Economic Impact of SARS in Hong Kong
Total Page:16
File Type:pdf, Size:1020Kb
Load more
Recommended publications
-
Third Quarter Economic Report 2003
THIRD QUARTER ECONOMIC REPORT 2003 ECONOMIC ANALYSIS DIVISION FINANCIAL SERVICES AND THE TREASURY BUREAU GOVERNMENT OF THE HONG KONG SPECIAL ADMINISTRATIVE REGION November 2003 CONTENTS Paragraphs CHAPTER 1: OVERALL VIEW Overall situation 1.1 - 1.9 The external sector 1.10 - 1.18 Domestic demand 1.19 - 1.23 The Government account 1.24 - 1.26 The property market 1.27 - 1.30 The labour market 1.31 - 1.34 Prices 1.35 - 1.37 The financial sector 1.38 - 1.42 CHAPTER 2: THE EXTERNAL SECTOR Major external influences 2.1 - 2.6 Overall visible and invisible trade situation 2.7 - 2.15 Visible trade Total exports of goods 2.16 - 2.29 Re-exports 2.30 - 2.33 Domestic exports 2.34 - 2.35 Outward processing trade 2.36 - 2.39 Imports of goods 2.40 - 2.41 Retained imports 2.42 - 2.45 Invisible trade Exports of services 2.46 - 2.49 Imports of services 2.50 - 2.53 Overall balance of payments 2.54 - 2.56 CHAPTER 3: THE DOMESTIC ECONOMY Net output or value added by major economic sector 3.1 - 3.2 Local manufacturing output 3.3 - 3.4 Service sector receipts 3.5 - 3.6 Property 3.7 - 3.16 Building and construction 3.17 - 3.23 Land 3.24 - 3.27 Electricity and gas 3.28 - 3.29 Internal transport 3.30 - 3.31 External transport 3.32 - 3.35 Tourism 3.36 - 3.41 Telecommunications 3.42 - 3.43 CHAPTER 4: THE FINANCIAL SECTOR Overall financial market situation 4.1 Exchange rates 4.2 - 4.4 Interest rates 4.5 - 4.7 Deposits and money supply 4.8 - 4.12 Hong Kong dollar external claims and liabilities of authorized 4.13 - 4.14 institutions Loans and advances 4.15 - 4.19 Banks -
Hong Kong: Tourism the Facts
Tourism The tourism industry is one of the major pillars of the economy Travel Industry Authority, as well as advisory bodies such as of Hong Kong. In 2018, it contributed to around 4.5% of Hong the Tourism Strategy Group and the Advisory Committee on Kong’s GDP and employed around 257 000 persons, Cruise Industry. accounting for about 6.6% of total employment. In 2019, total visitor arrivals declined by 14.2% over 2018 Tourism Development Blueprint: In October 2017, the to 55.91 million, reflecting the impact of the local social Government released the “Development Blueprint for Hong incidents. Entering 2020, the Coronavirus Disease 2019 Kong’s Tourism Industry”. The blueprint sets out not only a (COVID-19) has taken a heavy toll on the tourism industry of clear vision and mission to develop Hong Kong into a world- Hong Kong, with the total number of visitor arrivals dropped class premier tourism destination and ensure the balanced, by 88.2% year-on-year to 3.50 million in the first five months healthy and sustainable development of the industry, but also of 2020. four development strategies based on which to formulate different tourism initiatives and measures. Accommodation for visitors: By the end of May 2020, there were 306 hotels in Hong Kong, providing about 84 900 rooms. Strategy 1: To develop a diversified portfolio of visitor In 2019, the average hotel room occupancy rate decreased by source markets for Hong Kong, with a focus on attracting 12 percentage points to 79%. In the first five months of 2020, high value-added overnight visitors the occupancy rate was 38%, 52 percentage points lower as compared with the same period in 2019 due to the COVID-19 Seizing opportunities arising from Belt and Road Initiative outbreak. -
Hong Kong : the Facts
HONG KONG : THE FACTS Tourism The tourism industry is one of the major pillars of the Tourist Attractions and Facilities: The Government has economy of Hong Kong. The total tourism expenditure plans to develop a wide-range of diversified tourist associated to inbound tourism reached HK$91.8 billion in attractions in Hong Kong with a view to enhancing our 2004. overall attractiveness as a premier tourist destination. Visitor arrivals showed a strong recovery throughout 2004, reaching 21.81 million, a 40.4% year-on-year A number of enhancement projects are being carried increase. This not only surpassed arrivals for the whole of out to give a facelift to the existing popular tourist areas. 2003 but also topped the previous record of 16.57 million Beautification of the Sai Kung waterfront and the first arrivals in a full year, set in 2002. Along with the strong phase of Lei Yue Mun Improvement Project have been growth in the number of Mainland visitors, most other long completed. The Central and Western District Enhancement and short-haul markets are also performing healthily with Scheme is essentially completed with a minor portion still double-digit growth over 2003. Some of our key source subject to interfacing with another project in the same area. markets even achieved best-ever results in 2004 including Beautification works for the Tsim Sha Tsui Promenade and the Mainland China, the US, Canada, Australia, South Stanley waterfront are in progress and will be completed in Korea, Singapore, Malaysia and India. In January 2005, 2006 and 2007 respectively. Other projects being visitor arrivals continued its growing momentum with an planned include an improvement project for the Peak, a 8.3% growth and reached 1.89 million. -
Saving Hong Kong's Cultural Heritage
SAVING HONG KONG’S CULTURAL HERITAGE BY CECILIA CHU AND KYLIE UEBEGANG February 2002 Civic Exchange Room 601, Hoseinee House, 69 Wyndham Street, Central Tel: 2893-0213 Fax: 3105-9713 www.civic-exchange.org TABLE OF CONTENTS. page n.o ABBREVIATIONS AND TERMINOLOGY EXECUTIVE SUMMARY ………………………………………………………..….. 3 INTRODUCTION ……………………………………………………………….……. 4 PART I: CONSERVING HONG KONG 1. CONCEPTUAL FRAMEWORK…………………………………… 6 1.1 WHY CONSERVE? …………………………………………….. 6 1.2 HERITAGE CONSERVATION AND MANAGEMENT .…………..…. 6 1.3 CHALLENGES OF HERITAGE CONSERVATION ……………..….. 7 1.4 AN OVERVIEW OF HERITAGE CONSERVATION IN HONG KONG… 7 2. PRACTICAL FRAMEWORK 2.1 EXISTING HERITAGE CONSERVATION FRAMEWORK …………. 9 • LEGAL FRAMEWORK ……………………………………..…….10 • ADMINISTRATIVE FRAMEWORK …..………………….. 13 • TOURISM BODIES ……………………………..……… 14 • INTERNATIONAL BODIES …………………….………. 15 • PRIVATE SECTOR PARTICIPATION .………….……….. 17 2.2 CONSTRAINTS WITH THE EXISTING HERITAGE CONSERVATION FRAMEWORK • OVERALL ……………………………………………… 19 • LEGAL FRAMEWORK ..………………………………… 21 • ADMINISTRATIVE FRAMEWORK ………...…………….. 24 • TOURISM BODIES ….…………………………………… *27 PART II: ACHIEVING CONSERVATION 3. RECOMMENDATIONS 3.1 OVERALL ……..………………………………………………. 29 3.2 LEGAL AND ADMINISTRATIVE .………...……...………………….. 33 4. CASE STUDIES 4.1 NGA TSIN WAI VILLAGE …….………………………………. 34 4.2 YAUMATEI DISTRICT ………………………………………... 38 CONCLUSION ………………………………………………………………………… 42 ACKNOWLEDGEMENTS ………………………………………………………………. 43 ABBREVIATIONS AAB Antiquities Advisory Board AFCD Agriculture, Fisheries and Conservation Department -
Head 79 — INVEST HONG KONG
Head 79 — INVEST HONG KONG Controlling officer: the Director-General of Investment Promotion will account for expenditure under this Head. Estimate 2021–22 .................................................................................................................................... $184.6m Establishment ceiling 2021–22 (notional annual mid-point salary value) representing an estimated 38 non-directorate posts as at 31 March 2021 and as at 31 March 2022 ................................................. $29.5m In addition, there will be an estimated two directorate posts as at 31 March 2021 and as at 31 March 2022. Controlling Officer’s Report Programme Investment Promotion This programme contributes to Policy Area 6: Commerce and Industry (Secretary for Commerce and Economic Development). Detail 2019–20 2020–21 2020–21 2021–22 (Actual) (Original) (Revised) (Estimate) Financial provision ($m) 144.6 161.2 161.2 184.6 (—) (+14.5%) (or +14.5% on 2020–21 Original) Aim 2 The aim is to attract and assist overseas, Mainland and Taiwan companies to set up, retain and expand their operations in Hong Kong and to promote Hong Kong’s advantages as the leading international business location in Asia. Brief Description 3 Invest Hong Kong’s mission is to spearhead Hong Kong’s efforts to attract and retain foreign direct investment. It places emphasis on attracting companies in priority sectors with the potential to contribute to Hong Kong’s economic development, and encouraging multinational companies to locate their global or regional headquarters and other strategic functions in Hong Kong to access opportunities in Hong Kong, on the Mainland and elsewhere. 4 Invest Hong Kong provides one-to-one support services to companies throughout the planning and execution of their expansion in Hong Kong. -
An Analysis on the Latest Developments and Comparative Advantages of Offshore RMB Centers
ECONOMIC REVIEW(A Monthly Issue) March, 2014 Economics & Strategic Planning Department http://www.bochk.com An Analysis on the Latest Developments and Comparative Advantages of Offshore RMB Centers Liu Hong, Economist Recently, London and the Chinese government have signed a Memorandum of Understanding on RMB clearing and settlement, and offshore RMB businesses in Europe are growing steadily. According to the latest Global Financial Centers Index (GFCI) compiled by Z/Yen, a well-known London based Group, London, Hong Kong and Singapore were ranked as the second, third, and fourth global financial centers respectively. As top-tier international global financial centers, Hong Kong, London and Singapore have similar advantages in developing offshore RMB businesses, such as favorable time-zones, robust legal systems, free capital flow, relatively low tax rates and English language backgrounds etc. Meanwhile, these three financial centers also have their unique comparative advantages in developing offshore RMB businesses. I. Comparative advantages of Hong Kong Hong Kong is the largest offshore RMB center. It provides wholesale business functions thanks to the following comparative advantages. 1. Geographical location advantage with close proximity to onshore RMB market. Geographically, Hong Kong is near the mainland market and next to Guangdong province. As a result, Hong Kong has a first-mover advantage in business cooperation with the mainland. Firstly, there is close bilateral trade between Hong Kong and the mainland. According to statistics from the General Administration of Customs of the People's Republic of China, total bilateral trade amounted to USD 401 billion between Hong Kong and the mainland in 2013. Secondly, Hong Kong is the greatest source of the mainland's foreign direct investment and vice versa. -
Visitor Arrivals 1
Monthly Tourism Highlights –January to August 2019 Visitor Arrivals 1. Visitor Arrivals ➢ Visitor arrivals of 3.62 million was recorded in Aug 2019 with 6.5% year-on-year growth. This has significantly shrunk compared with the 16.3% growth in Jul and is possibly because of the protest in Hong Kong which reduced tourists’ intention in coming to Macao; Overnight Stay Visitors recorded a 5.7% year-on-year drop to 1.70 million arrivals. ➢ Average length of stay of visitors was 1.2 day in Aug, which was the same as last year; overnight stay visitors was up by 0.1 day to 2.3 days. ➢ Visitor arrivals of 27.44 million was recorded during Jan to Aug 2019, registering an increase of 18.0% compared with the same period of 2018. ➢ Among those, although overnight stay visitors increased by 5.7% to 12.90 million, same day visitors grew largely by 31.6% which led the proportion of overnight stay visitors dropped by 5.5 percentage point over year to 47.0%. ➢ For Jan to Aug, the average length of stay of visitors stood at 1.2 day and overnight visitors stayed 2.2 days, both was the same as 2018. % 2019 % 2019 Aug Visitor Arrivals to Change Jan to Aug Change Macao Jan to Aug 2019 Visitor Arrivals 3,623,116 +6.5% 27,437,982 +18.0% Same Day Visitor 1,926,319 +20.2% 14,540,874 +31.6% Overnight Ratio % (53.2%) (53.0%) Same Day Stay Visitor Visitor Overnight Stay Visitor 1,696,797 -5.7% 12,897,108 +5.7% 47.0% 53.0% Ratio % (46.8%) (47.0%) 2. -
Chapter 6 Hong Kong
CHAPTER 6 HONG KONG Key Findings • The Hong Kong government’s proposal of a bill that would allow for extraditions to mainland China sparked the territory’s worst political crisis since its 1997 handover to the Mainland from the United Kingdom. China’s encroachment on Hong Kong’s auton- omy and its suppression of prodemocracy voices in recent years have fueled opposition, with many protesters now seeing the current demonstrations as Hong Kong’s last stand to preserve its freedoms. Protesters voiced five demands: (1) formal with- drawal of the bill; (2) establishing an independent inquiry into police brutality; (3) removing the designation of the protests as “riots;” (4) releasing all those arrested during the movement; and (5) instituting universal suffrage. • After unprecedented protests against the extradition bill, Hong Kong Chief Executive Carrie Lam suspended the measure in June 2019, dealing a blow to Beijing which had backed the legislation and crippling her political agenda. Her promise in September to formally withdraw the bill came after months of protests and escalation by the Hong Kong police seeking to quell demonstrations. The Hong Kong police used increasingly aggressive tactics against protesters, resulting in calls for an independent inquiry into police abuses. • Despite millions of demonstrators—spanning ages, religions, and professions—taking to the streets in largely peaceful pro- test, the Lam Administration continues to align itself with Bei- jing and only conceded to one of the five protester demands. In an attempt to conflate the bolder actions of a few with the largely peaceful protests, Chinese officials have compared the movement to “terrorism” and a “color revolution,” and have im- plicitly threatened to deploy its security forces from outside Hong Kong to suppress the demonstrations. -
CHAPTER 1 Inland Revenue Department Administration of Hotel
CHAPTER 1 Inland Revenue Department Administration of hotel accommodation tax Audit Commission Hong Kong 28 March 2007 This audit review was carried out under a set of guidelines tabled in the Provisional Legislative Council by the Chairman of the Public Accounts Committee on 11 February 1998. The guidelines were agreed between the Public Accounts Committee and the Director of Audit and accepted by the Government of the Hong Kong Special Administrative Region. Report No. 48 of the Director of Audit contains 8 Chapters which are available on our website at http://www.aud.gov.hk. Audit Commission 26th floor, Immigration Tower 7 Gloucester Road Wan Chai Hong Kong Tel : (852) 2829 4210 Fax : (852) 2824 2087 E-mail : [email protected] ADMINISTRATION OF HOTEL ACCOMMODATION TAX Contents Paragraph PART 1: INTRODUCTION 1.1 Hotel accommodation tax 1.2 – 1.3 Role of the Inland Revenue Department 1.4 Types of establishments 1.5 Audit review 1.6 – 1.7 General response from the Administration 1.8 – 1.9 Acknowledgement 1.10 PART 2: CHARGING OF HOTEL ACCOMMODATION TAX 2.1 Legislation 2.2 – 2.5 Establishments providing long-term accommodation 2.6 – 2.12 Audit observations 2.13 – 2.17 Audit recommendations 2.18 Response from the Administration 2.19 Accommodation charges 2.20 Audit observations 2.21 – 2.27 Audit recommendations 2.28 Response from the Administration 2.29 Tax implications of exemption provisions 2.30 Audit observations 2.31 – 2.33 Audit recommendations 2.34 Response from the Administration 2.35 — i — Paragraph PART 3: COLLECTION OF HOTEL -
Hong Kong Tourism Board Work Plan for 2018-19
For Information Legislative Council Panel on Economic Development Hong Kong Tourism Board Work Plan for 2018-19 Purpose The paper at Annex sets out the Hong Kong Tourism Board (HKTB)’s work plan for 2018-19 for Members’ information. Background 2. The HKTB is a statutory body established in 2001 under the Hong Kong Tourism Board Ordinance (Cap. 302). Its core function is to promote Hong Kong globally as a leading international city in Asia and a world-class tourist destination. 3. The HKTB’s activities are primarily funded by the Government. Each year, the HKTB maps out its work plan for the year ahead, taking into account the macro environment and the tourism policy of the Government. In drawing up the work plan, the HKTB conducted extensive consultation with various tourism stakeholders, including travel agents, airlines, hotels, retailers, restaurants, attractions, as well as the academia. The work plan at the Annex has incorporated their views. It also gives an overview of the tourism performance in 2017. 4. The work plan will be submitted to the Secretary for Commerce and Economic Development for approval under Section 17B of the Hong Kong Tourism Board Ordinance. The subvention for the HKTB will form part of the Appropriation Bill, the passage of which is subject to the Legislative Council’s approval. 5. Members are invited to note the HKTB’s Work Plan for 2018-19 at the Annex. Tourism Commission Commerce and Economic Development Bureau February 2018 1 Annex HONG KONG TOURISM BOARD WORK PLAN FOR 2018-19 PURPOSE 1. This paper presents the work plan of the Hong Kong Tourism Board (HKTB) for 2018-19. -
Hong Kong Budget Summary 2005
Tricor, a member of the Bank of East Asia Group, is a leading professional provider of April 2005 Vol. 2, No.2 integrated business, corporate and investor services in Hong Kong, Greater China and South East Asia. Our services include Accounting, Company Formation, Corporate Governance & Company Secretarial, Executive Search & Selection, Initial Public Offerings & Share Registration, Payroll, Fund and Trust Administration. Tricor has built its reputation and professional expertise through the acquisition of the corporate service businesses of three of the “Big 4” international accounting firms: Deloitte Touche Tohmatsu and Ernst & Young in Hong Kong, and PricewaterhouseCoopers in Hong Kong and Singapore. Our mission is to be The Business Enabler of choice. Principal Tricor subsidiaries Abacus Share Registrars Limited Barbinder & Co Pte Ltd Evatthouse Corporate Services Pte Ltd Outsource Centre Pte Ltd Secretaries Limited Standard Registrars Limited Member of the BEA Group Strath Corporate Services Limited Tengis Limited Tricor Executive Resources Limited Please visit our website at www.tricor.com.hk Tricor Investor Services Limited © 2005 Tricor Services Limited. All Rights Reserved. E-mail: [email protected] MemberMember ofof thethe BEABEA GroupGroup Beijing Hong Kong Macau Shanghai Singapore Tortola (BVI) Tricor Consultancy Tricor Services Limited Tengis Business Services Shanghai Tricor Tengis Tricor Singapore Pte Tricor International (Beijing) Limited 28/F, BEA Harbour View Limited Consultancy Limited Limited Trustee Limited Suite 1808-1809 Centre 17 Andar E Room 3109-17 #11-00 PWC Building, East Asia Chambers, P.O. China World Tower 1 56 Gloucester Road Praia Grande Commercial 31/F Shanghai Central 8 Cross Street, Box 901 China World Trade Centre Wanchai, Hong Kong Centre Plaza Singapore 048424 Road Town, Tortola 1 Jian Guo Men Wai No. -
RMB on HK.Pdf (1.154Mb)
SAE./No.83/July 2017 Studies in Applied Economics AN ANALYSIS OF THE IMPACT OF RMB DEPRECIATION ON HONG KONG Richard (Ziyuan) Li Johns Hopkins Institute for Applied Economics, Global Health, and Study of Business Enterprise An Analysis of the Impact of RMB Depreciation on Hong Kong By Richard (Ziyuan) Li Copyright 2017 by Richard Li. This work may be reproduced provided that no fee is charged and the original source is properly cited. About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Co-Director of The Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business Enterprise ([email protected]). The authors are mainly students at The Johns Hopkins University in Baltimore. Some performed their work as summer research assistants at the Institute. This working paper is one in a series on currency boards. The currency board working papers will fill gaps in the history, statistics, and scholarship of the subject. About the Author Richard Li ([email protected]) is a graduate student at The Johns Hopkins University in Baltimore, pursuing a master’s degree in Financial Mathematics. He wrote this paper as a research assistant at the Institute for Applied Economics, Global Health, and the Study of Business Enterprise in Spring 2017. He will graduate in December 2017. Abstract Hong Kong is one of the main economies operating a currency board system today. With its currency fixed to the U.S. dollar, the system has functioned successfully since it was restarted in 1983. The last time it faced severe challenges was during the East Asian financial crisis of 1997-98.