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The social turmoil lasting for almost six months has severely damaged Hong Kong's economy and disrupted people's livelihood. Yet we are fortunate to say that limited impact has been seen in the local financial market, which has been operating smoothly and orderly so far. Just last week, I witnessed the secondary listing of the first leading tech company with weighted voting rights structure in Hong Kong, Alibaba. This is also an important milestone in Hong Kong's capital market.
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After the passage of the Senate version of the "Hong Kong Human Rights and Democracy Act" and another act (“The Acts”) on Hong Kong by the House of Representatives of the United States (US) Congress last week, Hong Kong's financial market reacted calmly and operated as usual. Hong Kong exchanges and interest rates were stable, and no large-scale capital outflow could be observed. The impact of the Acts on Hong Kong would depend on the attitude of the US government, which hinges on the subsequent development of the social incidents and political conditions in Hong Kong, as well as China-US relations and US’ local politics. The HKSAR Government will closely monitor and evaluate the situation.
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According to the latest revised Gross Domestic Product (GDP) figures released by the Census and Statistics Department, the economy contracted by 2.9% year-on-year in the third quarter. This is the first year-on-year decline in a decade, and also the fastest deceleration in the past six quarters. With exports already hampered by the challenging external environment, the worsening social unrest has added significant downward pressures to the economy. A rough estimation was that over 2 percentage points of the negative economic growth of 2.9% in the third quarter was due to the direct and serious impacts on sectors such as retail, catering and hotel.
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