User:Tinalei2014/sandbox/sandbox2
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As one of the world's leading international financial centers, Hong Kong’s service-oriented economy is characterised by low taxation, near free port trade and well established international financial market.[12] The currency, called the Hong Kong dollar, is legally issued by three major international commercial banks,[13] and pegged to the US Dollar.[14][15] Interest rates are determined by the individual banks in Hong Kong to ensure it is market-driven only. [16] There is no central banking system in Hong Kong. [17][18] (for more, see Exchange Bank Association) When destabilizing factors attempt to hit the financial market of this Special Administrative Region of People's Republic of China it will be supervised and inspected by the Hong Kong Monetary Authority. Electronic finance trading [19][20] is evolutionarily impacting the financial market of Hong Kong.[21]
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Currency | Hong Kong dollar (HKD) |
---|---|
1 April – 31 March | |
Trade organisations | APEC and WTO |
Statistics | |
GDP | PPP: $325.755 billion (2011 est.) PPP per capita rank: 8th Nominal per capita rank: 25th (2010[update])[1] |
GDP growth | 7.2% (2011 Q1)[2] |
GDP per capita | HK$246,733; 2010 (US$50,936 PPP; 2012)[3] |
GDP by sector | agriculture: (0.1%) industry: (9%) services: (90.9%) (2008 est.) |
2.4% (2010)[4] | |
Population below poverty line | N/A |
53.3 (2007) | |
Labour force | 3.2343 million (end-2010)[5] |
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 | 3.4% (1/2011 – 3/2011)[6] |
Main industries | textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks |
External | |
Exports | $390.4 billion (2010) |
Main export partners | China 54.1% United States 9.9% Japan 4.2% (2012 est.)[7] |
Imports | $433.5 billion (2010) |
Main import partners | China 46.9% Japan 8.4% Taiwan 7.5% South Korea 5.0% United States 4.7% (2012 est.)[8] |
Public finances | |
30% of GDP (2012 est.) | |
Revenues | $36.62 billion (2008 est) |
Expenses | $38.89 billion (2008 est.) |
Economic aid | N/A |
Standard & Poor's:[9] AAA (Domestic) AAA (Foreign) AAA (T&C Assessment) Outlook: Stable[10] Moody's:[10] Aa1 Outlook: Stable Fitch:[10] AA+ Outlook: Stable | |
US$272.617 billion (March 2011)[11] | |
According to Index of Economic Freedom since the inception of the index in 1995,[22] Hong Kong has remained as the world's freest economy, The economy is governed under positive non-interventionism, and is highly dependent on international trade and finance. In 2009 the 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.[23] In terms of international comparison, with the most efficient and corruption-free application procedure, lowest income tax and lowest corporate tax as well as abundant and sustainable government finance that the government of Hong Kong consistently upheld the policy of encouraging (and supporting such as Cyberport and Hong Kong Disneyland (by Hong Kong International Theme Parks)) activities of private businesses. This is having a sound impact on the overall economic performance by removing unnecessary barriers for the private enterprises in the Special Administrative Region. Hong Kong is a favorable destination especially for international firms and firms from Mainland China to be listed in the Hong Kong Stock Exchange due to Hong Kong's highly internationalized and modernized financial industry along with its capital market in Asia, its size, regulations and available financial tools, which are comparable to London and New York.[24][25]
Hong Kong's gross domestic product, between 1961 and 1997, has grown 180 times. Also, the GDP rose by 87 times per capita.[26] Its economy size is slightly bigger than Israel and Ireland[27][28][29] and its GDP per capita at purchasing power parity is the 6th highest globally in 2011, more than the United States and the Netherlands and slightly lower than the Brunei.
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. Hong Kong is a full Member of World Trade Organization.[30] 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 the world. The Hong Kong Stock Exchange is the 5th largest in the world, with a market capitalisation of about US$2.63 trillion.
Hong Kong has also had an abundant supply of labour from the region nearby. A skilled labour force coupled with the adoption of modern British/Western business methods and technology ensured the opportunities for external trade, investment, and recruitment were maximised. Prices and wages in Hong Kong are (relatively) flexible depending on the performance and stability of the economy of Hong Kong.[31]
Taxation in Hong Kong raises revenues from the sale tax and taxation of land, and through attracting international business to provide capital for its public finance, due to its low tax policy. According to Healy Consultants, Hong Kong is East Asia's most attractive business environment, in terms of attracting foreign direct investment (FDI).[32] This has led to Hong Kong being the 3rd largest recipient of FDI in the world.[33] From its revenues, the government has built roads, schools, hospitals, and other public infrastructure facilities and services. Low levels of spending relative to GDP (for example, no spending on armed forces, minimal outlays for foreign affairs and modest recurrent social welfare spending) have allowed the accumulation of very large fiscal reserves with minimal foreign debt.
Though not conventionally regarded as a tax haven, Hong Kong ranked fourth on the Tax Justice Network's 2011 Financial Secrecy Index.[34]