According to the provisional results of a survey released today (December 13) by the Census and Statistics Department (C&SD), the index of industrial production for manufacturing industries as a whole increased slightly by 0.4% in the third quarter of 2019 compared with a year earlier, following a year-on-year increase of 0.4% in the second quarter of 2019. The corresponding producer price index increased by 1.4% in the third quarter of 2019 compared with a year earlier, following a year-on-year increase of 0.8% in the second quarter of 2019.

     The index of industrial production for sewerage, waste management and remediation activities decreased by 3.5% in the third quarter of 2019 compared with a year earlier, as against a year-on-year increase of 0.5% in the second quarter of 2019. The corresponding producer price index decreased by 4.7% in the third quarter of 2019 compared with a year earlier, following a year-on-year decrease of 2.9% in the second quarter of 2019.

     Indices of industrial production reflect changes in the volume of local industrial output after discounting the effect of price changes. The price changes are measured by the producer price indices compiled from data on producer prices of selected industrial goods/services collected in the same survey.

     Comparing the industrial production in respect of major manufacturing industries in the third quarter of 2019 with that a year earlier, increases in output volume were recorded mainly in the food, beverages and tobacco industry (+0.7%); and the textiles and wearing apparel industry (+0.4%). On the other hand, decreases in output volume were recorded in the metal, computer, electronic and optical products, machinery and equipment industry (-0.6%); and the paper products, printing and reproduction of recorded media industry (-0.6%).

     On a seasonally adjusted basis, the index of industrial production for manufacturing industries as a whole decreased marginally by 0.1% in the third quarter of 2019 compared with the second quarter of 2019.

     Producer price indices reflect changes in the prices of local output. They measure changes in the actual prices (net of any discounts or rebates allowed to buyers, plus any surcharges) received by producers for their output. Transportation and other incidental charges are not included.

     Comparing the third quarter of 2019 with a year earlier, increases in producer prices were recorded mainly in the metal, computer, electronic and optical products, machinery and equipment industry (+1.9%); the food, beverages and tobacco industry (+1.8%); and the textiles and wearing apparel industry (+0.6%).

     Table 1 shows the year-on-year percentage changes in the indices of industrial production by selected industry grouping. Table 2 shows the year-on-year percentage changes in the producer price indices for the industrial sector by selected industry grouping.

     The revised figures on indices of industrial production and producer price indices for the industrial sector for the third quarter of 2019 will be released at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/bbs.jsp) and relevant publications of the Department starting from January 20, 2020.

     Users can download the reports "Quarterly Index of Industrial Production, 3rd Quarter 2019" (www.censtatd.gov.hk/hkstat/sub/sp310.jsp?productCode=B1070002) and "Quarterly Producer Price Index for Industrial Sector, 3rd Quarter 2019" (www.censtatd.gov.hk/hkstat/sub/sp280.jsp?productCode=B1070003) free of charge at the website of the C&SD.

     Readers who have enquiries about the survey results may contact the Industrial Production Statistics Section of the C&SD (Tel.: 3903 7247; Fax: 2123 1048; email: ind-production@censtatd.gov.hk).

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) released today (December 13) the key analytical accounts of the Exchange Fund at the end of November 2019.
      
     Foreign assets, representing the external assets of the Exchange Fund, decreased during the month by HK$51.3 billion to HK$3,579.0 billion.
      
     The Monetary Base, comprising Certificates of Indebtedness, Government‑issued currency notes and coins in circulation, the balance of the banking system and Exchange Fund Bills and Notes issued, amounted to HK$1,653.8 billion.
      
     Claims on the private sector in Hong Kong amounted to HK$259.3 billion.
      
     The analytical accounts of the Exchange Fund are released in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS) and are referred to as the Analytical Accounts of the Central Bank under SDDS (Annex).
 
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     At present, four press releases relating to the Exchange Fund's data are issued by the HKMA each month.  Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS).  The fourth press release, on the Exchange Fund's Abridged Balance Sheet and Currency Board Account, is made in accordance with the HKMA's policy of maintaining a high level of transparency.  For the month of December 2019, the scheduled dates for issuing the press releases are as follows:
 

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (December 13) the progress made in its handling of banking complaints received as at end-November 2019.  Banking complaints include cases concerning general banking services and conduct-related issues.
      
     In November 2019, 159 cases were received and the handling of 147 cases was completed.  As at end-November, the handling of 423 cases was in progress. 
      
     A table summarising the progress made in the handling of banking complaints by the HKMA is attached.

The following is issued on behalf of the Judiciary:
 
     The Chief Executive has, on the recommendation of the Judicial Officers Recommendation Commission and with the endorsement of the Legislative Council, made the following appointments:
 
     Non-permanent judge from another common law jurisdiction of the Court of Final Appeal:
     (for a term of three years commencing December 18, 2019)
     The Right Honourable Lord Jonathan Sumption
 
     Chief Judge of the High Court:
     (with effect from December 18, 2019)
     The Honourable Mr Justice Jeremy Poon Shiu-chor,
     Justice of Appeal of the Court of Appeal of the High Court

     The Government announced today (December 13) the re-appointment of Ms Edith Shih and Mr Tse Kam-keung as members of the Process Review Panel (PRP) for the Financial Reporting Council (FRC) for a term of two years from January 1, 2020, to December 31, 2021.
 
     In announcing the re-appointments, the Secretary for Financial Services and the Treasury, Mr James Lau, said, "The PRP helps enhance the transparency and accountability of the FRC. We are confident that, with the continued support of panel members, the PRP will continue to discharge its duties effectively to enhance our financial reporting and corporate governance regime."
 
     Established under the FRC Ordinance (Cap. 588), the FRC is a full-fledged independent auditor oversight body vested with the powers of inspection, investigation and discipline in relation to auditors of listed entities. The PRP for the FRC is an independent and non-statutory body that reviews the operational procedures of the FRC and determines whether the actions taken by the FRC in handling cases have followed its internal procedures and guidelines. The Chairman and members of the PRP are appointed by the Financial Secretary under authority delegated by the Chief Executive.

     The membership list of the PRP for the FRC with effect from January 1, 2020, is as follows:
 
Chairman
———–
Dr Anthony Chow Wing-kin
 
Members (in alphabetical order of surnames)
———-
Ms Florence Chan Yuen-fan
Professor Low Chee-keong
Ms Edith Shih
Mr Tse Kam-keung
  
Ex-officio Member
——————–
Dr Kelvin Wong Tin-yau (in the capacity as the Chairman of the FRC)