Source: Hong Kong Government special administrative region
The following is issued on behalf of the Hong Kong Monetary Authority:
According to statistics published today (October 31) by the Hong Kong Monetary Authority, total deposits with authorized institutions increased by 1.3 per cent in September 2025. Among the total, Hong Kong dollar deposits and foreign currency deposits increased by 1.4 per cent and 1.3 per cent respectively in September. In the year to end-September, total deposits and Hong Kong dollar deposits increased by 10.2 per cent and 4.1 per cent respectively. Renminbi deposits in Hong Kong increased by 3.5 per cent in September to RMB1,001.8 billion at the end of September. The total remittance of renminbi for cross-border trade settlement amounted to RMB1,123.2 billion in September, compared with RMB996.9 billion in August. It should be noted that changes in deposits are affected by a wide range of factors, such as interest rate movements and fund-raising activities. It is therefore more appropriate to observe the longer-term trends, and not to over-generalise fluctuations in a single month.
Total loans and advances increased by 0.7 per cent in September, and increased by 1.6 per cent in the year to end-September. Among the total, loans for use in Hong Kong (including trade finance) and loans for use outside Hong Kong increased by 0.6 per cent and 0.7 per cent respectively in September. The Hong Kong dollar loan-to-deposit ratio decreased to 73.6 per cent at the end of September from 74.6 per cent at the end of August, as Hong Kong dollar deposits increased while Hong Kong dollar loans remained virtually unchanged.
For the third quarter of 2025 as a whole, loans for use in Hong Kong (including trade finance) decreased by 0.4 per cent after increasing by 1.6 per cent in the previous quarter. Analysed by economic use, loans to building, construction, property development and investment decreased, while loans to financial concerns increased.
Hong Kong dollar M2 and M3 both increased by 1.4 per cent in September, and both increased by 4.5 per cent when compared to a year ago. The seasonally-adjusted Hong Kong dollar M1 decreased by 1.4 per cent in September, while increased by 11.5 per cent compared to a year ago, reflecting in part investment-related activities. Total M2 and total M3 both increased by 1.3 per cent in September. Compared to a year earlier, total M2 and total M3 both increased by 11.1 per cent.
As monthly monetary statistics are subject to volatilities due to a wide range of transient factors, such as seasonal funding demand as well as business and investment-related activities, caution is required when interpreting the statistics.
Release Schedule of Monetary Statistics in Hong Kong
The monthly release schedule of monetary statistics in Year 2026 is as follows.
Source: Hong Kong Government special administrative region
Residential mortgage loans in negative equity: End of September 2025 The estimated number of RMLs in negative equity was 31 449 cases at end-September 2025, as compared to 37 806 cases at end-June 2025. These cases were mainly related to bank staff housing loans or RMLs under mortgage insurance programme, which generally have a higher loan-to-value ratio.
The aggregate value of RMLs in negative equity decreased to HK$156.8 billion at end-September 2025 compared with HK$190.2 billion at end-June 2025.
The unsecured portion of these loans decreased to HK$10.9 billion at end-September 2025 from HK$14.3 billion at end-June 2025.
The three-month delinquency ratio of RMLs in negative equity remained at a low level of 0.24 per cent at end-September 2025 as compared to 0.21 per cent at end-June 2025.
It is important to note that the figures derived from this survey relate only to RMLs provided by authorized institutions on the basis of first mortgages and which the reporting institution knows to be in negative equity (i.e. the outstanding loan amount with the reporting institution exceeds the current market value of the mortgaged property). Not included in these figures are RMLs associated with co-financing schemes which would be in negative equity if the second mortgages were taken into account. The extent to which such RMLs are in negative equity is not known because authorized institutions do not maintain records on the outstanding balances of the second mortgages.
The mortgage portfolios of the surveyed authorized institutions represent about 99 per cent of the industry total. The survey results have been extrapolated to estimate the position of the banking sector as a whole. Issued at HKT 16:45
Source: Hong Kong Government special administrative region
The Census and Statistics Department (C&SD) released the latest figures on retail sales today (October 31).
The value of total retail sales in September 2025, provisionally estimated at $31.3 billion, increased by 5.9% compared with the same month in 2024. The revised estimate of the value of total retail sales in August 2025 increased by 3.9% compared with a year earlier. For the first 9 months of 2025 taken together, it was provisionally estimated that the value of total retail sales decreased by 1.0% compared with the same period in 2024. Commentary
Source: Hong Kong Government special administrative region
Government’s financial results for six months ended September 30, 2025
September 30, 2025 HK$ millionSeptember 30, 2025 HK$ millionand repayment of Government Bondsissuance of Government BondsGovernment Bonds*and repayment of Government BondsGovernment Debts as at September 30, 2025 (Note 3) HK$338,229 million Debts Guaranteed by Government as at September 30, 2025 (Note 4) HK$116,761 million
TABLE 2. FISCAL RESERVES
September 30, 2025 HK$ millionSeptember 30, 2025 HK$ millionissuance and repayment of Government Bonds(Note 5)Notes:
1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at September 30, 2025, was HK$170,212 million. (i) the Green Bonds (equivalent to HK$193,122 million as at September 30, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$10,950 million with maturity from January 2026 to January 2053), euros (5,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB32,000 million with maturity from February 2026 to July 2054) and Hong Kong dollars (HK$22,000 million with maturity from February 2026 to October 2026);
(ii) the Infrastructure Bonds (equivalent to HK$90,596 million as at September 30, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB31,250 million with maturity from December 2025 to June 2055) and Hong Kong dollars (HK$56,480 million with maturity from November 2025 to June 2055); and
(iii) the Silver Bonds with nominal value of HK$54,511 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.
They do not include the outstanding bonds with nominal value of HK$124,317 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,784 million as at September 30, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$53,817 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$77,217 million will mature within the period from October 2025 to September 2026, and the rest within the period from October 2026 to May 2042.
4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.Issued at HKT 16:30
Source: Hong Kong Government special administrative region
Advance estimates on Gross Domestic Product for third quarter of 2025 According to the advance estimates, GDP increased by 3.8% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 3.1% in the second quarter.
Analysed by major GDP component, private consumption expenditure increased by 2.1% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 1.9% in the second quarter.
Government consumption expenditure measured in national accounts terms recorded an increase of 1.6% in real terms in the third quarter of 2025 over a year earlier, compared with the increase of 2.5% in the second quarter.
Gross domestic fixed capital formation increased further by 4.3% in real terms in the third quarter of 2025 over a year earlier, following the increase of 1.9% in the second quarter.
Over the same period, total exports of goods measured in national accounts terms recorded an increase of 12.2% in real terms over a year earlier, compared with the increase of 11.5% in the second quarter. Imports of goods measured in national accounts terms grew by 11.7% in real terms in the third quarter of 2025, compared with the increase of 12.6% in the second quarter.
Exports of services rose by 6.1% in real terms in the third quarter of 2025 over a year earlier, after the increase of 8.6% in the second quarter. Imports of services increased by 2.6% in real terms in the third quarter of 2025, compared with the increase of 7.3% in the second quarter.
On a seasonally adjusted quarter-to-quarter comparison basis, GDP increased by 0.7% in real terms in the third quarter of 2025 when compared with the second quarter.
Commentary
A Government spokesman said that the Hong Kong economy staged a robust performance in the third quarter of 2025, driven by a continued surge in exports and sustained expansion in domestic demand. According to the advance estimates, real GDP grew by 3.8% over a year earlier, picking up from the 3.1% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP rose further by 0.7%.
Analysed by major expenditure component, total exports of goods continued to grow markedly in the third quarter, propelled by strong demand for electronic-related products and buoyant regional trade flows. Exports of services also expanded notably, mainly supported by continued growth in inbound tourism and vibrant cross-boundary financial activities amid rises in global stock markets. Domestically, private consumption expenditure grew further. Overall investment expenditure saw an accelerated increase alongside the economic expansion and stabilisation in the residential property market.
Looking ahead, the Hong Kong economy should see further solid growth for the rest of 2025. Sustained moderate growth of the global economy in the near term, together with the persistent stellar demand for electronic-related products of late, should provide further support to Hong Kong’s exports of goods. Continued increase in visitor arrivals and vibrant financial market activities should provide further impetus to exports of services. On the domestic front, the renewed interest rate cuts in the United States since this September are conducive to boosting asset market sentiment. Coupled with a gradual recovery in consumption confidence and also a visible improvement in business sentiment from earlier this year, these developments should lend support to local consumption and investment activity. The Government’s various measures to develop the economy and diversify markets will also provide support. However, external uncertainties, especially those arising from the ongoing impacts of trade barriers on the global economy, international trade and financial conditions still warrant close monitoring.
The revised figures on GDP and more detailed statistics for the third quarter of 2025, as well as the revised GDP forecast for 2025, will be released on November 14, 2025.
Further information
The year-on-year percentage changes of GDP and selected major expenditure components in real terms from the third quarter of 2024 to the third quarter of 2025 are shown in Table 1.
Source: Hong Kong Government special administrative region
Approved Tung Chung Valley Outline Zoning Plan amended The Notes and Explanatory Statement of the OZP are amended to take into account the above amendments. Opportunity is also taken to update the general information of various land use zones and the planning scheme area, where appropriate. Any person may make written representations in respect of the amendments to the Secretary of the Town Planning Board on or before December 31. Any person who intends to make a representation is advised to read the Town Planning Board Guidelines No. 29C on “Submission and Processing of Representations and Further Representations” (TPB PG-No. 29C).* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.Issued at HKT 16:00
Source: Hong Kong Government special administrative region
Approved Ngau Tam Mei Outline Zoning Plan amended* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.Issued at HKT 16:00
Source: Hong Kong Government special administrative region
Approved Cha Kwo Ling, Yau Tong, Lei Yue Mun Outline Zoning Plan amended The Notes and Explanatory Statement of the OZP are amended to take into account the above amendments. Opportunity is also taken to update the general information of various land use zones and the planning scheme area, where appropriate. Any person may make written representations in respect of the amendments to the Secretary of the Town Planning Board on or before December 31. Any person who intends to make a representation is advised to read the Town Planning Board Guidelines No. 29C on “Submission and Processing of Representations and Further Representations” (TPB PG-No. 29C).* The Secretariat of the Town Planning Board reserves the right to require the representer to provide identity proof for verification.Issued at HKT 16:00
Source: Hong Kong Government special administrative region
The Chief Executive, Mr John Lee, continued his visit to Korea today (October 31) to participate in Asia-Pacific Economic Cooperation (APEC) activities and meet with leaders from Singapore, the United Arab Emirates (UAE) and the International Monetary Fund (IMF).
In the morning, Mr Lee participated in the APEC Economic Leaders’ Informal Dialogue with Guests to exchange views with leaders of other economies on issues that included promoting trade and investment and fostering public-private collaboration to respond to global challenges. In his remarks, he stated that in the face of global economic uncertainties, enhancing trade and investment co-operation is a critical driver of economic growth and development. Highlighting Hong Kong’s position as the world’s freest economy and its internationalised and market-oriented business environment, Mr Lee said that the city will continue to actively uphold the rules-based multilateral trading system and promote regional economic co-operation in developing an open, dynamic, resilient and peaceful Asia-Pacific community.
Afterwards, Mr Lee met with the Crown Prince of Abu Dhabi, the UAE, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan. Noting that the UAE and other Gulf Cooperation Council (GCC) member states are Hong Kong’s important partners in the Middle East and key links in China’s Belt and Road Initiative, Mr Lee said that Hong Kong attaches importance to forging closer economic and trade relations with the GCC member states. He said that he was pleased to see the continued increase in economic and trade collaboration between the two places since his visit to the UAE in 2023, adding that the two governments are actively promoting co-operation in such key domains as investment, finance and technology. With the resumption of direct flights between Hong Kong and Abu Dhabi in November, he expected the two places to further strengthen their economic and trade co-operation, people-to-people exchanges and diversified development. Mr Lee said that Hong Kong’s simple and low tax regime provides an excellent business environment and encouraged more talent, businesses and capital from the UAE and the Middle East to establish a presence in the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone, seizing the Guangdong-Hong Kong-Macao Greater Bay Area’s development potential in innovation and technology.
In the afternoon, Mr Lee attended the APEC Business Advisory Council Dialogue with APEC Economic Leaders. Hong Kong, China’s representatives to the APEC Business Advisory Council, Ms Mary Huen and Mr Geoffrey Kao, were also present.
Mr Lee also met with the Managing Director of the IMF, Ms Kristalina Georgieva. Mr Lee thanked the IMF for consistently reaffirming Hong Kong’s status as an international financial centre and recognising Hong Kong’s robust institutional framework, ample policy buffers, and the smooth functioning of the Linked Exchange Rate System. He said that as one of the world’s three major financial centres, Hong Kong will harness the asset-reallocation wave of global investors to continuously reform its capital markets, facilitate corporate fundraising, enhance market liquidity and promote financial innovation prudently, thereby fostering the sustainable development of the financial services industry.
Afterwards, Mr Lee met with the Prime Minister of Singapore, Mr Lawrence Wong. Mr Lee noted that Singapore is Hong Kong’s fourth-largest trading partner and its largest merchandise trading partner within the Association of Southeast Asian Nations, reflecting the close economic and trade ties between the two places. He emphasised that Hong Kong enjoys the dual advantage of having national and global opportunities under the “one country, two systems” principle and is fully committed to deepening international exchanges and co-operation. He welcomed Singaporean enterprises to leverage Hong Kong’s roles as a “super connector” and “super value-adder” by investing in the city’s Northern Metropolis, thereby strengthening co-operation in frontier technology fields and tapping into the Guangdong-Hong Kong-Macao Greater Bay Area’s vast market potential. He also thanked Singapore for its consistent support for Hong Kong’s early accession to the Regional Comprehensive Economic Partnership.
In the evening, Mr Lee will attend a Gala Dinner hosted by the organiser for participating leaders and enjoy cultural performances.
Mr Lee will attend the APEC Economic Leaders’ Meeting Retreat tomorrow (November 1).