Tag Archives: China

     The Census and Statistics Department (C&SD) released today (May 2) the advance estimates on Gross Domestic Product (GDP) for the first quarter of 2024.
 
     According to the advance estimates, GDP increased by 2.7% in real terms in the first quarter of 2024 over a year earlier, compared with the increase of 4.3% in the fourth quarter of 2023.
  
     Analysed by major GDP component, private consumption expenditure increased by 1.0% in real terms in the first quarter of 2024 over a year earlier, after the increase of 3.5% in the fourth quarter of 2023.
 
     Government consumption expenditure measured in national accounts terms recorded a decline of 3.0% in real terms in the first quarter of 2024 from a year earlier, compared with the decrease of 5.2% in the fourth quarter of 2023.
 
     Gross domestic fixed capital formation increased by 0.3% in real terms in the first quarter of 2024 over a year earlier, moderated from the increase of 17.5% in the fourth quarter of 2023.
 
     Over the same period, total exports of goods measured in national accounts terms recorded an increase of 6.7% in real terms over a year earlier, compared with the increase of 2.8% in the fourth quarter of 2023. Imports of goods measured in national accounts terms grew by 3.2% in real terms in the first quarter of 2024, compared with the increase of 3.8% in the fourth quarter of 2023.
 
     Exports of services rose by 8.1% in real terms in the first quarter of 2024 over a year earlier, compared with the increase of 21.2% in the fourth quarter of 2023. Imports of services increased by 17.6% in real terms in the first quarter of 2024, after the increase of 26.7% in the fourth quarter of 2023.
 
     On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 2.3% in real terms in the first quarter of 2024 when compared with the fourth quarter of 2023.
 
Commentary
 
     A Government spokesman said that the Hong Kong economy recorded moderate growth in the first quarter of 2024. According to the advance estimates, real GDP grew by 2.7% in the first quarter of 2024 over a year earlier. On a seasonally adjusted quarter-to-quarter basis, real GDP increased by 2.3%.
 
     Analysed by major expenditure component, exports of services continued to grow notably thanks to a further increase in visitor arrivals. Total exports of goods registered visible growth as external demand turned slightly more favourable, though a very low base of comparison was also relevant. Domestically, private consumption expenditure rose mildly amid a continued increase in household income and the Government’s various initiatives to boost sentiment. Overall investment expenditure also increased slightly alongside continued economic expansion.
 
     Looking ahead, exports of services should be supported by further revival of inbound tourism alongside the continued recovery of handling capacity and the Government’s efforts to promote a mega event economy. Geopolitical tensions and tight financial conditions will continue to affect exports of goods, but some slight improvement may be seen as external demand has held up relatively well so far. Domestically, rising household income and the Government’s initiatives to boost sentiment should help private consumption, but the changing consumption pattern of residents may pose challenges. Continued economic growth should lend support to fixed asset investment. However, a longer period of tight financial conditions may have some dampening effects on economic confidence and activities.
 
     The revised figures on GDP and more detailed statistics for the first quarter of 2024, as well as the revised GDP forecast for 2024, will be released on May 17, 2024.
 
Further information
 
     The year-on-year percentage changes of GDP and selected major expenditure components in real terms from the first quarter of 2023 to the first quarter of 2024 are shown in Table 1.
 
     When more data become available, the C&SD will compile revised figures on GDP. The revised figures on GDP and more detailed statistics for the first quarter of 2024 will be released at the C&SD website (www.censtatd.gov.hk/en/scode250.html) and the Gross Domestic Product by Expenditure Component report (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1030001&scode=250) on May 17, 2024.
 
     For enquiries about statistics on GDP by expenditure component, please contact the National Income Branch (1) of the C&SD (Tel: 2582 5077 or email: gdp-e@censtatd.gov.hk). read more

     â€‹The nomination for the Leisure and Cultural Services Department’s Young Astronaut Training Camp 2024 is now open for local secondary schools until May 31. Selected participants will experience astronaut training on the Mainland free of charge this summer to learn about space science, astronomy and China’s aerospace achievements.
      
     The nine-day training camp will run from late July to early August. The itinerary includes visiting major aerospace facilities such as Beijing Aerospace City and the Jiuquan Satellite Launch Center. In addition to these visits, participants will be able to meet aerospace experts and astronauts on the Mainland and attend lectures on space science and aerospace technology. They will also participate in astronaut training activities including the donning and doffing of spacesuits, psychological training and blood-redistribution adaptability training. Upon completion of the activities, they will sit an examination to test their knowledge acquired and receive certificates.
      
     The quota for the training camp is 30. Candidates should be full-time students currently enrolled in Secondary 2 to Secondary 6 for the 2023/24 academic year, aged 12 or above and be nominated by their respective schools. Each school can nominate no more than two students. There will be three rounds of selection – a quiz, a pre-tour training camp and an interview. Candidates who achieve outstanding performance will be selected to join the camp.
      
     The training camp is jointly presented by the Leisure and Cultural Services Department (LCSD) and the Chinese General Chamber of Commerce in association with the Beijing-Hong Kong Academic Exchange Centre. The training camp is implemented by the Hong Kong Space Museum and sponsored by the Chinese General Chamber of Commerce.
      
     For details, please visit the Hong Kong Space Museum website at hk.space.museum/en/web/spm/activities/yatc.html or call 2734 2765.
      
     The camp is also one of the activities in the Chinese Culture Promotion Series. The LCSD has long been promoting Chinese history and culture through organising an array of programmes and activities to enable the public to learn more about the broad and profound Chinese culture. For more information, please visit www.lcsd.gov.hk/en/ccpo/index.html. read more

     â€‹The Labour Department (LD) today (May 2) launched the revised “Guidance Notes on Prevention of Heat Stroke at Work”(GN) and introduced the optimised Heat Stress at Work Warning (HSWW) system to assist employers and employees in taking appropriate measures to prevent heat stroke when working under hot weather or in high-temperature environments.
      
     A spokesman for the LD said, “In response to the views of stakeholders following the issuance of the GN by the LD last May, the LD has suitably enhanced parts of the GN to enable employers and employees to have a better understanding of its principles and recommendations and to help them implement preventive measures against heat stroke effectively.”
      
     In addition, the LD, with the assistance of the Hong Kong Observatory (HKO), has adjusted the cancellation mechanism of the HSWW to minimise the possibility of the warning being reissued within a short period of time after it is cancelled. At the same time, the LD will make reference to the HKO’s Extremely Hot special weather tips in the issue, renewal or cancellation of the HSWW. If the HKO issues the Extremely Hot special weather tips, the LD will issue an Amber HSWW even if the Hong Kong Heat Index has not reached the level for issuing the HSWW.
      
     Members of the public can receive notifications of the HSWW via the “GovHK Notifications” or “MyObservatory” mobile applications. The warning message will also be disseminated through government press release, HKO’s webpage and the mass media.
      
     For details of the revised GN and HSWW, please refer to the LD’s webpage (www.labour.gov.hk/eng/news/prevention_of_heat_stroke_at_work.htm) or the Occupational Safety and Health Council’s dedicated webpage (www.noheatstress.hk ). For enquiries, please call the LD’s hotline at 2559 2297 or 2852 4041. read more

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

      The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Dah Sing Bank, Limited relating to a fraudulent website, which has been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
 
      The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).
 
      Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the website, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012. read more

     Hong Kong Customs arrested the sole director of an online household product store today (May 2) on suspicion of engaging in wrongly accepting payments when selling products, in contravention of the Trade Descriptions Ordinance (TDO).

     The online household product store abruptly announced its closure early last month. As of 8am today, Customs had received a total of 164 complaints against the online store concerned. Complainants reported making prepaid orders for various household goods, including clothing, beauty products, health food and household products, but failing to receive the goods or obtain refunds from the shop. The total amount involved in the case is approximately $170,000, with the largest individual case amounting to around $20,000.

     Customs officers took enforcement action today and arrested a 65-year-old male, the sole director of the company. He is currently released on bail pending further investigation. 

     Customs has long been concerned about illegal online sales activities. It has strived to combat unfair trade practices on websites to protect consumers’ interests.

     Under the TDO, any trader commits an offence if at the time of acceptance of payment, the trader intends not to supply the product or intends to supply a materially different product, or there are no reasonable grounds for believing that the trader will be able to supply the product within a specified or reasonable period. The maximum penalty upon conviction is a fine of $500,000 and imprisonment of five years.

     Customs reminds traders to comply with the requirements of the TDO and refrain from engaging in unfair trade practices when supplying goods.

     Consumers should stay vigilant in regard to online shopping. They should procure products at reputable shops and keep the transaction receipts and related records, which can become the basic information in case a complaint is lodged in the future. Moreover, customers could choose payment methods such as “cash on delivery” or “pay deposit first and then pay the balance” when ordering goods on the Internet.

     Members of the public may report any suspected violations of the TDO to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002). read more