What is the development trend of Hong Kong's economy?

Hong Kong's economic development trend in 2012

In recent years, Hong Kong's economic development has been a steady rise, the economy is booming, in the last year, many industries in Hong Kong has achieved more satisfactory results, at the same time, it is expected that 2012 will continue to develop on this basis.

Expectation: Hong Kong's economy to grow by 6.5 percent in 2012

Hong Kong SAR Financial Secretary John Tsang Chun-wah said in a public speech that Hong Kong's gross domestic product (GDP) is expected to rise by 6.5 percent in 2012. Tsang also argued that Hong Kong's economy has been on a steady rise over the past year, with a robust economy, an improved business environment, a rise in visitor arrivals, a sustained growth in trade benefiting from the global economic recovery, and an expected continued upturn in the economy. More Hong Kong companies agreed with this, and for 2011, Hong Kong was even more bullish when it won the first place in global economic freedom.

Hong Kong's unemployment rate improved again in the final quarter of 2011

In the final quarter of 2011, Hong Kong's unemployment rate stood at 4 percent. As the Hong Kong region's economy gradually showed a rebound, more and more Hong Kong companies began to increase investment in business and human resources preparation, the unemployment rate showed a downward trend. And as we enter February 2012, the traditionally strong buying month will greatly strengthen the demand for manpower from Hong Kong companies, the unemployment situation in Hong Kong is expected to have further relief.

Hong Kong's unemployment rate fell by 0.1 percentage points in the fourth quarter compared with the third quarter, with total employment in Hong Kong increasing for the seventh consecutive month due to continued economic growth and job creation. The number of jobs offered by Hong Kong companies and other sources now stands at 3,563,700, the highest figure ever recorded. Hang Seng Bank said that the rising demand in Asia and the increasing capacity of Hong Kong companies stimulated by the overseas buyer's market make Hong Kong's unemployment rate is expected to remain on the mend again in the first half of 2011.

Hong Kong's economic freedom is second to none in the world

Hong Kong was ranked first in the 2012 World Economic Freedom Awards, with Singapore and Australia in second and third place. Hong Kong, which won the laurels, has undoubtedly found tougher support in its economic recovery, with Hong Kong companies expressing stronger confidence in future trade. The Heritage Foundation recognized Hong Kong's sound financial management as an advantage that will help it weather the global economic downturn. The Heritage Foundation recognizes that Hong Kong's effective judicial and regulatory systems, coupled with its openness to trade with the rest of the world, and macroeconomic stability, which reduces uncertainty, allow companies to thrive in Hong Kong. In addition, Hong Kong continues to rank second in Asia, after the Mainland, in terms of inward direct investment. The Heritage Foundation also noted that Hong Kong's interactive economic relationship with the Mainland has grown stronger and more mature through strengthened financial ties. With the arrival of the New Year in 2012, another wave of the tourist economy will further increase the sales of Hong Kong companies in the retail sector.