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Hong Kong Economy:
With a central location in east Asia and with a rapidly growing
Mainland China as its hinterland, the Hong Kong Special Administrative
Region is an international business, trade and financial hub. Building
on its traditional free market economic policy, Hong Kong has developed
into a modern, vibrant and cosmopolitan services economy, underpinning
the role of the city as a global business platform.
Hong Kong is one of the world's most open and dynamic economies. In 2010
Hong Kong’s real economic growth rate rose to 6.8%, recovering from the
global financial turmoil. Inflation rose gradually to 2.4% in 2010 from
0.5% in 2009. The government introduced several rounds of measures to
forestall the risk of a housing market bubble arising from the low
interest rates and ample liquidity in the global financial system.
Hong Kong’s economic strengths, including a sound banking system,
virtually no public debt, a strong legal system, ample foreign exchange
reserves, and an able and rigorously enforced anti-corruption regime,
enable it to quickly respond to changing circumstances. The government
promotes measures designed to improve its attractiveness as a commercial
and trading center and is continually refining its financial
architecture. The government is deepening its economic interaction with
the Pearl River Delta in an effort to maintain Hong Kong's position as a
gateway to China. These efforts include the conclusion of a free trade
agreement with China, known as the “Closer Economic Partnership
Arrangement” (CEPA), which applies zero tariffs to all Hong Kong-origin
goods, gives preferential treatment in 44 service sectors, and increases
the scope for using the Chinese yuan in Hong Kong as a trade settlement
currency, in savings deposits, and to purchase RMB (renminbi)-denominated
bonds. Hong Kong, along with the Macau SAR, is also participating in a
new pan-Pearl River Delta trade bloc with nine Chinese provinces, which
aims to lower trade barriers among members, standardize regulations, and
improve infrastructure.
Hong Kong’s exports of goods and services rebounded strongly in 2010, by
17.3% and 15.0% respectively in real terms, fueled by quicker than
expected recovery of the global economy and a massive Chinese fiscal and
monetary stimulus program. The unemployment rate in 2010 dropped to
4.3%, the lowest since the fourth quarter of 2008. The Hong Kong
Government predicts GDP growth will reach 4% to 5% in 2011.
GDP (2010): $224.1 billion
(at current market prices).
GDP real growth rate (2010): 6.8%.
Per capita GDP (2010): $31,709 (at current market prices).
Natural resources: Deepwater harbor.
Industry: Types--textiles, clothing, electronics, plastics, toys,
watches, clocks.
Trade (2010): Exports--$388.6 billion: clothing, electronics, textiles,
watches and clocks, office machinery, electrical machinery,
telecommunications equipment. Major partners--Mainland China 52.7%, U.S.
11.0%, EU 11.2%, Japan 4.2%. Imports--$431.4 billion: consumer
goods, raw materials and semi-manufactures, capital goods, foodstuffs,
fuels
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