Tag Archives: China

     Hong Kong Customs yesterday (March 20) mounted an anti-smuggling operation at the Lok Ma Chau Control Point and detected a suspected smuggling case involving a cross-boundary lorry. About 44 000 pieces of metal parts, about 32 000 pieces of computer parts, about 9 300 pieces of equipment parts, about 380 pieces of mobile phone parts, about 200 units of network equipment and about 200 pieces of clothing, with a total estimated market value of about $1.8 million, were seized.

     Customs officers yesterday intercepted an inbound lorry declared as carrying Bluetooth headsets at the Lok Ma Chau Control Point. Upon inspection, the batch of suspected smuggled goods was seized inside the cargo compartment of the lorry. A 54-year-old male driver was arrested and was put on bail pending further investigation.
      
     Customs will continue to combat cross-boundary smuggling activities with firm enforcement action based on risk assessment and intelligence analysis.

     Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years.

     Members of the public may report any suspected smuggling activities to Customs’ 24-hour hotline 2545 6182 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

  

     The Food and Environmental Hygiene Department (FEHD) today (March 21) announced that the monthly gravidtrap index for Aedes albopictus mosquitoes in February dropped further to 0.2 per cent from 0.3 per cent in January. The index in… read more

     The Director of the Hong Kong Observatory (HKO), Dr Chan Pak-wai, hosted a press briefing today (March 21) to recap the weather in 2023 and elaborate on the weather outlook for Hong Kong this year as well as the HKO’s latest developments.
 
     Dr Chan pointed out that 2023 was the warmest year on record globally according to the assessment of the World Meteorological Organisation. The past nine years (2015 to 2023) were also the nine warmest years on record. In 2023, the global mean sea level reached an all-time high on satellite records, reflecting continued ocean warming as well as the melting of glaciers and ice sheets. 
 
     Under climate change, different parts of the world were ravaged by various extreme weather events in 2023. Locally, with all 12 months warmer than usual, 2023 was one of the second warmest years since records began in 1884. The annual mean temperature reached 24.5 degrees, 1.0 degree above the 1991-2020 normal. The annual mean minimum temperature of 22.6 degrees and annual mean maximum temperature of 27.2 degrees were one of the highest and one of the second highest on record respectively. The total number of 54 Very Hot Days (with a daily maximum temperature of 33.0 degrees or above) ranked as one of the highest on record. In addition, the number of Hot Nights (with a daily minimum temperature of 28.0 degrees or above) was 56 days, making it the second highest on record.
 
     Looking ahead in 2024, the tropical cyclone season in Hong Kong is expected to start in June or later and cease in October or later. There will likely be about five to eight tropical cyclones coming within 500 kilometres of Hong Kong during the year, which is normal to above normal. With ongoing climate warming, the annual mean temperature in Hong Kong is expected to be above normal this year, with a high chance of reaching the top 10 on record. The annual rainfall is expected to be near normal, ranging from 2 100  millimetres to 2 700mm. However, Hong Kong may still be affected by heavy rain. Members of the public are reminded to be prepared for the rain and tropical cyclone seasons.
 
     Dr Chan also highlighted the continual enhancement of the HKO’s various services. Seizing the opportunity made possible by the developments in artificial intelligence (AI), the HKO started piloting AI-powered weather prediction models in mid-2023 for reference in preparing weather forecasts and predicting tropical cyclone tracks. In order to enable the general public to have knowledge of future weather changes at an early stage, the HKO launched products using the “Pangu” AI weather prediction model on the “Earth Weather” webpage in October 2023, and extended the forecast range to 15 days. The HKO plans to further enhance the computer model forecast information on the “Earth Weather” webpage with forecast products of more computer models as well as weather forecast charts for the upper air. In addition, the HKO will launch monthly forecasts in the second half of this year to enhance climate forecast services. The forecast elements include monthly average temperature and total rainfall in tercile categories.
 
     With the rainy season approaching, the HKO will further enhance the dissemination of information on severe weather situations. When the Black Rainstorm Signal is in force, the HKO will conduct hourly briefings to provide the public with the latest weather information. In addition, the HKO has just replaced the weather radar at Tai Mo Shan, and the new equipment is about to come into operation to monitor various inclement weather including thunderstorms, rainstorms and tropical cyclones.
 
     As well, the HKO plans to enhance the service on the “MyObservatory” mobile application and add weather information for the Guangdong-Hong Kong-Macao Greater Bay Area in the second half of this year to enable users travelling in the region to receive the latest local weather information. Meanwhile, the “Dr. Tin” chatbot service will be upgraded to support voice functions on the “MyObservatory”, making it more convenient for users to enquire about weather information.
 
     Regarding international co-operation, the HKO will set up a virtual Meteorological Training Centre for Belt and Road Countries by the end of this year to provide online and in-person training for meteorological personnel from Belt and Road regions, enhancing their capabilities to respond to hazardous weather and extreme weather events, as well as tackle natural disasters and strengthen resilience. The first planned training will be a workshop on aviation meteorology science and service development to be held at the end of 2024. It is believed that the project can consolidate Hong Kong’s position as a regional centre for meteorological advancements, and strengthen exchanges and co-operation among Belt and Road regions.
 
     The HKO’s open day will be conducted on March 23 and 24 (Saturday and Sunday) with the World Meteorological Day theme “At the frontline of climate action”. It aims to raise public awareness on climate change and extreme weather, as well as encourage concrete action to combat climate change. Apart from participating in person with a valid admission ticket, members of the public can also visit the virtual tour on the Hong Kong Observatory Open Day 2024 webpage, which will be launched on March 23, to learn more about the HKO’s work and services. 
 
     Dr Chan’s speech at the press briefing is available on the HKO’s website at www.hko.gov.hk/en/dhkovoice/files/speech20240321e.pdf.

  

     According to the figures released today (March 21) by the Census and Statistics Department (C&SD), total employment in the private sector surveyed increased by 0.8% or 20 800 persons in December 2023 compared with a year earlier… read more

     The Census and Statistics Department (C&SD) released today (March 21) the preliminary Balance of Payments (BoP) and International Investment Position (IIP) statistics of Hong Kong for the fourth quarter of 2023 and the whole year of 2023. 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 $9.1 billion (1.1% of Gross Domestic Product (GDP)) in the fourth quarter of 2023. Reserve assets correspondingly decreased by the same amount. This was against a BoP surplus of $16.1 billion (2.1% of GDP) in the third quarter of 2023.

     For 2023 as a whole, there was a BoP deficit of $79.9 billion (2.7% of GDP), compared with a deficit of $367.2 billion (13.1% of GDP) in 2022.

Current account

     The current account recorded a surplus of $71.2 billion (9.0% of GDP) in the fourth quarter of 2023. 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 $55.9 billion (7.6% of GDP) in the fourth quarter of 2022, the increase in surplus was mainly due to the increase in net inflow of primary income, partly offset by the switch in goods balance from surplus to deficit.

     The goods account recorded a deficit of $6.8 billion in the fourth quarter of 2023, as against a surplus of $2.8 billion in the same quarter of 2022. Over the same period, the services surplus decreased slightly from $27.4 billion to $27.3 billion. The primary income inflow and outflow amounted to $475.2 billion and $420.3 billion respectively, thus yielding a net inflow of $55.0 billion in the fourth quarter of 2023, compared with a net inflow of $29.4 billion in the same quarter of 2022.

     For 2023 as a whole, the current account surplus was $276.8 billion (9.3% of GDP), smaller than that of $286.1 billion (10.2% of GDP) in 2022, mainly due to the increase in goods deficit, largely offset by the increase in net inflow of primary income.

Financial account

     An overall increase in financial non-reserve assets amounting to $46.5 billion (5.9% of GDP) was recorded in the fourth quarter of 2023, compared with an overall increase of $127.4 billion (16.6% of GDP) in the third quarter of 2023. The overall increase recorded in the fourth quarter of 2023 was due to the net increases in other investment and direct investment, partly offset by the net decreases in portfolio investment and financial derivatives.

     In the fourth quarter of 2023, reserve assets decreased by $9.1 billion, as against an increase of $16.1 billion in the third quarter of 2023.

     For 2023 as a whole, financial non-reserve assets recorded an overall increase of $353.7 billion (11.8% of GDP), compared with an overall increase of $644.0 billion (22.9% of GDP) in 2022. The overall increase recorded in 2023 was due to the net increases in portfolio investment and other investment, partly offset by the net decreases in financial derivatives and direct investment.

     In 2023, reserve assets decreased by $79.9 billion, compared with a decrease of $367.2 billion in 2022.

II.     International Investment Position

     At the end of the fourth quarter of 2023, both Hong Kong’s external financial assets and liabilities stood at a very high level, amounting to $48,301.7 billion (16.1 times of GDP) and $34,362.3 billion (11.5 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 $13,939.4 billion (4.7 times of GDP) at the end of the fourth quarter of 2023, compared with $13,324.6 billion (4.5 times of GDP) at the end of the third quarter of 2023. 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 fourth quarter of 2023, Hong Kong’s gross ED amounted to $14,362.4 billion (4.8 times of GDP). Compared with $14,402.4 billion (4.9 times of GDP) at the end of the third quarter of 2023, gross ED decreased by $40.0 billion. This was mainly attributable to the decrease in debt liabilities in direct investment (intercompany lending), partly offset by the increase in ED of the banking sector.

     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 fourth quarter of 2023, 56.3% of Hong Kong’s ED was attributable to the banking sector. Other ED mainly consisted of ED of other sectors (26.5%) and debt liabilities in direct investment (intercompany lending) (16.2%).

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 fourth quarter of 2023 and the whole year of 2023 are preliminary figures, which are subject to revision upon the availability of more data.
 
     A new sign convention has been adopted for BoP statistics since June 2023. From then on: (i) debit entries in the current account and the capital account are switched from negative to positive figures; (ii) increases in assets and liabilities in the financial account are both indicated by positive figures; and (iii) the capital account and the financial account are no longer presented as a combined account. This sign convention complies with the international standards set out in the Sixth Edition of the Balance of Payments and International Investment Position Manual. It ensures consistency with national accounts and IIP statistics, and provides a simpler interpretation for BoP statistics.

     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, Fourth Quarter 2023 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