Economy of Hong Kong
Central and Victoria Harbour of Hong Kong
|
|
| Currency | Hong Kong dollar (HKD) |
|---|---|
| 1 April – 31 March | |
|
Trade organisations
|
APEC and WTO |
| Statistics | |
| GDP |
PPP: $400.4 billion (2014 est.) PPP per capita rank: 8th Nominal per capita rank: 25th (2010[update]) |
|
GDP growth
|
7.2% (2011 Q1) |
|
GDP per capita
|
HK$246,733; 2010 (US$50,936 PPP; 2012) |
|
GDP by sector
|
agriculture: (0.1%) industry: (9%) services: (90.9%) (2008 est.) |
| 3.6% (2014) | |
|
Population below poverty line
|
N/A |
| 53.3 (2007) | |
|
Labour force
|
3.2343 million (end-2010) |
|
Labour force by occupation
|
manufacturing (6.5%), construction (2.1%), wholesale and retail trade, restaurants, and hotels (43.3%), financing, insurance, and real estate (20.7%), transport and communications (7.8%), community and social services (19.5%) |
| Unemployment | 3.2% (1/2011 – 3/2011) |
|
Main industries
|
textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks |
| 4th (2017) | |
| External | |
| Exports | $528.2 billion (2014 est.) |
|
Main export partners
|
 China 54.8% United States 9.3% United Kingdom 7.2% European Union 5.0% (2014 est.) |
| Imports | $560.2 billion (2014 est.) |
|
Main import partners
|
China 48.2% European Union 10.4% Japan 8.1% Singapore 6.6% (2014 est.) |
| Public finances | |
| HK$1.5 billion (2014) | |
| Revenues | $59.33 billion (2013 est) |
| Expenses | $54.23 billion (2013 est.) |
| Economic aid | N/A |
|
Standard & Poor's: AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Stable Moody's: Aa1 Outlook: Stable Fitch: AA+ Outlook: Stable |
|
|
Foreign reserves
|
US$311.2 billion (2013) |
As one of the world's leading international financial centres, Hong Kong's service-oriented economy is characterized by its low taxation, almost free port trade and well established international financial market. Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and pegged to the US Dollar.Interest rates are determined by the individual banks in Hong Kong to ensure it is fully market-driven. There is no officially recognised central banking system, although Hong Kong Monetary Authority functions as a financial regulatory authority. When destabilising factors are hitting the financial market of Hong Kong, they will be monitored and inspected by the Hong Kong Monetary Authority, the financial regulatory agency in Hong Kong. Electronic finance trading is evolutionarily impacting the financial market of Hong Kong.
According to Index of Economic Freedom, Hong Kong has had the highest degree of economic freedom in the world since the inception of the Index in 1995. Its economy is governed under positive non-interventionism, and is highly dependent on international trade and finance. In 2009, Hong Kong's real economic growth fell by 2.8% as a result of the global financial turmoil.
Hong Kong's economic strengths include a sound banking system, virtually no public debt, a strong legal system, ample foreign exchange reserves, rigorous anti-corruption measures and close ties with the mainland China. Despite the downturn, these strengths enable it to quickly respond to changing circumstances. It has the most efficient and a corruption-free application procedure, the lowest income tax, the lowest corporate tax as well as an abundant and sustainable government finance. The government of Hong Kong consistently upheld the policy of encouraging and supporting activities of private businesses. Examples include the Cyberport and the Hong Kong Disneyland. This has a positive impact on the overall economic performance by removing unnecessary barriers for the private enterprises in the Special Administrative Region. The is a favourable destination for international firms and firms from the mainland China to be listed due to Hong Kong's highly internationalised and modernised financial industry along with its capital market in Asia, its size, regulations and available financial tools, which are comparable to London and New York.
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Wikipedia