Company: HBCYF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001089113-25-000040
Chunk: 284

Company: HSBC HOLDINGS PLC
Filing Date: 2025-02-20
Form: 20-F
Chunk 284
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0 |       5.4 |            3.2 |    3.6 |  5.1 |   10.4 |
| 2025                                              |  4.3 | 4.0 |       4.4 |            3.3 |    2.8 |  4.1 |    8.6 |
| 2026                                              |  3.9 | 3.7 |       4.1 |            3.5 |    2.6 |  3.7 |    7.9 |
| 2027                                              |  3.8 | 3.7 |       4.1 |            3.7 |    2.6 |  3.7 |    7.9 |
| 2028                                              |  3.7 | 3.8 |       4.1 |            3.9 |    2.7 |  3.8 |    8.1 |
| 5-year average1                                   |  4.1 | 4.1 |       4.4 |            3.5 |    2.9 |  4.1 |    8.6 |

1 The five -year average is calculated over a projected period of 20 quarters from 1Q24 to 4Q28.

2 For mainland China, the rate shown is the Loan Prime Rate. In prior periods, including the 4Q23 disclosure, the reference rate shown for mainland China was the

Lending Rate.

The graphs compare the Central scenario at the year end 2023 with economic expectations at the end of 2024 .

GDP growth: Comparison of Central scenarios

| Hong Kong |

4Q23 Central 5Y Average: 2.6% 4Q24 Central 5Y Average: 2.6%

Note: Real GDP shown as year-on-year percentage change.

| Mainland China |

4Q23 Central 5Y Average: 4.2% 4Q24 Central 5Y Average: 3.9%

Note: Real GDP shown as year-on-year percentage change.

| 182 | HSBC Holdings plcAnnual Report on Form 20-F |

Risk review

| UK |

4Q23 Central 5Y Average: 1.3% 4Q24 Central 5Y Average: 1.5%

Note