Economy of Hong Kong 13409 225899103 2008-07-15T22:40:24Z Andy Marchbanks 2900330 {{Economy of Hong Kong}} The '''economy of [[Hong Kong]]''' is said to be the most economically free in the world. It has often been cited by [[economist]]s such as [[Milton Friedman]] and the [[Cato Institute]] as an example of the benefits of [[laissez-faire capitalism]]. While the government, both under [[United Kingdom|British]] and [[People's Republic of China|Chinese]] rule, has occasionally intervened in the economy, the free market policy of [[positive non-interventionism]] espoused by former financial secretary [[John James Cowperthwaite]] still largely drives economic policy today. It has ranked as the world's freest economy in the [[Index of Economic Freedom]] for 14 consecutive years, since the inception of the index in 1995<ref>{{cite web|url=http://www.heritage.org/research/features/index/countries.cfm|title=2008 Index of Economic Freedom |publisher=Heritage Foundation}}</ref><ref>{{cite web |url=http://www.fraserinstitute.ca/admin/books/chapterfiles/1EFW2006ch1Rev.pdf#|title=Summary Economic Freedom Rating 2004 (Economic Freedom of the World - Annual report 2006 on page 13 or 9 of 23) |accessdate=2007-01-08 |publisher=The Fraser Institute, Canada |language=English}}</ref>. It also places first in the [http://www.freetheworld.com/2007/EFW2007BOOK2.pdf Economic Freedom of the World Report]. Although Hong Kong has been cited as an example of laissez-faire capitalism, there are still many ways in which the government is involved in the economy. The government has intervened to create economic institutions such as the Hong Kong Stock Market and has been involved in public works projects and [[social welfare]] spending. All land in Hong Kong is owned by the government and leased to private users. By restricting the sale of land leases, the Hong Kong government keeps the price of land at what some would say are artificially high prices and this allows the government to support public spending with a low tax rate.<ref>Geocities. "[http://www.geocities.com/CapitolHill/1931/secC12.html Geocities]." ''Doesn't Hong Kong show the potentials of "free market" capitalism?.'' Retrieved on [[2008-03-06]].</ref> To begin with, it has had a more stable and liberal political-legal environment than most other countries. In the mid-20th century, while statist-collectivism was commonplace elsewhere in the world, the dominant political-economic philosophy of Hong Kong was free enterprise: economic non-intervention (laissez-faire) was a positive, deliberately adopted government policy. Traditionally, the Hong Kong government has raised revenue from taxation and the sale of land but not engaged in industry and commerce for profit. From its revenues, the government has built roads, schools, hospitals, and other public infrastructure facilities and services. It has also operated a welfare insurance scheme. However, the authorities have generally avoided owning and running business enterprises, engaging in trade protectionism, or imposing regulatory controls of the kind that have so distorted industrial-commercial activity and generated high costs and inefficiency elsewhere. There has been relatively little popular pressure for higher government spending. Over the decades, successive political administrations have managed to avoid running up large budget deficits; and by restraining public borrowing, credit expansion and inflation have been held in check. By the late 20th century, many other countries in Asia and elsewhere had effectively made the transition from statist-collectivism to modern market capitalism. However, Hong Kong still stood out in terms of its high levels of business-economic freedom, growth, and prosperity. Not just foreign direct investors but indigenous firms have been greatly aided by Hong Kong's international openness and dependence on trade. Hong Kong seems likely to remain a highly free market-enterprise society. Such things as political production planning and price and import controls are fundamentally incompatible with the kind of globally open, competitive economic environment in which Hong Kong firms and industries operate. Politics aside, Hong Kong's highly favorable geographical position and entrepot trading opportunities have also been great wealth-generating assets. It has a superb sheltered natural harbor. For centuries, this had made Hong Kong a major haven for pirates before it became a British colony in 1841. Under British administration, it soon developed into a thriving legitimate international port. By the late 20th century, Hong Kong was the seventh largest port in the world and second only to New York and Rotterdam in terms of container throughput. The Kwai Chung container complex was the largest in Asia; while Hong Kong shipping owners were second only to those of Greece in terms of total tonnage holdings. In addition to geographical position, another major natural industrial-commercial asset of Hong Kong has been human resources. The population of the territory was less than six millions in the late 20th century. However, there was an abundance of labor close by in the region that could be readily tapped through direct external investment and outsourcing. In Hong Kong itself, a skilled, adaptable, and hard-working labor force coupled with the adoption of modern British/ Western business methods and technology ensured that opportunities for external trade, investment, and recruitment were maximized. Most Hong Kong residents were also first- or second-generation immigrants (and often refugees). Like the United States of a century or so earlier, the society was essentially a new one. In such societies, political cultural etc. orientations tend to be towards libertarianism/individualism – thus reinforcing the generally favorable environment for enterprise and economic growth.<ref>{{cite book |editor=Lewis F. Abbott (ed.) |title=Industry and Enterprise: an International Survey of Modernization and Development |edition=2nd edition |year=2003 |publisher=Industrial Systems Research |location=Manchester |isbn=978-0-906321-27-0 |chapter=Industry and Enterprise Development in the Far East}}</ref> ==Macro-economic trend== Hong Kong deliberately began collecting and regularly publishing economy-wide data much later than its East Asian peers. The earliest gross domestic product estimates (for 1961 and subsequent years) were only released in 1973 and other basic data such as for the balance of payments were not compiled until 1999.<ref>Goodstadt, Leo F., ''Profits, Politics and Panics: Hong Kong’s Banks and the Making of a Miracle Economy, 1935-1985'', p. 11, Hong Kong University Press, 2007 ISBN 978-962-209-896-1. Mr Goodstadt confirms that the statistical void was deliberate on p. 24.</ref> Any GDP formed prior to this period was based on international trade statistics that came after 1971<ref>Schenk, Catherine Ruth. [2001] (2001). Hong Kong as an International Financial Centre: Emergence and Development, 1945-1965. United Kingdom: Routledge. ISBN 0415205832</ref>. The chart below shows the change in real and nominal GDP by decades from when data first began to be published. {| class="wikitable" |- ! width=20% | Year ! Real GDP || Nominal Growth || Change in deflator |- | 1960s* || 8.7% || 12.7% || 3.7% |- | 1970s || 8.9% || 19.2% || 9.5% |- | 1980s || 7.4% || 16.9% || 8.9% |- | 1990s || 3.5% || 9.0% || 5.3% |- | 2000s ** || 4.7% || 2.8% || -1.8% |- |} * 1962-69 **2000-07 At the end of 2007, GDP was HK$1,627.5 billion (US$208.7 billion) and GDP per capita was HK$235,134 (US$30,157). ==History== [[Image:香港维港夜色.jpg|thumb|right|350px|The ever rising landscape is a reflection of the growing economy]] The very center of Hong Kong's [[economic freedom]] comes from the government's [[Positive non-interventionism|hands-off policy]]. This model was developed in [[Hong Kong]] and [[Taiwan]] as a response to analyzing the [[cultural revolution]] effect in [[China]]. The [[Maoist]] era tried to forecast the production of [[steel]], and the inability to meet this prediction led to the immediate collapse of the economy<ref>Tang Tsou. [1986] (1986). The Cultural Revolution and Post-Mao Reforms: A Historical Perspective. University of Chicago Press. ISBN 0226815145</ref>. Hong Kong's model allowed for the flexibility and renovation of any given industry in a very short time. Because of this, a 1994 [[World Bank Group|World Bank]] report stated that Hong Kong's GDP per capita grew in real terms at an annual rate of 6.5% from 1965 to 1989. This consistent growth percentage over a span of almost 25 years is remarkable for any economic analysis<ref>Rowley, Chris. Fitzgerald, Robert. [2000] (2000) Managed in Hong Kong: Adaptive Systems, Entrepreneurship and Human Resources. United Kingdom: Routledge Publishing. ISBN 0714650269</ref>. By 1990 Hong Kong's [[per capita income]] officially surpassed that of the ruling United Kingdom<ref name="Yu">Yu Tony Fu-Lai. [1997] (1997) Entrepreneurship and Economic Development of Hong Kong. United Kingdom: Routledge. ISBN 0415162408</ref>. After a slump caused by the regionwide [[Asian financial crisis]] that began in 1997, Hong Kong's economy had been on the rebound. Real [[Gross domestic product|GDP]] growth was 4% in 1999 and reached double digits in the first half of 2000. However, the [[dot-com bubble]] in the second half of 2000, the [[9/11|9/11 terrorist attacks]] upon the [[United States]] in 2001 and the [[Progress of the SARS outbreak|SARS outbreak]] in 2003 had severely damaged the economy of Hong Kong. In 2004 and 2005, real GDP grew by 8.5% and 7.1% respectively. The unemployment rate increased from 2.2% to 6.3% due to the Asian financial crisis. After peaking at 7.9% in 2003, the unemployment rate eased back to 4.8% in 2006. In August 1998, the government intervened in the stock, futures, and currency markets to fend off "manipulators." The banking sector remains solid, and the government is committed to the US-Hong Kong [[linked exchange rate]]. ==Resources== Hong Kong has little arable land and few natural resources within its borders, and must therefore import most of its [[food]] and raw materials. Hong Kong is the world's 11th largest trading entity,<ref>"[http://www.info.gov.hk/info/hkbrief/eng/ahk.htm About Hong Kong]", Government Information Centre</ref> with the total value of [[import]]s and [[export]]s exceeding its [[gross domestic product]]. [[As of 2006]], there are [[List of countries with consulates in Hong Kong|114 countries]] that maintain [[consulate]]s in Hong Kong, more than any other city in the world. Much of Hong Kong's exports consists of [[re-exportation|re-exports]], which are products made outside of the territory, especially in [[mainland China]], and distributed through Hong Kong. Even before the [[Transfer of the sovereignty of Hong Kong|transfer of sovereignty]] to the People's Republic of China, Hong Kong has established extensive trade and investment ties with mainland China. The territory's autonomous status enables it to serve as a point of entry for investments and resources flowing into the mainland. ==Transformation== Hong Kong's economy has transformed and re-adapted itself to different periods of time. {| class="wikitable" |- ! width=20% | Period ! Dominating Sector ! Description |- | Pre-War || Trade || In 1895 Hong Kong's trading port was 4th largest in the world<ref name="Barber">Barber, Nicola. [2004] (2004) Hong Kong. Gareth Stevens Publishing. ISBN 0836851986</ref>. The economy revolved around international trading. |- | [[1950s in Hong Kong|1950s]] to [[1970s in Hong Kong|1970s]] || Manufacturing || was the largest share of the economy, led by textiles. Business services such as wholesaling, retailing, foreign trade and hotels and restaurants was the second largest sector, followed by finance.<ref>Key Indicators of Developing Asian and Pacific Countries, Vol XXBuckley, Roger. [1997] (1997). Hong Kong: The Road to 1997 By Roger Buckley. Cambridge July 1991, Economics and Development Resource Centre, Asian Development Bank, p. 140.</ref> |- | [[1980s in Hong Kong|1980s]] to [[1990s in Hong Kong|1990s]] || Finance || In 1981, financial services including real estate, insurance, brokering and banking, moved into the lead for the first time. Business services again took the lead in 1984 and retained that position until the end of the colonial era |- | [[2000s in Hong Kong|Post-Handover]] || Services || Since 1997, the economy has been led by two engines, the business and financial services sectors which together account for half of all economic activity. |- |} The following table demonstrates historic economic growth and inflation, as per the Census and Statistics Department.<ref>Censtatd.gov.hk. "[http://www.censtatd.gov.hk/hong_kong_statistics/statistical_tables/index.jsp?charsetID=1&subjectID=12&tableID=032 Censtatd.gov.hk]." ''Inflation.'' Retrieved on [[2008-03-06]].</ref><ref>Censtatd.gov.hk. "[http://www.censtatd.gov.hk/hong_kong_statistics/statistical_tables/index.jsp?charsetID=1&subjectID=10&tableID=052 Censtatd.gov.hk]." ''GDP.'' Retrieved on [[2008-03-06]].</ref> {| class="wikitable" |- ! Year || Real GDP || Inflation |- | 1962 || 14.16% || 1.99% |- | 1963 || 15.71 || 3.77 |- | 1964 || 8.57 || 5.05 |- | 1965 || 14.49 || 2.52 |- | 1966 || 1.75 || 0.60 |- | 1967 || 1.69 || 6.56 |- | 1968 || 3.39 || 3.35 |- | 1969 || 11.29 || 5.59 |- | 1970 || 9.22 || 8.89 |- | 1971 || 7.16 || 7.65 |- | 1972 || 10.53 || 9.22 |- | 1973 || 12.31 || 14.28 |-|- | 1974 || 2.28 || 11.70 |- | 1975 || 0.41 || 4.66 |- | 1976 || 16.23 || 9.60 |- | 1977 || 11.80 || 3.73 |- | 1978 || 8.38 || 7.99 |- | 1979 || 11.62 || 17.64 |- | 1980 || 10.34 || 15.49 |- | 1981 || 9.39 || 10.26 |- | 1982 || 2.98 || 11.11 |- | 1983 || 5.92 || 10.00 |- | 1984 || 9.91 || 8.59 |- | 1985 || 0.72 || 3.49 |- | 1986 || 11.04 || 3.60 |- | 1987 || 13.41 || 5.64 |- | 1988 || 8.44 || 7.80 |- | 1989 || 2.22 || 10.29 |- | 1990 || 3.90 || 10.19 |- | 1991 || 5.69 || 11.29 |- | 1992 || 6.09 || 9.58 |- | 1993 || 6.04 || 8.74 |- | 1994 || 6.01 || 8.87 |- | 1995 || 2.29 || 9.01 |- | 1996 || 4.19 || 6.27 |- | 1997 || 5.06 || 5.90 |- | 1998 || -6.03 || 2.83 |- | 1999 || 2.56 || -3.96 |- | 2000 || 7.95 || -3.76 |- | 2001 || 0.50 || -1.58 |- | 2002 || 1.84 || -3.12 |- | 2003 || 3.01 || -2.54 |- | 2004 || 8.46 || -0.40 |- | 2005 || 7.12 || 0.93 |- | 2006 || 6.75 || 2.02 |- | 2007 || 6.83 || 2.03 |- </table> ==Present== Since the new millennium the wealth gap continues to widen in Hong Kong. The [[gini coefficient]] is used to measure discrepancies between the rich and poor. As of 2006 Hong Kong's measurement is at 53.3, which means the difference between the rich and poor is far greater than that of the [[People's Republic of China|PRC]].<ref>Msnbc. "[http://www.msnbc.msn.com/id/19289044/ Hong Kong's wealth gap widens since handover]." ''HK wealth gap widens.'' Retrieved on [[2007-07-06]].</ref> Many of the financial tycoons also oppose [[universal suffrage]], since the large number of poor would vote for [[populists]] who promise costly social programs.<ref>Msnbc. "[http://www.msnbc.msn.com/id/19378582/site/newsweek/page/4/ Reinventing Hong Kong]." ''Ten years after the change-over, Hong Kong is positioning itself to become Asia's New York City.'' Retrieved on [[2007-07-06]].</ref> ==Future== Since the 1997 [[Transfer of the sovereignty of Hong Kong|handover]] Hong Kong's economic future became far more exposed to the challenges of [[The Global Economy|economic globalization]] competition directly from mainland China. [[Shanghai]] claimed in particular to have a geographical advantage, and a municipal government that dreams of turning the city into China's main economic center by as early as 2010. The target is to allow Shanghai to catch up to [[New York]] by 2040-2050<ref>Richardson, Harry W. Bae, Chang-Hee C. [2005] (2005) Globalization and Urban Development: Advances in Spatial Science. ISBN 3540223622</ref>, with the eventual projection that China will be Asia's most prosperous economy by 2040<ref>Burgess, Rod. Jenks, Michael. [2001] (2001) Compact Cities: Sustainable Urban Forms for Developing Countries. United Kingdom: Spon Press. ISBN 0419251308</ref>. Hong Kong, on the other hand, continue to have a more positive and realistic approach. It is sustainably be the international financial center in China. Until then, Hong Kong is expected to have higher overall economic figures yearly. Hong Kong's principal trading partners remain to be China, [[United States]], [[Japan]], [[Republic of China|Taiwan]], [[Germany]], [[Singapore]], and [[South Korea]]. ==Currency== [[Image:HongKong10dolar.jpg|right|300px|thumb|Hong Kong Currency]] {{main|Hong Kong dollar}} The currency used in Hong Kong is the [[Hong Kong dollar]]. Since 1983, it has been pegged at a [[fixed exchange rate]] to the [[United States dollar]] due to the event of [[Black Saturday (1983)|Black Saturday]]. The currency allows trade within a range between 7.75 and 7.85 Hong Kong dollars to one United States dollar. The government's fiscal year is from [[April 1]] to [[March 31]] of the next year. {| class="wikitable" |- ! Exchange rate to [[United States dollar|US]] $1 || Period |- |- | HKD $7.797 || 2007 |- | HKD $7.769 || 2006 |- | HKD $7.778 || 2005 |- | HKD $7.779 || 2004 |- | HKD $7.788 || 2003 |- | HKD $7.800 || 2002 |- | HKD $7.804 || 2001 |- | HKD $7.799 || 2000 |- | HKD $7.765 || 1999 |- | HKD $7.747 || 1998 |- | HKD $7.744 || 1997 |- |} ==Real Estate== [[Image:HK Ha Kwai Chung Lai King Estate Ming King House.JPG|thumb|right|300px|Lai King Estate, one of many housing structures]] Culturally speaking, the city view is a draw and marketing point. Hong Kong has always had an imbalance of [[supply and demand]] where the population far outstrips the available land. Almost 7 million people live on about 1,104 [[square kilometre]]s (426&nbsp;mi²) of space. In the high-end market, [[Victoria Peak|the Peak]] is ranked the 3rd most expensive city in the world in 2007 with a [[square foot]] per unit pricing of [[United States dollar|US]] $2,008 behind [[London]] and [[Monaco]]<ref name="ABCrealestate"/>. The classification of Hong Kong as a "free economy" also means anyone with money can buy real estate property. Many foreigners have invested heavily in the territory, making real estate one of the biggest contributors to economic statistics. The land is essentially rented from the government under a lease, even if one owns the property. Prior to 1997, lease terms were 75, 99 or 999 years. As of Hong Kong's return to China, new grants last for 50 years.<ref name="ABCrealestate">ABC News. "[http://abcnews.go.com/Business/FunMoney/story?id=2773844&page=1&CMP=OTC-RSSFeeds0312 ABC News Go]." "Hong Kong's Real Estate is World's Peak." Retrieved on [[2007-04-06]].</ref> ==Stock exchange== {{main|Hong Kong Stock Exchange}} The [[Hong Kong Stock Exchange]] is the [[List of stock exchanges|6th largest]] in the world, with a [[market capitalization]] of about [[United States dollar|US$]]2.97 trillion. In 2006, the value of [[initial public offering]]s conducted in Hong Kong was second highest in the world after [[London]]<ref name="Iht">[http://www.iht.com/articles/2006/12/25/business/borse.php Hong Kong surpasses New York in IPOs], International Herald Tribune, 2006-12-25. Retrieved 2007-1-20.</ref>. The rival stock exchange of the future is expected to be the [[Shanghai Stock Exchange]]. As of 2006, [[Hong Kong Exchanges and Clearing]] (HKEX) has an average daily turnover of 33.4 billion dollars, which is 12 times that of Shanghai.<ref name="Iht" /> ===Measuring Price Changes=== Hong Kong is one of the few developed economies to have experienced [[deflation]] in the post-War period; the other main example is Japan. Just how much prices are affected, however, depends on what’s being measured. Here are several examples of recent price changes:<ref>[http://www.censtatd.gov.hk/hong_kong_statistics/statistical_tables/index.jsp Census and Statistics Department - Statistical Tables<!-- Bot generated title -->]</ref> {| class="wikitable" |- !Measure (Average Annual Percent Change Per Annum) !2000-04 !2005 !2006 !2007 |- | Consumer Price Index | (2.3%) | 0.9% | 2.1% | 2.0% |- | *CPI: Food |(0.6) | 2.2 | 1.7 | 4.3 |- | *CPI: Durables | (0.1) | 0.4 | (6.4) | (4.7) |- |GDP Deflator |(3.7) |(0.1) | 0.0 | 3.0 |- |Private Consumption Deflator |(2.2) | 1.8 | 1.3 | 3.7 |- |Retail Price Deflator |(0.8) | 0.7 | 1.4 | 2.5 |- |Imported Goods |(1.0) | 1.9 | 2.1 | 1.8 |- |Imported Services | 1.5 | 1.0 | 0.8 | 3.0 |- |} ==Other economic indicators== [[Image:Fa Yuen Street, Hong Kong, Mar 06.JPG|thumb|right|300px|The economy functions well into the night]] ===Population=== * '''Inflation rate (consumer prices):''' +2.0% (2007) * '''Unemployment rate:''' 4.1% * '''Labour Force Participation Rate by sex''' (Sep-Nov 2007)<ref>Hong Kong census. "[http://www.censtatd.gov.hk/hong_kong_statistics/statistical_tables/index.jsp?charsetID=1&subjectID=2&tableID=007 Census labour data]." ''LFPR.'' Retrieved on [[2007-03-14]].</ref> ** ''Male:'' 71.2% ** ''Female:'' 53.0% * '''Labour Force Participation Rate by age group''' (Sep-Nov 2007)<ref>Hong Kong census. "[http://www.censtatd.gov.hk/hong_kong_statistics/statistical_tables/index.jsp?charsetID=1&subjectID=2&tableID=008 Census labour data]." ''LFPR.'' Retrieved on [[2007-03-14]].</ref> ** ''Age 15-24:'' 42.4% ** ''Age 25-44:'' 85.5% ** ''Age 45-64:'' 64.6% ** ''Age 65 and over:'' 5.3% ===GDP=== * '''GDP (nominal)''' - US$208.7 billion (2007) * '''GDP - real growth rate:''' 6.8% (2007) * '''GDP - per capita:''' US$30,157 (2007)) * '''GDP - composition by sector:''' (2006) ** ''Agriculture:'' 0.1% ** ''Industry:'' 11.9% (of which: manufacturing 3.1%) ** ''Services:'' 88.0% (of which: trade and retailing: 25.7%) ===Labour=== [[Image:HK CWB Jardine s Bazaar west nite.JPG|thumb|right|300px|The average work week is 47 hrs]] * '''Average Work Week:''' 47 hours per week<ref>Steers, Richard. [1999] (1999). Made in Korea: Chung Ju Yung and the Rise of Hyundai. United Kingdom: Routledge. ISBN 0415920507</ref> * '''Labour force - by sector:''' (2006 est)<ref>Hong Kong census. "[http://www.censtatd.gov.hk/FileManager/EN/Content_800/labour.pdf Census labour data pdf]." ''Labour.'' Retrieved on [[2007-03-14]].</ref> ** ''Agriculture and fishing:'' 0.3% ** ''Mining and quarrying:'' 0.05% ** ''Manufacturing:'' 5.1% ** ''Electricity, gas and water:'' 0.4% ** ''Construction:'' 8.0% ** ''Wholesale and retail trades:'' 10.5% ** ''Import and export trade:'' 16.4% ** ''Restaurants and hotels:'' 7.1% ** ''Transport and storage:'' 9.4% ** ''Communications:'' 1.1% ** ''Financial services:'' 5.3% ** ''Real estate and business services:'' 10.1% ** ''Public administration:'' 3.7% ** ''Education and health services:'' 7.6% ** ''Personal services:'' 9.0% ** ''Recreational, other community and social services:'' 5.9% ===FY 2007-08 Budget=== * '''Operating Revenues:''' HK$248.3 billion (US$$31.8 billion) ** ''of which, direct taxes:'' HK$130.9 billion ** ''of which, other recurrent revenue:'' HK$117.4 billion * '''Capital Revenue:''' HK$76.7 billion * '''= Government Revenue''' HK$346.9 billion * '''Operating Expenditures:''' HK$206.4 billion (US$$26.5 billion) * '''Capital Expenditures:''' HK$30.1 billion * '''= Government Expenditures:''' HK$237.2 billion * '''Subventions and other public sector spending:''' HK$19.4 billion * '''= Public Expenditure:''' HK$255.8 billion * '''Fiscal reserves less government debt:''' HK$460.3 billion (end-March 2008) ===Trade and investment (2007)=== * '''Exports:''' $344.9 billion f.o.b., including re-exports<ref name=Tdc>TdcTrade. "[http://www.tdctrade.com/main/economic.htm TdcTrade.com]." ''Economic and Trade info on Hong Kong.'' Retrieved on [[2007-03-14]].</ref> ** ''Exports - partners:'' Mainland China 48.7%, USA 13.7, Japan 4.5%, Germany 3.0% ** ''Exports - commodities:'' clothing, textiles, footwear, electrical appliances, watches and clocks, toys, plastics, precious stones * '''Imports:''' $368.4 billion (2007) ** ''Imports - partners:'' Mainland China 46.3%, Japan 10.0%, Taiwan 7.1%, Singapore 6.8% ** ''Imports - commodities:'' foodstuffs, transport equipment, raw materials, semimanufactures, petroleum; a large share is re-exported ==See also== {{portal|Hong Kong|Hong Kong SAR Regional Emblem.svg}} * [[Mainland and Hong Kong Closer Economic Partnership Arrangement|Mainland and HK Closer Economic Partnership Arrangement (CEPA)]] * [[Mainland and Macau Closer Economic Partnership Arrangement|Mainland and Macau Closer Economic Partnership Arrangement (CEPA)]] * [[Economy of the People's Republic of China]] * [[Economy of East Asia]] * [[Individual Visit Scheme]] * [[Positive non-interventionism]] * [[The Hongs]] * [[Taiwan Miracle]] * [[Poverty Campaign: Speak Up]] ==External links== *[http://www.gov.hk Hong Kong Government] *[http://www.economist.com/countries/HongKong/profile.cfm?folder=Profile-Economic%20Structure Hong Kong Economic Structure], The Economist, 10-01-2007. Retrieved 24-02-2007. *[http://www.hooverdigest.org/983/friedman.html The Hong Kong Experiment] by [[Milton Friedman]] *[http://www.theglobalguru.com/article.php?id=68&offer=GURU001 Global Investment in Hong Kong Markets] - [[Nicholas Vardy]] October 27, 2006 *[http://eh.net/encyclopedia/article/schenk.HongKong Economic History of Hong Kong] Catherine R. Schenk, University of Glasgow ==References== {{reflist|2}} {{APEC}} {{WTO}} {{Asia in topic|Economy of}} [[Category:Economy of Hong Kong| ]] [[Category:WTO member economies|Hong Kong]] [[Category:APEC]] [[es:Economía de Hong Kong]] [[fr:Économie de Hong Kong]] [[he:כלכלת הונג קונג]] [[hu:Hongkong gazdasága]] [[ja:香港の経済]] [[pt:Economia de Hong Kong]] [[ru:Экономика Гонконга]] [[vi:Kinh tế Hồng Kông]] [[zh:香港經濟]]