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            november 21, 2019

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CIBE 2019

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Hong Kong economic growth slows to 3.5pc


Hong Kong's economic growth slowed with GDP growing 3.5 per cent in the second quarter compared with 4.7 per cent in the first, reported Bloomberg.
Despite this the Hong Kong Government continued to maintain its full-year forecast of between three and four per cent growth in 2018.
Container throughput shrank throughout the first half of 2018 compared to 2017, amid fierce competition from mainland China ports.
The Port of Hong Kong's lost its place as the fifth busiest to Busan this year. "We do not see Hong Kong regaining its top five spot and expect Busan to extend the lead over Hong Kong as the year progresses," said Rahul Kapoor, a Singapore-based transportation and logistics analyst with Bloomberg Intelligence.
As a key trading hub for the flow of goods, services and capital between the world's two biggest economies, Hong Kong is vulnerable to second-round effects as China and the US impose tariffs on each other's products.
While official forecasts show limited impact because the territory isn't subject to US tariffs on China due to the United States-Hong Kong Policy Act, the worry is that volumes will decline as production and shipping get moved elsewhere in Asia to avoid getting hit by the new duties.

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