The latest report released by the Hong Kong Financial Authority shows that in the first half of 2023, Hong Kong's family liabilities accounted for the ratio of local GDP (GDP), from 95.5%in the second half of last year to 95.8%, an increase of 0.3Percent, hit a new high.
According to the Hong Kong Zhongtong News Agency, the Hong Kong HKMA stated that it has been closely monitoring family liabilities and regularly collected data from banks.Most household liabilities are residential mortgage loans regulated by macro -prudential policy frameworks, as well as loans provided by wealth management customers with financial assets.The Hong Kong Monetary Administration believes that household assets and liabilities are still healthy, and related credit risks are within the scope of control.
In terms of banking profits, the overall business profit of Hong Kong retail banks in the first half of the year rose 1.21 times year -on -year. The main reason for the improvement of profitability was the increase in net interest income and holding transaction investment income.
In addition, the average supply and income ratio of new batch mortgage loans have been at a healthy level.The average number in July this year was 39.8%.The net assets of Hong Kong's households are also at a high level. In 2021, Hong Kong's net assets' net value -to -liability ratio and liability ratio of household safety assets were at a high of 10.9 times and 2.91 times, which is much higher than most developed economies.
