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Sponsored Content. It is one of the most services-oriented economy in the world, with services sectors accounting for According to a triennial survey conducted by the Bank for International Settlements , Hong Kong is the 2nd largest foreign exchange market in Asia and the 4th largest in the world in , with the average daily turnover of forex transactions increasing by Hong Kong is a global offshore RMB business hub.
As at the end of , Hong Kong's stock market ranked the 3rd largest in Asia and the 5th largest in the world in terms of market capitalisation. Hong Kong is an important banking and financial centre in the Asia Pacific. Hong Kong is the 3rd leading global financial centre, according to the Global Financial Centre Index. The Hong Kong International Airport is the world's busiest airport for international air cargo since Hong Kong is also one of the world's busiest container ports.
In , Hong Kong ranked 9th in the world in terms of container throughput. Supported by excellent connectivity with Mainland China and the rest of the world, strong research and development capability, world-class universities, Hong Kong is fast becoming an innovation and technology hub.
Below are some highlights: Propose to develop the northern part of Hong Kong into a metropolitan area which will be an important area in Hong Kong that facilitates the integration with Shenzhen and connection with the GBA. Expand further the channels for the two-way flow of cross-boundary RMB funds and develop offshore RMB products and tools.
Support the HKEX to promote co-operation with the Guangzhou Futures Exchange in financial product development related to the areas of carbon emission trading, in order to strengthen Hong Kong as a regional green and sustainable finance hub. Relevant Central Authorities would actively consider facilitating the flow of talents between Guangdong and Hong Kong, especially the relevant arrangements to facilitate non-Chinese nationals residing in Hong Kong to travel to the Mainland cities of the GBA.
Major Economic Indicators. Trade in Service. One distinct feature of such direct investment was the indirect channelling of capitals from non-operating companies in tax haven economies. Trade Policies Hong Kong is a free port and does not levy any Customs tariff on imports or exports, except there are four types of dutiable commodities which are liquors, tobacco, hydrocarbon oil and methyl alcohol.
The certification system in Hong Kong is to facilitate local products to be exported outside Hong Kong by certifying their origins. Imports do not require origin certification. In December , the Agreement on Trade in Goods was signed. It introduced a general rule of origin based on the calculation of the value added to the products in Hong Kong in addition to the PSRs.
Through the enhanced arrangement for rules of origin, all products of Hong Kong origin, except for a few prohibited articles, are covered under CEPA and eligible for zero tariff when entering into the Mainland market. The Agreement on Trade in Services signed in November further enhances the liberalisation in both breadth and depth, including extending the implementation of the majority of Guangdong pilot liberalisation measures to the whole Mainland.
The Agreement Concerning Amendment to the CEPA Agreement on Trade in Services Amendment Agreement implemented on 1 June introduces more liberalisation measures, including the removal of a minimum capital input ratio requirement and the relaxation of qualification requirements in a number of important services sectors.
Low taxes, lax employment laws, absence of government debt, and free trade are all pillars of the Hong Kong experience of economic development. In fact, of course, the reality was very different from the myth of complete laissez-faire. New industrial towns were built to house immigrants, provide employment and aid industry.
The government also pursued an ambitious public education program, creating over , new primary school places between and By , Secondary school provision was expanded in the s, and from the government offered compulsory free education for all children up to the age of The hand of government was much lighter on international trade and finance.
Exchange controls were limited to a few imposed by the U. Government expenditure even fell from 7. Figure 1 shows the annual changes in the growth of real GDP per capita. In the period from until the onset of the oil crisis in , the average growth rate was 6. From to GDP grew at an average of 5. There were negative shocks in as a result of local disturbances from the onset of the Cultural Revolution in the PRC, and again in to from the global oil crisis.
At the same time, Hong Kong firms began to move their labor-intensive activities to the mainland to take advantage of cheaper labor. The integration of Hong Kong with the Pearl River delta in Guangdong is the most striking aspect of these trade and investment links.
Hong Kong companies and joint ventures in Guangdong province employed about five million people. Most of these businesses were labor-intensive assembly for export, but from onward there has been increased investment in financial services, tourism and retail trade.
While manufacturing was moved out of the colony during the s and s, there was a surge in the service sector. Most remarkably it was accomplished without faltering growth rates overall, and with an average unemployment rate of only 2. Figure 2 shows that the value of manufacturing peaked in before beginning an absolute decline.
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