IMF lauds Hong Kong’s financial system
The International Monetary Fund has reaffirmed Hong Kong's position as a major international financial center, commending the city's strong economic recovery and the government's efforts to safeguard financial stability.
In a concluding statement published Thursday following a mission to the Hong Kong Special Administrative Region, the IMF recognized that the city's financial sector, underpinned by robust regulatory and supervisory frameworks, has continued to expand even during the COVID-19 pandemic.
The IMF said Hong Kong's well-functioning Linked Exchange Rate System remains key to safeguarding economic and financial stability. Meanwhile, the city's macroprudential policies and strong institutional frameworks have also provided it with important buffers to cope with economic shocks.
The IMF added that there is upside potential for Hong Kong's economic growth due to factors including a faster-than-expected global recovery and the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
It noted that Hong Kong's economy has recovered strongly with the support of swift and bold policy responses. It projected a growth of 6.4 percent and 3 percent in the city's real gross domestic product in 2021 and 2022, respectively.
The IMF added that there is upside potential for Hong Kong's economic growth due to factors including a faster-than-expected global recovery and the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
Comments