Front Matter

Front Matter

William Lee, Jorge Chan-Lau, Dora Iakova, Papa N'Diaye, Tao Wang, Ida Liu, Hong Liang, and Eswar Prasad
Published Date:
February 2004
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    © 2004 International Monetary Fund

    Production: IMF Multimedia Services Division

    Composition: Choon Lee

    Figures: Theodore F. Peters, Jr.

    Cataloging-in-Publication Data

    Hong Kong SAR : meeting the challenges of integration with the mainland / edited by Eswar Prasad, with contributions from Jorge Chan-Lau . . . [et al.]—Washington, D.C.: International Monetary Fund, 2004.

    p. ; cm. — (Occasional paper / International Monetary Fund; 226)

    ISBN 1-58906-294-9

    Includes bibliographical references.

    1. Hong Kong (China) — Foreign economic relations. 2. Fiscal Policy — China — Hong Kong. 3. Deflation (Finance) — China — Hong Kong. 4. Wages — China — Hong Kong. I. Prasad, Eswar. II. Chan-Lau, Jorge. III. Series: Occasional paper (International Monetary Fund); no. 226

    HF1607.H65 2004

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    The following symbols have been used throughout this paper:

    … to indicate that data are not available;

    — to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

    – between years or months (e.g., 1994–95 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    / between years (e.g., 1994/95) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

    Minor discrepancies between constituent figures and totals are due to rounding.

    The term “country,” as used in this paper, does not in all cases refer to a territorial entity that is a state as understood by international law and practice; the term also covers some territorial entities that are not states, but for which statistical data are maintained and provided internationally on a separate and independent basis.


    This Occasional Paper provides an overview of analytical work done by IMF staff as background for the 2002 and 2003 Article IV consultations with Hong Kong SAR. The paper also draws upon the IMF’s recent Financial Sector Stability Assessment (FSSA) of Hong Kong SAR.

    The analysis in this paper is based on data available as of July 2003. More recent data do not alter the thrust of the analysis.

    The authors would like to express their deep appreciation for the valuable guidance provided by Wanda Tseng and Markus H. Rodlauer. The Hong Kong SAR authorities have been generous in providing data and other information for these studies. The authors are also grateful to the authorities for the extensive discussions and comments that have sharpened the analysis and presentation in this paper. Ioana Hussiada and Song-Yi Kim provided research assistance for this project; Yuko Kobayashi handled the preparation of the manuscript; and Paul Gleason copyedited the paper and coordinated its production and publication.

    The opinions expressed in this paper are solely those of its authors and do not necessarily reflect the views of the International Monetary Fund, its Executive Directors, or the Hong Kong SAR authorities.

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