Cover IMF Staff Country Reports
People’s Republic of China—Hong Kong Special Administrative Region: Staff Report for the 1999 Article IV Consultation Discussions
Author: International Monetary Fund
Series:
IMF Staff Country Reports
Volume/Issue:
Volume 2000: Issue 028
Language:
English
Publication Date:
06 Mar 2000
DOI:
https://doi.org/10.5089/9781451935745.002
ISBN:
9781451935745
ISSN:
1934-7685
Pages:
46
Keywords:
ISCR; CR; Hong Kong SAR economy; market; SAR; banking system; economy; market pressure; Hong Kong SAR authorities; banking sector; Competition; Stock markets; Commercial banks; Securities markets; Global
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The Asian crisis hit the Hong Kong Special Administrative Region (SAR) economy hard in 1998, despite its generally strong fundamentals. In response to the crisis, the authorities eased fiscal policy—within the framework of a medium plan to restore budget balance, and significantly strengthened job creation and retraining efforts. Despite the inevitable pressures arising from declining output and the regional crisis, the financial position of the banking system remains generally strong. Executive Directors strongly supported the authorities' efforts to further strengthen employment and training programs.
Cover IMF Staff Country Reports
IMF Staff Country Reports
ISSN:
1934-7685
Publisher:
International Monetary Fund