Here are crucial economic worries that may shake Hong Kong soon

House price correction may have 'calamitous effects'.

According to Moody's Analytics, Hong Kong’s outlook is tied to the world economy and will be deeply influenced by external events. Recent cracks in China’s credit market highlights a growing concern that authorities are struggling to rebalance the economy smoothly, raising the risk of a hard landing. The usual downside risks relating to fiscal problems in the U.S. and Europe have lessened in recent months, but are still in play.

Moody's also noted on the domestic front, a house price correction would undoubtedly have calamitous effects on the wider economy and banking system.

"Social tension is also bubbling and could escalate; closer ties between Hong Kong and China in recent years has been blamed for growing social problems, inflation, unaffordable housing, and strain on public services. Longer term, an aging population will put pressure on government finances and long-run GDP growth unless social and labour market reforms are enacted," said Moody's.