How's Hong Kong in the first quarter?

chiny24.com 2 years ago

How's Hong Kong?

The economical situation of the region clearly improved in the first 4th of this year, although it was not as spectacular as on the continent.

In the first 4th of this year Hong Kong's GDP increased by 2.7% y/y (this is the first increase since Q4 2021), erstwhile the 4th fourth of the erstwhile year shrank by 4.1% y/y. A good consequence was achieved mainly due to an increase in consumption of 12.5% (1.7% in Q4 2022).

Investments increased by 5.8%, and inactive in the 4th fourth they decreased by 8.9% compared to the same period last year.

Inflation between January and March was 1.7%.

Unemployment 3.1%.

Foreign trade data are little optimistic. Exports decreased by 18.7% y/y and imports by 14.5% y/y.

This is another drop in Hong Kong's abroad turnover.

Another origin for concern is the unstable situation in the real property market. In April, housing sales decreased in Hong Kong by 33.1% in a month-to-month ratio, but in a year-to-year ratio it increased by 18.6%.

The minimum wage increased from 1 May from 37.5 HKD per hr (approx. PLN 19.84) to 40 HKD (approx. PLN 21,16). By comparison, in Poland the minimum hourly rate is 22.80. The minimum monthly wage is presently 16 300 HKD in Hong Kong (approx. PLN 8 624 – in Poland it is PLN 3 490). The economical forecasts for Hong Kong for the following quarters of this year are optimistic. The number of home and abroad tourists visiting the city is increasing. And tourism and all that's connected to it is, alongside finance and real estate, 1 of the main sources of metropolitan income.

Hong Kong Housing Authority (香港房屋委员会) announced that the average period of waiting for a municipal apartment/from local resources in the first 4th of this year was 5.3 years. About 0.2 years little than in the erstwhile quarter. For single aged people, this period was 3.9 years, i.e. unchanged from the 4th fourth of 2022.

Source:

https://www.chinanews.com.cn

https://www.news.gov.hk

Private companies top

In the first 4th of this year, 2.04 million private companies were registered in China. As the latest data from the State marketplace Regulation Administration (中国国家市场监管总局) shows, the increase is 10.7% y/y. The most private companies registered since the beginning of this year are service companies, hotel companies, catering companies, and only 4th were production companies.

The private sector generates more than 50% of taxation gross in China, more than 60% of GDP and provides more than 80% of urban jobs.

Private companies have become an essential driver of China's economical growth.

Source:

https://finance.sina.cn

Comprehensive aircraft handling

The first one-stop aircraft centre in the country is underway. Maintenance, method inspections, upgrades and modifications will be carried out, but besides dismantling and recycling of aircraft parts of different types. The task was launched as a joint venture between AirBus, Tarmac Aerosave and ChengDu (the capital of the southwestern state of SiChuan). specified services aid to extend the life of aircraft, as well as to recover advanced value components and parts, from those machines that are withdrawn from service. This centre will be full operational by the end of this year. Joint venture has an area of 717,000 m². There may be up to 125 aircraft at the same time.

Source:

https://m.thepaper.cn

New property registration strategy is in operation

The Ministry of Natural Resources (自然资源部) reported that the National Real property Data strategy (国家财产数据系统) achieved full functionality. It has been under improvement since 2013. The property registration strategy went from decentralization to unification. It covered all territories of the country and all types of property rights. It is intended to guarantee greater transparency in the real property market.

Over the last decade, over 790 million property registration certificates have been issued in China and 413 million registered au (chin. 亩 – conventional measurement of the surface, approx. 666.667 m²), or about 27.5 million hectares, 96.2% of the state agricultural land.

The strategy is considered by experts to be a long-awaited breakthrough, and, moreover, announces the implementation of a nationwide property taxation on which discussion has been taking place in the PRC for many years. It is besides seen as another possible means of reducing wealth inequalities and at the same time combating corruption.

To date, property taxation has been tested in respective large cities, including Shanghai and ChongQing. However, there are inactive voices that China and the Chinese are not ready to introduce this taxation yet. If it is to enter into force in the future, more factors than the registration strategy should be taken into account, as it is besides crucial that the average level of prosperity, direction of fiscal and taxation policy improvement and trends in the real property marketplace be taken into account.