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People's Daily Online>>China Business

Dagong maintains credit ratings of Hong Kong and Macao

(Xinhua)

16:03, December 28, 2011

BEIJING, Dec.28 (Xinhua) -- China's domestic rating agency Dagong Global Credit Rating Co., Ltd. decided Wednesday to maintain the local and foreign currency credit rating of Hong Kong at AAA with a stable outlook, and to maintain the credit rating of Macao at AA+ with a stable outlook.

Influenced by the sluggish performances of major developed economies, Hong Kong's foreign trade could contract in the short term, but the improvement of residents' income and the favorable labor market will support the continuous growth of private consumption, Dagong said.

The agency predicted that the real economic growth rate of Hong Kong will fall to 5.5 percent and 4 percent in 2011 and 2012, respectively.

Given strong domestic demand and the relatively stable export of services, Dagong predicted that the economic growth rate of Macao in 2011 and 2012 will reach as high as 21 percent and 16 percent, respectively.

However, Dagong warned that a lack of core competitiveness, leading industries' high dependence on external economies and tightening labor conditions are likely to restrict Macao's growth in the long term.

Dagong said the Hong Kong government has sustained a strict fiscal discipline, and favorable economic prospects will guarantee an average 1 percent annual fiscal surplus in the next 5 years.

Given the good prospects for Macao's economic growth, Dagong expects the fiscal surplus of Macao in 2011 and 2012 will be equal to 22.1 percent and 18.4 percent of the domestic GDP, respectively.

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