Hong Kong’s economy expanded by three.eight{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} yr-on-year in real terms in 2017, after growing by 2.1{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} in 2016. In 2017, a total of fifty eight.5 million visitors, equal to 7.9 times of the scale of Hong Kong’s native inhabitants, were recorded, with those from the Chinese language mainland accounting for 76{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} of the whole. The Senate is edging ahead legislation to roll back a number of the restraints on banks that President Barack Obama and Democrats in Congress put in place eight years ago to forestall another monetary disaster.
In January 2018, Hong Kong’s main export markets had been the Chinese language mainland, the US, the EU, ASEAN, India and Japan, which respectively made up fifty four.7{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d}, 8.6{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d}, eight.5{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d}, 7.3{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d}, 4{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} and 3.4{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} of Hong Kong’s total exports; adjustments in exports to the above markets have been +29{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d}, +1{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d}, +0.four{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d}, +three.9{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d}, +39.four{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} and +8{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d}, respectively.
FT and ‘Financial Times’ are trademarks of The Financial Occasions Ltd. Asian shares are mostly greater on reduction that President Donald Trump’s tariffs on U.S. steel and aluminum imports may not be as harsh as initially feared. Malaysia’s economy continues to perform strongly, with increased than anticipated development at 5.eight p.c in 2017, and projected development of 5.3 p.c for 2018, in accordance with the IMF The nation is effectively on its approach to achieving excessive-earnings status.
In December 2008, Hong Kong played host to the primary Clinton International Initiative international meeting exterior the US. By 2017, median family financial savings ($14,500) for these near retirement age had declined 32 {a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} in a decade, and for the first time, older Americans had more credit card debt than younger Americans. Example: After GDP of minus 1 {a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} in the first quarter of 2014, growth leaped to round 5 p.c in the second and third.
Large lenders including the Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank have opened their branch operations in Hong Kong. In 2017, Hong Kong’s economic system grew by three.eight{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} in real terms, up from 2.1{a24bb2b0f5056a2cf158ab58bcf72750b4b28a459e1f155879d047465df4f81d} progress in 2016. Nonetheless, when family debt will increase too quickly compared to financial development or reaches very high levels, it represents a vulnerability, and it might have a detrimental affect on each households and the banking sector in the occasion of an unexpected financial shock.
