People’s Republic of China—Hong Kong Special Administrative Region: Staff Report for the 2004 Article IV Consultation Discussions

Volume/Issue: Volume 2005 Issue 063

Publication date: February 2005

ISBN: 9781451816921

$20.00

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Topics covered in this book

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Banks and Banking , Economics- Macroeconomics , Public Finance , Taxation - General , Business and Financial , ISCR , CR , staff appraisal , GDP data , Hong Kong SAR authorities , reserve , mainland authority , authorities' plan , economic activity , exchange rate , Value-added tax , Budget planning and preparation , Government debt management , Global , Asia and Pacific

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Summary

This 2004 Article IV Consultation highlights that after a period of prolonged weakness in economic activity, persistent deflation and rising fiscal deficits, the macroeconomic outlook for Hong Kong Special Administrative Region has improved significantly since mid-2003. The recovery has gained significant momentum and become broad-based in 2004. The consolidated fiscal deficit for FY2004/05 is now projected at about 1¾ percent of GDP, compared with the budget target of about 5 percent of GDP. The improvement relative to the budget is on account of buoyant revenue performance and continued expenditure restraint.