Author Archives: hksar gov

     The Census and Statistics Department (C&SD) published today (August 15) the August 2023 issue of the “Hong Kong Monthly Digest of Statistics” (HKMDS).
 
     Apart from providing up-to-date statistics, this issue also contains three feature articles entitled “Composite Employment Estimates 2022”, “Labour Productivity Index in Hong Kong, 2003 to 2022, and Shift-share Analysis of Productivity Growth in Recent Years” and “Sports and Related Activites in Hong Kong”.
 
“Composite Employment Estimates 2022”
 
     In studies of employment statistics, the issue of discrepancies observed between the employment data obtained from establishment-based surveys (which refer to occupied posts in firms) and those data obtained from household surveys (which refer to persons employed) is common. To tackle this, C&SD has been compiling a set of Composite Employment Estimates (CEE) which reconciles, under a designated statistical framework, the results obtained from the household-based General Household Survey and the establishment-based Quarterly Survey of Employment and Vacancies since 1997.
 
     This feature article provides the CEE figures in individual industries for 2017 to 2022. It also gives an account of the characteristics of CEE and briefly discusses the differences and usage of CEE vis-à-vis the other employment figures.
 
     For enquiries about this feature article, please contact the Employment Statistics and Central Register of Establishments Section of the C&SD (Tel: 2582 4751; email: employment@censtatd.gov.hk).
 
“Labour Productivity Index in Hong Kong, 2003 to 2022, and Shift-share Analysis of Productivity Growth in Recent Years”
 
     Labour Productivity Index (LPI) is an important economic indicator. It shows how efficiently labour input is used for generating real output and is very useful for analysing the contribution of changes in labour productivity to various industries and the economy as a whole.
 
     This feature article analyses the LPIs for selected major economic sectors during 2003 to 2022, and uses Shift-share Analysis to decompose the growth of labour productivity in recent years for more in-depth structural analysis.
 
     For enquiries about this feature article, please contact the Logistics and Producer Prices Statistics Section of the C&SD (Tel: 3903 7255; email: transport@censtatd.gov.hk).
 
“Sports and Related Activites in Hong Kong”
 
     The Government has been consistently promoting the development of sports through a three-pronged approach, namely to promote sports in the community, to support elite sports and to develop Hong Kong into a centre for major international sports events.
 
     This feature article analyses the economic contribution of sports and related activities in Hong Kong in 2021. In 2021, the Gross Domestic Product at market prices of sports and related activities was $62 billion, accounted for 2.1% of Hong Kong’s Gross Domestic Product.
 
     For enquiries about this feature article, please contact the National Income Branch(2) of the C&SD (Tel: 3903 7002; email: gdp-p@censtatd.gov.hk).
 
     Published in bilingual form, the HKMDS is a compact volume of official statistics containing about 140 tables. It collects up-to-date statistical series on various aspects of the social and economic situation of Hong Kong. Topics include population; labour; external trade; National Income and Balance of Payments; prices; business performance; energy; housing and property; government accounts, finance and insurance; and transport, communications and tourism. For selected key statistical items, over 20 charts depicting the annual trend in the past decade and quarterly or monthly trend in the recent two years are also available. Users can download the Digest at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1010002&scode=460).
 
     Enquiries about the contents of the Digest can be directed to the Statistical Information Dissemination Section (1) of the C&SD (Tel: 2582 4738; email: gen-enquiry@censtatd.gov.hk). read more

     According to the statistics released by the Census and Statistics Department today (August 15), the provisional estimate of the Hong Kong population was 7 498 100 at mid-2023, representing an increase of 152 000 or 2.1% from 7 346 1… read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (August 15) that it had completed an investigation and disciplinary proceedings for EFG Bank AG, Hong Kong Branch (EFGHK) under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Chapter 615 of the Laws of Hong Kong) (AMLO) (Note 1). The Monetary Authority (MA) has imposed a pecuniary penalty of HK$16,000,000 against EFGHK for contraventions of the AMLO.
      
     The disciplinary action (Note 2) follows an on-site examination and further investigation by the HKMA on EFGHK’s systems and controls for compliance with the AMLO. The investigation identified control deficiencies in respect of conducting customer due diligence (CDD) on customers transferred from another financial institution during the period from February 21, 2016 to January 16, 2018, as well as on-boarding CDD and on-going CDD measures on some other customers during the period from April 1, 2012 to October 31, 2018. In addition, during the period from April 1, 2012 to October 31, 2018, EFGHK failed to establish and maintain effective procedures for carrying out its duties under the AMLO in relation to CDD and on-going monitoring of business relationships with customers. 
      
     In deciding the disciplinary action, the MA has taken into account all relevant circumstances and factors, including the following:
 

1. the seriousness of the investigation findings;
2. the need to send a clear deterrent message to EFGHK and the industry about the importance of effective controls and procedures to address the risks of money laundering and terrorist financing;
3. EFGHK has taken remedial and enhancement measures to address the deficiencies identified by the HKMA; and
4. EFGHK has no previous disciplinary record in relation to the AMLO and co-operated with the HKMA during the investigation and enforcement proceedings.

 
     The Executive Director (Enforcement and AML) of the HKMA, Ms Carmen Chu, said, “CDD and continuous monitoring of business relationships with customers are crucial measures for Authorized Institutions (AIs) to protect accounts from being abused for financial crime and safeguard banking system integrity. AIs are key stakeholders in the anti-money laundering and counter-terrorist financing ecosystem and should uphold the international standards incorporated in the AMLO as well as the relevant guidelines and circulars issued by the HKMA in their conduct of business.”

Note 1: Prior to March 1, 2018, the short title of Chapter 615 of the Laws of Hong Kong was the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance.

Note 2: The disciplinary action is taken under section 21 of the AMLO. The AMLO imposes customer due diligence and record-keeping requirements on specified financial institutions, including Authorized Institutions, and designated non-financial businesses and professions. As regards Authorized Institutions, the MA is the relevant authority under the AMLO. read more

The following is issued on behalf of the Hong Kong Monetary Authority:        The Hong Kong Monetary Authority published today (August 15) the credit card lending survey results for the second quarter of 2023.  &… read more

The following is issued on behalf of the Hong Kong Monetary Authority:

     Exchange Fund Bills tender results:
 

Tender date	:	August 15, 2023
Paper on offer	:	EF Bills
Issue number	:	Q2333
Issue date	:	August 16, 2023
Maturity date	:	November 15, 2023
Amount applied	:	HK$186,910 MN
Amount allotted	:	HK$61,657 MN
Average yield accepted	:	4.45 PCT
Highest yield accepted	:	4.52 PCT
Pro rata ratio*	:	About 46 PCT
Average tender yield	:	4.62 PCT
****************************
Tender date	:	August 15, 2023
Paper on offer	:	EF Bills
Issue number	:	H2362
Issue date	:	August 16, 2023
Maturity date	:	February 14, 2024
Amount applied	:	HK$56,659 MN
Amount allotted	:	HK$16,000 MN
Average yield accepted	:	4.49 PCT
Highest yield accepted	:	4.53 PCT
Pro rata ratio*	:	About 30 PCT
Average tender yield	:	4.63 PCT
****************************
Tender date	:	August 15, 2023
Paper on offer	:	EF Bills
Issue number	:	Y2393
Issue date	:	August 16, 2023
Maturity date	:	August 14, 2024
Amount applied	:	HK$23,380 MN
Amount allotted	:	HK$3,000 MN
Average yield accepted	:	4.50 PCT
Highest yield accepted	:	4.51 PCT
Pro rata ratio*	:	About 94 PCT
Average tender yield	:	4.58 PCT

 
*”Pro rata ratio” refers to the average percentage of allotment with respect to each tender participant’s tendered amount at the “highest yield accepted” level. 
———————————————————

     Hong Kong Monetary Authority tenders to be held in the week beginning August 21, 2023:
 

Tender date	:	August 22, 2023
Paper on offer	:	EF Bills
Issue number	:	Q2334
Issue date	:	August 23, 2023
Maturity date	:	November 22, 2023
Tenor	:	91 Days
Amount on offer	:	HK$58,873 MN
****************************
Tender date	:	August 22, 2023
Paper on offer	:	EF Bills
Issue number	:	H2363
Issue date	:	August 23, 2023
Maturity date	:	February 21, 2024
Tenor	:	182 Days
Amount on offer	:	HK$13,000 MN
****************************
Tender date	:	August 25, 2023
Paper on offer	:	EF Bills
Issue number	:	M2316
Issue date	:	August 28, 2023
Maturity date	:	September 20, 2023
Tenor	:	23 Days
Amount on offer	:	HK$600 MN

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