🌊 No more quarantine exemptions
Advance estimates place Q3 GDP growth at 5.4%
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On Today’s Tide:
HK gov. limits quarantine exemptions
CHP reports 1 imported COVID case
Hong Kong GDP grows 5.4% in third-quarter
Events & Exhibitions
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Are foreign firms moving out of Hong Kong?
Other news & updates!
Hong Kong doubles down on Zero-COVID
The Government has announced that most currently available quarantine exemptions will be cancelled to further prevent the importation of COVID-19 cases and tackle the threat posed by mutant strains. Nine out of 12 types of exemptions from mandatory hotel quarantine for people entering Hong Kong will be cancelled on November 12.
Last week, a finance industry group—the Asia Securities Industry and Financial Markets Association—warned Hong Kong was being left behind while rival financial centres such as London, New York, Paris, Singapore and Tokyo were learning to live with the coronavirus.
As part of the ongoing effort to reopen the mainland border, the government has also stepped up contact-tracing efforts in recent days.
Coronavirus in Hong Kong
New cases: 1 (imported)
GDP recovery on track, inflationary pressures on the horizon
Hong Kong’s GDP grew 5.4% in the third quarter of 2021 (year on year), following 7.6% growth in Q2. Q3 growth was driven by recovery in export goods and consumption activities, however the pace of recovery is likely to remain moderate until mainland Chinese tourists return. The city also potentially faces growing inflationary pressures as a result of surging inflation and energy prices in the US and Europe.
Financial Secretary Paul Chan warned that the city’s economic recovery was uneven and low-income workers still faced livelihood issues, with average wage increases lagging behind inflation.
In other related news, Hong Kong stock markets fell on Monday after China missed out on Q3 GDP estimates. China's economy grew more slowly than expected in the July-September period, reaching only 4.9% year on year growth.
Events & Exhibitions
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Wine and Dine Festival
The Hong Kong tourism board has announced that the Wine and Dine Festival will return with a “City Wine Walk” offer and last throughout next month. Participants can buy a tasting pass which will allow them to try wines and special menus at restaurants and bars in Kennedy Town, Central, Wan Chai and Tsim Sha Tsui.
For more information visit the Hong Kong tourism board’s website!
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