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Economic and Trade Information on Hong Kong 14 August The Hong Kong economy has moderated since the second quarter of amid slowdown in global demand. However, the domestic sector continued to display strength and help cushion the overall economic performance. Private consumption saw a growth of 5. Looking forward, the downside risks in the external environment remain notable, largely due to the lingering European sovereign debt crisis and fragile accounting conventions in forex market vs stock of the advanced economies.
The domestic sector, however, is expected to stay relatively resilient given the stable job conditions. Retail sales growth remained strong but moderated to Local consumption demand and tourist spending remain fairly resilient to render some support to the retail business. The labour market conditions have also remained decent. The latest unemployment rate was 3. Meanwhile, consumer prices increased 4. Price pressures on both external and domestic fronts are easing given the difficult external economic environment and the deceleration of import prices.
The government forecasts inflation to be 3. A total of The number of visitor arrivals from the Chinese mainland climbed In the first half ofvisitor arrivals increased As for the flow of goods, please refer to the section on Latest Trade Performance and Issues below. The four pillar economic sectors of Hong Kong are: trading and logistics On the other hand, the six industries which Hong Kong has clear advantages for further development are cultural and creative, medical services, education services, innovation and technology, testing and certification services and environmental industries.
These six industries together accounted for 8. In the Budget released on 1 Februarythe Financial Secretary unveiled a raft of proposals, including a wide range of tax concessions as well as healthcare and education initiatives to support the community in the face of stiff economic headwinds. Besides, a microfinance pilot scheme for business starters will be introduced.
The Chief Executive of Hong Kong SAR, Mr Donald Tsang, delivered the Policy Address — From Strength to Strength on 12 October Mr Tsang announced measures to tackle some of the pressing concerns for Hong Kong people such as providing affordable housing, helping the elderly, enhancing competitiveness and improving living standards.
Besides, Mr Tsang expressed concerns over the global economic prospects. He realised that the global economic landscape has been changing since the financial tsunami in The driving force for development has shifted to Asia and the BRICS Brazil, Russia, India, China and South Africa. The government will also review the Research and Development Cash Rebate Scheme and the Small Entrepreneur Research Assistance Programme to better support the research and development efforts of SMEs.
On top of the provisions granted in earlier phases of the Mainland-Hong Kong Closer Economic Partnership Arrangement CEPAthe Supplement IX to CEPA was signed on 29 June The measures will take effect from 1 January CEPA was firstly concluded in Juneand supplemented with further liberalisation measures in subsequent years. At present, all products of Hong Kong origin, except for a few prohibited articles, can be imported into the mainland tariff free under CEPA.
Also, service suppliers in Hong Kong enjoy preferential treatment when setting up business in 47 service sectors on the mainland. There are also agreements on trade and investment facilitation, and mutual recognition of professional qualifications between the mainland and Hong Kong. One distinct feature of such direct investment was the indirect channelling of capitals from non-operating companies in tax haven economies. Against this background, British Virgin Islands, Netherlands and Bermuda accounted for Even including tax haven economies, the Chinese mainland was the most important source of direct investment in Hong Kong accounting for Other major destinations include accounting conventions in forex market vs stock US 3.
Hong Kong's trade performance is in part affected spread bet metatrader day trader outward processing activities in Guangdong where the majority of Hong Kong companies have extended their manufacturing base. Overseas consumers are expected to continue trading down and saving more in the course of deleveraging.
On the supply side, Hong Accounting conventions in forex market vs stock exporters have to live with a challenging production environment on the Chinese mainland, especially in the PRD, which include the rising labour shortages and surging labour costs. If re-exports to and from the Chinese mainland are included, The wealth mentors options trading beginner will be higher if transhipment of goods to and from the mainland via Hong Kong is also included.
According to China's Customs statistics, Hong Kong is the third largest trading partner of the Chinese mainland after the US and Japan, accounting for 7. Hong Kong is the largest source of overseas direct investment in the Chinese Mainland. By the end ofamong all the overseas-funded projects approved in the Chinese Mainland, The Chinese mainland, on the other hand, is the leading investor in Hong Kong.
As of Decemberthere were eight licensed banks and five representative offices, incorporated in Chinese mainland, operating in Hong Kong. Big lenders including the Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank have opened their branch operations in Hong Kong. Some other mainland commercial banks such as the Shenzhen Development Bank, China Everbright Bank and Bank of Beijing have representative offices in Hong Kong.
Hong Kong is also a key offshore capital-raising centre for Chinese enterprises. Hong Kong is a popular venue for hosting regional headquarters or representative offices for multinational companies to manage their businesses in the Asia Pacific, particularly the Chinese mainland. Based on a government survey, as of Junethere were 3, regional headquarters RHQs and regional offices ROs in Hong Kong representing their parent companies located outside Hong Kong, increased 3.
These companies came from diverse countries and sectors. Hong Kong is an important banking and financial centre in the Asia Pacific. As at end, there were authorised institutions and 61 representative offices in Hong Kong. Offshore RMB businesses in Hong Kong have expanded fast since the introduction of the Pilot RMB Trade Settlement Scheme by the Central Government in July Riding on the Scheme, Hong Kong has succeeded in expanding its offer of RMB-denominated financial products and services, including trade finance, RMB stocks, RMB bonds and RMB funds.
Since the debut of the scheme, the related cross-border remittances totalled RMB2. Inissuance of RMB bonds in Hong Kong Dim Sum Bonds reached RMB billion. In AprilHui Xian Real Estate Investment Trust REIT was listed as the first RMB-denominated fund product on the Hong Kong Stock Exchange HKEx and the first RMB IPO outside the Chinese mainland. In FebruaryHang Seng RMB Gold Exchange Traded Fund ETFthe first RMB ETF in Hong Kong, was listed in HKEx.
As at end, Hong Kong's stock market ranked the third largest in Asia and the seventh largest in the world in terms of market capitalisation. Hong Kong is a leading telecommunications hub for the Asia-Pacific region. There are now over 10, public Wi-Fi access points. Hong Kong is a favourite place in the world to do business and host major conferences. Over international conventions and exhibitions dmi indicator forex trading times held in Hong Kong each year.
To name a few, in DecemberHong Kong hosted the sixth session of the WTO ministerial conference where a Hong Kong declaration was concluded. In DecemberHong Kong played host to the first Clinton Global Initiative international meeting outside the US. Construction for the Hong Kong-Zhuhai-Macao Bridge HZMB started in December and the whole project is expected to complete in The bridge consists of three parts, including the main bridge, boundary crossing facilities of Hong Kong, Zhuhai and Macao, and link roads of the three places.
Accounting conventions in forex market vs stock HZMB is of special strategic value in further enhancing the economic development of Hong Kong, Macao and the Western Pearl River Delta region Western PRD. It will significantly reduce the cost and time for travellers and for the flow of goods between Hong Kong and the Western PRD, accelerating the economic integration of the PRD and its neighbouring provinces, and increasing its competitiveness.
Meanwhile, the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link XRL will be km long, running from the terminus in West Kowloon to Shenzhen, Dongguan and Guangzhou with significantly reduced journey time. More importantly, it will become part of the 16, km national high-speed rail network now being developed in full steam, fostering closer economic ties between Hong Kong and the mainland. Upon completion of the railway, the travelling time from Hong Kong to Beijing and Shanghai will be shortened to about 10 and 8 hours respectively.
Construction of the project has commenced for completion in Besides the cross-boundary endeavours, the government has undertaken other large-scale infrastructure projects for the next few years to improve the local transportation system, promote long-term development for arts and culture, and provide quality living space to citizens. The MTR Corporation Limited has commenced the construction of the West Island Line, the South Island Line East and Shatin to Central Link for completion inand respectively.
As for the Kai Tak Development, works of the first stage, including public housing, cruise terminal and associated supporting infrastructure, are in progress. The first berth of the cruise terminal commenced construction for operation in The second berth is expected to come into operation in Hong Kong International Airport HKIA is the busiest cargo gateway and one of the 10 passenger airports in the world. Traffic volumes at HKIA have been growing steadily, and in order to meet future air traffic growth, the Airport Authority AA recommended that the government build an additional runway as the two existing runways are forecast to reach capacity by With the government's approval, AA will proceed with Environmental Impact Assessment process and the preparation of the associated design details of the facilities under a three-runway system.
Turning to the port, it is projected that the total container throughput will have modest and steady growth over the next few years, and Hong Kong will need the first new container berth by The HKSAR government has expedited the study on the feasibility of developing Container Terminal 10 at Southwest Tsing Yi and the Study on the Strategic Development Plan for Hong Kong Port Both studies are scheduled for completion by the end of The latter makes up a significant share of the export business managed by Hong Kong companies but it is not being captured by ordinary trade statistics.
Economic Relations with the Chinese Mainland. Hong Kong as a Regional Centre. The value of retail sales grew by Total exports increased by In the first half ofvisitor arrivals increased by Cannot find what you are looking for? Contact our Customer Service Officers. Subscribe to Hong Kong Means Business. Your online destination for Asia business intelligence.
Hong Kong Trade Development Council. Business of IP Asia Forum. Electronics Fair Autumn Edition. Lighting Fair Autumn Edition. Electronics Fair Spring Edition. Inno Design Tech Expo. Lighting Fair Spring Edition. Its economic relations with China is also outlined. Content provided by :. Economic and Trade Information on Hong Kong 14 August Consumer prices increased by 5. The unemployment rate was 3. Accounting conventions in forex market vs stock world's freest economy.
The world's second highest per capita holding of foreign exchange reserves. The second largest source of foreign direct investment FDI in Asia, after Japan. The second largest recipient of FDI in Asia, after Chinese mainland. The Hong Kong economy has moderated since the second quarter of amid slowdown in global demand. Budget and Government Initiatives. Hong Kong is a highly attractive market for foreign direct investment FDI. The world's 10th largest trading economy. The world's 11th largest exporter of commercial services.
The largest foreign investment source of the Chinese mainland. The key offshore capital-raising centre for Chinese enterprises. The Chinese mainland as Hong Kong's largest source of external investment. A popular venue for hosting regional headquarters or representative offices. A leading telecommunications hub for the Asia-Pacific region. A premier offshore RMB centre. The world's busiest airport for international cargoes. The world's third busiest container port.
The second largest private equity centre in Asia. The third largest stock market in Asia, the seventh largest in the world. The third largest foreign exchange market in Asia, the sixth in the world. Subscribe to Hong Kong Means Business Your online destination for Asia business intelligence.
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Hence, there is a flow of the world's currencies to virtually every country of the world. The international balance of payments (BOP) is a snapshot of the net result. Term of the Day monetary policy. The regulation of the money supply and interest rates by a central bank, such as the Federal Reserve Board in the U.S., in order to. A set of financial statements is a structured representation of the financial performance and financial position of a business and how its financial position changed.