People’s Republic of China—Hong Kong Special Administrative Region: Staff Report for the 2004 Article IV Consultation Discussions

February 21, 2005

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People’s Republic of China—Hong Kong Special Administrative Region: Staff Report for the 2004 Article IV Consultation Discussions, (USA: International Monetary Fund, 2005) accessed September 20, 2024

Summary

This 2004 Article IV Consultation highlights that after a period of prolonged weakness in economic activity, persistent deflation and rising fiscal deficits, the macroeconomic outlook for Hong Kong Special Administrative Region has improved significantly since mid-2003. The recovery has gained significant momentum and become broad-based in 2004. The consolidated fiscal deficit for FY2004/05 is now projected at about 1¾ percent of GDP, compared with the budget target of about 5 percent of GDP. The improvement relative to the budget is on account of buoyant revenue performance and continued expenditure restraint.

Subject: Banking, Budget planning and preparation, Expenditure, Financial regulation and supervision, Government debt management, Public financial management (PFM), Taxes, Value-added tax

Keywords: Asia and Pacific, Authorities' plan, Budget planning and preparation, CR, Economic activity, Exchange rate, GDP data, Global, Government debt management, Hong Kong SAR authorities, ISCR, Mainland authority, Reserve, Staff appraisal, Value-added tax

Publication Details

Pages:

42
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2005/063
Stock No:

1HKGEA2005002
ISBN:

9781451816921
ISSN:

1934-7685

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