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Law > Business and Financial

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Cover IMF Staff Country Reports
People’s Republic of China—Hong Kong Special Administrative Region: Staff Report for the 2004 Article IV Consultation Discussions
International Monetary Fund
This 2004 Article IV Consultation highlights that after a period of prolonged weakness in economic activity, persistent deflation and rising fiscal deficits, the macroeconomic outlook for Hong Kong Special Administrative Region has improved significantly since mid-2003. The recovery has gained significant momentum and become broad-based in 2004. The consolidated fiscal deficit for FY2004/05 is now projected at about 1¾ percent of GDP, compared with the budget target of about 5 percent of GDP. The improvement relative to the budget is on account of buoyant revenue performance and continued expenditure restraint.
Keywords:
ISCR; CR; staff appraisal; GDP data; Hong Kong SAR authorities; reserve; mainland authority; authorities' plan; economic activity; exchange rate; Value-added tax; Budget planning and preparation; Government debt management; Global; Asia and Pacific