Greater Bay Area

HSBC Research: Guangdong, Hong Kong and Macao Greater Bay Area Economic Rebound is imminent


HSBC Global Research recently released the 2023 economic outlook report of the Guangdong-Hong Kong-Macao Greater Bay Area with the theme of restarting, recovering and promoting growth. It is expected that with the resumption of customs clearance in the mainland, the Guangdong-Hong Kong-Macao Greater Bay Area will play its advantages and the economy is expected to rebound in 2023. Liu Jing, chief economist of HSBC Global Research Greater China, said that the economic rebound in the Greater Bay Area of Guangdong, Hong Kong and Macao was imminent. The economic activities in the Greater Bay Area of Guangdong, Hong Kong and Macao will be affected by the epidemic in 2022, and the real estate and service industries will be the hardest hit. With the adjustment and optimization of epidemic prevention and control policies in the mainland, it is expected that the number of customs clearance will gradually return to the pre-epidemic level. The rebound in consumption of accommodation and catering will be particularly obvious, and the growth rate of consumption in Guangdong is expected to rebound from last year's negative range. At the same time, in Hong Kong and Macao, the normalization of cross-border tourism will boost the local retail industry. It is expected that the year-on-year growth rate of retail sales in Hong Kong will rebound to 15% in 2023, while the year-on-year growth rate of retail sales in Macao may be as high as 20%. Liu Jing pointed out that in view of the national strategy of building the Greater Bay Area of Guangdong, Hong Kong and Macao into a world-famous urban agglomeration, the advantages of Guangdong's manufacturing industry and Hong Kong's financial expertise could form a greater synergy. "We expect that the macro policy will pay more attention to economic growth in 2023. The local government of Guangdong may continue to introduce tax rebates, targeted credit support and other measures to support local manufacturing enterprises. Although the slowdown in external demand seems inevitable, Guangdong has a strong incentive to maintain its manufacturing and export competitiveness." Liu Jing said that Guangdong will probably continue to receive the highest special debt quota in the country this year, It may also promote the expansion of infrastructure investment to green and sustainable development. Hong Kong also has ambitious plans. In the government budget of the Hong Kong Special Administrative Region from 2022 to 2023, 100 billion Hong Kong dollars will be earmarked for housing, transportation and infrastructure construction in the northern metropolitan area. (Xinhua News Agency)

Edit:Hou Wenzhe Responsible editor:WeiZe

Special statement: if the pictures and texts reproduced or quoted on this site infringe your legitimate rights and interests, please contact this site, and this site will correct and delete them in time. For copyright issues and website cooperation, please contact through outlook new era

Recommended Reading Change it