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During my recent visits to the US and UK, I met with representatives of the financial and investment sector, the business community, think tanks, as well as government officials and regulators. They were very concerned about the recent social unrest in Hong Kong, and enquired about the situation of Hong Kong’s financial market in particular, including the flow of funds, the Hong Kong dollar exchange rates, and the performance of the banking system and stock market, etc.
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The Hong Kong economy is clouded by various headwinds. The latest statistics released by the Census and Statistics Department showed that the Gross Domestic Product (GDP) fell by 2.9% in the third quarter from a year earlier, marking the first year-on-year decline since the 2009 global financial tsunami. On a quarter-to-quarter comparison, two consecutive quarters of decline were recorded, with the fall in GDP widening significantly to 3.2% in the third quarter from 0.5% in the second quarter, signaling that the Hong Kong economy has entered into a technical recession.
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