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The following is issued on behalf of the Hong Kong Monetary Authority:
 
        The Hong Kong Monetary Authority (HKMA) published today (December 20) statistics of payment cards issued in Hong Kong for the third quarter of 2019.
 
        The payment card statistics (see Annex) include quarterly data on credit and debit cards issued in Hong Kong under the credit and/or debit card schemes of the eight payment card scheme operators (Note 1). The HKMA began to publish the payment card statistics on a quarterly basis in June 2010 to enhance transparency of the payment card industry in Hong Kong, in line with international practice.
 
        According to the quarterly statistics, the total number of credit cards in circulation (Note 2) was 19.69 million by the end of Q3/2019.  The figure represents a 0.5% increase from the previous quarter and a 1.9% increase from the previous year. The number and value of credit card transactions (including retail sales and cash advances) (Note 3) are susceptible to seasonal factors and the general economic environment, making the trends more prone to fluctuation. The total number of credit card transactions was 214.19 million for Q3/2019, representing a 4.5% increase from the previous quarter and a 15.4% increase from the same period in 2018. The total value of credit card transactions was HK$188.7 billion for Q3/2019, representing a 0.6% decrease from the previous quarter and a 5.4% increase from the same period in 2018. Of the total transaction value, HK$142.8 billion (75.6%) was related to retail spending in Hong Kong, HK$33.5 billion (17.8%) in retail spending overseas and HK$12.5 billion (6.6%) in cash advances.
 
        The total number of debit cards in circulation is not available due to overlapping of debit card brands in a single card. Like the number and value of credit card transactions, the number and value of debit card transactions in relation to retail sales and bills payments (Note 4) are also affected by seasonal factors. On a quarterly basis, the total number of debit card transactions in relation to retail sales and bills payments decreased 2.4% to 34.23 million while the total value decreased by 1.3% to HK$81.8 billion in Q3/2019. When compared to the same period in 2018, the total number increased by 2.2% and the total value rose by 3.1% in Q3/2019.

Notes:
 
1. The payment card statistics are compiled from data on credit and debit cards issued in Hong Kong by both authorized institutions (AIs) and non-authorized institutions (non-AIs) under the credit and/or debit card schemes of the eight payment card scheme operators (“the card operators”). The card operators, in alphabetical order, are American Express International, Inc., Discover Financial Services (Hong Kong) Limited, EPS Company (Hong Kong) Limited (EPSCO), JCB International (Asia) Ltd, Joint Electronic Teller Services Ltd. (JETCO), MasterCard Asia/Pacific Pte. Ltd., UnionPay International Co. Ltd and Visa Worldwide Pte. Limited.
 
2. A credit card issued in Hong Kong only carries one credit card brand. The total number of credit cards in circulation refers to the total number of credit cards (i.e. cards with a credit function) issued in Hong Kong under the credit card schemes of card operators (but excluding EPSCO and JETCO, which do not operate a credit card scheme). Some of these credit cards carry debit card functions, i.e. the credit card can be used for making purchases/payments or cash withdrawal at ATMs through directly debiting cardholders’ bank accounts.
 
3. The total number/value of credit card transactions refer to the total number/value of transactions made via credit card accounts of credit cards issued in Hong Kong under the credit card schemes of card operators (excluding EPSCO and JETCO). Starting from March 2015, a Hong Kong/overseas spending breakdown of credit card retail sales transactions is provided.
 
4. The total number/value of debit card transactions in relation to retail sales/bill payments refers to the total number/value of those transactions made via debiting cardholders’ bank accounts. Some of the eight card operators do not operate a debit card scheme. Care should be exercised in combining the credit card retail sales figures and the debit card retail sales/bills payment figures because of the possibility of double counting.  read more

The following is issued on behalf of the Hong Kong Monetary Authority:        The Hong Kong Monetary Authority (HKMA) published today (December 20) statistics on Stored Value Facilities (SVF) schemes issued by SVF l… read more

The following is issued on behalf of the Communications Authority:

     This press release summarises the decisions of the Communications Authority (CA) following its 91st meeting held in December 2019:

Non-compliance with licence requirements on broadcast of announcements in the public interest (APIs) and publicity material for the CA (CA publicity material) by Television Broadcasts Limited (TVB)
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     The CA decided that TVB had breached Condition 19.1 of its domestic free television programme service licence (licence) by failing to broadcast some of the scheduled APIs provided by the Government and CA publicity material during the period from July 13 to November 26, 2019, as stipulated under the licence (Note). TVB is required to make up the shortfall in the broadcast of APIs and CA publicity material in the coming three months.

     TVB reported to the CA that the broadcast of some of the scheduled APIs and CA publicity material on TVB News channel was pre-empted since July 13, 2019, without compensation to make way for breaking news and live broadcasts relating to or arising out of the recent social events. While the CA noted the circumstances, the CA considered that the difficulties in broadcasting the scheduled APIs and CA publicity material with flexibility permitted under the existing arrangement should not have been insurmountable.

     Taking into account TVB’s representations as well as all the relevant circumstances of the breach, the CA decided that TVB should be strongly advised to observe the relevant licence condition more closely and be required to provide additional timeslots as compensatory arrangement to make up the shortfall in the broadcast of APIs and CA publicity material in the coming three months.

Non-compliance with the licence requirement on the broadcast of hourly news and weather reports by Hong Kong Commercial Broadcasting Company Limited (CRHK)
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     The CA decided that CRHK had breached Condition 23.1(b) of its sound broadcasting licence by failing to broadcast an hourly weather report at 7am and hourly news and weather reports from 8am to 2pm on AM864 Channel on September 2, 2019. 

     The CA noted that the missed broadcasts of hourly news and weather reports had been due to a technical fault of the microphone in the on-air studio, and that a staff of CRHK had forgotten to read out the weather report at 7am. The CA considered that CRHK had not exercised sufficient vigilance to monitor on-air broadcasts and to avoid human error.

     Taking into account CRHK’s representations as well as the specific circumstances of the breach, the CA decided that CRHK should be strongly advised to observe the relevant licence condition more closely. The CA noted that CRHK had promptly taken remedial measures with a view to preventing such a recurrence in the future.

Note: TVB is required under Condition 19.1 of TVB’s licence to broadcast such APIs and CA publicity material as directed or provided by the CA. In accordance with the licence, TVB has been directed to broadcast on each of its programme channels (a) a maximum of one minute of APIs every single clock hour in accordance with the schedules prepared by the Information Services Department (ISD); and (b) a maximum of five minutes of CA publicity material every week in accordance with the schedules prepared by the Office of the Communications Authority (OFCA).

     To give some flexibility to the licensees, the CA allows them to deviate from ISD’s and OFCA’s schedules under exceptional circumstances (i.e. deviations due to live broadcasts or caused by forces beyond the licensees’ control) on condition that the pre-empted APIs and CA publicity material would be broadcast two hours prior to or after the live broadcasts, or within two hours after the scheduled time, as the case may be. read more

     The Census and Statistics Department (C&SD) released today (December 20) the Consumer Price Index (CPI) figures for November 2019. According to the Composite CPI, overall consumer prices rose by 3.0% in November 2019 over the same month a year earlier, slightly smaller than the corresponding increase (3.1%) in October 2019. Netting out the effects of all Government’s one-off relief measures, the year-on-year rate of increase in the Composite CPI (i.e. the underlying inflation rate) in November 2019 was 2.9%, smaller than that in October 2019 (3.1%). The smaller increase in November was mainly due to the decreases in the charges for package tours as well as inbound and outbound transport fares.

     On a seasonally adjusted basis, the average monthly rate of increase in the Composite CPI for the three-month period ending November 2019 was 0.1%, and that for the three-month period ending October 2019 was 0.2%. Netting out the effects of all Government’s one-off relief measures, the corresponding rates of increase were 0.1% and 0.2% respectively.  
     
     Analysed by sub-index, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.5%, 2.9% and 2.5% respectively in November 2019, as compared to 3.5%, 3.1% and 2.9% respectively in October 2019. Netting out the effects of all Government’s one-off relief measures, the year-on-year rates of increase in the CPI(A), CPI(B) and CPI(C) were 3.6%, 2.8% and 2.4% respectively in November 2019, as compared to 3.6%, 3.0% and 2.8% respectively in October 2019.  
     
     On a seasonally adjusted basis, for the three-month period ending November 2019, the average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) were 0.1%, 0.1% and 0.2% respectively. The corresponding rates of increase for the three-month period ending October 2019 were all 0.2%. Netting out the effects of all Government’s one-off relief measures, the corresponding average monthly rates of increase in the seasonally adjusted CPI(A), CPI(B) and CPI(C) for the three-month period ending November 2019 were 0.1%, 0.1% and 0.2% respectively, and the corresponding rates of increase for the three-month period ending October 2019 were all 0.2%.  

     Amongst the various components of the Composite CPI, year-on-year increases in prices were recorded in November 2019 for food (excluding meals bought away from home) (13.9%), miscellaneous goods (3.3%), housing (3.0%), meals bought away from home (2.2%), transport (2.1%) and miscellaneous services (1.5%).

     On the other hand, year-on-year decreases in the components of the Composite CPI were recorded in November 2019 for electricity, gas and water (-6.4%); clothing and footwear (-3.5%); durable goods (-2.3%) as well as alcoholic drinks and tobacco (-0.1%).

     Taking the first 11 months of 2019 together, the Composite CPI rose by 2.9% over a year earlier. The respective increases in the CPI(A), CPI(B) and CPI(C) were 3.3%, 2.7% and 2.6% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 3.0%, 3.5%, 2.8% and 2.6% respectively.

     For the three months ending November 2019, the Composite CPI rose by 3.1% over a year earlier, while the CPI(A), CPI(B) and CPI(C) rose by 3.5%, 3.0% and 2.8% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 3.1%, 3.6%, 3.0% and 2.7% respectively.

     For the 12 months ending November 2019, the Composite CPI was on average 2.8% higher than that in the preceding 12-month period. The respective increases in the CPI(A), CPI(B) and CPI(C) were 3.3%, 2.7% and 2.6% respectively. The corresponding increases after netting out the effects of all Government’s one-off relief measures were 3.0%, 3.5%, 2.8% and 2.6% respectively.

Commentary

     A Government spokesman said that the underlying consumer price inflation rate eased further to 2.9% in November. Price pressures on many major CPI components abated somewhat, though food inflation remained visible due to elevated pork prices.

     Looking ahead, overall inflation pressures will likely be contained in the near term by mild imported inflation and easing local cost pressures amid sub-par economic conditions. The Government will continue to monitor the inflation situation closely, particularly the impact on the lower-income people.

Further information

     The CPIs and year-on-year rates of change at section level for November 2019 are shown in Table 1. The time series on the year-on-year rates of change in the CPIs before and after netting out the effects of all Government’s one-off relief measures are shown in Table 2. For discerning the latest trend in consumer prices, it is also useful to look at the changes in the seasonally adjusted CPIs. The corresponding time series on the average monthly rates of change during the latest three months for the seasonally adjusted CPIs are shown in Table 3. The rates of change in the original and the seasonally adjusted Composite CPI and the underlying inflation rate are presented graphically in Chart 1.

     More detailed CPI data (including year-on-year comparison, month-to-month comparison, seasonally adjusted data series and the CPIs by the Classification of Individual Consumption According to Purpose (COICOP)) are available in the monthly reports. Users can download the November 2019 issue of the “Monthly Report on the Consumer Price Index” (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=B1060001), the time series of CPIs at detailed level (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=D5600001), the time series of CPIs at COICOP division level (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=D5600002) and the time series of CPIs after netting out the effects of all Government’s one-off relief measures (www.censtatd.gov.hk/hkstat/sub/sp270.jsp?productCode=D5600003) free of charge at the website of the C&SD.

     For enquiries about the CPIs, please contact the Consumer Price Index Section of the C&SD (Tel: 3903 7374 or email: cpi@censtatd.gov.hk).  read more

     The Census and Statistics Department (C&SD) released today (December 20) the preliminary figures of chain volume measures of Gross Domestic Product (GDP) by economic activity for the third quarter of 2019.     &nbsp… read more