archive-date=1 October 2018 |url-status=live }}</ref>


In 2021, The Heritage Foundation removed Hong Kong as a separate entity from ] from its list of freest economics of the world, citing increasing interference from the ] 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".<ref>{{cite web |last1=Feulner |first1=Edwin J. |title=Hong Kong Is No Longer What It Was |url=https://www.heritage.org/asia/commentary/hong-kong-no-longer-what-it-was |date=2021-04-05 |website=The Heritage Foundation |access-date=12 September 2022 |ref=Heritage2}}</ref> On the other hand, the Canadian-based ] continues to rank Hong Kong as the freest territory as late as 2024 (based on data from 2022).
'''Industrial production growth rate:''' -9% (2001 est.)


On March 19, 2024, ] (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. ], Director of ], 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.<ref>{{Cite web |date=2024-04-13 |title=Hong Kong can now ‘go all out’ to boost economy: Beijing’s top man in city |url=https://www.scmp.com/news/hong-kong/politics/article/3258910/hong-kong-can-now-go-all-out-boost-economy-improve-livelihoods-thanks-iron-wall-national-security |access-date=2024-09-03 |website=South China Morning Post |language=en}}</ref>
'''Electricity - production:''' 29,449 GWh (2000)
<br>'''Electricity - production by source:'''
<br>''fossil fuel:'' 99%
<br>''hydro:'' 1%
<br>''nuclear:'' 0%
<br>''other:'' 0% (2000)
<br>'''Electricity - consumption:''' 35,402 GWh (2000)
<br>'''Electricity - exports:''' 1,181 GWh (2000)
<br>'''Electricity - imports:''' 9,195 GWh (2000)


== Economic data ==
==Tertiary industry==
]
] in Hong Kong includes...
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green.<ref>{{cite web | url=https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report?c=532,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=1980&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 | title=Report for Selected Countries and Subjects }}</ref>
===Tourism===
{| class="wikitable" style="text-align:center;"
:''See ]''
!Year
!GDP
<small>(in Bil. US$PPP)</small>
!GDP per capita
<small>(in US$ PPP)</small>
!GDP
<small>(in Bil. US$nominal)</small>
!GDP per capita
<small>(in US$ nominal)</small>
!GDP growth
<small>(real)</small>
!Inflation rate
<small>(in Percent)</small>
!Unemployment
<small>(in Percent)</small>
!Government debt
<small>(in % of GDP)</small>
|-
|1980
|36.1
|7,130.7
|28.9
|5,704.0
|{{Increase}}10.3%
|{{Increase}}4.4%
|3.8%
|n/a
|-
|1981
|{{Increase}}43.1
|{{Increase}}8,325.5
|{{Increase}}31.1
|{{Increase}}5,995.2
|{{Increase}}9.2%
|{{IncreaseNegative}}9.5%
|{{IncreaseNegative}}3.9%
|n/a
|-
|1982
|{{Increase}}47.1
|{{Increase}}8,956.7
|{{Increase}}32.3
|{{Increase}}6,139.0
|{{Increase}}2.9%
|{{IncreaseNegative}}11.0%
|{{DecreasePositive}}3.5%
|n/a
|-
|1983
|{{Increase}}51.9
|{{Increase}}9,701.3
|{{Decrease}}29.9
|{{Decrease}}5,590.2
|{{Increase}}6.0%
|{{IncreaseNegative}}9.9%
|{{IncreaseNegative}}4.4%
|n/a
|-
|1984
|{{Increase}}59.2
|{{Increase}}10,892.1
|{{Increase}}33.5
|{{Increase}}6,170.5
|{{Increase}}10.0%
|{{IncreaseNegative}}8.5%
|{{DecreasePositive}}3.9%
|n/a
|-
|1985
|{{Increase}}61.5
|{{Increase}}11,173.8
|{{Increase}}35.7
|{{Increase}}6,490.4
|{{Increase}}0.7%
|{{Increase}}3.6%
|{{DecreasePositive}}3.2%
|n/a
|-
|1986
|{{Increase}}69.7
|{{Increase}}12,515.9
|{{Increase}}41.1
|{{Increase}}7,380.1
|{{Increase}}11.1%
|{{Increase}}3.6%
|{{DecreasePositive}}2.8%
|n/a
|-
|1987
|{{Increase}}80.9
|{{Increase}}14,415.0
|{{Increase}}50.6
|{{Increase}}9,015.2
|{{Increase}}13.4%
|{{IncreaseNegative}}5.7%
|{{DecreasePositive}}1.7%
|n/a
|-
|1988
|{{Increase}}90.9
|{{Increase}}16,032.8
|{{Increase}}59.7
|{{Increase}}10,527.5
|{{Increase}}8.5%
|{{IncreaseNegative}}7.8%
|{{DecreasePositive}}1.4%
|n/a
|-
|1989
|{{Increase}}96.6
|{{Increase}}16,877.5
|{{Increase}}68.8
|{{Increase}}12,012.6
|{{Increase}}2.3%
|{{IncreaseNegative}}10.2%
|{{DecreasePositive}}1.1%
|n/a
|-
|1990
|{{Increase}}104.1
|{{Increase}}18,099.3
|{{Increase}}76.9
|{{Increase}}13,374.3
|{{Increase}}3.8%
|{{IncreaseNegative}}10.3%
|{{IncreaseNegative}}1.3%
|n/a
|-
|1991
|{{Increase}}113.8
|{{Increase}}19,563.0
|{{Increase}}89.0
|{{Increase}}15,297.6
|{{Increase}}5.7%
|{{IncreaseNegative}}11.2%
|{{IncreaseNegative}}1.8%
|n/a
|-
|1992
|{{Increase}}123.6
|{{Increase}}20,995.4
|{{Increase}}104.3
|{{Increase}}17,710.5
|{{Increase}}6.2%
|{{IncreaseNegative}}9.6%
|{{IncreaseNegative}}2.0%
|n/a
|-
|1993
|{{Increase}}134.4
|{{Increase}}22,405.6
|{{Increase}}120.4
|{{Increase}}20,065.7
|{{Increase}}6.2%
|{{IncreaseNegative}}8.8%
|{{Steady}}2.0%
|n/a
|-
|1994
|{{Increase}}145.5
|{{Increase}}23,784.5
|{{Increase}}135.8
|{{Increase}}22,194.0
|{{Increase}}6.0%
|{{IncreaseNegative}}8.8%
|{{DecreasePositive}}1.9%
|n/a
|-
|1995
|{{Increase}}152.1
|{{Increase}}24,262.2
|{{Increase}}144.7
|{{Increase}}23,070.5
|{{Increase}}2.4%
|{{IncreaseNegative}}9.0%
|{{IncreaseNegative}}3.2%
|n/a
|-
|1996
|{{Increase}}161.5
|{{Increase}}24,975.4
|{{Increase}}159.7
|{{Increase}}24,699.0
|{{Increase}}4.3%
|{{IncreaseNegative}}6.3%
|{{DecreasePositive}}2.8%
|n/a
|-
|1997
|{{Increase}}172.7
|{{Increase}}26,496.4
|{{Increase}}177.3
|{{Increase}}27,214.6
|{{Increase}}5.1%
|{{IncreaseNegative}}5.8%
|{{DecreasePositive}}2.2%
|n/a
|-
|1998
|{{Decrease}}164.3
|{{Decrease}}24,962.9
|{{Decrease}}168.9
|{{Decrease}}25,649.1
|{{Decrease}}-5.9%
|{{Increase}}2.8%
|{{IncreaseNegative}}4.7%
|n/a
|-
|1999
|{{Increase}}170.8
|{{Increase}}25,737.3
|{{Decrease}}165.7
|{{Decrease}}24,969.0
|{{Increase}}2.5%
|{{Increase}}-4.0%
|{{IncreaseNegative}}6.3%
|n/a
|-
|2000
|{{Increase}}188.1
|{{Increase}}28,025.5
|{{Increase}}171.6
|{{Increase}}25,574.5
|{{Increase}}7.7%
|{{Increase}}-3.7%
|{{DecreasePositive}}4.9%
|n/a
|-
|2001
|{{Increase}}193.4
|{{Increase}}28,737.1
|{{Decrease}}169.4
|{{Decrease}}25,166.9
|{{Increase}}0.6%
|{{Increase}}-1.6%
|{{IncreaseNegative}}5.1%
|n/a
|-
|2002
|{{Increase}}199.7
|{{Increase}}29,688.3
|{{Decrease}}166.3
|{{Decrease}}24,731.1
|{{Increase}}1.7%
|{{Increase}}-3.0%
|{{IncreaseNegative}}7.3%
|n/a
|-
|2003
|{{Increase}}209.8
|{{Increase}}31,022.4
|{{Decrease}}161.4
|{{Decrease}}23,856.5
|{{Increase}}3.1%
|{{Increase}}-2.6%
|{{IncreaseNegative}}7.9%
|n/a
|-
|2004
|{{Increase}}234.2
|{{Increase}}34,456.0
|{{Increase}}169.1
|{{Increase}}24,873.9
|{{Increase}}8.7%
|{{Increase}}-0.4%
|{{DecreasePositive}}6.8%
|1.9%
|-
|2005
|{{Increase}}259.4
|{{Increase}}37,938.2
|{{Increase}}181.6
|{{Increase}}26,551.8
|{{Increase}}7.4%
|{{Increase}}0.9%
|{{DecreasePositive}}5.6%
|{{DecreasePositive}}1.7%
|-
|2006
|{{Increase}}286.2
|{{Increase}}41,456.1
|{{Increase}}193.5
|{{Increase}}28,028.2
|{{Increase}}7.0%
|{{Increase}}2.0%
|{{DecreasePositive}}4.8%
|{{DecreasePositive}}1.4%
|-
|2007
|{{Increase}}313.0
|{{Increase}}45,106.1
|{{Increase}}211.6
|{{Increase}}30,494.6
|{{Increase}}6.5%
|{{Increase}}2.0%
|{{DecreasePositive}}4.0%
|{{DecreasePositive}}1.2%
|-
|2008
|{{Increase}}325.8
|{{Increase}}46,777.4
|{{Increase}}219.3
|{{Increase}}31,487.9
|{{Increase}}2.1%
|{{Increase}}4.3%
|{{DecreasePositive}}3.5%
|{{DecreasePositive}}1.0%
|-
|2009
|{{Decrease}}319.8
|{{Decrease}}45,706.2
|{{Decrease}}214.0
|{{Decrease}}30,594.0
|{{Decrease}}-2.5%
|{{Increase}}0.6%
|{{IncreaseNegative}}5.3%
|{{DecreasePositive}}0.7%
|-
|2010
|{{Increase}}345.5
|{{Increase}}48,996.0
|{{Increase}}228.6
|{{Increase}}32,421.4
|{{Increase}}6.8%
|{{Increase}}2.3%
|{{DecreasePositive}}4.3%
|{{DecreasePositive}}0.6%
|-
|2011
|{{Increase}}369.7
|{{Increase}}51,998.8
|{{Increase}}248.5
|{{Increase}}34,955.1
|{{Increase}}4.8%
|{{IncreaseNegative}}5.3%
|{{DecreasePositive}}3.4%
|{{Steady}}0.6%
|-
|2012
|{{Increase}}373.5
|{{Increase}}52,082.4
|{{Increase}}262.6
|{{Increase}}36,623.7
|{{Increase}}1.7%
|{{Increase}}4.1%
|{{DecreasePositive}}3.3%
|{{DecreasePositive}}0.5%
|-
|2013
|{{Increase}}385.4
|{{Increase}}53,453.6
|{{Increase}}275.7
|{{Increase}}38,233.4
|{{Increase}}3.1%
|{{Increase}}4.3%
|{{IncreaseNegative}}3.4%
|{{DecreasePositive}}0.5%
|-
|2014
|{{Increase}}396.0
|{{Increase}}54,604.9
|{{Increase}}291.5
|{{Increase}}40,185.3
|{{Increase}}2.8%
|{{Increase}}4.4%
|{{DecreasePositive}}3.3%
|{{DecreasePositive}}0.1%
|-
|2015
|{{Increase}}411.3
|{{Increase}}56,266.9
|{{Increase}}309.4
|{{Increase}}42,325.4
|{{Increase}}2.4%
|{{Increase}}3.0%
|{{IncreaseNegative}}3.3%
|{{Steady}}0.1%
|-
|2016
|{{Increase}}419.8
|{{Increase}}56,903.2
|{{Increase}}320.9
|{{Increase}}43,488.2
|{{Increase}}2.2%
|{{Increase}}2.4%
|{{IncreaseNegative}}3.4%
|{{Steady}}0.1%
|-
|2017
|{{Increase}}442.4
|{{Increase}}59,667.9
|{{Increase}}341.3
|{{Increase}}46,025.7
|{{Increase}}3.8%
|{{Increase}}1.5%
|{{DecreasePositive}}3.1%
|{{Steady}}0.1%
|-
|2018
|{{Increase}}465.9
|{{Increase}}62,220.8
|{{Increase}}361.7
|{{Increase}}48,310.0
|{{Increase}}2.8%
|{{Increase}}2.4%
|{{DecreasePositive}}2.8%
|{{Steady}}0.1%
|-
|2019
|{{Increase}}466.3
|{{Decrease}}61,999.4
|{{Increase}}363.1
|{{Decrease}}48,274.9
|{{Decrease}}-1.7%
|{{Increase}}2.9%
|{{IncreaseNegative}}2.9%
|{{IncreaseNegative}}0.3%
|-
|2020
|{{Decrease}}441.0
|{{Decrease}}59,380.4
|{{Decrease}}344.9
|{{Decrease}}46,443.6
|{{Decrease}}-6.5%
|{{Increase}}0.3%
|{{IncreaseNegative}}5.8%
|{{IncreaseNegative}}1.0%
|-
|2021
|{{Increase}}488.5
|{{Increase}}65,980.6
|{{Increase}}369.2
|{{Increase}}49,865.4
|{{Increase}}6.3%
|{{Increase}}1.6%
|{{DecreasePositive}}5.2%
|{{IncreaseNegative}}2.1%
|-
|2022
|{{Increase}}518.7
|{{Increase}}69,987.0
|{{Decrease}}368.4
|{{Decrease}}49,699.6
|{{Decrease}}-0.9%
|{{Increase}}1.9%
|{{DecreasePositive}}4.5%
|{{IncreaseNegative}}3.3%
|-
|2023
|{{Increase}}558.4
|{{Increase}}75,134.8
|{{Increase}}387.5
|{{Increase}}52,132.1
|{{Increase}}3.9%
|{{Increase}}2.4%
|{{DecreasePositive}}4.0%
|{{IncreaseNegative}}4.3%
|-
|2024
|{{Increase}}587.1
|{{Increase}}78,651.5
|{{Increase}}406.7
|{{Increase}}54,494.0
|{{Increase}}3.0%
|{{Increase}}2.5%
|{{DecreasePositive}}3.7%
|{{IncreaseNegative}}4.7%
|-
|2025
|{{Increase}}615.2
|{{Increase}}81,952.1
|{{Increase}}427.3
|{{Increase}}56,912.0
|{{Increase}}2.9%
|{{Increase}}2.5%
|{{DecreasePositive}}3.4%
|{{IncreaseNegative}}4.8%
|-
|2026
|{{Increase}}644.9
|{{Increase}}85,404.0
|{{Increase}}449.4
|{{Increase}}59,514.7
|{{Increase}}2.9%
|{{Increase}}2.5%
|{{DecreasePositive}}3.1%
|{{DecreasePositive}}4.7%
|-
|2027
|{{Increase}}675.8
|{{Increase}}88,978.9
|{{Increase}}471.0
|{{Increase}}62,015.3
|{{Increase}}2.8%
|{{Increase}}2.5%
|{{DecreasePositive}}2.9%
|{{IncreaseNegative}}5.4%
|}


===GDP===
==Trade and investment==
* '''GDP – nominal (2022):''' HK$2,818,046 million
'''Exports:''' $191 billion f.o.b., including reexports (2001 est.)
* '''GDP – nominal in US$ (2022):''' $359,812 million
<br>'''Exports - ]:''' clothing, textiles, footwear, electrical appliances, watches and clocks, toys, plastics, precious stones
* '''GDP – real growth rate (2022):''' −3.5%
<br>'''Exports - partners:''' Mainland China 43%, Japan 12%, Taiwan 8%, US 7%, South Korea 5%, Singapore 3% (2000)
* '''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:<ref name="C&SD">{{cite web |url=https://www.censtatd.gov.hk/en/page_1273.html |title=List of All Statistical Products |publisher=Census and Statistics Department }}</ref>
{{Economy of Hong Kong}}


===Labour===
'''Imports:''' $58.8 billion (2001 est.)
* '''Labour force (2022):''' 3.78 million -2.4% year-on-year
<br>'''Imports - commodities:''' foodstuffs, transport equipment, raw materials, semimanufactures, petroleum; a large share is reexported
* '''Persons Engaged in various sectors (Dec 2022):'''
<br>'''Imports - partners:''' Mainland China 41%, Japan 13%, US 8%, Taiwan 7%, South Korea 5%, Singapore 4% (1998)
** ''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:<ref name="C&SD"/>


===2022–2023 fiscal year budget===
'''Debt - external:''' $48.1 billion (1999)
* '''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:<ref>{{cite web|url=https://www.budget.gov.hk/2022/eng/io.html|title=The 2022–23 Budget – Government Revenue and Expenditure|website=budget.gov.hk}}</ref><ref>{{Cite web|url=https://www.info.gov.hk/gia/general/202204/29/P2022042700449.htm|title=Provisional financial results for the year ended March 31, 2022|website=www.info.gov.hk}}</ref>


===Trade===
'''Economic aid - recipient:''' none
;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
==Currency==
**''With mainland China:'' $4,648.4 billion (49.1% share), −13.7% year-on-year
:''Main article: ]''
**''With Taiwan:'' $741.6 billion (7.8% share), +7.3% year-on-year
1 Hong Kong dollar (HK$) = 100 cents
**''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:<ref name="C&SD"/>


====Trade with Macau====
'''Exchange rates:''' Hong Kong dollars per US dollar - 7.799 (April 2005), 7.798 (January 2002), 7.7994 (2001), 7.7918 (2000), 7.7589 (1999), 7.7462 (1998), 7.7425 (1997); note - the Hong Kong dollar is linked to the US dollar at a rate of about 7.8 Hong Kong dollars per US dollar
]
{{See also|Hong Kong–Macau relations|Economy of Macau}}


As at 2015, ] is Hong Kong's second largest export destination, occupying 6.1% of Hong Kong's total exports.<ref></ref> The amount of export totaled US$8.4B, with broadcasting equipment, ], and precious metal watches as the major products.<ref></ref> On the other hand, Hong Kong is Macau's largest export destination.<ref></ref> 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.<ref></ref> Since 2018, Hong Kong and Macau have been connected via road by the ].
'''Fiscal year:''' ]&ndash;]

== Poverty ==
The ] is a monetary threshold under which an individual is considered to be living in poverty. This threshold is calculated using ].<ref>{{cite web|url=https://www.investopedia.com/terms/i/international-poverty-line.asp|title=International Poverty Line|last=Kenton|first=Will|website=Investopedia|language=en|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190418163951/https://www.investopedia.com/terms/i/international-poverty-line.asp|archive-date=18 April 2019|url-status=dead}}</ref> According to the ], 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.<ref>{{cite web|url=http://www.worldbank.org/en/topic/poverty/brief/global-poverty-line-faq|title=FAQs: Global Poverty Line Update|website=World Bank|language=en|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190418163948/http://www.worldbank.org/en/topic/poverty/brief/global-poverty-line-faq|archive-date=18 April 2019|url-status=live}}</ref> 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.<ref>{{cite web|url=https://www.scmp.com/news/hong-kong/society/article/2174006/record-13-million-people-living-below-poverty-line-hong-kong|title=Record 1.37 million people living below poverty line in Hong Kong|date=2018-11-19|website=South China Morning Post|language=en|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190418204314/https://www.scmp.com/news/hong-kong/society/article/2174006/record-13-million-people-living-below-poverty-line-hong-kong|archive-date=18 April 2019|url-status=live}}</ref> 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%.<ref>{{cite web|url=https://www.info.gov.hk/gia/general/201811/19/P2018111900623.htm|title=Analysis of poverty situation in Hong Kong in 2017 announced (with photo/video)|website=info.gov.hk|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190901132921/https://www.info.gov.hk/gia/general/201811/19/P2018111900623.htm|archive-date=1 September 2019|url-status=live}}</ref>

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.<ref>{{cite web|url=https://www.labour.gov.hk/eng/news/mwo.htm|title=Labour Department – Employee Rights and Benefits|website=labour.gov.hk|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190404183534/https://www.labour.gov.hk/eng/news/mwo.htm|archive-date=4 April 2019|url-status=live}}</ref> 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.<ref name=":0">{{cite web |last= |date=2018-11-20 |title=In Hong Kong, one in five are living in poverty |url=https://www.straitstimes.com/asia/east-asia/in-hong-kong-one-in-five-are-living-in-poverty |url-status=live |archive-url=https://web.archive.org/web/20190418163958/https://www.straitstimes.com/asia/east-asia/in-hong-kong-one-in-five-are-living-in-poverty |archive-date=18 April 2019 |access-date=2019-04-18 |website=The Straits Times |language=en}}</ref> With economic growth projected to slow in the coming years, poverty becomes an increasingly pressing issue.<ref name=":0" />

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.<ref>{{cite web|url=https://www.globalpropertyguide.com/Asia/Hong-Kong|title=Investment Analysis of Hong Kong Real Estate Market|date=2019-03-06|website=Global Property Guide|language=en|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190419210330/https://www.globalpropertyguide.com/Asia/Hong-Kong|archive-date=19 April 2019|url-status=live}}</ref> 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 ].<ref>{{cite web|url=https://www.hongkongfp.com/2019/04/18/2022-average-hongkonger-wait-6-years-public-housing-think-tank-warns/|title=By 2022, average Hongkonger could wait 6 years or more for public housing, think tank warns|last=Chan|first=Holmes|date=2019-04-18|website=Hong Kong Free Press HKFP|language=en-GB|access-date=2019-04-18}}</ref> 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==

===Stock exchange===
] 2001 - 2022]]
{{Main|Hong Kong Stock Exchange}}
The ] is the ] in the world, with a ] of about US$3.732 trillion as of mid-2017. In 2006, the value of ]s (IPO) conducted in Hong Kong was second highest in the world after London.<ref name="Iht"> {{Webarchive|url=https://web.archive.org/web/20090209224201/http://www.iht.com/articles/2006/12/25/business/borse.php |date=9 February 2009 }}, International Herald Tribune, 25 December 2006. Retrieved 20 January 2007.</ref> In 2009, Hong Kong raised 22 percent of IPO capital, becoming the largest centre of IPOs in the world.<ref>{{cite news | url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aI3U6ahtfIyo | publisher=Bloomberg L.P. |title=Hong Kong IPOs May Raise Record $48 Billion in 2010, E&Y Says | date=21 December 2009 | access-date=6 March 2017 | archive-url=https://web.archive.org/web/20110429111223/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aI3U6ahtfIyo | archive-date=29 April 2011 | url-status=live }}</ref> The exchange is the world's 10th largest by turnover and third largest in China.{{efn|After Shenzhen and Shanghai}}{{citation needed|date=September 2018}}

===Bond market===
{{see also|Bond markets in East Asia and South East Asia}}
[[File:Hong Kong bonds.webp|thumb|300px|center|Hong Kong bonds
{{legend-line|#00A2FF solid 3px|15 year}}
{{legend-line|#61D836 solid 3px|10 year}}
{{legend-line|#929292 solid 3px|2 year}}
{{legend-line|#F8BA00 solid 3px|1 year}}
{{legend-line|#FF2600 solid 3px|6 month}}
{{legend-line|#73FDEA solid 3px|3 month}}
]]

===Exchange rates===
{{Exchange rate|HKD|TWD|KRW|INR|EUR|JPY|USD}}

[[File:USD to Hong Kong Dollar exchange rate.webp|thumb|310px|center|
{{legend|#DE2910|] / ] ]|outline=#D5D5D5}}
]]
[[File:Chinese Yuan to Hong Kong Dollar exchange rate.webp|thumb|310px|center|
{{legend|#DE2910|] / ] ]|outline=#FFDE00}}
]]


==See also== ==See also==
{{Life in Hong Kong}} {{Portal|Hong Kong|Economy}}
{{Div col}}
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* ] * ]
* ] *]
* ] * ]
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* ] * ]
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* ] * ]
* ] * ]
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* ]
{{APEC}}
* ]
{{WTO}}
* ]
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{{Div col end}}


== Notes ==
]
{{notelist}}
]

]
==References==
]
{{reflist|colwidth=30em}}

==External links==
*
*
*, The Economist, 10 January 2007. Retrieved 24 February 2007.
* by ]
* Catherine R. Schenk, University of Glasgow
*
*
*
*Tariffs applied by Hong Kong as provided by ITC's , an online database of customs tariffs and market requirements

{{Hong Kong topics}}
{{Economy of Hong Kong navbox}}
{{APEC}}
{{World Trade Organization}}
{{Asia in topic|Economy of}}


{{DEFAULTSORT:Economy of Hong Kong}}
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Latest revision as of 04:08, 16 December 2024

Economy of the city Hong Kong

Economy of Hong Kong
Central and Victoria Harbour of Hong Kong
CurrencyHong Kong dollar (HKD)
Fiscal year1 April – 31 March
Trade organisationsAPEC, WTO, Group of Twenty (Chinese delegation), One Belt One Road, AIIB and ICC etc.
Country group
Statistics
PopulationIncrease 7,498,100 (2023)
GDP
  • Increase $401.751 billion (nominal, 2024)
  • Increase $569.828 billion (PPP, 2024)
GDP rank
GDP growth
  • +6.4% (2021) −3.5% (2022)
GDP per capita
  • Increase $53,165 (nominal, 2024)
  • Increase $75,407 (PPP, 2024)
GDP per capita rank
GDP by sector
Inflation (CPI)1.9% (2022)
Population below poverty line19.9% (2016 est.)
Gini coefficient53.9 high (2016)
Human Development Index
Labour force
  • Decrease 3,946,772 (2019)
  • Decrease 59.0% employment rate (2016)
Labour force by occupation
  • manufacturing: 1.0%
  • Electricity, gas and water supply, and waste management: 1.2%
  • construction: 4.3%
  • wholesale and retail trade, restaurants, and hotels: 19.8%
  • transport and communications: 11.2%
  • financing, insurance, and real estate, professional and business service: 30.9%
  • community, social, and personal services: 31.7%
Unemployment4.3% (2022)
Average gross salaryHK$ 19,100
US$ 2,439
per month (2022 May)
Average net salaryHK$ 17,883
US$ 2,284
per month (2022 May)
Main industriesfinancing and insurance, import and export trade, professional and business services
External
Exports$533.6 billion (2023)
Main export partners
Imports$593.3 billion (2023)
Main import partners
FDI stock
  • Increase$2.2 trillion (31 December 2017 est.)
  • Increase Abroad: $2.036 trillion (31 December 2017 est.)
Current accountIncrease $14.75 billion (2017 est.)
Gross external debtPositive decrease $633.6 billion (31 December 2017 est.)
Public finances
Government debt0.1% of GDP (2017 est.)
Budget balance+5.2% (of GDP) (2017 est.)
Revenues79.34 billion (2017 est.)
Expenses61.64 billion (2017 est.)
Credit ratingStandard & Poor's:
AAA (Domestic)
AAA (Foreign)
AAA (T&C Assessment)
Outlook: Stable
Moody's:
Aa3
Outlook: Negative
Fitch:
AA+
Outlook: Stable
Foreign reserves$430.7 billion (April 2023)
All values, unless otherwise stated, are in US dollars.

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

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. 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.

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, rigorous anti-corruption measures and close ties with mainland China. 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.

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. Its economy is slightly larger than Chile's or Romania's 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.

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. 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.

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

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

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

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.

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.

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 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. 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. 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.

Economic freedom

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. 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.

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". 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.

Economic data

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.

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 Increase10.3% Increase4.4% 3.8% n/a
1981 Increase43.1 Increase8,325.5 Increase31.1 Increase5,995.2 Increase9.2% Negative increase9.5% Negative increase3.9% n/a
1982 Increase47.1 Increase8,956.7 Increase32.3 Increase6,139.0 Increase2.9% Negative increase11.0% Positive decrease3.5% n/a
1983 Increase51.9 Increase9,701.3 Decrease29.9 Decrease5,590.2 Increase6.0% Negative increase9.9% Negative increase4.4% n/a
1984 Increase59.2 Increase10,892.1 Increase33.5 Increase6,170.5 Increase10.0% Negative increase8.5% Positive decrease3.9% n/a
1985 Increase61.5 Increase11,173.8 Increase35.7 Increase6,490.4 Increase0.7% Increase3.6% Positive decrease3.2% n/a
1986 Increase69.7 Increase12,515.9 Increase41.1 Increase7,380.1 Increase11.1% Increase3.6% Positive decrease2.8% n/a
1987 Increase80.9 Increase14,415.0 Increase50.6 Increase9,015.2 Increase13.4% Negative increase5.7% Positive decrease1.7% n/a
1988 Increase90.9 Increase16,032.8 Increase59.7 Increase10,527.5 Increase8.5% Negative increase7.8% Positive decrease1.4% n/a
1989 Increase96.6 Increase16,877.5 Increase68.8 Increase12,012.6 Increase2.3% Negative increase10.2% Positive decrease1.1% n/a
1990 Increase104.1 Increase18,099.3 Increase76.9 Increase13,374.3 Increase3.8% Negative increase10.3% Negative increase1.3% n/a
1991 Increase113.8 Increase19,563.0 Increase89.0 Increase15,297.6 Increase5.7% Negative increase11.2% Negative increase1.8% n/a
1992 Increase123.6 Increase20,995.4 Increase104.3 Increase17,710.5 Increase6.2% Negative increase9.6% Negative increase2.0% n/a
1993 Increase134.4 Increase22,405.6 Increase120.4 Increase20,065.7 Increase6.2% Negative increase8.8% Steady2.0% n/a
1994 Increase145.5 Increase23,784.5 Increase135.8 Increase22,194.0 Increase6.0% Negative increase8.8% Positive decrease1.9% n/a
1995 Increase152.1 Increase24,262.2 Increase144.7 Increase23,070.5 Increase2.4% Negative increase9.0% Negative increase3.2% n/a
1996 Increase161.5 Increase24,975.4 Increase159.7 Increase24,699.0 Increase4.3% Negative increase6.3% Positive decrease2.8% n/a
1997 Increase172.7 Increase26,496.4 Increase177.3 Increase27,214.6 Increase5.1% Negative increase5.8% Positive decrease2.2% n/a
1998 Decrease164.3 Decrease24,962.9 Decrease168.9 Decrease25,649.1 Decrease-5.9% Increase2.8% Negative increase4.7% n/a
1999 Increase170.8 Increase25,737.3 Decrease165.7 Decrease24,969.0 Increase2.5% Increase-4.0% Negative increase6.3% n/a
2000 Increase188.1 Increase28,025.5 Increase171.6 Increase25,574.5 Increase7.7% Increase-3.7% Positive decrease4.9% n/a
2001 Increase193.4 Increase28,737.1 Decrease169.4 Decrease25,166.9 Increase0.6% Increase-1.6% Negative increase5.1% n/a
2002 Increase199.7 Increase29,688.3 Decrease166.3 Decrease24,731.1 Increase1.7% Increase-3.0% Negative increase7.3% n/a
2003 Increase209.8 Increase31,022.4 Decrease161.4 Decrease23,856.5 Increase3.1% Increase-2.6% Negative increase7.9% n/a
2004 Increase234.2 Increase34,456.0 Increase169.1 Increase24,873.9 Increase8.7% Increase-0.4% Positive decrease6.8% 1.9%
2005 Increase259.4 Increase37,938.2 Increase181.6 Increase26,551.8 Increase7.4% Increase0.9% Positive decrease5.6% Positive decrease1.7%
2006 Increase286.2 Increase41,456.1 Increase193.5 Increase28,028.2 Increase7.0% Increase2.0% Positive decrease4.8% Positive decrease1.4%
2007 Increase313.0 Increase45,106.1 Increase211.6 Increase30,494.6 Increase6.5% Increase2.0% Positive decrease4.0% Positive decrease1.2%
2008 Increase325.8 Increase46,777.4 Increase219.3 Increase31,487.9 Increase2.1% Increase4.3% Positive decrease3.5% Positive decrease1.0%
2009 Decrease319.8 Decrease45,706.2 Decrease214.0 Decrease30,594.0 Decrease-2.5% Increase0.6% Negative increase5.3% Positive decrease0.7%
2010 Increase345.5 Increase48,996.0 Increase228.6 Increase32,421.4 Increase6.8% Increase2.3% Positive decrease4.3% Positive decrease0.6%
2011 Increase369.7 Increase51,998.8 Increase248.5 Increase34,955.1 Increase4.8% Negative increase5.3% Positive decrease3.4% Steady0.6%
2012 Increase373.5 Increase52,082.4 Increase262.6 Increase36,623.7 Increase1.7% Increase4.1% Positive decrease3.3% Positive decrease0.5%
2013 Increase385.4 Increase53,453.6 Increase275.7 Increase38,233.4 Increase3.1% Increase4.3% Negative increase3.4% Positive decrease0.5%
2014 Increase396.0 Increase54,604.9 Increase291.5 Increase40,185.3 Increase2.8% Increase4.4% Positive decrease3.3% Positive decrease0.1%
2015 Increase411.3 Increase56,266.9 Increase309.4 Increase42,325.4 Increase2.4% Increase3.0% Negative increase3.3% Steady0.1%
2016 Increase419.8 Increase56,903.2 Increase320.9 Increase43,488.2 Increase2.2% Increase2.4% Negative increase3.4% Steady0.1%
2017 Increase442.4 Increase59,667.9 Increase341.3 Increase46,025.7 Increase3.8% Increase1.5% Positive decrease3.1% Steady0.1%
2018 Increase465.9 Increase62,220.8 Increase361.7 Increase48,310.0 Increase2.8% Increase2.4% Positive decrease2.8% Steady0.1%
2019 Increase466.3 Decrease61,999.4 Increase363.1 Decrease48,274.9 Decrease-1.7% Increase2.9% Negative increase2.9% Negative increase0.3%
2020 Decrease441.0 Decrease59,380.4 Decrease344.9 Decrease46,443.6 Decrease-6.5% Increase0.3% Negative increase5.8% Negative increase1.0%
2021 Increase488.5 Increase65,980.6 Increase369.2 Increase49,865.4 Increase6.3% Increase1.6% Positive decrease5.2% Negative increase2.1%
2022 Increase518.7 Increase69,987.0 Decrease368.4 Decrease49,699.6 Decrease-0.9% Increase1.9% Positive decrease4.5% Negative increase3.3%
2023 Increase558.4 Increase75,134.8 Increase387.5 Increase52,132.1 Increase3.9% Increase2.4% Positive decrease4.0% Negative increase4.3%
2024 Increase587.1 Increase78,651.5 Increase406.7 Increase54,494.0 Increase3.0% Increase2.5% Positive decrease3.7% Negative increase4.7%
2025 Increase615.2 Increase81,952.1 Increase427.3 Increase56,912.0 Increase2.9% Increase2.5% Positive decrease3.4% Negative increase4.8%
2026 Increase644.9 Increase85,404.0 Increase449.4 Increase59,514.7 Increase2.9% Increase2.5% Positive decrease3.1% Positive decrease4.7%
2027 Increase675.8 Increase88,978.9 Increase471.0 Increase62,015.3 Increase2.8% Increase2.5% Positive decrease2.9% Negative increase5.4%

GDP

  • 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:

Economy of Hong Kong
Identity
Resources
Companies
Other Hong Kong topics

Hong Kong Portal

Labour

  • 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:

2022–2023 fiscal year budget

  • 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:

Trade

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:

Trade with Macau

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

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. 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. 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. 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%.

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. 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. 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 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. 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. 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

Stock exchange

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

Bond market

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

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

Notes

  1. After Shenzhen and Shanghai

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