Author Archives: hksar gov

     The Government announced today (March 30) the re-appointments of the Vice-Chairman and 31 non-official members, as well as the appointments of eight new members to the Youth Development Commission (YDC) for a term of two years with effect from April 1, 2020.
      
     The Chief Secretary for Administration and Chairman of the YDC, Mr Matthew Cheung Kin-chung said, “Since its establishment in 2018, the YDC has endeavoured to address young people’s concerns about education, career pursuit and home ownership, and to encourage their participation in politics as well as public policy discussion and debate. With members’ concerted efforts, the YDC has enhanced its various work, including nurturing talents, facilitating young people’s upward mobility and strengthening communication with young people.
      
     “To further enhance youth participation and facilitate the YDC to listen to young people’s views, the Government has appointed more young people to the YDC for the new term. The average age of the eight new members is 26. I look forward to working closely with all YDC members to jointly promote youth development in Hong Kong,” Mr Cheung emphasised.
      
     Mr Cheung also thanked the outgoing members, Ms Senia Ng Sze-nok and Ms Julia Poon Tsui-ying, for their contributions to the YDC.
      
     The membership of the YDC for the new term is as follows:
 
Chairman
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Chief Secretary for Administration
 
Vice-Chairman
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Mr Lau Ming-wai
 
Non-official Members (re-appointments)
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Mr Mac Chan Ho-ting
Dr Catherine Chan Po-ling
Mr Jonathan Chan Pok-chi
Ms Chan Yuen-ting
Mr Cheng Chung-man
Mr Alex Cheng Hong-wun
Mr Alex Fan Hoi-kit
Mr Kenneth Fok Kai-kong
Mr Nicholas Ho Lik-chi
Dr Esther Ho Yuk-fan
Mr Andy Kwok Wing-leung
Ms Louise Kwong Lai-ling
Ms Nixie Lam Lam
Ms Serena Lau Sze-wan
Professor Gabriel Matthew Leung
Mr Clarence Leung Wang-ching
Mr Kenneth Leung Yuk-wai
Dr Kristen Li
Mr Duncan Ma Tak-yan
Mr Sam Ng Sum-chun
Mr Hendrick Sin
Mr Kyrus Siu King-wai
Ms Elizabeth Thong Lee-peng
Mr Alex Tou Yat-lung
Ms Ashley Tse Hiu-hung
Mr James Tsui Siu-lung
Dr Rizwan Ullah
Dr Isaac Yip Pui-lam
Mr Michael Yiu Kwok-wai
Mr Jeremy Young Chit-on
Ms Mary Yu Wah
 
Non-official Members (new appointments)
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Mr Chris Lam Ka-tat
Mr Henry Lam Wah-shing
Ms Rebekah Lam Yan-yin
Ms Ingrid Lee Kwai-ha
Ms Cherry Lee Suet-yee
Ms Jay Mok Chi-yan
Mr Lucas Ngan Chun
Mr Victor Pang Wing-seng
 
Ex-officio Members
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Secretary for Commerce and Economic Development
Secretary for Education
Secretary for Food and Health
Secretary for Home Affairs
Secretary for Innovation and Technology
Secretary for Labour and Welfare
Secretary for Security
Secretary for Transport and Housing read more

     The Government today (March 30) announced the re-appointment of Chairman Dr George Lam and three other serving Directors, and the appointment of three new Directors, to the Board of Directors of the Hong Kong Cyb… read more

     The Census and Statistics Department (C&SD) released today (March 30) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the fourth quarter of 2019 and the whole year o… read more

     The Census and Statistics Department (C&SD) released today (March 30) the preliminary statistics on Hong Kong’s Gross National Income (GNI) and related figures for the fourth quarter of 2019 and the whole year of 2019.

     Hong Kong’s GNI, which denotes the total income earned by Hong Kong residents from engaging in various economic activities, decreased by 0.6% in the fourth quarter of 2019 from a year earlier to $767.2 billion at current market prices. The Gross Domestic Product (GDP), estimated at $744.4 billion at current market prices in the same quarter, recorded a 1.2% decrease over the same period. The value of GNI was larger than GDP by $22.9 billion in the fourth quarter of 2019, which was equivalent to 3.1% of GDP in that quarter, mainly attributable to a net inflow of investment income.
 
     After netting out the effect of price changes over the same period, Hong Kong’s GNI decreased by 3.3% in real terms in the fourth quarter of 2019 from a year earlier. The corresponding GDP in the same quarter decreased by 2.9% in real terms.

     Hong Kong’s total inflow of primary income, which mainly comprises investment income, estimated at $383.2 billion in the fourth quarter of 2019 and equivalent to 51.5% of GDP in that quarter, recorded an increase of 0.6% over a year earlier. Meanwhile, total primary income outflow, estimated at $360.3 billion in the fourth quarter of 2019 and equivalent to 48.4% of GDP in that quarter, decreased by 0.7% from a year earlier.
 
     As for the major components of investment income inflow, direct investment income (DII) increased by 2.0% over a year earlier, mainly due to the increase in earnings of some prominent local enterprises from their direct investment abroad. Portfolio investment income (PII) recorded an increase of 9.2% over a year earlier, mainly attributable to the increase in interest income received by resident investors from their holdings of non-resident long-term debt securities and the increase in dividend income received by resident investors from their holdings of non-resident equity securities.
 
     Regarding the major components of investment income outflow, DII increased by 1.7% over a year earlier, mainly due to the increase in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII decreased by 0.5%, mainly attributable to the decrease in interest payout to non-resident investors from their holdings of resident short-term debt securities.
 
     Analysed by country/territory, the mainland of China continued to be the largest source of Hong Kong’s total primary income inflow in the fourth quarter of 2019, accounting for 42.3%. This was followed by the British Virgin Islands (BVI), with a share of 22.8%. Regarding total primary income outflow, the BVI and the mainland of China remained the most important destinations in the fourth quarter of 2019, accounting for 26.7% and 24.8% respectively.
 
     For 2019 as a whole, Hong Kong’s GNI increased by 1.6% over a year earlier to $3,016.3 billion at current market prices. The difference of $148.2 billion from GDP for the same year (estimated at $2,868.2 billion) represented a net primary income inflow of the same amount and was equivalent to 5.2% of GDP in that year. The total primary income inflow was estimated at $1,670.6 billion, or 58.2% of GDP in 2019 while the corresponding outflow at $1,522.5 billion, or 53.1% of GDP in 2019. After netting out the effect of price changes, Hong Kong’s GNI decreased by 1.1% in real terms in 2019 from 2018.
 
Further information
 
     GDP and GNI are closely related indicators for measuring economic performance. GDP is a measure of the total value of production of all resident producing units of an economy. GNI denotes the total income earned by residents of an economy from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory of the economy or outside.  
 
     Figures of GNI and primary income flows analysed by income component from the first quarter of 2018 to the fourth quarter of 2019 are presented in Table A, while selected major country/territory breakdowns of primary income inflow and outflow for the same quarters are presented in Tables B(1) and B(2) respectively.
 
     Statistics on GDP and GNI from 2018 onwards and primary income flows for 2019 are subject to revision when more data become available.
 
     Enquiries about GNI and related statistics may be directed to the Balance of Payments Branch (2) of the C&SD at 3903 7054. read more

The following is issued on behalf of the Hong Kong Monetary Authority:        The Hong Kong Monetary Authority (HKMA) today (March 30) published the March 2020 issue of its Quarterly Bulletin and Half-Yearly Monetary and… read more