People’s Republic of China: Hong Kong Special Administrative Region: 2008 Article IV Consultation Discussions: Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion

Author: International Monetary Fund

Volume/Issue: Volume 2008 Issue 369

Publication date: December 2008

ISBN: 9781451817003

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Topics covered in this book

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Banks and Banking , Inflation , Labor , Economics- Macroeconomics , ISCR , CR , discussion , headline consumer price inflation , staff appraisal , consumer price , sale of HK , interbank lending , minimum wage , Minimum wages , Income , Budget planning and preparation , Fiscal stimulus , Inflation , Global

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Summary

This paper examines the People’s Republic of China’s Hong Kong Special Administrative Region’s 2008 Article IV Consultation. Growth has slowed in the first half of the year, as external conditions have worsened. Inflation remains elevated, driven by food prices and housing costs. The fallout from the global credit turmoil has spilled into local markets, with equity prices falling markedly and signs of stress in interbank markets. The authorities have responded with a range of measures to provide liquidity, stimulate domestic demand, and bolster confidence.