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     The Census and Statistics Department (C&SD) released today (December 20) the preliminary Balance of Payments (BoP) and International Investment Position (IIP) statistics of Hong Kong for the third quarter of 2024. This release also included the preliminary External Debt (ED) statistics of Hong Kong for the same period.

I. Balance of Payments

     Hong Kong recorded a BoP deficit of $23.0 billion (2.8% of Gross Domestic Product (GDP)) in the third quarter of 2024. Reserve assets correspondingly decreased by the same amount. This compared with a BoP deficit of $62.7 billion (8.3% of GDP) in the second quarter of 2024.

Current account

     The current account recorded a surplus of $120.8 billion (14.9% of GDP) in the third quarter of 2024. This reflects that Hong Kong’s savings was greater than its investment, enabling Hong Kong to accumulate external financial assets (such as equity securities or debt securities) as a buffer against global financial volatilities. Compared with the current account surplus of $111.4 billion (14.5% of GDP) in the third quarter of 2023, the increase in surplus was mainly due to the decrease in goods deficit, partly offset by the decrease in net inflow of primary income.

     The goods deficit decreased substantially to $1.1 billion in the third quarter of 2024, compared with $21.4 billion in the same quarter of 2023. Over the same period, the services surplus increased slightly from $39.4 billion to $39.8 billion. The primary income inflow and outflow amounted to $616.1 billion and $528.9 billion respectively, thus yielding a net inflow of $87.2 billion in the third quarter of 2024, compared with a net inflow of $97.7 billion in the same quarter of 2023.

Financial account

     An overall increase in financial non-reserve assets amounting to $107.7 billion (13.3% of GDP) was recorded in the third quarter of 2024, compared with an overall increase of $195.9 billion (25.9% of GDP) in the second quarter of 2024. The overall increase recorded in the third quarter of 2024 was due to the net increases in portfolio investment and other investment, partly offset by the net decreases in direct investment and financial derivatives.

     In the third quarter of 2024, reserve assets decreased by $23.0 billion, compared with a decrease of $62.7 billion in the second quarter of 2024.

II. International Investment Position

     At the end of the third quarter of 2024, both Hong Kong’s external financial assets and liabilities stood at a very high level, amounting to $52,982.1 billion (16.9 times of GDP) and $36,927.0 billion (11.8 times of GDP) respectively, a typical feature of a prominent international financial centre.

     Hong Kong’s net external financial assets (i.e. assets minus liabilities) amounted to $16,055.0 billion (5.1 times of GDP) at the end of the third quarter of 2024, compared with $14,308.4 billion (4.6 times of GDP) at the end of the second quarter of 2024. Hong Kong’s net external financial assets to GDP ratio is one of the largest in the world, which provides the economy with a strong cushion against sudden external shocks.

III. External Debt

     At the end of the third quarter of 2024, Hong Kong’s gross ED amounted to $14,959.6 billion (4.8 times of GDP). Compared with $14,727.8 billion (also 4.8 times of GDP) at the end of the second quarter of 2024, gross ED increased by $231.7 billion. This was mainly attributable to the increases in ED of the banking sector and ED of other sectors.

     As one of the world’s major financial centres, Hong Kong has a significant amount of ED held against the local banking sector arising through normal banking businesses. At the end of the third quarter of 2024, 54.1% of Hong Kong’s ED was attributable to the banking sector. Other ED mainly consisted of ED of other sectors (27.6%) and debt liabilities in direct investment (intercompany lending) (17.3%).

Further information

     BoP is a statistical statement that systematically summarises, for a specific time period (typically a year or a quarter), the economic transactions of an economy with the rest of the world (i.e. between residents and non-residents).

     IIP is a balance sheet showing the stock of external financial assets and liabilities of an economy at a particular time point. The difference between the external financial assets and liabilities is the net IIP of the economy, which represents either its net claim on or net liability to the rest of the world.

     Gross ED, at a particular time point, is the outstanding amount of those actual current, and not contingent, liabilities that are owed to non-residents by residents of an economy and that require payment of principals and/or interests by the debtors at some time points in the future.

     Table 1 presents Hong Kong’s BoP. Table 2 presents the detailed current account and capital account, while Table 3 presents the detailed financial account. Table 4 shows Hong Kong’s IIP, and Table 5 shows Hong Kong’s ED.
 
     Statistics on BoP, IIP and ED for the third quarter of 2024 are preliminary figures, which are subject to revision upon the availability of more data. With the incorporation of the latest data from surveys and other sources, the statistics on BoP, IIP and ED for 2023 have been revised.

     The latest statistical tables of BoP (including seasonally adjusted current account), IIP and ED can be downloaded at the website of the C&SD (www.censtatd.gov.hk/en/scode260.html). Analysis of the statistics, together with the conceptual and methodological details, are presented in the publication Balance of Payments, International Investment Position and External Debt Statistics of Hong Kong, Third Quarter 2024 published by the C&SD. Users can download the publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040001&scode=260).

     For enquiries about the BoP, IIP and ED statistics, please contact the Balance of Payments Section of the C&SD (Tel: 3903 6979 or email: bop@censtatd.gov.hk). read more

     In response to the Japanese Government’s plan to discharge nuclear-contaminated water at the Fukushima Nuclear Power Station, the Director of Food and Environmental Hygiene issued a Food Safety Order which prohibits all aquatic products, sea salt and seaweeds originating from the 10 metropolis/prefectures, namely Tokyo, Fukushima, Ibaraki, Miyagi, Chiba, Gunma, Tochigi, Niigata, Nagano and Saitama, from being imported into and supplied in Hong Kong.
 
     For other Japanese aquatic products, sea salt and seaweeds that are not prohibited from being imported into Hong Kong, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department will conduct comprehensive radiological tests to verify that the radiation levels of these products do not exceed the guideline levels before they are allowed to be supplied in the market.
 
     As the discharge of nuclear-contaminated water is unprecedented and will continue for 30 years or more, the Government will closely monitor and step up the testing arrangements. Should anomalies be detected, the Government does not preclude further tightening the scope of the import ban.
 
     From noon on December 19 to noon today (December 20), the CFS conducted tests on the radiological levels of 202 food samples imported from Japan, which were of the “aquatic and related products, seaweeds and sea salt” category. No sample was found to have exceeded the safety limit. Details can be found on the CFS’s thematic website titled “Control Measures on Foods Imported from Japan” (www.cfs.gov.hk/english/programme/programme_rafs/programme_rafs_fc_01_30_Nuclear_Event_and_Food_Safety.html).

     In parallel, the Agriculture, Fisheries and Conservation Department (AFCD) has also tested 52 samples of local catch for radiological levels. All the samples passed the tests. Details can be found on the AFCD’s website (www.afcd.gov.hk/english/fisheries/Radiological_testing/Radiological_Test.html).
 
     The Hong Kong Observatory (HKO) has also enhanced the environmental monitoring of the local waters. No anomaly has been detected so far. For details, please refer to the HKO’s website
(www.hko.gov.hk/en/radiation/monitoring/seawater.html).
 
     From August 24, 2023, to noon today, the CFS and the AFCD have conducted tests on the radiological levels of 106 567 samples of food imported from Japan (including 69 103 samples of aquatic and related products, seaweeds and sea salt) and 24 118 samples of local catch respectively. All the samples passed the tests. read more

     The Environmental Protection Department (EPD) today (December 20) released the latest grading of water quality for six gazetted beaches that are open all year round for swimming.
 
     Three beaches were rated as Good (Grade 1), and three as Fair (Grade 2).
 
 
Grade 1 beaches are:          

Clear Water Bay Second Beach	Golden Beach
Deep Water Bay Beach

 
Grade 2 beaches are:

Casam Beach	Silverstrand Beach
Lido Beach

 
     Compared with the grading released last week, there was no change in the grading for these beaches.
 
     Under the present grading system, beaches are classified into four grades, namely Good (Grade 1), Fair (Grade 2), Poor (Grade 3) and Very Poor (Grade 4), according to the level of E. coli in the water. Grades are calculated on the basis of the geometric mean of the E. coli counts on the five most recent sampling occasions.
 
     While the ratings represent the general water quality at the beaches, an EPD spokesman reminded members of the public that water quality could be temporarily affected during and after periods of heavy rain. Bathers should avoid swimming at beaches for up to three days after a tropical cyclone or heavy rainfall.
 
     A summary of beach grades is published weekly before the weekend. The latest beach grades based on the most current data may be obtained from the EPD’s website on Beach Water Quality (www.epd.gov.hk/epd/beach) or the beach hotline, 2511 6666. Members of the public can also obtain the latest daily water quality forecast information for all beaches that are open for swimming through the EPD’s dedicated webpage on the beach water quality forecast (www.epd.gov.hk/en/BWQForecast). read more

     The interdepartmental working group on festival arrangements, led by the Chief Secretary for Administration, released the following information today (December 20) on the latest situation and arrangements for the upcoming Christmas and New Year festive period.
 
     The Immigration Department (ImmD) estimates that around 13.07 million passengers (including Hong Kong residents and visitors) will pass through Hong Kong’s sea, land and air control points during the upcoming Christmas and New Year festive period (from December 21, 2024, to January 1, 2025). The ImmD, in consultation with the Shenzhen General Station of Exit and Entry Frontier Inspection and other Mainland authorities, estimates that around 11.06 million passengers will pass through land boundary control points. The number of outbound and inbound passengers using land boundary control points will be relatively higher on December 25 (Wednesday) and December 29 (Sunday), with around 595 000 passengers and 626 000 passengers respectively.
 
     The ImmD estimates that the passenger traffic at the Lo Wu Control Point, the Lok Ma Chau Spur Line Control Point and the Shenzhen Bay Control Point will be heavy, with a daily average forecast of about 235 000, 203 000 and 131 000 passengers respectively.
 
     In view of the New Year’s Eve countdown fireworks display, the Hong Kong Special Administrative Region Government has discussed with the Shenzhen Municipal Government to extend the service hours of boundary control points on New Year’s Eve, including the proposal to extend the passenger clearance service at Shenzhen Bay Control Point from the original closure time at midnight to operating overnight; and to extend the passenger clearance service at the Lo Wu Control Point from the original closure time at midnight to 2am the next day. The Mainland port authorities have duly reported to the national port authorities for approval according to the required procedures. Further details will be announced as soon as possible. The Hong Kong-Zhuhai-Macao Bridge Port and the Lok Ma Chau/Huanggang Port will maintain a 24-hour operation as usual on New Year’s Eve.
 
     To cope with the anticipated heavy traffic during the festive period, the ImmD has minimised leave for frontline officers for flexible deployment, and operation of extra clearance counters and kiosks. Additional security guards will also be deployed to provide crowd management support.
 
     Furthermore, the ImmD, the Hong Kong Police Force, the Customs and Excise Department and the MTR Corporation Limited will set up a joint command centre at the Lo Wu Control Point to make necessary arrangements. The ImmD will also establish close communication with Mainland authorities, including the Shenzhen General Station of Exit and Entry Frontier Inspection. To ensure a smooth passenger traffic flow, passenger conditions will be closely monitored and appropriate traffic diversion plans will be adopted when necessary.
 
     To avoid congestion and a longer than usual waiting time for immigration clearance, the ImmD advises all land boundary passengers to plan in advance, avoid making their journeys during busy periods and keep track of radio and TV broadcasts on traffic conditions at various control points. The expected busy times at boundary control points are available on the website of the ImmD at www.immd.gov.hk. Furthermore, passengers may also check the estimated waiting times at each land boundary control point at any time or place via the Immigration Mobile Application (ImmD Mobile App). They can then plan their trips effectively and save time queuing at control points. The ImmD Mobile App can be downloaded free of charge from the Apple App Store (supports iOS version 12.0 or above), Google Play (supports Android version 8.0 or above), Huawei AppGallery (supports Android version 8.0 or above) and the APK file available on the ImmD website. Passengers can download the ImmD Mobile App by scanning the QR code (see Annex) or via the ImmD website, www.immd.gov.hk. In addition, information on public transport services to and from various control points is available on the Transport Department website at www.td.gov.hk.
 
     For travellers making journeys to the Mainland, the ImmD reminds them to carry their proof of identity and valid travel documents for crossing the boundary. Hong Kong residents should also check the validity of their Home Visit Permits. Non-permanent residents must carry their valid smart identity card as well as their Document of Identity for Visa Purposes or valid travel document.
 
     Holders of the acknowledgement receipt issued due to reported loss or replacement of their Hong Kong identity cards, or children under 11 years old who hold Hong Kong identity cards, should carry a valid travel document or Re-entry Permit.
 
     About 700 e-Channels have been installed at various control points. Hong Kong residents enrolled for the Express e-Channel should re-enrol if they have been issued a new identity card. Furthermore, the Contactless e-Channel service is available at all control points now. All eligible Hong Kong residents, after enrolment, can generate an encrypted QR code through the Contactless e-Channel mobile application to enter the e-Channel, and then verify their identity with the facial verification technology for automated immigration clearance.
 
     In addition, all control points have introduced self-service departures for visitors to Hong Kong (Smart Departure) which provides greater travel convenience for visitors. The service employs facial recognition technology for identity verification, which allows eligible visitors holding electronic travel documents to perform self-service departure clearance through Smart Departure e-Channels without prior enrolment.
 
     Hong Kong residents who require assistance while travelling outside Hong Kong may call the 24-hour hotline of the Assistance to Hong Kong Residents Unit of the ImmD at (852) 1868.
 
     The interdepartmental working group on festival arrangements is tasked with holistically co-ordinating and steering the preparatory work of various government departments for welcoming visitors to Hong Kong during the New Year’s Eve and New Year holidays, as well as strengthening information dissemination to enable the public and visitors to plan their itineraries according to the latest situation. read more

     The Government announced today (December 20) that the Chief Executive has made appointments and reappointments to the four Independent Commission Against Corruption (ICAC) advisory committees, namely the Advisory Committee on Corruption (ACOC), the Operations Review Committee (ORC), the Corruption Prevention Advisory Committee (CPAC) and the Citizens Advisory Committee on Community Relations (CACCR), and to the ICAC Complaints Committee (ICC). All of the appointments and reappointments are for a term of two years with effect from January 1, 2025. 
     
ACOC

     Mr Chan Kin-por has been newly appointed by the Chief Executive as the Chairman of the ACOC, while Mr Siu Chor-kee has been appointed as a new member of the ACOC. Legislative Council (LegCo) Members Dr Lo Wai-kwok and Mr Chan Yung, and Miss Au King-chi, have been reappointed as members of the ACOC. 

     Mr Chan is currently serving on the Executive Council and the LegCo. He is also a member of the Board of Directors of the Hong Kong Exchanges and Clearing Limited.

     Mr Siu is the Managing Director of a catering company. He is also a member of the Fight Crime Committee.
      
     The ACOC advises the Commissioner of ICAC on any aspects of the problem of corruption in Hong Kong, and keeps the operational, staffing and administrative policies of the ICAC under review. 

ORC

     The Chief Executive has reappointed LegCo Member Ms Carmen Kan Wai-mun, Professor David Hui Shu-cheong, Mr Johnson Kong Chi-how, Professor Li Pang-kwong, Ms Melissa Kaye Pang and Mr Samuel Chan Ka-yan to the Committee as members. Ms Teresa Au Pui-yee and Mr Robert David Dorfman have been newly appointed to the Committee as members.

     Ms Au is the founder of an investment company. She is also the Chairman of the Police Children’s Education Trust Investment Advisory Board and the Police Education and Welfare Trust Investment Advisory Board, and a member of the Constitution and Basic Law Promotion Steering Committee.  

     Mr Robert Dorfman is the Chairman of a manufacturing company.  

     The ORC oversees all ICAC investigations. It reviews corruption complaints received and investigations conducted by the ICAC to ensure that they are handled effectively and efficiently. It also examines circumstances where search warrants are authorised by the Commissioner, where persons have been put on bail for more than six months, and where investigations have been lasting for over a year or require substantial resources.
 
CPAC

     The Chief Executive has reappointed LegCo Member Ms Doreen Kong Yuk-foon, Miss Mabel Chan Mei-bo, Mr Stephen Chan Man, Mr William Junior Guilherme Doo, Ms Amelia Fok Ching-yin, Mr Jonathan Lee Man-kwong and Mr Hendrick Sin to the Committee as members. Ms Cindi Hui Ming-ming has been appointed as a new member of the Committee. 
      
     Ms Hui a partner of a law firm. She is also a member of the Appeal Panel (Housing), the Independent Police Complaints Council and the Insurance Appeals Tribunal.
      
     The CPAC receives and calls for reports from the ICAC about practices and procedures of government departments, public bodies and the private sector that may be conducive to corruption. It also advises the Commissioner on what areas should be examined and the degree of priority to be accorded to each.
     
CACCR

     The Chief Executive has reappointed Ms Amy Chan Lim-chee, Ms May Chan Suk-mei, Dr Albert Chau Wai-lap, Dr Bobby Liu Kam-hing and Mr Andy Wan Ka-kit as members of the CACCR. Ms Gloria Mak Sze-man, Ms Kelly Tsim Ka-lee, Mr Kazaf Tam Chun-kwok, Mr Armstrong Lee Hon-cheung and Mr Bosco Law Ching-kit have been appointed as new members of the Committee.
      
     Ms Mak is a TV programme host and a professional emcee.

     Ms Tsim is a director of a manufacturing company. She is also a member of the Committee on Community Support for Rehabilitated Offenders.

     Mr Tam is the executive director of an investment company. He is also a member of the North District Council.

     Mr Lee is the managing director of a human resources consulting company. He is also a member of the Tai Po District Council, the Council of the Education University of Hong Kong and the Lump Sum Grant Steering Committee.

     Mr Law is the Deputy Chairman and Chief Executive Officer of an apparel manufacturer. He is also a member of the Clothing Industry Training Authority and the Council of the Hong Kong Metropolitan University.  
  
     The CACCR advises the Commissioner on appropriate measures to foster public support for combating corruption and to educate the public about the evils of corruption. It also monitors community responses to the ICAC’s work and public attitudes towards corruption in general.

ICC
 
     The Chief Executive has reappointed Mr Laurence Li Lu-jen as a member of the ICC. Mr Philip Tsai Wing-chung has been appointed as a new member of the ICC.
 
     Mr Tsai is a partner emeritus of an accounting firm. He is also the Chairman of the Supplementary Medical Professions Council and a member of the Hospital Authority and the University Grants Committee.  

     The ICC monitors the handling of non-criminal complaints against the ICAC, reviews the ICAC procedures and practices that may lead to complaints, and makes recommendations when necessary.
      
     The Government expresses its gratitude to all outgoing members of the above-mentioned committees, who are retiring on December 31, 2024. Their valuable contributions to the work of the respective committees are greatly appreciated.
      
     The updated non-official membership lists of the four ICAC advisory committees and the ICC are in the Annex.       read more