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Economic and Financial Environment Economic and Financial Environment The Hong Kong economy grew moderately on the back of solid domestic demand and a mild recovery in external demand. Economic growth is expected to improve in 2014, although the uncertainty stemming from the normalisation of the US monetary policy continues to pose a major risk. Page 32 ANNUAL REPORT 2013 • HONG KONG MONETARY AUTHORITY
THE ECONOMY IN REVIEW Overview The Hong Kong economy grew at a moderate pace in 2013, with domestic demand providing the main support and export performance improving gradually (Chart 1). In particular, a pick-up in the sequential momentum later in the year helped raise the full-year real GDP growth rate to 2.9% from a modest 1.5% in 2012 (Table 1). The labour market was still relatively tight, with the unemployment rate remaining at a low level. Consumer price pressure remained, albeit moderating slightly towards the end of the year amid milder increases in housing rentals. The equity market fluctuated on concerns about the reduction of the US Federal Reserve’s asset purchases and the uncertain growth prospects in Mainland China and other emerging market economies. Following the introduction of a new round of property market measures in Hong Kong in early 2013, the property market turned less exuberant, characterised by a moderation in housing price inflation and reduced transactions. Chart 1 Real GDP growth by contribution 10 Percentage change over a year ago Contribution to change (in percentage points) 10 8 8 6 6 4 4 2 2 0 0 -2 -2 -4 -4 -6 -6 -8 -8 -10 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 -10 Domestic demand (Right-hand scale) Net exports (Right-hand scale) Real GDP (Left-hand scale) Source: Census and Statistics Department. Table 1 Real GDP growth by expenditure component (period-over-period) (% Period-over-period, 2013 2012 unless otherwise specified) Q1 Q2 Q3 Q4 2013 Q1 Q2 Q3 Q4 2012 Gross Domestic Product 0.5 0.6 0.7 1.1 2.9 0.2 0.3 0.9 1.1 1.5 (year-on-year growth) 2.9 3.1 2.8 3.0 0.7 0.9 1.6 2.9 Private consumption expenditure 3.1 -1.1 -0.4 1.7 4.2 1.1 0.4 1.4 1.1 4.1 Government consumption expenditure 0.3 1.5 0.2 1.1 2.7 1.3 0.7 0.8 0.3 3.6 Gross domestic fixed capital formation – – – – 3.3 – – – – 6.8 Exports Exports of goods 1.5 -1.4 3.2 2.1 6.7 0.8 -0.3 3.2 3.3 1.8 Exports of services 2.1 3.2 -2.6 2.3 5.8 0.6 0.6 -0.7 2.9 2.2 Imports Imports of goods 3.5 -1.8 1.9 2.5 7.6 3.0 -0.8 2.3 3.7 3.0 Imports of services 1.5 -1.7 1.7 2.3 1.5 1.9 -0.7 -1.9 1.4 1.9 Overall trade balance (% of GDP) -1.9 -5.7 6.7 4.0 1.1 0.4 -5.2 5.4 3.1 1.1 Note: The seasonally-adjusted quarter-on-quarter rates of change in the gross domestic fixed capital formation are not available. Source: Census and Statistics Department. HONG KONG MONETARY AUTHORITY • ANNUAL REPORT 2013 Page 33
Page 1: 2013 Annual Report
Page 5 and 6: Contents 4 Highlights of 2013 6 Chi
Page 7 and 8: International Financial Centre Rese
Page 9 and 10: With this in mind, the HKMA continu
Page 11 and 12: THE HKMA AND THE HONG KONG SPECIAL
Page 13 and 14: Over the years the HKMA has progres
Page 15 and 16: Banking Advisory Committee The Bank
Page 17 and 18: Mr Lester HUANG, JP Managing Partne
Page 19 and 20: THE EXCHANGE FUND ADVISORY COMMITTE
Page 21 and 22: Terms of reference (1) To monitor t
Page 23 and 24: Terms of reference (1) The objectiv
Page 25 and 26: THE EXCHANGE FUND ADVISORY COMMITTE
Page 27 and 28: Terms of reference (1) To recommend
Page 29 and 30: THE DEPOSIT-TAKING COMPANIES ADVISO
Page 31 and 32: Stefan GANNON, JP General Counsel F
Page 33: HKMA Organisation Chart 1 January 2
Page 37 and 38: Inflation Inflationary pressures, w
Page 39 and 40: trended downwards, while the value
Page 41 and 42: PERFORMANCE OF THE BANKING SECTOR T
Page 43 and 44: Asset quality The asset quality of
Page 45 and 46: As a result of the average qualifyi
Page 47 and 48: OBJECTIVES The overriding objective
Page 49 and 50: Money market Interbank liquidity re
Page 51 and 52: Other activities The EFAC Currency
Page 53 and 54: Chart 7 Banknotes in circulation at
Page 55 and 56: PLANS FOR 2014 AND BEYOND While the
Page 57 and 58: REVIEW OF 2013 Overview Amid uncert
Page 59 and 60: The HKMA continued to monitor the i
Page 61 and 62: Supervisor-driven stress testing pr
Page 63 and 64: Following a noticeable increase in
Page 65 and 66: Basel III (continued) Pillar 3 The
Page 67 and 68: Basel III (continued) and haircuts
Page 69 and 70: Basel III (continued) Participation
Page 71 and 72: Accounting standards The Internatio
Page 73 and 74: Treat Customers Fairly Charter The
Page 75 and 76: Table 3 Banking complaints received
Page 77 and 78: The HKMA is a member of the SWIFT O
Page 79 and 80: PLANS FOR 2014 AND BEYOND Superviso
Page 81 and 82: Basel III Capital standards Under t
Page 83 and 84: Recovery and resolution During 2014
Page 85 and 86:
Development of Supervisory Policies
Page 87 and 88:
In accordance with the payout refor
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OVERVIEW A divergent trend in growt
Page 91 and 92:
developments in domestic and cross-
Page 93 and 94:
Development of Islamic finance The
Page 95 and 96:
Hong Kong’s financial infrastruct
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Chart 4 Euro RTGS system Chart 5 Re
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The RTGS system links with Shenzhen
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Money settlement service for invest
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PLANS FOR 2014 AND BEYOND The HKMA
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Pan-Asian CSD Alliance project The
Page 107 and 108:
THE EXCHANGE FUND The Exchange Fund
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PERFORMANCE OF THE EXCHANGE FUND Th
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Chart 1 Investment return of the Ex
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CORPORATE DEVELOPMENT Media relatio
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Staffing The establishment of the H
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Temporary resources will continue t
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on the budget and recommends any ch
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OFFICE OF THE GENERAL COUNSEL The O
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The Exchange Fund Report of the Dir
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Report of the Director of Audit (co
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Exchange Fund - Statement of Compre
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Exchange Fund - Statement of Change
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Exchange Fund - Statement of Cash F
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Exchange Fund - Notes to the Financ
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28 June The HKMA issues a circular
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Annex Authorized Institutions and L
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Table A Major Economic Indicators (
Page 229 and 230:
Table C Authorized Institutions: Do
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Table E Presence of World’s Large
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Table G Major Balance Sheet Items b
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Table I Loans to and Deposits from
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Table K Deposits from Customers All
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Table L Geographical Breakdown of N
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Reference Resources The HKMA Annual
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HONG KONG MONETARY AUTHORITY 55 / F
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ar2013

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