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IMF commends Hong Kong

The International Monetary Fund (IMF) has commended the Hong Kong Special Administrative Region in its latest assessment of the city.

An IMF Staff Mission said many years of prudent macroeconomic policies have endowed the city with strong buffers to navigate through challenges and ensure continued stability despite increasing risks confronting global growth.

The mission made the assessment in a statement published on December 12, following the 2018 Article IV Consultation with the HKSAR.

Hong Kong Financial Secretary Paul Chan welcomed the IMF’s reassuring forecast for Hong Kong and reaffirmation of the city’s strong buffers and robust policy frameworks.

“While we are well placed to navigate the challenges ahead, the Government will stay vigilant in monitoring risks, and spare no efforts in boosting economic vibrancy and promoting economic growth.

“To support long-term growth, the Government is working to increase labor force participation and further enhance Hong Kong’s competitiveness.”

Mr. Chan also welcomed the mission’s acknowledgement of the steps taken by the Government, including capitalizing on the development of the Guangdong-Hong Kong-Macao Greater Bay Area and rapid advancement in innovation and technology.

Hong Kong Monetary Authority Chief Executive Norman Chan welcomed the mission’s reaffirmation that the Linked Exchange Rate System remains the appropriate arrangement for Hong Kong, serving as an anchor of stability for the economy.

The mission visited Hong Kong from October 29 to November 9 to hold discussions with government officials, regulators and private sector representatives for the 2018 Article IV consultation.

Click here for the statement.

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