Financing Industry Leads 2024 Economic Survey with $732.9 Billion in Receipts, Insurance Follows Closely

Key Statistics on Business Performance and Operating Characteristics of Information and Communications, Financing and Insurance, Professional and Business Services Sectors in 2024

According to the results of the 2024 Annual Survey of Economic Activities – Information and Communications, Financing and Insurance, Professional and Business Services Sectors released today (November 28) by the Census and Statistics Department (C&SD), the financing (except banking) industry recorded the largest total receipts in 2024, followed by insurance; banking; information and communications; professional, scientific and technical activities; and administrative and support service activities.

In the financing (except banking) industry, total receipts increased by 4.8% over 2023 to $732.9 billion in 2024. On a per company basis, total receipts increased by 1.4% compared with 2023 to $73.1 million in 2024. Operating expenses and compensation of employees together increased by 7.5% year-on-year to $357.3 billion in 2024. Gross surplus, which is equal to total receipts less operating expenses, compensation of employees and (where applicable) cost of goods sold, increased by 2.4% over 2023 to $375.6 billion in 2024, accounting for 51.3% of total receipts in 2024. Industry value added (except investment and holding companies), which is a broad measure of its contribution to Hong Kong's Gross Domestic Product (GDP), increased by 13.3% compared with 2023 to $122.8 billion in 2024. In 2024, the financing (except banking) industry comprised about 10 000 companies and engaged about 96 400 persons, or an average of 9.6 persons per company.

In the insurance industry, total receipts amounted to $728.6 billion in 2024, representing an increase of 7.4% compared with 2023. On a per company basis, total receipts increased by 11.3% compared with 2023 to $269.1 million in 2024. Operating expenses and compensation of employees together increased by 12.9% year-on-year to $73.6 billion in 2024. In 2024, the insurance industry comprised about 2 700 companies and engaged about 83 000 persons, or an average of 30.6 persons per company.

In the banking industry, total receipts amounted to $611.7 billion in 2024, representing an increase of 5.1% compared with 2023. On a per company basis, total receipts increased by 8.7% compared with 2023 to $3.0 billion in 2024. Operating expenses and compensation of employees together increased by 6.6% year-on-year to $271.5 billion in 2024. In 2024, the banking industry comprised 203 companies and engaged about 98 500 persons, or an average of 485.0 persons per company.

Owing to the special features of business operations for the banking industry and the insurance industry, gross surplus and industry value added statistics are not compiled for these industries. Statistics on value added in respect of these two industries compiled under the framework of GDP are released by the C&SD separately. Similarly, within the financing (except banking) industry, industry value added is not compiled for investment and holding companies. Hence, the figure of industry value added for this industry does not cover investment and holding companies.

In the information and communications sector, total receipts amounted to $259.1 billion in 2024, representing an increase of 2.8% compared with 2023. On a per company basis, total receipts increased slightly by 0.7% over 2023 to $22.5 million in 2024. Operating expenses and compensation of employees together increased by 3.5% year-on-year to $179.7 billion in 2024. Gross surplus decreased by 3.7% over 2023 to $58.8 billion in 2024, accounting for 22.7% of total receipts in 2024. Industry value added increased by 1.8% compared with 2023 to $104.0 billion in 2024. In 2024, the information and communications sector comprised about 11 500 companies and engaged about 102 000 persons, or an average of 8.9 persons per company.

In the professional, scientific and technical activities sector, total receipts amounted to $163.5 billion in 2024, representing an increase of 2.1% compared with 2023. On a per company basis, total receipts increased slightly by 0.8% over 2023 to $5.8 million in 2024. Operating expenses and compensation of employees together increased by 3.0% year-on-year to $133.7 billion in 2024. Gross surplus decreased by 1.3% over 2023 to $28.4 billion in 2024, accounting for 17.4% of total receipts in 2024. Industry value added decreased by 1.9% compared with 2023 to $87.9 billion in 2024. In 2024, the professional, scientific and technical activities sector comprised about 28 400 companies and engaged about 153 600 persons, or an average of 5.4 persons per company.

In the administrative and support service activities sector, total receipts amounted to $136.9 billion in 2024, representing an increase of 13.9% compared with 2023. On a per company basis, total receipts increased by 12.5% over 2023 to $11.9 million in 2024. Operating expenses and compensation of employees together increased by 13.3% year-on-year to $123.7 billion in 2024. Gross surplus increased by 20.4% over 2023 to $12.2 billion in 2024, accounting for 8.9% of total receipts in 2024. Industry value added increased by 6.9% compared with 2023 to $64.5 billion in 2024. In 2024, the administrative and support service activities sector comprised about 11 500 companies and engaged about 236 200 persons, or an average of 20.5 persons per company.

Selected statistics for the sectors mentioned above are shown in the attached table. More detailed statistics will be given in the reports "Key Statistics on Business Performance and Operating Characteristics of the Information and Communications Sector in 2024" and "Key Statistics on Business Performance and Operating Characteristics of the Financing and Insurance, Professional and Business Services Sectors in 2024". Users can browse and download these reports at the website of the C&SD (www.censtatd.gov.hk/en/scode560.html and www.censtatd.gov.hk/en/scode570.html) as from end-December 2025.

For enquiries about the key statistics on business performance and operating characteristics of the information and communications, financing and insurance, professional and business services sectors, please contact the Business Services Statistics Section of the C&SD (Tel: 3903 7268 or email: business-services@censtatd.gov.hk).

Source: AI-found images

Online pre-registration for public observation for third round of evidential hearings of Independent Committee in relation to fire at Wang Fuk Court in Tai Po

The following is issued on behalf of the Independent Committee in relation to the fire at Wang Fuk Court in Tai Po:

The Independent Committee in relation to the fire at Wang Fuk Court in Tai Po announced today (April 2) that members of the public may pre-register for selected hearings of the third round of seven evidential hearings that they wish to observe via the online system from 10am on April 8 to 10am on April 11.

The Committee will hear evidence in the evidential hearings on matters in accordance with its terms of reference. The Committee aims to clarify the relevant facts through oral evidence, written submissions, and other forms of evidence presented by witnesses. This will provide an important basis for the preparation of its report and recommendations.

The evidential hearings will be conducted in Cantonese from 10am to 1pm and from 2.15pm to 4.30pm at the Multi-purpose Hall, 3/F, City Gallery, 3 Edinburgh Place, Central. Simultaneous interpretation in Putonghua and English will be provided in the City Gallery.

The schedule for the third round of seven evidential hearings as announced earlier is as follows:

Date

1.

April 20 (Monday)

2.

April 21 (Tuesday)

3.

April 22 (Wednesday)

4.

April 23 (Thursday)

5.

April 24 (Friday)

6.

April 27 (Monday)

7.

April 30 (Thursday)

In the third round of evidential hearings, the Committee will continue to receive oral evidence from witnesses. The Committee will release the list of exact witnesses who will be giving evidence at each date of hearing on its website (www.ic-wangfukcourtfire.gov.hk/eng/timetable.html) nearer the time.

Some seats for the hearings will be reserved for the involved parties, and some seats will be open to the public to observe the proceedings. To allow more members of the public to attend the hearings, the proceedings will be broadcast simultaneously in transmission areas set up on the ground floor of the City Gallery and in the Lecture Theatre of the Hong Kong Central Library. Arrangements will be made for some members of the public to observe the hearings in these two areas. A total of about 360 seats will be available for public observation in the main venue and the two transmission areas. About half of the seats will be set aside for residents of Wang Fuk Court on a priority basis. Separate arrangements will be made for the media.

To avoid members of the public queuing outside the venue for a long time, and to allow those who wish to observe the hearings to have certainty of whether seats have been secured before the day of the hearings, for the third round of hearings, individuals (including Wang Fuk Court residents) are required to pre-register online (eform.cefs.gov.hk/form/ic-hearing/en/) from 10am on April 8 to 10am on April 11. Registrants should select on the online registration form the dates they wish to observe (one or more sessions can be selected) and submit the duly completed form. The Secretariat of the Committee will allocate seats on a first-come, first-served basis according to the system's record of the time the pre-registration forms are received.

Successful registrants will receive a "Confirmation of Successful Registration" for the third round of hearings issued by the Secretariat of the Committee by April 16. An SMS notification will be sent from the sender name "#IC-hearing". If an email address is also provided during pre-registration, an email notification will be sent from hearing@ic-wangfukcourtfire.gov.hk. Pre-registration will be considered unsuccessful for those who have not received a notification by that date. Each person can only pre-register for each day of hearing once. Duplicate registrations will not be processed.

According to the current plan, the Committee will continue to hold evidential hearings in May. Details (including the specific dates of the hearings, the witnesses who will be giving evidence, and the pre-registration arrangements for public observation) will be announced separately on a later date.

The Chief Executive established the Committee to review the causes of the fire at Wang Fuk Court and related issues, and to make recommendations to prevent similar incidents from occurring again. The Committee formally commenced its work on December 19, 2025, and the evidential hearings on March 19 to hear oral evidence from witnesses (including oral evidence from Wang Fuk Court residents and the involved parties).

Source: AI-found images