Latest News:  
Beijing   Sunny/Cloudy    13 / 1 ℃  City Forecast


HK economy to grow 3 pct in 2013: IMF


09:58, December 13, 2012

WASHINGTON, Dec. 11 (Xinhua) -- The GDP growth rate of China's Hong Kong Special Administrative Region (SAR) is expected to pick up pace to around 3 percent next year as the drag from exports abates, according to a latest forecast of the International Monetary Fund (IMF).

Global economic weakness is impacting the region's economic growth, and the slowdown is being driven by trade developments, the global lender said Tuesday in a statement highlighting the preliminary conclusions made from its 2012 Article IV consultations with Hong Kong.

"Unemployment is expected to remain low, especially in the low-skilled segment, reflecting buoyant activity in tourism-related sectors and construction," it said in its annual checkup of the economic and financial conditions of Hong Kong.

In line with the cooling economy, consumer price pressures have eased, which has been helped by declining food inflation pressure. But housing prices have increased 20 percent so far this year and are now double the trough of 2008, the statement added.

"The sharp run-up in house prices raises the risk of an abrupt correction. In past episodes, the banking system has proven resilient to a substantial downswing in real estate prices. Nevertheless, the property sector represents half of outstanding loans for use in Hong Kong SAR, with additional risks coming from the use of real estate as collateral."

The IMF also said policies on a number of fronts are needed to contain macroeconomic and financial risks from the housing market. Given the economic outlook, next year's budget should continue to be tilted toward supporting growth.

We Recommend:

126-centimeter-tall couples'group wedding

Concept cars at Guangzhou Auto Show

Harbin-Dalian high-speed railway starts operation

Attractive beauties at auto exhibitions

Photos of National Geographic Photo Contest

Tourists enjoy seaside in China's Hainan

Girl receive banknote dress from sugar daddy

Development of telecommunication

Beautiful model at Cadillac booth


Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. East China Sea Fleet in actual-combat drill

  2. Naval troop unit in rescue docking drill

  3. "triple 12 day" weddings in Singapore

  4. Day to remember as couples tie the knot

  5. Nanjing Massacre victims remembered

  6. Guangzhou gives cash for green cars

  7. Creative Shanghai feast for this Christmas

  8. 33 Reasons Why Snow Is The Best

Most Popular


  1. China firms 'don't communicate enough'
  2. Who can free Chinese couples from baby tangle?
  3. No easy path in sight for China's economic future
  4. Worries about combating corruption online
  5. 'Urban diseases' challenge 'beautiful China'
  6. Cultivating a natural lifestyle at Green City
  7. ASEAN economies poised to keep robust growth
  8. Translation industry needs legislation and regulation
  9. Mo mania's impact on Chinese writing

What’s happening in China

Snow hits capital of China, flights delayed

  1. China to enhance food, water safety
  2. Netizens make wishes at end of Mayan calendar
  3. China to open first subway crossing Yangtze
  4. Sudden death of college student raises attention