People’s Republic of China—Hong Kong Special Administrative Region: Staff Report for the 2003 Article IV Consultation Discussions
May 30, 2003
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This 2003 Article IV Consultation highlights that the economy of Hong Kong Special Administrative Region (SAR) has begun to show some signs of recovery after a prolonged cyclical downturn. The highly open economy experienced a sharp output decline and large capital outflows during the Asian crisis. Domestic goods and factor prices have continued to undergo significant downward adjustment. Property prices have continued to drift downward since the collapse of the property price bubble, and are now about 60 percent below their peak attained in 1997.
Subject: Budget planning and preparation, Deflation, Expenditure, Fiscal consolidation, Land prices, Prices, Public financial management (PFM), Revenue administration
Keywords: asset, authorities' objective, Budget planning and preparation, CR, debt rating outlook, deficit target, Deflation, due diligence, factor price, GDP, Global, government assets, ISCR, Land prices, provisional outturn, SAR, support package
Pages:
46
Volume:
2003
DOI:
Issue:
143
Series:
Country Report No. 2003/143
Stock No:
1HKGEA0022003
ISBN:
9781451816884
ISSN:
1934-7685
