Editing Economy of Hong Kong

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{{Use Hong Kong English|date = February 2022}}
{{Use dmy dates|date=August 2022}}
{{Infobox economy
| country = Hong Kong
| image = Hong Kong Harbour Night 2019-06-11.jpg
| image_size = 310px
| population = {{Increase}} 7,498,100 (2023)<ref>{{Cite web|url=https://www.censtatd.gov.hk/en/press_release_detail.html?id=5265|title=Press Releases Detail|website=www.censtatd.gov.hk}}</ref>
| caption = Central and [[Victoria Harbour]] of [[Hong Kong]]
| currency = [[Hong Kong dollar]] (HKD)
| fixed exchange = 
| year = 1 April – 31 March
| organs = [[Asia-Pacific Economic Cooperation|APEC]], [[World Trade Organization|WTO]], [[Group of Twenty]] (Chinese delegation), [[One Belt One Road]], [[AIIB]] and [[International Chamber of Commerce|ICC]] etc.
| group = {{plainlist|
*[[Developed country|Developed/Advanced]]<ref>{{cite web |url=https://www.imf.org/external/datamapper/profile/HKG |title=IMF DataMapper: HongKong |website=[[International Monetary Fund]] |date=22 October 2024 |access-date=11 November 2024}}</ref>
*[[World Bank high-income economy|High-income economy]]<ref>{{cite web |url=https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |title=World Bank Country and Lending Groups |publisher=[[World Bank]] |website=datahelpdesk.worldbank.org |access-date=29 September 2019 |archive-url=https://web.archive.org/web/20191028223324/https://datahelpdesk.worldbank.org/knowledgebase/articles/906519-world-bank-country-and-lending-groups |archive-date=28 October 2019 |url-status=dead }}</ref>}}
| gdp = {{plainlist|
* {{increase}} $424 Billion ([[GDP (nominal)|nominal]]; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper">{{cite web |url=https://www.imf.org/external/datamapper/profile/HKG |title=IMF DataMapper: Hong Kong|website=[[International Monetary Fund]] |date= 2025 |access-date=22 May 2025}}</ref>
* {{increase}} $589.81 Billion ([[Purchasing power parity|PPP]]; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper"/> 
}}
| gdp rank = {{plainlist|
* [[List of countries by GDP (nominal)|6th (nominal; 2025)]]
* [[List of countries by GDP (PPP)|10th (PPP; 2025)]]
}}
| growth = {{plainlist|   
* {{Increase}} -3.7%&nbsp;(2022)<ref name="IMF DataMapper" />
* {{Increase}} 3.2%&nbsp;(2023)<ref name="IMF DataMapper" />
* {{Increase}} 2.5%&nbsp;({{abbr|2024f|2024 forecast}})<ref name="IMF DataMapper" />
* {{Increase}} 1.5%&nbsp;({{abbr|2025|2025 forecast}})<ref name="IMF DataMapper" />
}}
| per capita = {{plainlist|
* {{increase}} $56,030 (nominal; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper"/>
* {{increase}} $77,940 (PPP; {{abbr|2025|2025 forecast}})<ref name="IMF DataMapper"/> 
}}
| components = 
| sectors = {{plainlist|
*[[Primary sector of the economy|agriculture]]: 0.1%
*[[Secondary sector of the economy|industry]]: 6.5%
*[[Tertiary sector of the economy|services]]: 93.5% 
*(2023)<ref name="C&SD"/>}}
| inflation = 1.9% (2022)<ref name="C&SD"/>
| poverty = 19.9% (2016 est.)<ref name="CIAWFHK">{{cite web |url=https://www.cia.gov/the-world-factbook/countries/hong-kong/ |title=The World Factbook |publisher=[[Central Intelligence Agency]] |access-date=25 January 2019 }}</ref>
| gini = 53.9 {{color|red|high}} (2016)<ref name="CIAWFHK"/>
| hdi = {{plainlist|
*{{increase}} 0.956 {{color|darkgreen|very high}} (2022)<ref name="hkhdi">{{Cite web |date=13 March 2024 |title=Human Development Report 2023/2024 |url=https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf|url-status=live |archive-url=https://web.archive.org/web/20240313164319/https://hdr.undp.org/system/files/documents/global-report-document/hdr2023-24reporten.pdf |archive-date=13 March 2024 |access-date=30 April 2024 |publisher=[[United Nations Development Programme]] |language=en}}</ref> ([[List of countries by Human Development Index|4th]])
*{{increase}} 0.840 {{color|darkgreen|very high}} [[List of countries by inequality-adjusted HDI|IHDI (21st)]] (2022)<ref name="hkhdi"/>}}
| labour = {{plainlist|
*{{decrease}} 3,946,772 (2019)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.TLF.TOTL.IN?locations=HK |title=Labor force, total – Hong Kong SAR, China |publisher=[[World Bank]] |website=data.worldbank.org |access-date=11 December 2019 |archive-url=https://web.archive.org/web/20190814172858/https://data.worldbank.org/indicator/SL.TLF.TOTL.IN%3Flocations%3DHK |archive-date=14 August 2019 |url-status=live }}</ref>
*{{decrease}} 59.0% employment rate (2016)<ref>{{cite web |url=https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS?locations=HK&name_desc=true |title=Employment to population ratio, 15+, total (%) (national estimate) |publisher=[[World Bank]] |website=data.worldbank.org |access-date=24 August 2019 |archive-url=https://web.archive.org/web/20190824162607/https://data.worldbank.org/indicator/SL.EMP.TOTL.SP.NE.ZS%3Flocations%3DHK%26name_desc%3Dtrue |archive-date=24 August 2019 |url-status=live }}</ref>}}
| average gross salary = [[List of Asian countries by average wage|HK$ 28,340<br />US$ 3,661]] per month (2022 May)<ref>{{citation|title=Wages and Labor Income|url=https://www.numbeo.com/cost-of-living/country_price_rankings?itemId=105}}</ref>
| average net salary = [[List of Asian countries by average wage|HK$ 23,807<br />US$ 3,070]] per month (2022 May)<ref>{{citation|title=Income tax calculator Hong Kong|url=https://ceoworld.biz/2024/03/31/ranked-countries-with-the-highest-and-lowest-average-salaries-2024/}}</ref>
| occupations = {{plainlist|
*agriculture, fishing, mining and quarrying: 0.1%
*manufacturing: 1.0%
*electricity, gas, water supply, and waste management: 1.1%
*construction: 4.4%
*wholesale and retail trade, restaurants and hotels: 19.6%
*transport and communications: 9.5%
*financing, insurance, real estate, professional and business service: 43.5%
*community, social, and personal services: 20.9%}}
| unemployment = 4.3% (2022)<ref name="C&SD"/>
| industries = financing and insurance, import and export trade, professional and business services
| edbr = {{increase}} [[Easiest place to do business|3rd (very easy, 2020)]]<ref>{{cite web |url=http://www.doingbusiness.org/data/exploreeconomies/hong-kong-china |title=Ease of Doing Business in Hong Kong SAR, China |publisher=Doingbusiness.org |access-date=2017-11-24 |archive-url=https://web.archive.org/web/20170207100603/http://www.doingbusiness.org/data/exploreeconomies/hong-kong-china |archive-date=7 February 2017 |url-status=live }}</ref>
| exports = $582.1 billion (2024)<ref name="C&SD"/>
| export-partners = {{plainlist|
*{{flag|Mainland China}} 59.0% 
*{{flag|United States}} 6.5%
*{{flag|Vietnam}} 3.2%
*{{flag|Taiwan}} 3.1%
*{{flag|India}} 3.0% (2024)<ref name="C&SD"/>}}
| imports = $630.8 billion (2024)<ref name="C&SD"/>
| import-partners = {{plainlist|
*{{flag|Mainland China}} 43.6%
*{{flag|Taiwan}} 11.3%
*{{flag|Singapore}} 7.9%
*{{flag|South Korea}} 5.8%
*{{flag|Japan}} 4.6% (2024)<ref name="C&SD"/>}}
| FDI = {{plainlist|
*{{increase}}$2.2 trillion (31 December 2017 est.)<ref name="CIAWFHK"/>
*{{increase}} Abroad: $2.036 trillion (31 December 2017 est.)<ref name="CIAWFHK"/>}}
| current account = {{increase}} $14.75 billion (2017 est.)<ref name="CIAWFHK"/>
| gross external debt = {{decreasePositive}} $633.6 billion (31 December 2017 est.)<ref name="CIAWFHK"/>
| debt = 0.1% of GDP (2017 est.)<ref name="CIAWFHK"/>
| revenue = 79.34 billion (2017 est.)<ref name="CIAWFHK"/>
| expenses = 61.64 billion (2017 est.)<ref name="CIAWFHK"/>
| balance = +5.2% (of GDP) (2017 est.)<ref name="CIAWFHK"/>
| aid = 
| cianame = hong-kong
| credit = [[Standard & Poor's]]:<ref>{{cite web |title=Sovereigns rating list |publisher=Standard & Poor's |url=http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |access-date=26 May 2011 |archive-url=https://web.archive.org/web/20110928234500/http://www.standardandpoors.com/ratings/sovereigns/ratings-list/en/eu/?subSectorCode=39 |archive-date=28 September 2011 |url-status=live }}</ref><br>AAA (Domestic)<br>AAA (Foreign)<br>AAA (T&C Assessment)<br>Outlook: Stable<ref name=guardian>{{cite news |title=How Fitch, Moody's and S&P rate each country's credit rating |date=15 April 2011 |first1=Simon |last1=Rogers |first2=Ami |last2=Sedghi |newspaper=[[The Guardian]] |url=https://www.theguardian.com/news/datablog/2010/apr/30/credit-ratings-country-fitch-moodys-standard |access-date=31 May 2011 |location=London |archive-url=https://web.archive.org/web/20130801105234/http://www.theguardian.com/news/datablog/2010/apr/30/credit-ratings-country-fitch-moodys-standard |archive-date=1 August 2013 |url-status=live }}</ref><br>[[Moody's]]:<ref name=guardian/><br>Aa3<br>Outlook: Negative<br>[[Fitch Group|Fitch]]:<ref name=guardian/><br>AA+<br>Outlook: Stable
| reserves = $430.7 billion (April 2023)<ref>{{cite web |title=Hong Kong's Latest Foreign Currency Reserve Assets Figures Released |date=11 April 2023 |publisher=[[Hong Kong Monetary Authority]] |url=https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/04/20230411-4/ |access-date=25 July 2023 |archive-url=https://web.archive.org/web/20230725125230/https://www.hkma.gov.hk/eng/news-and-media/press-releases/2023/04/20230411-4/ |archive-date=25 July 2023 |url-status=live }}</ref>
| spelling = 
}}
The '''economy of Hong Kong''' is a [[Developed country|highly developed]] [[free-market economy]]. It is characterised by [[Taxation in Hong Kong|low taxation]], almost free port trade and a well-established international financial market.<ref>{{cite book |last=Mizuoka |first=Fujio |date=2018 |title=Contrived Laissez-Faireism: The Politico-Economic Structure of British Colonialism in Hong Kong |url=https://books.google.com/books?id=kVNSDwAAQBAJ&q=hong+kong+free+market+economy |publisher=[[Springer Publishing]] |page=26 |isbn=978-3319697932 |access-date=1 June 2020 |archive-date=1 August 2020 |archive-url=https://web.archive.org/web/20200801070842/https://books.google.com/books?id=kVNSDwAAQBAJ&printsec=frontcover&dq=hong+kong+free+market+economy |url-status=live }}</ref><ref>{{cite web|url=http://www.hkma.gov.hk/media/eng/publication-and-research/quarterly-bulletin/qb200309/fa1.pdf|title=The Profitability of the Banking Sector in Hong Kong|website=Hkma.gov.hk|access-date=27 July 2018|archive-url=https://web.archive.org/web/20180614212620/http://www.hkma.gov.hk/media/eng/publication-and-research/quarterly-bulletin/qb200309/fa1.pdf|archive-date=14 June 2018|url-status=live}}</ref> Its currency, called the [[Hong Kong dollar]], is legally issued by three major international commercial banks,<ref>[http://www.legislation.gov.hk/blis_pdf.nsf/CurAllEngDoc/8850FA52388F223C482575EE0036B8BB/$FILE/CAP_65_e_b5.pdf Legal Tender Notes Issue Ordinance] {{Webarchive|url=https://web.archive.org/web/20150503002823/http://www.legislation.gov.hk/blis_pdf.nsf/CurAllEngDoc/8850FA52388F223C482575EE0036B8BB/$FILE/CAP_65_e_b5.pdf |date=3 May 2015 }}. Legislation.gov.hk (30 June 1997)</ref> and is pegged to the [[United States dollar|US dollar]].<ref>{{cite web|url=http://www.hkma.gov.hk/eng/exhibition/2.pdf|title=Monetary Stability|website=Hkma.gov.hk|access-date=27 July 2018|archive-url=https://web.archive.org/web/20130605003028/http://www.hkma.gov.hk/eng/exhibition/2.pdf|archive-date=5 June 2013|url-status=dead}}</ref><ref>{{cite journal|url=http://www.bis.org/publ/rpfx07.pdf|title=Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2007|date=September 2007|journal=Triennial Central Bank Survey 2007|page=7|publisher=[[Bank for International Settlements]]|access-date=5 September 2010|archive-url=https://web.archive.org/web/20171206030127/https://www.bis.org/publ/rpfx07.pdf|archive-date=6 December 2017|url-status=live}}</ref> [[Interest rate]]s are determined by the individual banks in [[Hong Kong]] to ensure that they are market driven.<ref>{{cite news | url=https://dealbook.nytimes.com/2012/07/19/asian-financial-regulators-examine-local-lending-rates/ | newspaper=[[The New York Times]] | first1=Neil | last1=Gough | first2=Choe | last2=Sang-Hun | title=Asian Financial Regulators Examine Local Lending Rates | date=19 July 2012 | access-date=5 March 2017 | archive-url=https://web.archive.org/web/20170920045241/https://dealbook.nytimes.com/2012/07/19/asian-financial-regulators-examine-local-lending-rates/ | archive-date=20 September 2017 | url-status=live }}</ref> There is no officially recognised central banking system, although the [[Hong Kong Monetary Authority]] functions as a financial regulatory authority.<ref>{{cite web|url=http://www.hkab.org.hk/DisplayArticleAction.do?sid=20&ss=2|title=The Hong Kong Association of Banks|website=Hkab.org.hk|access-date=5 November 2012|archive-url=https://web.archive.org/web/20180917073951/http://www.hkab.org.hk/DisplayArticleAction.do?sid=20&ss=2|archive-date=17 September 2018|url-status=live}}</ref><ref>{{cite journal|url=http://chinaperspectives.revues.org/260|title=Hong Kong's Banking Industry Facing Keen Competition|author=Chiu, Peter|journal=China Perspectives|year=2003|volume=2003|issue=2|doi=10.4000/chinaperspectives.260|access-date=16 November 2012|archive-url=https://web.archive.org/web/20130514054327/http://chinaperspectives.revues.org/260|archive-date=14 May 2013|url-status=live|doi-access=free}}</ref>

Its economy is governed under [[positive non-interventionism]], and is highly dependent on international trade and finance. For this reason it is regarded as among the most favorable places to start a company. In fact, a recent study shows that Hong Kong has come from 998 registered start-ups in 2014 to over 2800 in 2018, with eCommerce (22%), Fintech (12%), Software (12%) and Advertising (11%) companies comprising the majority.<ref>{{cite web|url=https://www.whub.io/toolbox|title=Hong Kong Start Up Ecosystem Whitepaper|last=WHub|date=2018|archive-url=https://web.archive.org/web/20180917215437/https://www.whub.io/toolbox|archive-date=17 September 2018|url-status=live}}</ref> The [[Economic Freedom of the World Index]] lists Hong Kong as the freest economy, with a score of 8.58 based on data from 2022.<ref>{{Cite web |date=2024-10-16 |title=Economic Freedom of the World |url=https://www.fraserinstitute.org/sites/default/files/economic-freedom-of-the-world-2024.pdf |access-date=2024-10-18 |website=Fraser Institute |language=en}}</ref>

Hong Kong's economic strengths include a sound banking system, virtually no public debt, a strong legal system, ample [[foreign exchange reserves]] with assets of US$481.6 billion represent over six times the currency in circulation or about 46 per cent of Hong Kong dollar M3 as at the end of March 2022,<ref>{{Cite web|url=https://www.info.gov.hk/gia/general/202204/07/P2022040700407.htm|title=Hong Kong's latest foreign currency reserve assets figures released|website=www.info.gov.hk}}</ref> rigorous [[anti-corruption]] measures and close ties with [[mainland China]].<ref>{{cite web|url=https://2009-2017.state.gov/r/pa/ei/bgn/2747.htm|title=Hong Kong|work=U.S. Department of State|access-date=23 May 2019|archive-url=https://web.archive.org/web/20190604184813/https://2009-2017.state.gov/r/pa/ei/bgn/2747.htm|archive-date=4 June 2019|url-status=live}}</ref> The [[Hong Kong Stock Exchange]] is a favourable destination for international firms and firms from mainland China to be listed, due to Hong Kong's highly internationalised and modernised [[financial industry]]. Additional advantages include the city's [[capital market]] in Asia, its size, regulations and available financial tools, which are comparable to [[London]] and [[New York City]].<ref>{{cite news|url=http://www.ft.com/intl/cms/s/0/4772c47c-9310-11e2-b3be-00144feabdc0.html|title=London retains financial services crown|newspaper=Financial Times|access-date=27 September 2013|archive-date=10 December 2019|archive-url=https://web.archive.org/web/20191210225551/http://www.ft.com/intl/cms/s/0/4772c47c-9310-11e2-b3be-00144feabdc0.html|url-status=live}}</ref><ref>{{cite web|url=http://www.zyen.com/images/GFCI_25March2013.pdf|title=The Global Financial Centres Index 13|date=March 2013|website=Zyen.com|access-date=27 July 2018|archive-url=https://web.archive.org/web/20171118172346/http://www.zyen.com/images/GFCI_25March2013.pdf|archive-date=18 November 2017|url-status=live}}</ref>

Hong Kong's gross domestic product had grown 180 times between 1961 and 1997. Also, the GDP per capita rose by 87 times within the same time frame.<ref>{{cite book|author=Rikkie Yeung|title=Moving Millions: The Commercial Success and Political Controversies of Hong Kong's Railways|publisher=[[Hong Kong University]] Press|year=2008|isbn=978-962-209-963-0}}</ref> Its economy is slightly [[List of countries by GDP (nominal)|larger]] than [[Chile]]'s or [[Romania]]'s<ref>{{cite web|title=Nominal GDP list of countries. Data for the year 2010|url=https://www.imf.org/external/pubs/ft/weo/2022/02/weodata/weorept.aspx?sy=2009&ey=2011&scsm=1&ssd=1&sort=country&ds=.&br=1&c=512%2C941%2C914%2C446%2C612%2C666%2C614%2C668%2C311%2C672%2C213%2C946%2C911%2C137%2C193%2C962%2C122%2C674%2C912%2C676%2C313%2C548%2C419%2C556%2C513%2C678%2C316%2C181%2C913%2C682%2C124%2C684%2C339%2C273%2C638%2C921%2C514%2C948%2C218%2C943%2C963%2C686%2C616%2C688%2C223%2C518%2C516%2C728%2C918%2C558%2C748%2C138%2C618%2C196%2C522%2C278%2C622%2C692%2C156%2C694%2C624%2C142%2C626%2C449%2C628%2C564%2C228%2C283%2C924%2C853%2C233%2C288%2C632%2C293%2C636%2C566%2C634%2C964%2C238%2C182%2C662%2C453%2C960%2C968%2C423%2C922%2C935%2C714%2C128%2C862%2C611%2C716%2C321%2C456%2C243%2C722%2C248%2C942%2C469%2C718%2C253%2C724%2C642%2C576%2C643%2C936%2C939%2C961%2C644%2C813%2C819%2C199%2C172%2C184%2C132%2C524%2C646%2C361%2C648%2C362%2C915%2C364%2C134%2C732%2C652%2C366%2C174%2C734%2C328%2C144%2C258%2C146%2C656%2C463%2C654%2C528%2C336%2C923%2C263%2C738%2C268%2C578%2C532%2C537%2C944%2C742%2C176%2C866%2C534%2C369%2C536%2C744%2C429%2C186%2C433%2C925%2C178%2C746%2C436%2C926%2C136%2C466%2C343%2C112%2C158%2C111%2C439%2C298%2C916%2C927%2C664%2C846%2C826%2C299%2C542%2C582%2C967%2C474%2C443%2C754%2C917%2C698%2C544&s=NGDPD&grp=0&a=&pr.x=48&pr.y=9|work=World Economic Outlook Database, October 2022|publisher=[[International Monetary Fund]]|access-date=5 November 2022}}</ref><ref name=wbpdf>{{cite web |url=http://siteresources.worldbank.org/DATASTATISTICS/Resources/GDP.pdf |work=The World Bank: World Development Indicators database |title=Gross domestic product (2009) |date=27 September 2010 |publisher=World Bank |access-date=5 October 2010 |archive-url=https://web.archive.org/web/20090912122439/http://siteresources.worldbank.org/DATASTATISTICS/Resources/GDP.pdf |archive-date=12 September 2009 |url-status=live }}</ref><ref>[https://www.cia.gov/library/publications/the-world-factbook/fields/2195.html Field listing – GDP (official exchange rate)] {{Webarchive|url=https://web.archive.org/web/20081004071135/https://www.cia.gov/library/publications/the-world-factbook//fields/2195.html |date=4 October 2008 }}, ''The World Factbook''</ref> and its [[List of countries by GDP (PPP) per capita|GDP per capita at purchasing power parity]] was the twelfth highest globally in 2023. By the latter measure, its GDP per capita was higher than those of the Netherlands, and slightly lower than Brunei.  In 2009, Hong Kong's real economic growth fell by 2.8% as a result of the [[Great Recession]].<ref>{{cite web |title=GDP growth (annual %) |url=https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?contextual=default&end=2017&locations=HK-CN&start=1990 |website=World Bank |access-date=11 June 2019 |archive-url=https://web.archive.org/web/20191210225545/https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?contextual=default&end=2017&locations=HK-CN&start=1990 |archive-date=10 December 2019 |url-status=live }}</ref>

By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York City and [[Rotterdam]] in terms of container throughput. Hong Kong is a full Member of the [[World Trade Organization]].<ref>[http://www.wto.org/english/thewto_e/countries_e/hong_kong_china_e.htm Hong Kong, China – Member information] {{Webarchive|url=https://web.archive.org/web/20120921215927/http://www.wto.org/english/thewto_e/countries_e/hong_kong_china_e.htm |date=21 September 2012 }}. WTO. Retrieved 1 November 2012.</ref> The Kwai Chung container complex was{{when|date=August 2018}} the largest in Asia, while Hong Kong shipping owners were{{when|date=August 2018}} second only to those of [[Greece]] in terms of total tonnage holdings in the world. The [[Hong Kong Stock Exchange]] is the [[List of stock exchanges|sixth largest]] in the world, with a [[market capitalisation]] of about US$3.732 trillion.<ref>{{cite web |title=World's Largest Stock Exchanges December 2017. |url=https://www.relbanks.com/stock-exchanges/largest-stock-exchanges |access-date=20 April 2020}}</ref>

Hong Kong has also had an abundant supply of labour from the regions nearby. A skilled labour force coupled with the adoption of modern British/Western business methods and technology ensured that opportunities for external trade, investment, and recruitment were maximised. Prices and wages in Hong Kong are relatively flexible, depending on the performance and stability of the economy of Hong Kong.<ref>{{cite web |url=http://www.hkma.gov.hk/media/eng/publication-and-research/research/working-papers/HKMAWP09_20_full.pdf |title=A Structural Investigation into the Price and Wage Dynamics in Hong Kong |date=30 December 2009 |author=Hong Kong Monetary Authority |access-date=5 November 2012 |archive-url=https://web.archive.org/web/20130619144617/http://www.hkma.gov.hk/media/eng/publication-and-research/research/working-papers/HKMAWP09_20_full.pdf |archive-date=19 June 2013 |url-status=live }}</ref>

Hong Kong raises revenues from the sale and [[land value tax|taxation of land]] and through attracting international businesses to provide capital for its [[public finance]], due to its low tax policy. According to [[Healy Consultants]], Hong Kong has the most attractive business environment within [[East Asia]], in terms of attracting [[foreign direct investment]] (FDI).<ref name="Healy Consultants">{{cite web|title=Hong Kong Company Formation|url=http://www.healyconsultants.com/company-incorporation/hong-kong-offshore-company.htm|access-date=27 August 2013|archive-url=https://web.archive.org/web/20130825095710/http://www.healyconsultants.com/company-incorporation/hong-kong-offshore-company.htm|archive-date=25 August 2013|url-status=live}}</ref> In 2013, Hong Kong was the third largest recipient of FDI in the world.<ref name="World Investment Report 2013">{{cite web|title=UNCTAD World Investment Report|url=http://unctad.org/en/pages/PublicationWebflyer.aspx?publicationid=588|publisher=UNCTAD|access-date=27 August 2013|archive-url=https://web.archive.org/web/20130817221222/http://unctad.org/en/pages/PublicationWebflyer.aspx?publicationid=588|archive-date=17 August 2013|url-status=live}}</ref>

Hong Kong ranked fourth on the [[Tax Justice Network]]'s 2011 [[Financial Secrecy Index]].<ref>{{cite web|url=http://www.financialsecrecyindex.com/2011results.html |title=2011 Results – Financial Secrecy Index |access-date=2013-08-12 |url-status=dead |archive-url=https://web.archive.org/web/20130828000235/http://www.financialsecrecyindex.com/2011results.html |archive-date=28 August 2013 }}</ref> The Hong Kong Government was the fourth highest ranked Asian government<ref>After Singapore, S. Korea and Taiwan</ref> in the World Economic Forum's [[Network Readiness Index]] (NRI), a measure of a government's information and communication technologies in 2016, and ranked 13th globally.<ref>{{cite web | url=http://reports.weforum.org/global-information-technology-report-2016/ | title=Global Information Technology Report 2016 | publisher=World Economic Forum | access-date=16 September 2018 | archive-url=https://web.archive.org/web/20180917101751/http://reports.weforum.org/global-information-technology-report-2016/ | archive-date=17 September 2018 | url-status=live }}</ref>

Hong Kong is ranked as the 18th most innovative territory in [[The Global Innovation Index|the Global Innovation Index in 2024]], and 3rd in [[Global Financial Centres Index|the Global Financial Centres Index]].

According to the ''[[Economic Freedom of the World|Economic Freedom of the World 2024]]'' report, Hong Kong emerged as the top-ranked region, excelling particularly in the domains of Freedom to Trade Internationally and Regulation.

==Since the 1997 handover==
Since the [[Handover of Hong Kong|1997 handover]], Hong Kong's economic future became far more exposed to the challenges of [[World economy|economic globalisation]] and the direct competition from cities in mainland China. In particular, Shanghai claimed to have a geographical advantage. The Shanghai municipal government dreamt of turning the city into China's main economic centre by as early as 2010.<ref>Richardson, Harry W.  Bae, Chang-Hee C.  (2005) ''Globalization and Urban Development: Advances in Spatial Science'' {{ISBN|3-540-22362-2}}</ref>

Since the 1997 handover, Hong Kong's share of China's GDP has dropped from 18.4% to 2.1% in 2021. In 2021, the Housing Price Index was double of what it was in 1997, while the Real Wage Index&nbsp;was almost unchanged.<ref>{{cite news|title=The transformation of Hong Kong in five charts|work=Reuters|url=https://www.reuters.com/world/china/transformation-hong-kong-five-charts-2022-06-28/ | access-date=29 June 2023}}</ref>

== Positive non-interventionism ==
{{Main|Positive non-interventionism}}

Hong Kong's economic policy has often been cited by economists such as [[Milton Friedman]] and the [[Cato Institute]] as an example of [[laissez-faire capitalism]], attributing the city's success to the government having a relatively low level of involvement in the economy. However, others have argued that the economic strategy is not at all adequately characterised by the term ''laissez-faire''.<ref>''Journal of Contemporary China'' (2000), 9(24) 291–308 {{cite web |url=http://psweb.sbs.ohio-state.edu/faculty/mcooper/ps536readings/cheung_interventionism.pdf |title=New Interventionism in the Making: interpreting state interventions in Hong Kong after the change of sovereignty |access-date=2006-12-12 |url-status=dead |archive-url=https://web.archive.org/web/20080910033041/http://psweb.sbs.ohio-state.edu/faculty/mcooper/ps536readings/cheung_interventionism.pdf |archive-date=10 September 2008 }}</ref> They point out that there are still many ways in which the government is involved in the economy, some of which exceed the degree of involvement in other capitalist countries. For example, the government is involved in public works projects, healthcare, education, and [[social welfare]] spending. Further, although rates of taxation on personal and corporate income are low by international standards, unlike most other countries Hong Kong's government raises a significant portion of its revenues from land leases and land taxation. All land in Hong Kong is owned by the government and is leased to private developers and users on fixed terms, for fees which are paid to the state treasury. By restricting the sale of land leases, the Hong Kong government keeps the price of land at what some consider as [[Housing in Hong Kong|artificially high prices]] and this allows the government to support public spending with a low tax rate on income and profit.<ref>Geocities. {{cite web |url=http://geocities.com/CapitolHill/1931/secC12.html |title=Doesn't Hong Kong show the potentials of 'free market' capitalism? |access-date=2010-10-09 |url-status=dead|archive-url=https://web.archive.org/web/20091020055110/http://geocities.com/CapitolHill/1931/secC12.html |archive-date=20 October 2009}}</ref> Moreover, as demonstrated in the regulation of finance companies in the 1970s and 1980s, the principle of positive non-interventionism in practice involved the government intervening in markets, albeit often hesitantly and belatedly, when the public interest was perceived to be threatened. The concept evolved towards a policy of "when in doubt, do nothing" during this period of financial instability.<ref>{{Cite journal |last=Schenk |first=Catherine |date=2017 |title=Negotiating Positive Non-interventionism: Regulating Hong Kong's Finance Companies |url=https://doi.org/10.1017/S0305741017000637 |journal=The China Quarterly (London) |volume=230 |issue=230 |pages=348–370|doi=10.1017/S0305741017000637 }}</ref>

== Economic freedom ==
{{Further|Economic freedom}}
In 2020, Hong Kong was ranked as the world's second-freest economy after [[Singapore]] in the ''[[Index of Economic Freedom]]'', published by [[The Heritage Foundation]].<ref name="Index of Economic Freedom">{{cite web|url=http://www.heritage.org/index/Explore.aspx|title=''Index of Economic Freedom''|publisher=Heritage Foundation|access-date=21 June 2010|archive-url=https://web.archive.org/web/20100620211336/http://heritage.org/index/Explore.aspx|archive-date=20 June 2010|url-status=unfit}}</ref><ref>{{cite news |url=http://www.businessweek.com/articles/2014-01-21/the-worlds-freest-economy-is-also-the-least-affordable-housing-market |title=The World's Freest Economy Is Also Its Least-Affordable Housing Market |newspaper=Bloomberg BusinessWeek |date=21 January 2014 |access-date=28 January 2014 |archive-url=https://web.archive.org/web/20140125014151/http://www.businessweek.com/articles/2014-01-21/the-worlds-freest-economy-is-also-the-least-affordable-housing-market |archive-date=25 January 2014 |url-status=dead }}</ref> The index measures restrictions on business, trade, investment, finance, property rights and labour, and considers the impact of corruption, government size and monetary controls in 183 economies. Hong Kong is the only economy to have scored 90 points or above on the 100-point scale, achieved in 2014 and 2018.<ref>{{cite web |url=http://www.heritage.org/index/country/hongkong |title=2014 Index of Economic Freedom – Hong Kong |publisher=The Heritage Foundation |access-date=16 September 2018 |archive-url=https://web.archive.org/web/20181001190717/https://www.heritage.org/index/country/hongkong |archive-date=1 October 2018 |url-status=unfit }}</ref>

In 2021, The Heritage Foundation removed Hong Kong as a separate entity from [[China]] from its list of freest economics of the world, citing increasing interference from the [[Government of China|Chinese government]] in Hong Kong's governmental system and democratic process. With this, Hong Kong, along with Macao, lost a position they had held in the index since the index's inception in 1995. At the time of the removal from the index, the founder of the Heritage Foundation indicated that while the SARs "offer their citizens more economic freedom than is available to the average citizen of China", these economic policies are still "ultimately controlled from Beijing".<ref>{{cite web |last1=Feulner |first1=Edwin J. |title=Hong Kong Is No Longer What It Was |url=https://www.heritage.org/asia/commentary/hong-kong-no-longer-what-it-was |archive-url=https://web.archive.org/web/20210517225139/https://www.heritage.org/asia/commentary/hong-kong-no-longer-what-it-was |url-status=unfit |archive-date=17 May 2021 |date=2021-04-05 |website=The Heritage Foundation |access-date=12 September 2022 |ref=Heritage2}}</ref> On the other hand, the Canadian-based [[Fraser Institute]] continues to rank Hong Kong as the freest territory as late as 2024 (based on data from 2022).

On March 19, 2024, [[Hong Kong Basic Law Article 23|the Basic Law Article 23]] (Article 23 law) was officially promulgated and took effect on March 23, 2024. The central and local government believe that this law, which safeguards national security as Article 23 states, will enable Hong Kong to transition from stability to prosperity. [[Zheng Yanxiong]], Director of [[Hong Kong Liaison Office|the Central Government's Liaison Office]], stated that the city can now fully commit to developing the economy and improving the livelihoods of residents, thanks to the "iron wall" of its domestic national security law.<ref>{{Cite web |date=2024-04-13 |title=Hong Kong can now ‘go all out’ to boost economy: Beijing’s top man in city |url=https://www.scmp.com/news/hong-kong/politics/article/3258910/hong-kong-can-now-go-all-out-boost-economy-improve-livelihoods-thanks-iron-wall-national-security |access-date=2024-09-03 |website=South China Morning Post |language=en}}</ref>

== Economic data ==
[[File:GDP per capita in Hong Kong, Taiwan and Mailand China.svg|thumb|Development of real GDP per capita in Hong Kong, Taiwan and Mainland China]]
The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 5% is in green.<ref>{{cite web | url=https://www.imf.org/en/Publications/WEO/weo-database/2022/October/weo-report?c=532,&s=NGDP_RPCH,NGDPD,PPPGDP,NGDPDPC,PPPPC,PCPIPCH,LUR,GGXWDG_NGDP,&sy=1980&ey=2027&ssm=0&scsm=1&scc=0&ssd=1&ssc=0&sic=0&sort=country&ds=.&br=1 | title=Report for Selected Countries and Subjects }}</ref>
{| class="wikitable" style="text-align:center;"
!Year
!GDP
<small>(in Bil. US$PPP)</small>
!GDP per capita
<small>(in US$ PPP)</small>
!GDP
<small>(in Bil. US$nominal)</small>
!GDP per capita
<small>(in US$ nominal)</small>
!GDP growth
<small>(real)</small>
!Inflation rate
<small>(in Percent)</small>
!Unemployment
<small>(in Percent)</small>
!Government debt
<small>(in % of GDP)</small>
|-
|1980
|36.1
|7,130.7
|28.9
|5,704.0
|{{Increase}}10.3%
|{{Increase}}4.4%
|3.8%
|n/a
|-
|1981
|{{Increase}}43.1
|{{Increase}}8,325.5
|{{Increase}}31.1
|{{Increase}}5,995.2
|{{Increase}}9.2%
|{{IncreaseNegative}}9.5%
|{{IncreaseNegative}}3.9%
|n/a
|-
|1982
|{{Increase}}47.1
|{{Increase}}8,956.7
|{{Increase}}32.3
|{{Increase}}6,139.0
|{{Increase}}2.9%
|{{IncreaseNegative}}11.0%
|{{DecreasePositive}}3.5%
|n/a
|-
|1983
|{{Increase}}51.9
|{{Increase}}9,701.3
|{{Decrease}}29.9
|{{Decrease}}5,590.2
|{{Increase}}6.0%
|{{IncreaseNegative}}9.9%
|{{IncreaseNegative}}4.4%
|n/a
|-
|1984
|{{Increase}}59.2
|{{Increase}}10,892.1
|{{Increase}}33.5
|{{Increase}}6,170.5
|{{Increase}}10.0%
|{{IncreaseNegative}}8.5%
|{{DecreasePositive}}3.9%
|n/a
|-
|1985
|{{Increase}}61.5
|{{Increase}}11,173.8
|{{Increase}}35.7
|{{Increase}}6,490.4
|{{Increase}}0.7%
|{{Increase}}3.6%
|{{DecreasePositive}}3.2%
|n/a
|-
|1986
|{{Increase}}69.7
|{{Increase}}12,515.9
|{{Increase}}41.1
|{{Increase}}7,380.1
|{{Increase}}11.1%
|{{Increase}}3.6%
|{{DecreasePositive}}2.8%
|n/a
|-
|1987
|{{Increase}}80.9
|{{Increase}}14,415.0
|{{Increase}}50.6
|{{Increase}}9,015.2
|{{Increase}}13.4%
|{{IncreaseNegative}}5.7%
|{{DecreasePositive}}1.7%
|n/a
|-
|1988
|{{Increase}}90.9
|{{Increase}}16,032.8
|{{Increase}}59.7
|{{Increase}}10,527.5
|{{Increase}}8.5%
|{{IncreaseNegative}}7.8%
|{{DecreasePositive}}1.4%
|n/a
|-
|1989
|{{Increase}}96.6
|{{Increase}}16,877.5
|{{Increase}}68.8
|{{Increase}}12,012.6
|{{Increase}}2.3%
|{{IncreaseNegative}}10.2%
|{{DecreasePositive}}1.1%
|n/a
|-
|1990
|{{Increase}}104.1
|{{Increase}}18,099.3
|{{Increase}}76.9
|{{Increase}}13,374.3
|{{Increase}}3.8%
|{{IncreaseNegative}}10.3%
|{{IncreaseNegative}}1.3%
|n/a
|-
|1991
|{{Increase}}113.8
|{{Increase}}19,563.0
|{{Increase}}89.0
|{{Increase}}15,297.6
|{{Increase}}5.7%
|{{IncreaseNegative}}11.2%
|{{IncreaseNegative}}1.8%
|n/a
|-
|1992
|{{Increase}}123.6
|{{Increase}}20,995.4
|{{Increase}}104.3
|{{Increase}}17,710.5
|{{Increase}}6.2%
|{{IncreaseNegative}}9.6%
|{{IncreaseNegative}}2.0%
|n/a
|-
|1993
|{{Increase}}134.4
|{{Increase}}22,405.6
|{{Increase}}120.4
|{{Increase}}20,065.7
|{{Increase}}6.2%
|{{IncreaseNegative}}8.8%
|{{Steady}}2.0%
|n/a
|-
|1994
|{{Increase}}145.5
|{{Increase}}23,784.5
|{{Increase}}135.8
|{{Increase}}22,194.0
|{{Increase}}6.0%
|{{IncreaseNegative}}8.8%
|{{DecreasePositive}}1.9%
|n/a
|-
|1995
|{{Increase}}152.1
|{{Increase}}24,262.2
|{{Increase}}144.7
|{{Increase}}23,070.5
|{{Increase}}2.4%
|{{IncreaseNegative}}9.0%
|{{IncreaseNegative}}3.2%
|n/a
|-
|1996
|{{Increase}}161.5
|{{Increase}}24,975.4
|{{Increase}}159.7
|{{Increase}}24,699.0
|{{Increase}}4.3%
|{{IncreaseNegative}}6.3%
|{{DecreasePositive}}2.8%
|n/a
|-
|1997
|{{Increase}}172.7
|{{Increase}}26,496.4
|{{Increase}}177.3
|{{Increase}}27,214.6
|{{Increase}}5.1%
|{{IncreaseNegative}}5.8%
|{{DecreasePositive}}2.2%
|n/a
|-
|1998
|{{Decrease}}164.3
|{{Decrease}}24,962.9
|{{Decrease}}168.9
|{{Decrease}}25,649.1
|{{Decrease}}-5.9%
|{{Increase}}2.8%
|{{IncreaseNegative}}4.7%
|n/a
|-
|1999
|{{Increase}}170.8
|{{Increase}}25,737.3
|{{Decrease}}165.7
|{{Decrease}}24,969.0
|{{Increase}}2.5%
|{{Increase}}-4.0%
|{{IncreaseNegative}}6.3%
|n/a
|-
|2000
|{{Increase}}188.1
|{{Increase}}28,025.5
|{{Increase}}171.6
|{{Increase}}25,574.5
|{{Increase}}7.7%
|{{Increase}}-3.7%
|{{DecreasePositive}}4.9%
|n/a
|-
|2001
|{{Increase}}193.4
|{{Increase}}28,737.1
|{{Decrease}}169.4
|{{Decrease}}25,166.9
|{{Increase}}0.6%
|{{Increase}}-1.6%
|{{IncreaseNegative}}5.1%
|n/a
|-
|2002
|{{Increase}}199.7
|{{Increase}}29,688.3
|{{Decrease}}166.3
|{{Decrease}}24,731.1
|{{Increase}}1.7%
|{{Increase}}-3.0%
|{{IncreaseNegative}}7.3%
|n/a
|-
|2003
|{{Increase}}209.8
|{{Increase}}31,022.4
|{{Decrease}}161.4
|{{Decrease}}23,856.5
|{{Increase}}3.1%
|{{Increase}}-2.6%
|{{IncreaseNegative}}7.9%
|n/a
|-
|2004
|{{Increase}}234.2
|{{Increase}}34,456.0
|{{Increase}}169.1
|{{Increase}}24,873.9
|{{Increase}}8.7%
|{{Increase}}-0.4%
|{{DecreasePositive}}6.8%
|1.9%
|-
|2005
|{{Increase}}259.4
|{{Increase}}37,938.2
|{{Increase}}181.6
|{{Increase}}26,551.8
|{{Increase}}7.4%
|{{Increase}}0.9%
|{{DecreasePositive}}5.6%
|{{DecreasePositive}}1.7%
|-
|2006
|{{Increase}}286.2
|{{Increase}}41,456.1
|{{Increase}}193.5
|{{Increase}}28,028.2
|{{Increase}}7.0%
|{{Increase}}2.0%
|{{DecreasePositive}}4.8%
|{{DecreasePositive}}1.4%
|-
|2007
|{{Increase}}313.0
|{{Increase}}45,106.1
|{{Increase}}211.6
|{{Increase}}30,494.6
|{{Increase}}6.5%
|{{Increase}}2.0%
|{{DecreasePositive}}4.0%
|{{DecreasePositive}}1.2%
|-
|2008
|{{Increase}}325.8
|{{Increase}}46,777.4
|{{Increase}}219.3
|{{Increase}}31,487.9
|{{Increase}}2.1%
|{{Increase}}4.3%
|{{DecreasePositive}}3.5%
|{{DecreasePositive}}1.0%
|-
|2009
|{{Decrease}}319.8
|{{Decrease}}45,706.2
|{{Decrease}}214.0
|{{Decrease}}30,594.0
|{{Decrease}}-2.5%
|{{Increase}}0.6%
|{{IncreaseNegative}}5.3%
|{{DecreasePositive}}0.7%
|-
|2010
|{{Increase}}345.5
|{{Increase}}48,996.0
|{{Increase}}228.6
|{{Increase}}32,421.4
|{{Increase}}6.8%
|{{Increase}}2.3%
|{{DecreasePositive}}4.3%
|{{DecreasePositive}}0.6%
|-
|2011
|{{Increase}}369.7
|{{Increase}}51,998.8
|{{Increase}}248.5
|{{Increase}}34,955.1
|{{Increase}}4.8%
|{{IncreaseNegative}}5.3%
|{{DecreasePositive}}3.4%
|{{Steady}}0.6%
|-
|2012
|{{Increase}}373.5
|{{Increase}}52,082.4
|{{Increase}}262.6
|{{Increase}}36,623.7
|{{Increase}}1.7%
|{{Increase}}4.1%
|{{DecreasePositive}}3.3%
|{{DecreasePositive}}0.5%
|-
|2013
|{{Increase}}385.4
|{{Increase}}53,453.6
|{{Increase}}275.7
|{{Increase}}38,233.4
|{{Increase}}3.1%
|{{Increase}}4.3%
|{{IncreaseNegative}}3.4%
|{{DecreasePositive}}0.5%
|-
|2014
|{{Increase}}396.0
|{{Increase}}54,604.9
|{{Increase}}291.5
|{{Increase}}40,185.3
|{{Increase}}2.8%
|{{Increase}}4.4%
|{{DecreasePositive}}3.3%
|{{DecreasePositive}}0.1%
|-
|2015
|{{Increase}}411.3
|{{Increase}}56,266.9
|{{Increase}}309.4
|{{Increase}}42,325.4
|{{Increase}}2.4%
|{{Increase}}3.0%
|{{IncreaseNegative}}3.3%
|{{Steady}}0.1%
|-
|2016
|{{Increase}}419.8
|{{Increase}}56,903.2
|{{Increase}}320.9
|{{Increase}}43,488.2
|{{Increase}}2.2%
|{{Increase}}2.4%
|{{IncreaseNegative}}3.4%
|{{Steady}}0.1%
|-
|2017
|{{Increase}}442.4
|{{Increase}}59,667.9
|{{Increase}}341.3
|{{Increase}}46,025.7
|{{Increase}}3.8%
|{{Increase}}1.5%
|{{DecreasePositive}}3.1%
|{{Steady}}0.1%
|-
|2018
|{{Increase}}465.9
|{{Increase}}62,220.8
|{{Increase}}361.7
|{{Increase}}48,310.0
|{{Increase}}2.8%
|{{Increase}}2.4%
|{{DecreasePositive}}2.8%
|{{Steady}}0.1%
|-
|2019
|{{Increase}}466.3
|{{Decrease}}61,999.4
|{{Increase}}363.1
|{{Decrease}}48,274.9
|{{Decrease}}-1.7%
|{{Increase}}2.9%
|{{IncreaseNegative}}2.9%
|{{IncreaseNegative}}0.3%
|-
|2020
|{{Decrease}}441.0
|{{Decrease}}59,380.4
|{{Decrease}}344.9
|{{Decrease}}46,443.6
|{{Decrease}}-6.5%
|{{Increase}}0.3%
|{{IncreaseNegative}}5.8%
|{{IncreaseNegative}}1.0%
|-
|2021
|{{Increase}}488.5
|{{Increase}}65,980.6
|{{Increase}}369.2
|{{Increase}}49,865.4
|{{Increase}}6.3%
|{{Increase}}1.6%
|{{DecreasePositive}}5.2%
|{{IncreaseNegative}}2.1%
|-
|2022
|{{Increase}}518.7
|{{Increase}}69,987.0
|{{Decrease}}368.4
|{{Decrease}}49,699.6
|{{Decrease}}-0.9%
|{{Increase}}1.9%
|{{DecreasePositive}}4.5%
|{{IncreaseNegative}}3.3%
|-
|2023
|{{Increase}}558.4
|{{Increase}}75,134.8
|{{Increase}}387.5
|{{Increase}}52,132.1
|{{Increase}}3.9%
|{{Increase}}2.4%
|{{DecreasePositive}}4.0%
|{{IncreaseNegative}}4.3%
|-
|2024
|{{Increase}}587.1
|{{Increase}}78,651.5
|{{Increase}}406.7
|{{Increase}}54,494.0
|{{Increase}}3.0%
|{{Increase}}2.5%
|{{DecreasePositive}}3.7%
|{{IncreaseNegative}}4.7%
|-
|2025
|{{Increase}}615.2
|{{Increase}}81,952.1
|{{Increase}}427.3
|{{Increase}}56,912.0
|{{Increase}}2.9%
|{{Increase}}2.5%
|{{DecreasePositive}}3.4%
|{{IncreaseNegative}}4.8%
|-
|2026
|{{Increase}}644.9
|{{Increase}}85,404.0
|{{Increase}}449.4
|{{Increase}}59,514.7
|{{Increase}}2.9%
|{{Increase}}2.5%
|{{DecreasePositive}}3.1%
|{{DecreasePositive}}4.7%
|-
|2027
|{{Increase}}675.8
|{{Increase}}88,978.9
|{{Increase}}471.0
|{{Increase}}62,015.3
|{{Increase}}2.8%
|{{Increase}}2.5%
|{{DecreasePositive}}2.9%
|{{IncreaseNegative}}5.4%
|}

===GDP===
* '''GDP – nominal (2022):''' HK$2,818,046 million
* '''GDP – nominal in US$ (2022):''' $359,812 million
* '''GDP – real growth rate (2022):''' −3.5%
* '''GDP – per capita (2022):''' HK$383,611
* '''GDP – per capita US$ (2022):''' $48,980
* '''GDP – composition by sector (2022):'''
** ''Financing and insurance:'' 21.3%
** ''Import/export, wholesale and retail trades:'' 19.4%
** ''Real estate, professional and business services:'' 9.1%
** ''Public administration, social and personal services:'' 20.5%
** ''Ownership of premises:'' 10.8%
** ''Other Sectors:'' 18.9%
Source:<ref name="C&SD">{{cite web |url=https://www.censtatd.gov.hk/en/page_1273.html |title=List of All Statistical Products |publisher=Census and Statistics Department }}</ref>
{{Economy of Hong Kong}}

===Labour===
* '''Labour force (2022):''' 3.78 million -2.4% year-on-year
* '''Persons Engaged in various sectors (Dec 2022):'''
** ''Social and personal services:'' 544,279
** ''Import/export trade and wholesale:'' 679,161
** ''Professional and business services:'' 384,439
** ''Accommodation and food services:'' 258,304
** ''Retail:'' 246,424
** ''Finance and insurance:'' 233,440
** ''Human health and social work services:'' 217,867
** ''Education:'' 209,448
* '''Unemployed (2022):''' 163,100 4.3%
* '''Underemployed (2022):''' 88,100 2.3%
Source:<ref name="C&SD"/>

===2022–2023 fiscal year budget===
* '''Total Revenues:''' HK$715.9 billion
* '''Total Expenditures:''' HK$807.3 billion
* '''Deficit:''' HK$91.4 billion
* '''Government debt at 31 March 2022:''' HK$56.68 billion
Sources:<ref>{{cite web|url=https://www.budget.gov.hk/2022/eng/io.html|title=The 2022–23 Budget – Government Revenue and Expenditure|website=budget.gov.hk}}</ref><ref>{{Cite web|url=https://www.info.gov.hk/gia/general/202204/29/P2022042700449.htm|title=Provisional financial results for the year ended March 31, 2022|website=www.info.gov.hk}}</ref>

===Trade===
;Selective data in HK$ for Main Countries/Territories (2022)

* '''Total Trade:''' $9,459.1 billion −7.9% year-on-year, trade balance −$347.1 billion
**''With mainland China:'' $4,648.4 billion (49.1% share), −13.7% year-on-year
**''With Taiwan:'' $741.6 billion (7.8% share), +7.3% year-on-year
**''With the United States:'' $502.1 billion (5.3% share), −2.8% year-on-year
**''With Singapore:'' $481.2 billion (5.1% share), −0.5% year-on-year
**''With South Korea:'' $371.2 billion (3.9% share), −7.0% year-on-year
**''With Japan:'' $345.3 billion (3.7% share), −11.4% year-on-year
**''With Vietnam:'' $256.3 billion (2.7% share), +16.0% year-on-year
**''With India:'' $252.4 billion (2.7% share), +17.7% year-on-year
* '''Imports:''' $4,927.5 billion −7.2% year-on-year
**''From mainland China:'' $2,077.7 billion (42.2% share), −14.6% year-on-year
**''From Taiwan:'' $587.4 billion (11.9% share), +7.3% year-on-year
**''From Singapore:'' $398.5 billion (8.1% share), −3.7% year-on-year
**''From South Korea:'' $289.8 billion (5.9% share), −10.7% year-on-year
**''From Japan:'' $242.8 billion (4.9% share), −10.4% year-on-year
**''From the United States:'' $209.4 billion (4.3% share), +1.3% year-on-year
**''From Malaysia:'' $176.9 billion (3.6% share), +6.1% year-on-year
**''From Vietnam:'' $143.9 billion (2.9% share), +22.3% year-on-year
* '''Exports:''' $4,531.7 billion −8.6% year-on-year
**''To mainland China:'' $2,570.8 billion (56.7% share), −12.9% year-on-year
**''To the United States:'' $292.7 billion (6.5% share), −5.5% year-on-year
**''To India:'' $171.7 billion (3.8% share), +29.0% year-on-year
**''To Taiwan:'' $154.2 billion (3.4% share), +7.2% year-on-year
**''To Vietnam:'' $112.4 billion (2.5% share), +8.9% year-on-year
**''To Japan:'' $102.5 billion (2.3% share), −13.8% year-on-year
**''To the United Arab Emirates	:'' $95.0 billion (2.1% share), +35.3% year-on-year
**''To Singapore:'' $82.9 billion (1.8% share), +18.6% year-on-year
Source:<ref name="C&SD"/>

====Trade with Macau====
[[File:China-Special Administrative Regions.png|thumb|right|300px|Location of Hong Kong and Macau]]
{{See also|Hong Kong–Macau relations|Economy of Macau}}

As at 2015, [[Macau]] is Hong Kong's second largest export destination, occupying 6.1% of Hong Kong's total exports.<ref>[http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/hkg/show/all/2015/ Where does Hong Kong export to? (2015)]</ref> The amount of export totaled US$8.4B, with broadcasting equipment, [[jewelry]], and precious metal watches as the major products.<ref>[http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/hkg/mac/show/2015/ What does Hong Kong export to Macao? (2015)]</ref> On the other hand, Hong Kong is Macau's largest export destination.<ref>[http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/mac/show/all/2015/ Where does Macau export to? (2015)]</ref> Totaled USD 774M, with precious metal watches, jewelry, trunks and cases as the major trading products, the exports to the Hong Kong forms 53% of Macau's total exports.<ref>[http://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/mac/hkg/show/2015/ What does Macau export to Hong Kong? (2015)]</ref> Since 2018, Hong Kong and Macau have been connected via road by the [[Hong Kong–Zhuhai–Macau Bridge]].

== Poverty ==
The [[Poverty threshold|international poverty line]] is a monetary threshold under which an individual is considered to be living in poverty. This threshold is calculated using [[Purchasing power parity|Purchasing Power Parity]].<ref>{{cite web|url=https://www.investopedia.com/terms/i/international-poverty-line.asp|title=International Poverty Line|last=Kenton|first=Will|website=Investopedia|language=en|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190418163951/https://www.investopedia.com/terms/i/international-poverty-line.asp|archive-date=18 April 2019|url-status=dead}}</ref> According to the [[World Bank]], the international poverty line was most recently updated in October 2015, in which it was increased from $1.25 per day to $1.90 per day using the value of 2011 dollars.<ref>{{cite web|url=http://www.worldbank.org/en/topic/poverty/brief/global-poverty-line-faq|title=FAQs: Global Poverty Line Update|website=World Bank|language=en|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190418163948/http://www.worldbank.org/en/topic/poverty/brief/global-poverty-line-faq|archive-date=18 April 2019|url-status=live}}</ref> Raising this threshold helps account for changes in costs of living, which directly effects individuals ability to obtain basic necessities across countries.

Recent figures show that 1.37 million people are living below the poverty line and struggling to survive on HK$4,000 (US$510) per month for a one-person household, HK$9,800 for a two-person household earning, and HK$15,000 or a three-person household.<ref>{{cite web|url=https://www.scmp.com/news/hong-kong/society/article/2174006/record-13-million-people-living-below-poverty-line-hong-kong|title=Record 1.37 million people living below poverty line in Hong Kong|date=2018-11-19|website=South China Morning Post|language=en|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190418204314/https://www.scmp.com/news/hong-kong/society/article/2174006/record-13-million-people-living-below-poverty-line-hong-kong|archive-date=18 April 2019|url-status=live}}</ref> The poverty rate in Hong Kong hit a high of 20.1%, but recent efforts by government programs have lowered this number to 14.7%.<ref>{{cite web|url=https://www.info.gov.hk/gia/general/201811/19/P2018111900623.htm|title=Analysis of poverty situation in Hong Kong in 2017 announced (with photo/video)|website=info.gov.hk|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190901132921/https://www.info.gov.hk/gia/general/201811/19/P2018111900623.htm|archive-date=1 September 2019|url-status=live}}</ref>

In December 2012, the Commission on Poverty (CoP) was reinstated to prevent and alleviate poverty with three primary functions; analyze the poverty situation, assist policy formulation and to assess policy effectiveness. Cash handouts have been credited with alleviating much of the poverty, but the extent in which poverty has been alleviated is still questionable. Although cash handouts raise households above the poverty line, they are still struggling to meet certain standards as the cost of living in Hong Kong steadily increases.

Coupled with these cash payments, statutory minimum wage is set to increase for a second time in the past 10 years. Statutory Minimum Wage (SMW) came into existence on 1 May 2011 and the SMW rate has been HK$34.5 per hour since May 2017. The Legislative Council in Hong Kong most recently approved the revision on the SMW rate to increase to HK$37.5 per hour, effective 1 May 2019.<ref>{{cite web|url=https://www.labour.gov.hk/eng/news/mwo.htm|title=Labour Department – Employee Rights and Benefits|website=labour.gov.hk|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190404183534/https://www.labour.gov.hk/eng/news/mwo.htm|archive-date=4 April 2019|url-status=live}}</ref> Although the total statistics for Hong Kong show declining poverty, child poverty increased .3 percentage points from 2017 to 2018, up to a total of 23.1%, as a result of larger households due to children staying with their elderly parents.<ref name=":0">{{cite web |last= |date=2018-11-20 |title=In Hong Kong, one in five are living in poverty |url=https://www.straitstimes.com/asia/east-asia/in-hong-kong-one-in-five-are-living-in-poverty |url-status=live |archive-url=https://web.archive.org/web/20190418163958/https://www.straitstimes.com/asia/east-asia/in-hong-kong-one-in-five-are-living-in-poverty |archive-date=18 April 2019 |access-date=2019-04-18 |website=The Straits Times |language=en}}</ref> With economic growth projected to slow in the coming years, poverty becomes an increasingly pressing issue.<ref name=":0" />

Beyond benefiting the younger generation through cash handouts and minimum wage increases, expanded elderly allowances have been implemented to increase disposable incomes of the elderly population that can no longer work. As of 1 February 2019 the amount payable per month for eligible elderly population became HK$1,385 in an effort to raise households incomes living with elderly tenants. Although Hong Kong has become one of the largest growing cities in the world, much of the population is struggling to keep up with the rising costs of living.

One of the largest issues affecting low income families is the availability of affordable housing. Over the past decade, residential Hong Kong property prices have increased close to 242%, with growth finally starting to decelerate in 2019.<ref>{{cite web|url=https://www.globalpropertyguide.com/Asia/Hong-Kong|title=Investment Analysis of Hong Kong Real Estate Market|date=2019-03-06|website=Global Property Guide|language=en|access-date=2019-04-18|archive-url=https://web.archive.org/web/20190419210330/https://www.globalpropertyguide.com/Asia/Hong-Kong|archive-date=19 April 2019|url-status=live}}</ref> Considering housing is a basic necessity, prices have continuously increased while disposable incomes remain virtually unchanged. As the amount of affordable housing diminishes, it has become much harder for families to find homes in their home country. Public housing programs have been implemented by the government, but delayed construction and growing waitlists have not helped to the extent they planned for. Recent results from a Hong Kong think tank show that by 2022, the average citizen could wait up to 6 years for [[public housing]].<ref>{{cite web|url=https://www.hongkongfp.com/2019/04/18/2022-average-hongkonger-wait-6-years-public-housing-think-tank-warns/|title=By 2022, average Hongkonger could wait 6 years or more for public housing, think tank warns|last=Chan|first=Holmes|date=2019-04-18|website=Hong Kong Free Press HKFP|language=en-GB|access-date=2019-04-18}}</ref> Evidence shows that the availability of affordable housing has declined, forcing households to spend more on shelter and less on other necessities. These issues can lead to worse living conditions and imbalanced diets, both of which pose problems beyond just financial well-being.

==Financial markets==

===Stock exchange===
[[File:Hang Seng Index.webp|thumb|305px|[[Hang Seng Index]] 2001 - 2022]]
{{Main|Hong Kong Stock Exchange}}
The [[Hong Kong Stock Exchange]] is the [[List of stock exchanges|sixth largest]] in the world, with a [[market capitalisation]] of about US$3.732 trillion as of mid-2017. In 2006, the value of [[initial public offering]]s (IPO) conducted in Hong Kong was second highest in the world after London.<ref name="Iht">[http://www.iht.com/articles/2006/12/25/business/borse.php Hong Kong surpasses New York in IPOs] {{Webarchive|url=https://web.archive.org/web/20090209224201/http://www.iht.com/articles/2006/12/25/business/borse.php |date=9 February 2009 }}, International Herald Tribune, 25 December 2006. Retrieved 20 January 2007.</ref> In 2009, Hong Kong raised 22 percent of IPO capital, becoming the largest centre of IPOs in the world.<ref>{{cite news | url=https://www.bloomberg.com/apps/news?pid=newsarchive&sid=aI3U6ahtfIyo | publisher=Bloomberg L.P. |title=Hong Kong IPOs May Raise Record $48 Billion in 2010, E&Y Says | date=21 December 2009 | access-date=6 March 2017 | archive-url=https://web.archive.org/web/20110429111223/http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aI3U6ahtfIyo | archive-date=29 April 2011 | url-status=live }}</ref> The exchange is the world's 10th largest by turnover and third largest in China.{{efn|After Shenzhen and Shanghai}}{{citation needed|date=September 2018}}

===Bond market===
{{see also|Bond markets in East Asia and South East Asia}}
[[File:Hong Kong bonds.webp|thumb|300px|center|Hong Kong bonds
{{legend-line|#00A2FF solid 3px|15 year}}
{{legend-line|#61D836 solid 3px|10 year}}
{{legend-line|#929292 solid 3px|2 year}}
{{legend-line|#F8BA00 solid 3px|1 year}}
{{legend-line|#FF2600 solid 3px|6 month}}
{{legend-line|#73FDEA solid 3px|3 month}}
]]

===Exchange rates===
{{Exchange rate|HKD|TWD|KRW|INR|EUR|JPY|USD}}

[[File:USD to Hong Kong Dollar exchange rate.webp|thumb|310px|center|
{{legend|#DE2910|[[United States dollar|USD]] / [[Hong Kong dollar|Hong Kong Dollar]] [[exchange rate]]|outline=#D5D5D5}}
]]
[[File:Chinese Yuan to Hong Kong Dollar exchange rate.webp|thumb|310px|center|
{{legend|#DE2910|[[Renminbi|Chinese Yuan]] / [[Hong Kong dollar|Hong Kong Dollar]] [[exchange rate]]|outline=#FFDE00}}
]]

==See also==
{{Portal|Hong Kong|Economy}}
{{Div col}}
* [[Mainland and Hong Kong Closer Economic Partnership Arrangement|Mainland and HK Closer Economic Partnership Arrangement (CEPA)]]
* [[Mainland and Macau Closer Economic Partnership Arrangement|Mainland and Macau Closer Economic Partnership Arrangement (CEPA)]]
* [[Economy of China]]
*[[Manufacturing in Hong Kong]]
* [[Economy of East Asia]]
* [[Individual Visit Scheme]]
* [[John James Cowperthwaite]]
* [[Positive non-interventionism]]
* [[The Hongs]]
* [[Nylonkong]]
* [[Taiwan Miracle]]
* [[Poverty Campaign: Speak Up]]
* [[Seamen's strike of 1922]]
* [[Vietnamese businesses in Hong Kong]]
* [[Free market]]
{{Div col end}}

== Notes ==
{{notelist}}

==References==
{{reflist|colwidth=30em}}

==External links==
*[http://www.hkeconomy.gov.hk/ Hong Kong Economy]
*[http://www.gov.hk Hong Kong Government]
*[http://www.economist.com/countries/HongKong/profile.cfm?folder=Profile-Economic%20Structure Hong Kong Economic Structure], The Economist, 10 January 2007. Retrieved 24 February 2007.
*[https://web.archive.org/web/20100508010801/http://www.hoover.org/publications/digest/3532186.html The Hong Kong Experiment] by [[Milton Friedman]]
*[https://web.archive.org/web/20070213192705/http://eh.net/encyclopedia/article/schenk.HongKong Economic History of Hong Kong] Catherine R. Schenk, University of Glasgow
*[http://www.censtatd.gov.hk Hong Kong Census and Statistics Department]
* [https://web.archive.org/web/20110312233244/http://hken.ibtimes.com/forex/ Hong Kong Forex Nows (IBTimes HK)]
*[https://wits.worldbank.org/CountryProfile/en/Country/HKG/Year/2019/Summary World Bank Summary Trade Statistics Hong Kong]
*Tariffs applied by Hong Kong as provided by ITC's [http://www.macmap.org/QuickSearch/FindTariff/FindTariff.aspx?subsite=Open_access&country=344&source=1|ITC Market Access Map], an online database of customs tariffs and market requirements

{{Hong Kong topics}}
{{Economy of Hong Kong navbox}}{{Province-level economies of China}}{{APEC}}
{{World Trade Organization}}
{{Asia in topic|Economy of}}

{{DEFAULTSORT:Economy of Hong Kong}}
[[Category:Economy of Hong Kong| ]]
[[Category:World Trade Organization member economies|Hong Kong]]
[[Category:Asia-Pacific Economic Cooperation]]