Converting using the average rate in the year is relativ

ely more accurate, said Sun Bushu, deputy director of the South China City Research Association.

However, per capita GDP in Hong Kong in 2018 was HK$381,870, equal to around 322,000 yuan according to the an

nual average exchange rate, and remains above Shenzhen’s 200,000 yuan.

Furthermore, he estimated that Guangzhou would also catch up with Hong Kong soon.

Hong Kong’s Financial Secretary Paul Chan Mo-po said in his budget speech that the local ec

onomy was expanding with a stronger growth momentum during the first half of 2018, but had slo

wed down in the second half due to brewing trade tensions and other unfavorable conditions.

For the fourth quarter, the growth rate was a mere 1.3 percent, making it the slowest pace since the first quarter of 2016.

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