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Hong Kong – World's Freest Economy

Hong Kong – World's Freest Economy. Hong Kong – key economic data. Population 6.9 mn (mid-2005) Per capita GDP US$24,100 (2004) Nominal GDP US$166 billion (2004) Total trade in goods US$530 billion (2004) Total trade in services US$84 billion (2004)

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Hong Kong – World's Freest Economy

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  1. Hong Kong –World's Freest Economy

  2. Hong Kong – key economic data Population 6.9 mn (mid-2005) Per capita GDP US$24,100 (2004) Nominal GDP US$166 billion (2004) Total trade in goods US$530 billion (2004) Total trade in services US$84 billion (2004) Economic growth 7.3% (2005Q1-Q3) Consumer price inflation 1.0% (Jan-Oct 2005) Unemployment rate 5.3% (Aug-Oct 2005)

  3. Hong Kong - a global trading hub • Economic freedom and free trade are what make it possible for 6.9mn people to have a high standard of living in a small city with very little natural resources • For decades, Hong Kong is at the forefront of globalization

  4. “Big market, small government” • Excellent infrastructure & flexible markets • Good governance and regulatory framework • Freedom of entry; open competition; level playing field • Business leads, government facilitates • Continuous economic restructuring

  5. FDI Inflows of 10 Neighbouring Economies in Asia (US$billion) Sources: UN Conference on Trade and Development 2005

  6. World Investment Report 2005: Hong Kong - 2nd largest recipient of FDI in Asia, 7th in world Latest Inward Investment Data • Inflow of FDI in Hong Kong • Year2002 2003 2004 2005(Q1-Q2) • Amounts (US$billion) 9.7 13.6 34.0 19.8* *preliminary figures Sources: UN Conference on Trade and Development 2005 Census and Statistics Department

  7. Regional Operations in Hong Kong Source: Report on 2005 Annual Survey of Regional Offices Representing Overseas Companies in HK

  8. 3,798 Regional Operation Centres Source: Report on 2005 Annual Survey of Regional Offices Representing Overseas Companies in HK

  9. Hong Kong - 10 Key Advantages • Rule of law • Unrivalled location • Low and simple taxes • World’s freest economy • Clean government • Free flow of information • World class infrastructure • Skilled workforce • International lifestyle • Gateway to the Mainland

  10. Investment projects completed by Invest Hong Kong • Inward investment projects completed by Invest Hong Kong • 2002 2003 2004 2005 (Q1-Q3) • No of projects: 117 142 205 204 • About 16% of the completed projects in first 9 months of 2005 involved Mainland investments.

  11. Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) • With the implementation of CEPA, Hong Kong's attractiveness to foreign investors was further strengthened. • Out of the 204 investment projects completed by Invest Hong Kong in first 9 months of 2005, - 30 companies said they invested because of CEPA - 56 companies said it was a contributing factor

  12. www.info.gov.hk www.info.gov.hk/hkecon/press/index.htm www.investhk.gov.hk

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