The following is issued on behalf of the Hong Kong Monetary Authority:
 
     The Hong Kong Monetary Authority (HKMA) released today (November 30) the analytical data on the Hong Kong Special Administrative Region's foreign currency reserves and foreign currency liquidity as at the end of October 2022 (Annex). These data are published monthly in the Template on International Reserves and Foreign Currency Liquidity in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS).
 
****************************************************************
     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 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 November 2022, the scheduled dates for issuing the press releases are as follows:
 

The following is issued on behalf of the Hong Kong Monetary Authority:
 
     According to statistics published today (30 November) by the Hong Kong Monetary Authority, total deposits with authorized institutions decreased by 0.3 per cent in October 2022. Among the total, Hong Kong dollar deposits decreased by 1.4 per cent while foreign currency deposits increased by 0.8 per cent, mainly reflecting fund flows of corporates. In the year to end-October, total deposits rose by 0.4 per cent while Hong Kong dollar deposits decreased by 1.9 per cent. Renminbi deposits in Hong Kong increased by 3.2 per cent in October to RMB884.8 billion at the end of October. The total remittance of renminbi for cross-border trade settlement amounted to RMB738.1 billion in October, compared with RMB886.5 billion in September.  It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.  
      
     Total loans and advances decreased by 1.2 per cent in October, and decreased by 1.9 per cent in the year to end-October.  Among the total, loans for use in Hong Kong (including trade finance) decreased by 1.0 per cent in October and loans for use outside Hong Kong decreased by 1.7 per cent. The Hong Kong dollar loan-to-deposit ratio increased to 90.8 per cent at the end of October from 90.1 per cent at the end of September, as Hong Kong dollar deposits decreased by a larger extent than Hong Kong dollar loans.
      
     Hong Kong dollar M2 and M3 both decreased by 1.3 per cent in October and were both lower by 2.2 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 4.9 per cent in October, and decreased by 15.1 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both decreased by 0.4 per cent in October. Compared to a year earlier, total M2 and total M3 both rose by 1.2 per cent.
      
     As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal and IPO-related funding demand as well as business and investment-related activities, caution is required when interpreting the statistics. 
 
Release Schedule of Monetary Statistics in Hong Kong
 
     The monthly release schedule of monetary statistics in Year 2023 is as follows.
 

     The Census and Statistics Department (C&SD) released today (November 30) the results of the 2021 Annual Survey of Economic Activities – Information and Communications, Financing and Insurance, Professional and Business Services Sectors.
      
     Amongst the industry sectors covered by the survey, the financing (except banking) industry recorded the largest total receipts (comprising business receipts and other income) in 2021, followed by the insurance industry and the banking industry. The other industry sectors in descending order in terms of total receipts were information and communications; professional, scientific and technical activities; and administrative and support service activities.
      
     In the financing (except banking) industry, total receipts increased by 6.6% over 2020 to $670.0 billion in 2021. On a per establishment basis, total receipts increased by 3.7% compared with 2020 to $71.8 million in 2021. Total operating expenses and compensation of employees together increased by 12.6% year-on-year to $324.2 billion in 2021. Gross surplus, which is equal to total receipts less operating expenses, compensation of employees and (where applicable) value of purchases of goods for sale, increased from $340.7 billion in 2020 to $345.8 billion in 2021, accounting for 51.6% of total receipts in 2021. Industry value added, which provides a measure of the contribution of this industry to Hong Kong's Gross Domestic Product (GDP), increased by 15.9% compared with 2020 to $133.2 billion in 2021. In 2021, the financing (except banking) industry comprised about 9 300 establishments and engaged about 102 500 persons, or an average of 11.0 persons per establishment.
      
     In the insurance industry, total receipts amounted to $646.9 billion in 2021, representing a decrease of 9.0% compared with 2020. On a per establishment basis, total receipts decreased by 8.9% compared with 2020 to $232.8 million in 2021. Total operating expenses and compensation of employees together decreased by 3.7% year-on-year to $65.6 billion in 2021. In 2021, the insurance industry comprised about 2 800 establishments and engaged about 90 200 persons, or an average of 32.5 persons per establishment.
      
     In the banking industry, total receipts amounted to $430.2 billion in 2021, representing a decrease of 3.8% compared with 2020. On a per establishment basis, total receipts decreased by 0.9% compared with 2020 to $1.9 billion in 2021. Total operating expenses and compensation of employees together increased by 4.7% year-on-year to $238.4 billion in 2021. In 2021, the banking industry comprised 225 establishments and engaged about 100 600 persons, or an average of 447.0 persons per establishment.
      
     Owing to the special features of business operations for the banking industry and the insurance industry, gross surplus and industry value added statistics are not compiled for these industries. Statistics on value added of these two industries compiled under the framework of Gross Domestic Product (GDP) are released by the Census and Statistics Department separately. Similarly, within the financing (except banking) industry, industry value added is not compiled for investment and holding companies. Hence, the figure of industry value added for this industry does not cover investment and holding companies.
      
     In the information and communications sector, total receipts increased by 7.4% compared with 2020 to $233.0 billion in 2021. On a per establishment basis, total receipts increased by 5.9% compared with 2020 to $20.7 million in 2021. Total operating expenses and compensation of employees together increased by 5.9% year-on-year to $160.2 billion in 2021. Gross surplus increased from $54.1 billion in 2020 to $54.7 billion in 2021, accounting for 23.5% of total receipts in 2021. Industry value added increased by 3.9% compared with 2020 to $95.6 billion in 2021. In 2021, the information and communications sector comprised about 11 300 establishments and engaged about 108 400 persons, or an average of 9.6 persons per establishment.
      
     In the professional, scientific and technical activities sector, total receipts amounted to $160.8 billion in 2021, representing an increase of 3.3% compared with 2020. On a per establishment basis, total receipts increased by 1.8% compared with 2020 to $5.8 million in 2021. Total operating expenses and compensation of employees together increased by 3.9% year-on-year to $128.4 billion in 2021. Gross surplus decreased from $30.7 billion in 2020 to $30.6 billion in 2021, and accounted for 19.0% of total receipts in 2021.  Industry value added increased by 7.8% compared with 2020 to $87.3 billion in 2021. In 2021, the professional, scientific and technical activities sector comprised about 27 900 establishments and engaged about 153 500 persons, or an average of 5.5 persons per establishment.
      
     In the administrative and support service activities sector, total receipts amounted to $86.6 billion in 2021, representing a decrease of 17.5% compared with 2020. On a per establishment basis, total receipts decreased by 16.0% compared with 2020 to $7.3 million in 2021. Total operating expenses and compensation of employees together decreased by 17.2% year-on-year to $81.1 billion in 2021. Gross surplus decreased from $6.6 billion in 2020 to $5.0 billion in 2021, accounting for 5.8% of total receipts in 2021. Industry value added increased by 8.2% compared with 2020 to $50.2 billion in 2021. In 2021, the administrative and support service activities sector comprised about 11 900 establishments and engaged about 231 300 persons, or an average of 19.4 persons per establishment.
      
     Selected statistics for the sectors mentioned above are shown in the attached table. More detailed statistics will be given in the report "Key Statistics on Business Performance and Operating Characteristics of the Information and Communications, Financing and Insurance, Professional and Business Services Sectors in 2021". Users can download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080013&scode=570) as from end-December 2022.
      
     For enquiries about the key statistics on business performance and operating characteristics of the information and communications, financing and insurance, professional and business services sectors, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7268 or email: business-services@censtatd.gov.hk).

     According to the results of the 2021 Annual Survey of Economic Activities – Import/Export, Wholesale and Retail Trades, and Accommodation and Food Services Sectors released today (November 30) by the Census and Statistics Department (C&SD), total receipts (i.e. sales and other receipts) of the import/export, wholesale and retail trades, and accommodation and food services sectors amounted to $5,533.2 billion in 2021, representing an increase of 19.9% compared with 2020; on a per establishment basis, total receipts increased by 19.6% compared with 2020 to $37.9 million in 2021.
      
     Operating expenses, cost of goods sold and compensation of employees of the above sectors altogether amounted to $5,129.4 billion in 2021, representing an increase of 19.9% compared with 2020; on a per establishment basis, they altogether increased by 19.5% compared with 2020 to $35.1 million in 2021.
      
     Gross surplus of the sectors, which is equal to total receipts less operating expenses, cost of goods sold and compensation of employees, increased by 20.1% compared with 2020 to $403.9 billion in 2021; on a per establishment basis, gross surplus was $2.8 million in 2021, which increased by 19.8% compared with 2020. For all these sectors taken together, gross surplus accounted for 7.3% of total receipts in 2021, which was similar to that in 2020.
      
     Industry value added of the sectors, which is a measure of their total contribution to Hong Kong's Gross Domestic Product, amounted to $615.3 billion in 2021, which increased by 16.8% compared with 2020; on a per establishment basis, industry value added was $4.2 million in 2021, which increased by 16.5% compared with 2020.
      
     According to the survey results, it was estimated that the aforementioned sectors comprised some 146 000 establishments and engaged about 945 300 persons, or an average of 6.5 persons per establishment, in 2021.
      
     In the import/export trade, total receipts amounted to $4,632.1 billion while operating expenses, cost of goods sold and compensation of employees totalled $4,260.8 billion in 2021. Gross surplus increased from $303.3 billion in 2020 to $371.3 billion in 2021, accounting for 8.0% of total receipts in 2021. Industry value added increased by 15.6% compared with 2020 to $490.1 billion.
      
     In the wholesale trade, total receipts amounted to $308.2 billion while operating expenses, cost of goods sold and compensation of employees totalled $299.6 billion in 2021. Gross surplus increased from $6.1 billion in 2020 to $8.6 billion in 2021, accounting for 2.8% of total receipts in 2021. Industry value added increased by 20.6% compared with 2020 to $21.8 billion.
      
     In the retail trade, total receipts amounted to $446.9 billion while operating expenses, cost of goods sold and compensation of employees totalled $427.0 billion in 2021. Gross surplus decreased from $20.7 billion in 2020 to $19.9 billion in 2021, accounting for 4.5% of total receipts in 2021. Industry value added increased by 14.4% compared with 2020 to $54.5 billion.
      
     In the accommodation services sector which covers hotels, guesthouses, boarding houses and other establishments providing short term accommodation, total receipts amounted to $25.0 billion while operating expenses, cost of goods sold and compensation of employees totalled $24.8 billion in 2021. Gross surplus changed from a deficit of $1.4 billion in 2020 to a surplus of $0.2 billion in 2021, accounting for 1.0% of total receipts in 2021. Industry value added increased sharply by 80.6% compared with 2020 to $11.0 billion.
      
     In the food services sector which mainly covers restaurants, total receipts amounted to $121.0 billion while operating expenses, cost of goods sold and compensation of employees totalled $117.2 billion in 2021. Gross surplus decreased from $7.5 billion in 2020 to $3.8 billion in 2021, accounting for 3.1% of total receipts in 2021. Industry value added increased by 22.2% compared with 2020 to $37.8 billion.
      
     Selected statistics for the import/export, wholesale and retail trades, and accommodation and food services sectors in 2020 and 2021 are shown in the attached table.
      
     More detailed survey results on the import/export, wholesale and retail trades, and accommodation and food services sectors will be given in the report "Key Statistics on Business Performance and Operating Characteristics of the Import/Export, Wholesale and Retail Trades, and Accommodation and Food Services Sectors in 2021". Users can download this report at the website of C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1080014&scode=540) as from end-December 2022.
      
     Users who have enquiries about the survey results may contact the Distribution Services Statistics Section of the C&SD (Tel: 3903 7399; email: asw@censtatd.gov.hk).

     The Government announced today (November 30) its financial results for the seven months ended October 31, 2022.
 
     Expenditure for the period April to October 2022 amounted to HK$467.6 billion and revenue HK$171.9 billion, resulting in a cumulative year-to-date deficit of HK$275.7 billion after taking into account the proceeds of HK$20 billion received from issuance of green bonds under the Government Green Bond Programme (Green Bond).
 
     A Government spokesperson said that the cumulative year-to-date deficit for the period was mainly due to the fact that some major types of revenue including salaries and profits taxes are mostly received towards the end of a financial year.
 
     The fiscal reserves stood at HK$681.4 billion as at October 31, 2022.
 
     Detailed figures are shown in Tables 1 and 2.
 
TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
 

 
Government Debts as at October 31, 2022 (Note 3)
    HK$74,388 million
Debts Guaranteed by Government as at October 31, 2022 (Note 4)
    HK$135,575 million

TABLE 2. FISCAL RESERVES
 

  
Notes:

1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at October 31, 2022, was HK$254,772 million.

2. Includes transactions with the Exchange Fund and resident banks.

3. These were the Green Bonds (equivalent to HK$74,388 million as at October 31, 2022) issued under the Government Green Bond Programme. They were denominated in US dollars (US$4,500 million with maturity from May 2024 to February 2051), euros (1,750 million euros with maturity from November 2026 to November 2041), Renminbi (RMB5,000 million with maturity from November 2024 to November 2026) and Hong Kong dollars (HK$20,000 million with maturity in May 2025). They do not include the outstanding bonds with nominal value of HK$218,828 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,849 million as at October 31, 2022) issued under the Government Bond Programme (with proceeds credited to the Bond Fund). Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$89,028 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$1,000 million were repaid upon maturity on November 18, 2022; bonds with nominal value of HK$25,800 million will mature within the period from December 2022 to October 2023 and the rest within the period from November 2023 to May 2042.

4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012 and a commercial loan of the Hong Kong Science and Technology Parks Corporation.

5. The fiscal reserves have taken into account adjustments made to the accounts for the year 2021-22.
 
6. Includes HK$257,366 million, being the balance of the Land Fund held in the name of "Future Fund", for long-term investments initially up to December 31, 2025. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.