As a highly open economy, Hong Kong is inevitably hit by the global financial crisis. Statistics in the third quarter of 2008 show that the growth rate of Hong Kong's GDP has been negative for two consecutive quarters, and Hong Kong's economy has been confirmed to be in recession in theory. At present, the global financial crisis has not yet ended, and its impact on the global economy is still deepening. It is predicted that the economic situation in Hong Kong will be more severe in the fourth quarter of 2008 and the first half of 2009. The central government recently announced 14 policies and measures to support Hong Kong's economy, and suggested that relevant departments implement them as soon as possible. The mainland will work together with the Hong Kong SAR Government and Hong Kong society to push Hong Kong's economy out of recession as soon as possible and move towards a stable and healthy development track.

The impact of the global financial crisis on Hong Kong's economy and its basic performance

Because the center of the financial crisis is not in Hong Kong, the direct losses of Hong Kong investors on American subprime bonds are not great, and Hong Kong has a good economic foundation, abundant foreign exchange reserves, a relatively perfect financial supervision system, experience in dealing with the Asian financial crisis, and a vast mainland market to maneuver around. Therefore, on the whole, Hong Kong has not been seriously affected by the global financial crisis. On the other hand, Hong Kong's economy is small, with a high degree of openness and freedom, and there are no restrictions on the inflow and outflow of funds, so it is difficult to avoid being affected by the financial crisis in major economic fields. Especially with the financial crisis evolving into a global economic crisis, developed economies such as the United States, Europe and Japan have fallen into recession one after another, and the impact on Hong Kong's economy has shown a deepening trend.

As one of the major international financial centers, Hong Kong suffered the same economic impact as London and new york in the face of the global financial tsunami. The impact on various industries in Hong Kong has gradually emerged. Financial services such as banking and investment have slowed down, the stock market has been depressed, and real estate has declined. In the past few years, the wealth effect brought by the excessive expansion of asset value was quickly discouraged, and its domino effect spread all over all walks of life, which also hit retail consumption. Recently, there have been news of layoffs of financial institutions and the closure of small and medium-sized enterprises, which shows that the impact is very great.

According to the latest economic data held by the Economic Opportunity Committee, in the week ending1October 28th, the operating income of 65,438+065,438+65,438+65,438+industries all dropped by double digits compared with the normal level (except insurance intermediaries and brokers, which dropped by 9.2%), while that of wholesale, retail and financial institutions dropped by about 25%. In addition, the number of employees in the surveyed 10 industries decreased by 2.5% at the same time, and it is expected to continue to decrease by 0.8% next month.

As can be seen from the above figures, both the operating income and the number of employees in the industry have fallen sharply, and the economic situation has deteriorated rapidly. With the economic recession, it is the general trend for enterprises to shrink and lay off employees.

A human resources company released a survey report on employment prospects in the first quarter of next year. Of the 803 Hong Kong employers interviewed, 79% indicated that they have no intention to increase or decrease the number of employees in the next quarter, 8% planned to increase the number of employees and 7% planned to decrease the number of employees. After quarterly adjustment, the net employment prospect index is 3, the lowest level since 2003. Among the six major industries, the net employment outlook index all declined, and the construction industry was-12, down 19 percentage points. After seasonal adjustment, the construction industry index is-12, which is the hardest hit area. The service industry is 18, which is the highest among all industries, but it is also much lower than 32 in the fourth quarter of this year. In the financial, insurance and real estate industries, which should have been the "hardest hit" by the financial tsunami, the index dropped from 17 to 8.

It can be seen that the financial crisis has had a great impact on Hong Kong, and its impact on various industries will be reflected in the next few years. Everyone says that the government should intervene, but the main reason is to expect the government to bail out, which is out of temporary hesitation and populism, rather than a deep ideological turn. Therefore, the government should create jobs and stimulate the economy, which is of course a short-term response; At the same time, we should also think about the direction and strategy of long-term economic development and transformation.

Many people have analyzed that the worst impact of the financial crisis on Hong Kong has not yet arrived.

I'm in trade, and the trade in Hong Kong has decreased a lot, alas. . . I hope everyone can tide over the difficulties.