European Parliament Library

People's Republic of China-Hong Kong Special Administrative Region :, 2009 Article IV Consultation-Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion

Abstract
This 2009 Article IV Consultation highlights that Hong Kong Special Administrative Region’s economy was severely affected by the global financial crisis. The recovery is now under way, fueled by growth on the Mainland, supportive policies, and accommodative monetary conditions imported from the United States. Despite the steepness of the downturn in early 2009, job losses have been relatively modest and unemployment now stands at 5.2 percent. Executive Directors have welcomed the robustness of the Hong Kong banking system, the result of banks’ careful risk management, and the authorities’ vigilant, prudent regulation and enforcement
Table Of Contents
Cover; Contents; I. Economic Outturns and Outlook; II. Managing the Recovery; A. The Credit-Asset Price Cycle; B. Exit from Extraordinary Measures; C. Fiscal Policy; III. The Implications of Mainland Rebalancing; IV. Staff Appraisal; Boxes; 1. Exchange Rate Assessment; 2. Minimum Wage Legislation; 3. Macroeconomic Implications for Hong Kong SAR of U.S. Credit Easing; 4. Proposed Changes to the Deposit Protection Scheme; 5. Recent Steps Toward Greater Financial Integration with the Mainland; Figures; 1. Financial Market Developments; 2. Growth Prospects; 3. Spillovers from U.S. Credit Easing
Language
eng
Literary Form
non fiction
Note
Description based upon print version of record
Physical Description
1 online resource (38 p.)
Specific Material Designation
remote
Form Of Item
online
Isbn
9781452757537

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