香港政府统计处今日发布2025年第三季香港国际收支平衡及国际投资头寸的初步统计数字，并一并发布 同期的香港对外债务的初步统计数字。香港于2025年第三季录得1365亿港元的国际收支赤字(相当于本 地生产总值的16.0%)，而储备资产相应地减少同等数额。 I.国际收支平衡 香港于2025年第三季录得1365亿港元的国际收支赤字(相当于本地生产总值的16.0%)，而储备资产相应 地减少同等数额。2025年第二季则录得1055亿港元的盈余(相当于本地生产总值的13.4%)。 2025年第三季储备资产减少1365亿港元，而2025年第二季则增加1055亿港元。 II.国际投资头寸 在2025年第三季季末，香港的对外金融资产和负债总值均处于很高的水平，分别为595868亿港元(相当 于本地生产总值的18.2倍)和399369亿港元(相当于本地生产总值的12.2倍)，这是一个重要国际金融中心 常见的特点。 在2025年第三季季末，香港的对外金融资产净值(即资产扣除负债)达196499亿港元(相当于本地生产总值 的6.0倍)，而2025年第二季季末则为183647亿港元(相当于本地生产总值的5.7倍)。香港的对外金融资产 ...

Core Insights - Hong Kong recorded an international balance of payments surplus of HKD 105.5 billion in Q2 2025, equivalent to 13.4% of its GDP, a significant recovery from a deficit of HKD 85.4 billion in Q1 2025, which was 10.7% of GDP [1][4] Current Account - The current account surplus for Q2 2025 was HKD 92.6 billion, representing 11.8% of GDP, reflecting higher savings than investments, which helped accumulate foreign financial assets [2] - Compared to Q2 2024, where the surplus was HKD 98.5 billion (13.0% of GDP), the decrease was mainly due to an increase in the goods trade deficit from HKD 14.1 billion to HKD 38.0 billion [2] - The services trade surplus slightly increased from HKD 27.5 billion to HKD 30.0 billion, while the net inflow from primary income rose from HKD 90.2 billion to HKD 107.0 billion [2] Financial Account - In Q2 2025, non-reserve financial assets recorded an overall increase of HKD 21.1 billion, equivalent to 2.7% of GDP, a decline from the HKD 245.8 billion increase in Q1 2025 (30.7% of GDP) [3] - The overall increase in Q2 was primarily driven by net increases in securities investments, while other investments, direct investments, and financial derivatives saw net decreases [3] International Investment Position - As of the end of Q2 2025, Hong Kong's total foreign financial assets and liabilities were at high levels, amounting to HKD 5,724.43 billion (17.7 times GDP) and HKD 3,887.97 billion (12.0 times GDP), respectively [5] - The net value of foreign financial assets reached HKD 1,836.47 billion (5.7 times GDP), up from HKD 1,692.29 billion (5.3 times GDP) in Q1 2025, indicating a strong buffer against external shocks [5] External Debt - At the end of Q2 2025, Hong Kong's total external debt was HKD 1,546.36 billion (4.8 times GDP), an increase from HKD 1,494.88 billion (4.7 times GDP) in Q1 2025, driven by increases across all sectors, particularly in the banking sector [6] - The banking sector accounted for 53.1% of total external debt, with other sectors contributing 29.1% and direct investment debt liabilities making up 16.6% [6]