Economic Update
2021/03/08China Sets 2021 GDP Growth Target above 6%
China is aiming for an economic growth rate of at least 6% in 2021, a goal unveiled by Premier Li Keqiang at the annual session of the National People's Congress in Beijing. The government also announced targets for consumer price inflation and budget deficit, which are respectively around 3% and 3.2% of GDP
2021/02/19Unemployment at Nearly 17-Year High
Hong Kong’s unemployment rate reached 7% during the November-January period, up from 6.6% in the previous three-month rolling period. The latest uptick, which is in line with the Chamber’s forecast, has brought the city’s jobless situation to a level not seen in almost 17 years.
2020/11/16RCEP: Why it Matters
Fifteen Asia-Pacific countries signed an agreement over the weekend to form the biggest trade group in history, the Regional Comprehensive Economic Partnership (RCEP), after nearly ten years of negotiations.
2020/11/13Hong Kong Economy Improves in Q3
With the local Covid-19 situation becoming more contained, Hong Kong’s economy registered some improvement in the third quarter. During July to September, GDP shrank by 3.5% year-on-year, compared to the contractions of 9.1% and 9% in Q1 and Q2 respectively.
2020/11/02Higher Quality of Growth Emphasized in the Next Five-Year Plan
The 19th Central Committee of the Communist Party of China has concluded its fifth plenary session in Beijing, laying out the framework of the 14th Five Year Plan – a blueprint for the nation’s economic and social development in the next few years – as well as ambitions for the longer term.
2020/10/13Greater Autonomy for Shenzhen under New National Plan
As Shenzhen Special Economic Zone celebrates its 40th anniversary, a new plan from the Central Government has set out the future direction of the city, including greater freedom to enact reforms.
2020/08/31Navigating Trade Headwinds
As the coronavirus continues to weigh on the global economy, Hong Kong’s external trade remains sluggish. In July 2020, the values of total exports and imports of goods dropped by 3% and 3.4% respectively. For the first seven months of the year, exports and imports fell by 6.3% and 8.5% respectively.
2020/07/31Turning a Crisis into an Opportunity
"You can see the computer age everywhere but in the productivity statistics,” said Robert Solow, a Nobel laureate in economics in 1987. This “productivity paradox” seems to have re-emerged, more than three decades after Solow made his remark.
2020/06/26IMF downgrades global growth forecasts
The International Monetary Fund (IMF) has lowered its global growth forecast, as the Covid-19 pandemic continues to unfold, creating a more negative impact on economic activities in the first half of 2020 than originally expected. The IMF now predicts global output to shrink by 4.9% this year, 1.9 percentage points below its April forecast.
2020/05/05Hong Kong Economy Shrinks at Record Rate
The Hong Kong economy contracted at the sharpest pace on record in the first quarter of 2020 as the Covid-19 pandemic disrupted virtually all types of economic activity in the city. The advance GDP estimate for the first three months of the year shows a year-on-year contraction of 8.9%, worse than during both the Asian Financial Crisis and the Global Financial Crisis, when the city’s economy shrank by 8.1% and 7.5% respectively at their lowest points (Figure 1).
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