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The report is prepared using information available up to June 10, 2026, based on the AMRO Annual Consultation mission held May 11–22, 2026. It covers recent developments and outlook across real, external, monetary/financial, and fiscal sectors, and presents risks, recommendations, and annexes with selected indicators and analytical material.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/amro-annual-consultation-report-hong-kong-china-2026/296995/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/amro-annual-consultation-report-hong-kong-china-2026/296995.png","ImageObject",300,407,{"name":92,"@type":93},"Logic","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-11-04","2026-09-18",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",16,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What is the purpose of AMRO’s Annual Consultation Report for Hong Kong, China in 2026?","Question",{"text":113,"@type":114},"It monitors, assesses, and reports on Hong Kong, China’s macroeconomic status and financial soundness, identifies risks and vulnerabilities, and supports timely policy formulation to mitigate such risks.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How was the report prepared and what time window does it cover?",{"text":118,"@type":114},"It is drafted based on the AMRO Annual Consultation mission to Hong Kong, China from May 11–22, 2026, using information available up to June 10, 2026.",{"name":120,"@type":111,"acceptedAnswer":121},"What major policy areas and sectors does the report analyze?",{"text":122,"@type":114},"It reviews recent developments and outlook across the real sector, external sector, monetary conditions and financial sector, and fiscal sector, then presents risks and vulnerabilities followed by policy discussions and recommendations.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},296995,1789739423,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":140,"language":141,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":67,"update_tm":130,"read_time":145,"preview_page_count":4},1099513958762,"https://ap-avatar.wpscdn.com/avatar/1000023916a998db790?x-image-process=image/resize,m_fixed,w_180,h_180&k=1784791008015729253","AMRO Annual Consultation  \nReport  \nHong Kong, China-2026  \nASEAN+3 Macroeconomic Research Office (AMRO)  \nAugust 2026  \nAcknowledgments  \n1. This Annual Consultation Report on Hong Kong, China has been prepared in accordance with the functions of AMRO to monitor, assess and report on its members’ macroeconomic status and financial soundness, to identify relevant risks and vulnerabilities, and to assist them in the timely formulation of policy to mitigate such risks (Article 3 (a) and (b) of the AMRO Agreement) .  \n2. This Report is drafted on the basis of the Annual Consultation of AMRO with Hong Kong, China from May 11-22, 2026 (Article 5 (b) of the AMRO Agreement) . The AMRO Mission team was headed by Dr Jae Young Lee, Group Head and Lead Economist. Members include Mr Jungsung Kim, Senior Economist and Desk Economist for Hong Kong, China; Dr Yanchen (Yannson) Wang, Economist and Back-up Economist for Hong Kong, China; Dr Fan Zhai, Senior Economist; Dr Guohua Huang, Senior Economist; and Mr Wee Yang Ng, Research Analyst. AMRO Director/CEO Mr Yasuto Watanabe and Chief Economist Dr Dong He also participated in key policy meetings with the authorities. This AMRO Annual Consultation Report on Hong Kong, China for 2026 was peer-reviewed by a group of economists from AMRO’s Country Surveillance, Financial Surveillance , Fiscal Surveillance, and Regional Surveillance teams; endorsed by Jiangyan Yu, Deputy Group Head and Senior Economist, Policy and Review Group; and approved by Dr Dong He, AMRO Chief Economist.  \n3. The analysis in this Report is based on information available up to June 10 , 2026.  \n4. By making any designation of or reference to a particular territory or geographical area, or by using the term “member” or “country” in this Report, AMRO does not intend to make any judgments as to the legal or other status of any territory or area.  \n5. On behalf of AMRO, the Mission team wishes to thank the Hong Kong, China authorities for their comments on this Report, as well as their excellent meeting arrangements and hospitality during our visit.  \nDisclaimer: The findings, interpretations and conclusion expressed in this Report represent the views of the staff of ASEAN+3 Macroeconomic Research Office (AMRO) and are not necessarily those of its members. Neither AMRO nor its members shall be held responsible for any consequence from the use of the information contained herein.  \nTable of Contents  \nAcknowledgments ...................................................................................................... 1  \nExecutive Summary ....................................................................................................3  \nContext ........................................................................................................................5  \nA. Recent Developments and Outlook.......................................................................6  \nA.1 Real Sector .................................................................................................6  \nA.2 External Sector ...........................................................................................8  \nA.3 Monetary Conditions and Financial Sector ..................................................9  \nA.4 Fiscal Sector ............................................................................................. 13  \nB. Risks, Vulnerabilities, and Challenges ............................................................... 14  \nB.1 Near-term Risks and Vulnerabilities .......................................................... 15  \nB.2 Medium-to Long-term Challenges ............................................................ 17  \nC. Policy Discussions and Recommendations ....................................................... 18  \nC.1 Calibrating Macroeconomic Policies to Maintain Growth Momentum ........ 18  \nC.2 Broadening New Growth Drivers...............................................................20  \nBox A. Toward an Effecti","cbCaimt1VANB83dH","https://ap.wps.com/l/cbCaimt1VANB83dH","pdf",3718018,74,"English","# Acknowledgments\n# Executive Summary\n# Context\n# A. Recent Developments and Outlook\n## A.1 Real Sector\n## A.2 External Sector\n## A.3 Monetary Conditions and Financial Sector\n## A.4 Fiscal Sector\n# B. Risks, Vulnerabilities, and Challenges\n## B.1 Near-term Risks and Vulnerabilities\n## B.2 Medium-to Long-term Challenges\n# C. Policy Discussions and Recommendations\n## C.1 Calibrating Macroeconomic Policies to Maintain Growth Momentum\n## C.2 Broadening New Growth Drivers\n## C.3 Adapting Fiscal Policy to Support Economic Transition\n## C.4 Supporting Property Sector Recovery and Containing Associated Risks\n## C.6 Strengthening Hong Kong’s Role as a Premier Super Connector\n# Appendices\n## Appendix 1. Selected Figures for Major Economic Indicators\n## Appendix 2. Selected Economic Indicators for Hong Kong, China\n## Appendix 3. Balance of Payments\n## Appendix 4. Statement of Central/ General Government Operations\n## Appendix 5. Monetary Survey\n## Appendix 6. Data Adequacy for Surveillance\n## Appendix 7. Debt Sustainability Analysis\n## Appendix 8. Climate Clipboard—Risks, Responses, and Opportunities\n# Annexes: Selected Issues\n## Annex 1. Inside the LERS: Why HKD Stability Can Coexist with Wide Rate Differentials\n## Annex 2. From Gateway to Offshore RMB Hub: Hong Kong’s Role as the Global Offshore RMB Business Center\n## Annex 3. Estimating Hong Kong’s Potential Growth: Is Hong Kong’s Financial Competitiveness Strengthening its Growth Potential?","[{\"question\":\"What is the purpose of AMRO’s Annual Consultation Report for Hong Kong, China in 2026?\",\"answer\":\"It monitors, assesses, and reports on Hong Kong, China’s macroeconomic status and financial soundness, identifies risks and vulnerabilities, and supports timely policy formulation to mitigate such risks.\"},{\"question\":\"How was the report prepared and what time window does it cover?\",\"answer\":\"It is drafted based on the AMRO Annual Consultation mission to Hong Kong, China from May 11–22, 2026, using information available up to June 10, 2026.\"},{\"question\":\"What major policy areas and sectors does the report analyze?\",\"answer\":\"It reviews recent developments and outlook across the real sector, external sector, monetary conditions and financial sector, and fiscal sector, then presents risks and vulnerabilities followed by policy discussions and recommendations.\"}]","AMRO Annual Consultation Report - Hong Kong, China - 2026 | PDF",186]