Up-to-date informations on trade events can be retrieved from the homepage of the HongKong Trade Development Council , you can also send an email to: HKTDC.
Informationen zum HongKong Development Council -> ECONOMY REPORT - HONG KONG
, CHINA; Quotation: www.apecsec.org.sg
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HongKong Trader
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Tel.:+49-69-95772311Adressen:
Frankfurt (HKTDC Branch Office), Kreuzerhohl 5 - 7, 60439 Frankfurt,Germany
49-(69)-586-011 (10 lines), 49-(69)-589-0752, frankfurt.office@tdc.org.hk European
Chamber of Commerce, Room 2002-2009, 20/F.,Landmark, Edinburg Tower, Central, Hong Kong
(852) 2314-8472, (852) 2845-4638
German Industry & Commerce Hong Kong, South China,Vietnam/GBA, 3601 Lippo Tower, Lippo Centre,
89 Queensway, Hong Kong
(852) 2526-5481, (852) 2810-6093
Chinese General Chamber of Commerce Hong Kong , 4/F., 24-25 Connaught Road, Central, Hong Kong
(852) 2525- 6385, (852) 2845-2610 Chinese Manufacturers'Association of Hong Kong, 5/F., CMA Building,
64-66, Connaught Road Central, Hong Kong
(852) 2545-6166, (852) 2541-4541 Design Innovation (HK) Ltd.(Subsidiary of HKPC), Rm. 2E02,2/F HKPC Building, 78
Tat Chee Avenue, Yau Yat Chuen, Kowloon, Hong Kong
(852) 2788-5388, (852) 2788-5399 Employees Retraining Board, 12/F. Canarvon Plaza, 20, Carnavon, Tsim Sha Tsui, Kowloon,
Hong Kong
(852) 2311- 6306, (852) 2369- 8322 Federation of Hong Kong Industries
407-411, Hankow Centre, 5-15; Hankow Road, Tsim Sha Tsui; Kowloon, Hong Kong
(852) 2732-3188; (852) 2721- 3494
Hong Kong Advertisers Association
Room 1001,10/F Tak Woo House, 17-19 D'Aguilar Street, Central, Hong Kong
(852) 2882-2555, (852) 2882- 4673
Hong Kong Article Numbering Association
Unit B, 23/ F., United Centre, 95, Queensway, Hong Kong
(852) 2861-2819; (852 2861-2423 Hong Kong Association of Banks
Room 525 Princes Building, Central, Hong Kong
(852) 2521-1169 ; (852) 2868-5035 Hong Kong Association of Certification Laboratories Ltd.
1/F., CMA Building, 64-66, Connuaght Road Central, Hong Kong
(852) 2542-8620; (852) 2541- 8154 Hong Kong Chamber of Small and Medium Business Ltd., GPO Box 5532, Hong Kong
(852) 2325- 9189 ; (852) 2329- 3749 Hong Kong Chinese Importers' & Exporters' Association
7-8/F., Champion Building, 287-291 Des Voeux Road Central, Hong Kong
(852) 2544-8474; (852) 2544- 4677 Hong Kong Coalition of Services Industries
c/o Hong Kong General Chamber of Commerce, Unit A, 22/F., United Centre, 95; Queensway, Hong Kong
(852) 2529-9229 ; (852) 2527- 9843 Hong Kong Export Credit Insurance Corporation
2/F., Tower 1, South Seas Centre, 75 Mody Road, Tsim Sha Tsui East; Kowloon, Hong Kong
(852) 2723-3883; (852) 2722- 6277 Hong Kong Exporters' Association
Rm. 825 Star House, 3 Salisbury, Road, Kowloon, Hong Kong
(852) 2730-9851; (852) 2730-1869
Hong Kong Federation of Insurers
9/F., First Pacific Bank Centre, 56, Gloucester Road, Wanchai, Hong Kong
(852) 2520 1868; (852) 2520-1967
Hong Kong Franchise Association
c/o Hong Kong General Chamber of Commerce
Unit A, 22/F.,United Centre, 95; Queensway, Hong Kong
(852) 2529-9229; (852) 2527- 9843
Hong Kong General Chamberof Commerce
22/F., United Centre, 95; Queensway, Hong Kong
(852) 2529-9229; (852) 2527- 9843 Hong Kong Hotels Association
Room 508-511 Silvercord Tower, II, 30 Canton Road, Tsim Sha Tsui, Hong Kong
(852) 2375-3838, (852) 2375-7676 Hong Kong Industrial Estate Corporation, Suite 107, Estate Centre Building, 19 Dai
Cheong Street, Tai Po
Industrial Estate, Tai Po, N.T., Hong Kong
(852) 2664- 1183, (852) 2664-2481 Hong Kong Industrial Technology Centre Corporation
1/F., Hong Kong Industrial, Technology Centre, 72 Tat Chee, Avenue, Kowloon Tong, HongKong
(852) 2788-4433, (852) 2788-4261 Hong Kong International Arbitration Centre
38/F., Two Exchange Square, Central, Hong Kong
(852) 2525-2381, (852) 2524-2171 Hong Kong Management Association
14/F., Fairmont House, 8 Cotton, Tree Drive, Central, Hong Kong
(852) 2526-6516, (852) 2868-4387 Hong Kong Printers Association
1/F., 48-50 Johnston Road, Wanchai, Hong Kong
(852) 2527-5050, (852) 2861- 0463
Hong Kong Productivity Council
HKPC Building, 78 Tat Chee Avenue, Yau Yat Chuen, Kowloon Tong, Hong Kong
(852) 2788-5678, (852) 2788-5900 Hong Kong Quality Assurance Agency
Rm. 1A08, HKPC Building, 78 Tat Chee Avenue, Yau Yat Chuen, Kowloon, Hong Kong
(852) 2788-5333, (852) 2788-5322 Hong Kong Quality Management Association
Shop SHW 3-4, Sheung Wan Station, Mass Transit Railway, HongKong
(852) 2581-2210, (852) 2581-2212 Hong Kong Retail Management Association
Unit B, 23/F., United Centre, 95 Queensway, Hong Kong
(852) 2866-8311, (852) 2866- 8380 Hong Kong Shipowners Association Ltd
12/F., Queen's Centre, 58 Queen's Road East, Wanchai, Hong Kong
(852) 2520-0206, (852) 2529-8246 Hong Kong Shippers' Council
31/F., Wu Chung House, 213 Queen's Road East, Hong Kong
(852) 2834-0010, (852) 2891-9787 Hong Kong Small and Medium Business Association
5/F., Prince Industrial Building, 106 King Fuk Street, Sam Po Kong, Kowloon.
(852) 2321-6108, (852) 2320-1139 Hong Kong Small and Medium Enterprises General Association
Room 601, Po Sang Bank Comm. Bldg., 33 Argyle Street, Mongkok, Kowloon.
(852) 2390-0323, (852) 2789-4700 Hong Kong Trade Development Council
38/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong
(852) 2584-4333, (852) 2824-0249 Mail Order Association of Hong Kong Ltd.
GPO Box 91074, Hong Kong
(852) 2367-5859, (852) 2311- 8809 Vocational Training Council
Vocational Training Council Tower, 27 Wood Road, Wanchai, HongKong
(852) 2836-1000, (852) 2838-0667
Agriculture and Fisheries Department
12/F., Canton Road Government Offices, 393 Canton Road, Kowloon, Hong Kong
(852) 2733-2235, (852) 2311-3731 Architectural Services Department
35/F., Queensway Government Offices, 66 Queensway, HongKong
(852) 2867-3970, (852) 2869-0289 Audit Department
25/F & 26/F., Immigration Tower, 7 Gloucester Road, Wanchai, Hong Kong
(852) 2829-4210, (852) 2824- 2087 Buildings Department
12/F., Pioneer Center, 750 Nathan Road, MongKok, Kowloon, HongKong
(852) 2626-1616, (852) 2840-0451
Business Registration Office
4/F., Revenue Tower, 5 Gloucester Road, Wanchai, HongKong
(852) 2594-3144, (852) 2824- 1482 Census and Statistics Department
21/F., Wanchai Tower, 12 Harbour Road, Wanchai, HongKong
(852) 2582-4807, (852) 2802-4000 Civil Aviation Department
46/F., Queensway Government Offices, 66 Queensway, HongKong
(852) 2867-4332, (852) 2869- 0093 Civil Engineering Department
Civil Engineering Building, 101Princess Margaret Road, Ho Man Tin, Kowloon, Hong Kong
(852) 2762-5111, (852) 2714- 0140 Companies Registry
14/F., Queensway Government Offices, 66 Queensway, HongKong
(852) 2867-2604, (852) 2596-0585
Customs and Excise Department
9/F., Harbour Building, 38 Pier Road, Central, Hong Kong
(852) 2815-7711, (852) 2815-3558 Department of Health
17/F, 21/F, Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong
(852) 2961-8989, (852) 2836- 0071 Education Department
9/F-16/F & 23/F., Wu Chung, House, 213 Queen's Road East, Wanchai, Hong Kong
(852) 2891-0088, (852) 2893-0858 Electrical and Mechanical Services Department
98 Caroline Hill Road, Causeway Bay, Hong Kong
(852) 2808-3121, (852) 2890-7493 Environmental Protection Department
28/F., Southorn Centre, 130 Hennessy Road, Wanchai, Hong Kong
(852) 2835-1018, (852) 2838-2155 Fire Services Department
1 Hong Chong Road, Tsim Sha Tsui East, Hong Kong
(852) 2723-2233, (852) 2311-0066
Government Laboratory
7/F., Ho Man Tin Government Offices, 88 Chung Hau Street, Ho Man Tin, Kowloon, Hong Kong
(852) 2762-3700, (852) 2714-4083 Government Land Transport Agency
25/F., Wanchai Tower, 12, Harbour Road, Wanchai, Hong Kong, (852) 2582-5286, (852) 2802- 0780 Government Property Agency
31/F., Revenue Tower, 5, Gloucester Road, Wanchai, HongKong, (852) 2594-7633, (852) 2877- 9423 Government Supplies Department North Point Government offices
Bldg., 333 Java Road, North Point, Hong Kong, (852) 2231-5105, (852) 2887- 6591 Immigration Department
Immigration Tower, 7 Gloucester Road, Wanchai, Hong Kong, (852) 2824-6111, (852) 2824-1133
Industry Department
14/F., Ocean Center, 5 Canton Road, Kowloon, Hong Kong, (852) 2737-2434, (852) 2730-4633 Information Services Department
Murray Building, Garden Road, Central, Hong Kong, (852) 2842-8777, (852) 2845-9078 Information Technology Services Department
15/F., Wanchai Tower, 2 Harbour Road, Wan Chai, Hong Kong, (852) 2582-4520, (852) 2824-3208 Inland Revenue Department
Revenue Tower, 5 Gloucester Road, Wanchai, Hong Kong, (852) 187-8088, (852) 2877-1232
Intellectual Property Department
M/F., Rumsey St., Multi-storey Car Park Bldg., Central, Hong Kong, (852) 2803-5860, (852) 2838-6276 Labour Department
1/F., Center Point, 181 Gloucester Road, Wanchai, Hong Kong, (852) 2834-300, (852) 2591-6519 Lands Department
18-24/F., North Point Government Offices Bldg., 333 Java Road,North Point, Hong Kong, (852) 2231-
3294, (852) 2868-4707 Office of the Telecommunications Authority
29/F., Wu Chung House, 213 Queen's Road East, Wanchai, Hong Kong, (852) 2961-6333, (852) 2803- 5110
Hong Kong Leather Shoe and Shoe Material Marchants Association Ltd.
Blk. E., 5/F., Lee Fung Bldg., 88 Argyle Street, Kowloon, Hong Kong
(852) 2395-5302, (852) 2396- 6020
Association of Hong Kong Photographic Equipment Importers Ltd.
c/o Mr. Andrew Lee, P.O. Box 31373, Causeway, Bay Post Office, Hong Kong
(852) 2894-0339, (852) 2881-8844
Hong Kong & Kowloon Photographic Merchants Association Ltd.
PO Box 30917, Causeway, Bay Post Office, Hong Kong
(852) 2366- 9997, (852) 2721-8107
Hong Kong Optical Manufacturers Association Ltd.
3/F., 11 Fa Yuen Street, Mongkok, Kowloon, HongKong
(852) 2332-6505, (852) 2770-5786 HongKong Development Council
Text aus HongKong Trade Vision des HKTDC
The TDC has a comprehensive network of 50 offices around the world. These comprise both
Branch Offices, which are fully staffed and managed by the TDC, as well as Consultant Offices,
which are operated by outside companies appointed by the TDC to act on its behalf. This
comprehensive network is instrumental in expanding and boosting international awareness of
business opportunities in Hong Kong, and the rising quality and design excellence of the territory's
products. One important task of TDC's Branch Offices and Consultant Offices is to gather
information about international buyers, which is fed into the Council's database, the cornerstone of its
Trade Enquiry Service and product magazine circulation. Overseas businessmen are welcome to
obtain assistance from TDC Offices around the world. Apart from providing market information,
these Offices help overseas companies identify suitable business contacts in Hong Kong. Any
businessman who intends to sell to China and the Asia-Pacific region via Hong Kong will find this
comprehensive network resourceful and helpful. EUROPE
Brussels, Hong Kong Economic and Trade Office, Avenue de Tervuren 188A,1150 Brussels, Belgium
32 (2) 775-0088, 32 (2) 770 0980, 32 (2) 770 0793
Geneva, Hong Kong Economic and Trade Office, 5 Allee David-Morse, 1211 Geneva 20, Switzerland
41 (22) 730-1300, 41 (22) 730-1304, 41 (22) 730-1305
London, Hong Kong Economic and Trade Office, 6 Grafton Street, London, W1X 3LB, England
44 (171) 499-9821, 44 (171) 495-5033, 44 (171) 493-1964 ECONOMY REPORT - HONG KONG, CHINA
Quotation: www.apecsec.org.sg
For more details please click here.
REAL GROSS DOMESTIC PRODUCT
The Hong Kong, China economy staged a sharp rebound in 1999, recovering
robustly from the severe setback brought about by the earlier Asian financial
turmoil. By the fourth quarter of 1999, the level of economic activity had
already surpassed the previous peak in the third quarter of 1997. For 1999 as a
whole, the GDP grew by 3.1 percent in real terms, in contrast to a 5.3 percent
decline in 1998. Economic recovery has become more entrenched in 2000, with
GDP attaining a double-digit growth of 12.5 percent in real terms in the first
half of 2000 over a year earlier.
The recovery in 1999 was strongly export-led. Driven by the resurgence in
demand in the East Asian markets as well as by sustained import absorption in
the United States and Europe, exports of goods accelerated to double-digit
growth in the second half of the year to give a 3.7 percent growth in real terms
in 1999. Exports of services likewise picked up during the year, with a growth
of 7.8 percent in real terms in 1999. On the back of continued brisk import
demand both from within the region and in the conventional overseas markets,
exports of goods surged further by 19.1 percent in real terms in the first half of
2000 from a year earlier. Exports of services also recorded an accelerated
growth of 15.8 percent over the same period.
Locally, consumer spending turned around in the second quarter of 1999 and
registered a growth of 0.8 percent in real terms for the year as a whole.
Consumer spending picked up distinctly further to a growth of 7.0 percent in
the first half of 2000 over a year earlier, upon sustained improvement in labour
market conditions and increased overall income. As to investment spending, it
resumed a positive growth of 5.1 percent in the first half of 2000 over a year
earlier, reversing the 17.3 percent decline in 1999. The process of economic
recovery has thus broadened to the domestic sector in 2000.
INFLATION
Consumer prices remained on a downtrend in the first eight months of 2000.
But the decrease narrowed appreciably, from –5.3 percent in the beginning of
the year to –2.7 percent in August in terms of the Composite Consumer Price
Index (CPI). To a considerable extent, this was due to a firming of external
commodity prices, and the hike in fuel oil price. Also, the pick-up in inflation in
some of the major supplier economies contributed to this trend. On the
domestic front, labour wages and property rentals had shown signs of
bottoming out in more recent months, although in overall terms price pressure
from domestic sources was still subdued. Amidst keen competition in the retail
business, local retailers continued to give large discounts to promote sales.
Also, there was a continued freeze in government fees and in a number of
public utility charges.
EMPLOYMENT
Labour market conditions showed a visible improvement in the more recent
months, as labour demands strengthened further while labour supplies slowed
down. More specifically, having fallen for almost two years, total employment
reverted to a small growth in the fourth quarter of 1999 over a year earlier.
The momentum continued into the first two quarters of 2000, with growth
accelerating to 1.7 percent and 1.9 percent, in tandem with the strong revival
in economic activity. Total labour supply on the other hand exhibited a
completely different profile, with growth hovering at around 0.5 to 0.9 percent
in the latter part of 1999 and in the first half of 2000, distinctly slower than the
1.4 – 1.9 percent growth in the early part of 1999. Total employment growth
thus outpaced total labour force growth in the first two quarters of this year.
This in turn contributed to a steady decline in the seasonally adjusted
unemployment rate, from 6.0 percent at the end of 1999 to 4.9 percent in June
– August 2000. Total unemployment likewise dropped, from 210,700 to 172,000
over the same period.
TRADE ACCOUNT
Exports of goods were still slack in the first half of 1999 but revived sharply in
the second half of the year. In 1999, total exports of goods (comprising
re-exports and domestic exports) reached HK$1,349 billion (US$174 billion),
representing virtually no change in value terms. Imports of goods contracted by
3 percent in value terms to HK$1,393 billion (US$180 billion) in1999, due to
slack domestic demand. Taken together, the visible trade deficit narrowed to
HK$44 billion (US$6 billion) in 1999, nearly halved from the deficit of HK$ 81
billion (US$11 billion) in 1998.
Exports of services staged a significant rebound in 1999. Apart from the
sustained growth in inbound tourism, there was a surge in offshore trading
activities amidst the distinct turnaround in export performance in China. Also
exports of trade-related and other business services picked up along revived
demand in the region. The invisible trade surplus thus expanded considerably to
HK$112 billion (US$14 billion) in 1999. This, together with the already much
reduced visible trade deficit, gave a substantial combined surplus of HK$66
billion (US$9 billion) in the year.
The global economic upswing continued to bolster Hong Kong, China’s exports
of goods and services in the first half of 2000. Bur import of goods also staged
a sharp rebound along with the pick-up in domestic demand. The combined
visible and invisible trade account nevertheless remained in surplus, at HK$12
billion (US$2 billion) in the first half of 2000.
EXTERNAL BALANCE OF PAYMENTS
The current account surplus improved to HK$82 billion (US$11 billion) or 6.6
percent of GDP in 1999, on the back of a much reduced visible trade deficit and
a marked increase in invisible trade surplus amidst the recovery in regional
demand. As the local economic situation progressively improved over the
course of 1999, there were resumed investment flows into Hong Kong, China in
the fourth quarter of 1999, amounting to HK$43 billion (US$5 billion) or 13.0
percent of GDP in that quarter. For 1999 as a whole, there was a net inflow of
financial non-reserved assets of HK$12 billion (US$2 billion), equivalent to 0.9
percent of GDP in that year. Together with the large current account surplus, a
balance of payments surplus of HK$74 billion (US$10 billion) equivalent to 6.0
percent of GDP was attained in 1999. Hong Kong, China’s reserve assets
correspondingly surged in that year. This reversed the situation in 1998, when
an overall balance of payments deficit of HK$54 billion (US$7 billion) equivalent
to 4.3 percent of GDP was recorded.
EXCHANGE RATE
The spot exchange rate of the Hong Kong dollar against the US dollar weakened
marginally from 7.774 at the beginning of the year to 7.797 at end-July 2000.
This was broadly in line with the movement of the Convertibility Undertaking
Rate for the Aggregate Balance, which had moved from 7.750 by 1 pip per
calendar day effective from 1 April 1999, and reached 7.800 on 12 August,
where it will stay thereafter. As the US dollar strengthened against the
European currencies and the Japanese yen, the trade-weighted Nominal
Effective Exchange Rate Index of the Hong Kong dollar increased from 131.5 at
end-1999 to 134.2 at end-August 2000.
FISCAL POLICY
The distinct pick-up in the economy in the second half of the 1999–2000
financial year helped boost government revenues, and resulted in a surplus of
HK$10 billion. Despite the economic downturn, expenditure growth was
maintained in 1998–1999 and 1999–2000. To redress this imbalance,
expenditure growth in 2000–2001 (and in the remaining years of the Medium
Range Forecast period to 2003–2004) is planned to grow at a rate below the
forecast growth of GDP. A modest deficit of HK$6.2 billion is thus anticipated
in 2000–2001.
MONETARY POLICY
In line with the US rate hikes, the Hong Kong dollar savings deposit rate and
the best lending rate of the major commercial banks were raised by a total of
100 basis points in the first half of 2000, to 4.75 percent and 9.5 percent,
respectively. Hong Kong dollar inter-bank interest rates had been on arising
trend since the beginning of the year, with 3-month interbank interest rate
reaching around 7 percent in mid-May. It then started to ease as signs of
slowdown in the US economy alleviated concerns over a further tightening of
monetary policy by the Federal Reserve. The relatively thin spread between
Hong Kong dollar and US dollar interest rates at the longer end moved into
negative territory in June and reached –30 bp at end-August.
Movements of monetary aggregates diverged during the second quarter of
2000. Narrow money supply, HK$M1, contracted by 3.1 percent during the
second quarter of 2000, after a decline of 2.9 percent in the previous quarter.
On the other hand, both HK$M2 and HK$M3 rose by 1.6 percent in the second
quarter of 2000, compared with a decline of 1.0 percent in the first quarter.
The increase in the broad money was mainly attributable to the rise in HK dollar
time deposits during the period.
As the domestic economy continued to show signs of recovery, domestic credit
began to bottom out in the first half of the year. Total outstanding domestic
loans recorded a year-on-year decline of 2.5 percent at end-June 2000,
representing a significant moderation over a 10 percent decline at end-June
1999. The overall quality of the loan portfolio of banks in Hong Kong, China
continued to improve. For local banks the share of overdue and rescheduled
loans in total loan portfolio reduced slightly from 7.0 percent at end-1999 to 6.9
percent at end-June 2000, while the share of classified loans (1) decreased from
9.8 percent to 9.3 percent over the same period. The consolidated capital
adequacy ratio of local banks rose to 18.9 percent, slightly higher than 18.7
percent at the end of 1999.
ECONOMIC OUTLOOK
Hong Kong, China’s economy has clearly recovered from the severe setback brought about by the Asian Financial Crisis. The earlier overshoot in the property market
has been rectified. The labour market has improved with the unemployment rate declining. The cost of doing business has come down visibly. Together with the process of corporate restructuring and downsizing seen last
year, this has enabled the economy to restore competitiveness
expeditiously. With the prevailing sanguine external environment, economic activity in Hong Kong, China, is expected to remain intensive. For 2000
as a whole, GDP is forecast to grow by 8.5 percent in real terms. The prospects for the Hong Kong, China economy beyond the short-term remain bright, benefiting from the sustained robust growth in China as well as
the further economic reform and liberalization in China upon its accession to the World Trade Organization. With the earlier concerns about Hong Kong, China’s growth prospects in the wake of the Asian Financial Crisis
now alleviated, the trend of GDP growth rate in real terms for the medium-term period is forecast
at 4 percent per annum. |
