宏观经济研究：香港经济分析报告

Economic Structure and Performance - Hong Kong's GDP in 2023 was HKD 2.98 trillion (approximately RMB 2.72 trillion), slightly higher than Shanxi but lower than Guangxi in mainland China[38] - The service sector accounted for 93.46% of Hong Kong's GDP in 2023, with financial and insurance industries contributing 21.9% at their peak in 2020[19][44] - Hong Kong's GDP growth rate from 2013 to 2023 was 1.01%, significantly lower than the national average of 7.74%[38] Real Estate Market - Hong Kong's real estate sector's contribution to GDP decreased from over 30% in 2000-2003 to 20.94% in 2021[45] - Newly completed private residential buildings reached 646,800 square meters in 2022, the highest in 20 years, despite a population decline[23] Tourism and Retail - Hong Kong's tourism industry peaked in 2018 with 5.995 million visitors and an 87% hotel occupancy rate, but dropped to 1,800 visitors in March 2022 due to the pandemic[24] - Retail sales growth in Hong Kong slowed to a compound annual growth rate of -1.17% from 2019 to 2023, compared to 2.93% nationally[57] Population and Demographics - Hong Kong's population density decreased, with a 6.3% increase from 2011 to 2021, but the proportion of non-local residents rose to 9.4%[64] - The aging population is significant, with 21.35% of the population aged 65 and above in 2021, an increase of 8.21 percentage points from a decade ago[98] Financial Sector - Hong Kong's financial and insurance industry grew from HKD 166.25 billion in 2000 to HKD 603.57 billion in 2023, with its GDP share peaking at 21.9% in 2020[44] - As of 2023, Hong Kong had 151 licensed banks, 15 restricted license banks, and 12 deposit-taking companies, forming a robust financial infrastructure[101] Fiscal and Monetary Conditions - Hong Kong's fiscal reserves decreased by 33.4% from 2019 to 2023, but still amounted to HKD 9.07248 trillion, equivalent to 3.04 times the GDP[78] - Local deposits in Hong Kong reached HKD 22.78 trillion by September 2023, with a 1.85% year-on-year growth, outpacing loan growth[72] Trade and Exports - Hong Kong's export-to-GDP ratio averaged 173.48% from 2000 to 2009 and increased to 201.64% from 2010 to 2022, with goods exports accounting for 89% of total exports in 2020-2022[60][61] - In 2023, Hong Kong's export structure was balanced, with electronics, watches, jewelry, toys, machinery, and clothing each contributing around 16% to total exports[63]