1、AMRO Country Report ACR/25-08 ASEAN+3 Macroeconomic Research Office(AMRO)August 2025 AMRO Annual Consultation Report Hong Kong,China-2025 ANNUAL CONSULTATION REPORT HONG KONG,CHINA 2025 ASEAN+3 Macroeconomic Research Office(AMRO)Page 1 of 64 Acknowledgments 1.This Annual Consultation Report on Hong

2、Kong,China has been prepared in accordance with the functions of AMRO to monitor,assess and report on its members macroeconomic status and financial soundness,to identify relevant risks and vulnerabilities,and to assist them in the timely formulation of policy to mitigate such risks(Article 3(a)and(

3、b)of the AMRO Agreement).2.This Report is drafted on the basis of the Annual Consultation of AMRO with Hong Kong,China from May 12-23,2025(Article 5(b)of the AMRO Agreement).The AMRO Mission team was headed by Dr Jae Young Lee,Group Head and Lead Economist.Members include Mr Jungsung Kim,Economist a

4、nd Desk Economist for Hong Kong,China;Dr Fan Zhai,Senior Economist;Mr Suan Yong Foo,Senior Economist;Ms Vanne Khut,Economist;and Dr Chenxu Fu,Associate Economist.Former AMRO Director Dr Kouqing Li and former Chief Economist Dr Hoe Ee Khor also participated in key policy meetings with the authorities

5、.This AMRO Annual Consultation Report on Hong Kong,China for 2025 was peer-reviewed by a group of economists from AMROs country surveillance,financial surveillance,fiscal surveillance,and policy review teams;endorsed by Jiangyan Yu,Senior Economist,the Policy and Review Group;and approved by Dr Dong

6、 He,AMRO Chief Economist.3.The analysis in this Report is based on information available up to June 10,2025.4.By making any designation of or reference to a particular territory or geographical area,or by using the term“member”or“country”in this Report,AMRO does not intend to make any judgments as t