Tag Archives: China

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

     The Hong Kong Monetary Authority (HKMA) released today (February 14) the key analytical accounts of the Exchange Fund at the end of January 2025.
      
     Foreign assets, representing the external assets of the Exchange Fund, increased during the month by HK$8.1 billion to HK$3,486.5 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$1,995.0 billion.
      
     Claims on the private sector in Hong Kong amounted to HK$354.0 billion.
      
     Foreign liabilities amounted to HK$23.9 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 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 February 2025, the scheduled dates for issuing the press releases are as follows:
 

     The Census and Statistics Department (C&SD) released today (February 14) the Hong Kong’s trade in services (TIS) statistics for 2023, with detailed breakdowns by service component and by main destination/source.
       
     Comparing 2023 with 2022, the value of total exports of services rose by 17.2% to $762.2 billion, and that of total imports of services increased by 24.9% to $618.4 billion. An invisible trade surplus at $143.8 billion, equivalent to 23.3% of the value of total imports of services, was recorded in 2023. This was smaller than the corresponding surplus of $155.4 billion in 2022, equivalent to 31.4% of the value of total imports of services in 2022.
 
Analysis by service component
 
     Analysed by service component, transport was the largest component in exports of services, accounting for 30.8% of the value of total exports of services in 2023. This was followed by financial services (25.7%) and travel (21.4%).
 
     As for imports of services, travel accounted for 28.7% of the value of total imports of services in 2023, followed by transport (22.7%) and other business services (15.8%).
 
     Amongst various service components, the net exports of financial services contributed most significantly to the overall invisible trade surplus, at $132.4 billion in 2023. This was followed by transport ($94.2 billion) and other business services ($16.5 billion).
 
     On the other hand, manufacturing services imported by Hong Kong in outward processing were substantial, resulting in a deficit of $85.3 billion in 2023. This was followed by travel ($14.3 billion) and charges for the use of intellectual property ($8.8 billion).
 
Analysis by main destination/source
 
     The mainland of China (the Mainland) and the United States of America (the USA) were the top two main destinations of exports of services of Hong Kong, accounting for 29.8% and 19.2% respectively of the value of total exports of services in 2023. They were followed by the United Kingdom (the UK) (10.2%), Singapore (5.0%) and Taiwan (3.8%).
 
     The Mainland and the USA were also the top two main sources of imports of services, accounting for 39.0% and 12.4% respectively of the value of total imports of services in 2023. They were followed by Japan (7.7%), the UK (7.0%) and Singapore (5.3%).
 
     Analysed by region, Asia was the most important destination of the exports of services of Hong Kong, accounting for 51.6% of the value of total exports of services in 2023, followed by North America (21.0%) and Western Europe (20.9%).
 
     For imports of services, Asia was also the most important source, accounting for 66.1% of the value of total imports of services in 2023, followed by Western Europe (14.5%) and North America (14.3%).
 
Further information
 
     Table 1 presents exports, imports and net exports of services by service component in 2022 and 2023.
 
     Table 2 presents exports of services by main destination and imports of services by main source in 2022 and 2023.
 
     Table 3 presents exports, imports and net exports of services by region of destination/source in 2022 and 2023.
 
     More detailed TIS statistics will be given in the report “Hong Kong Trade in Services Statistics in 2023”. Users can browse and download this report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020011&scode=240) as from end-February 2025.
 
     The TIS statistics have incorporated the latest international recommendations given in the Manual on Statistics of International Trade in Services 2010. For details, please refer to the website of the C&SD (www.censtatd.gov.hk/en/scode240.html). They are compiled mainly based on data obtained from the Annual Survey of Imports and Exports of Services conducted by the C&SD, supplemented by data from other relevant sources. The TIS statistics for 2023 are subject to minor revision when more data from supplementary sources become available.
 
     For enquiries about TIS statistics, please contact the Trade in Services Statistics Section of the C&SD (Tel: 3903 7415; email: tis@censtatd.gov.hk). read more

The following is issued on behalf of the Hong Kong Monetary Authority:      The Hong Kong Monetary Authority (HKMA) issued today (February 14) a tentative issuance schedule for Exchange Fund Bills and Notes (EFBNs) for the c… read more

     In response to the Japanese Government’s plan to discharge nuclear-contaminated water at the Fukushima Nuclear Power Station, the Director of Food and Environmental Hygiene issued a Food Safety Order which prohibits all aquatic products, sea salt and seaweeds originating from the 10 metropolis/prefectures, namely Tokyo, Fukushima, Ibaraki, Miyagi, Chiba, Gunma, Tochigi, Niigata, Nagano and Saitama, from being imported into and supplied in Hong Kong.
 
     For other Japanese aquatic products, sea salt and seaweeds that are not prohibited from being imported into Hong Kong, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department will conduct comprehensive radiological tests to verify that the radiation levels of these products do not exceed the guideline levels before they are allowed to be supplied in the market.
 
     As the discharge of nuclear-contaminated water is unprecedented and will continue for 30 years or more, the Government will closely monitor and step up the testing arrangements. Should anomalies be detected, the Government does not preclude further tightening the scope of the import ban.
 
     From noon on February 13 to noon today (February 14), the CFS conducted tests on the radiological levels of 218 food samples imported from Japan, which were of the “aquatic and related products, seaweeds and sea salt” category. No sample was found to have exceeded the safety limit. Details can be found on the CFS’s thematic website titled “Control Measures on Foods Imported from Japan” (www.cfs.gov.hk/english/programme/programme_rafs/programme_rafs_fc_01_30_Nuclear_Event_and_Food_Safety.html).

     In parallel, the Agriculture, Fisheries and Conservation Department (AFCD) has also tested 50 samples of local catch for radiological levels. All the samples passed the tests. Details can be found on the AFCD’s website (www.afcd.gov.hk/english/fisheries/Radiological_testing/Radiological_Test.html).
 
     The Hong Kong Observatory (HKO) has also enhanced the environmental monitoring of the local waters. No anomaly has been detected so far. For details, please refer to the HKO’s website
(www.hko.gov.hk/en/radiation/monitoring/seawater.html).
 
     From August 24, 2023, to noon today, the CFS and the AFCD have conducted tests on the radiological levels of 115 810 samples of food imported from Japan (including 75 802 samples of aquatic and related products, seaweeds and sea salt) and 26 824 samples of local catch respectively. All the samples passed the tests. read more

     The Town Planning Board announced today (February 14) that the Secretary for Development has referred two approved outline zoning plans (OZPs) to the Board, namely the approved Ngau Tau Kok and Kowloon Bay OZP and the appr… read more