Latest news with #GaryNgCheuk-yan
South China Morning Post
05-03-2025
- Business
- South China Morning Post
Beijing's counter-tariffs on US goods to have ‘limited impact' on Hong Kong prices
Beijing's new counter-tariffs on certain US goods are expected to have a limited impact on the prices of American products in Hong Kong, economists have said, but one industry head has warned that local business could still suffer from weaker investment sentiment as the trade war erupted between the superpowers. Advertisement The latest round of Beijing's retaliatory measures against the United States included imposing additional import tariffs of 15 per cent on poultry and agricultural products, and 10 per cent on soybean, pork, beef, fruit, vegetables and dairy, sparking questions about a potential spillover on Hong Kong. Economists highlighted the city's status as a free port and separate customs territory from mainland China, meaning the special administrative region does not automatically implement Beijing's tariffs on US products. 'The trade Hong Kong intermediates between the US and China is mainly electronics. [The tariffs] can still affect some food-related shipments, but the scale is relatively small and other sources may fill the gap in China's imports,' Gary Ng Cheuk-yan, a senior economist at Natixis Corporate and Investment Bank, said on Tuesday. 'Compared to the US tariffs on 'de minimis' imports, China's retaliation will have a limited impact on Hong Kong.' Advertisement The 'de minimis value' is a threshold that exempts imports from duty.
South China Morning Post
25-02-2025
- Business
- South China Morning Post
Don't expect quick fixes from Hong Kong's budget, economists say
Hong Kong's finance chief will deliver his 'most challenging' budget yet on Wednesday morning, analysts have said, pointing to the need for tempering wide-ranging expectations while cautioning the public against counting on quick fixes to the city's economic woes. Advertisement While the predicted deficit of nearly HK$100 billion (US$12.86 billion) has made headlines in recent weeks, the observers said on Tuesday all eyes should be on measures to balance the books over the coming years rather than expecting overnight solutions. The bigger task was to ensure the deficit did not become a structural problem, they indicated. Financial Secretary Paul Chan Mo-po should focus on the bigger picture and boost public confidence in the economy for the medium and long-term, they added. Gary Ng Cheuk-yan, a senior economist at Natixis Corporate and Investment Bank, described this year's budget as Chan's 'most challenging' one. 'Policies should be about restoring the government's financial health and the best way to do it would be to ensure Hong Kong's growing momentum, so income tax [and other sources of revenue] would return,' he said. Advertisement He cautioned it would take years to see the benefits of some measures such as a review of the civil service establishment.
