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Hong Kong

The global downturn, the Iraq war, and now the SARS virus crisis – Hong Kong is not getting the breaks it needs to escape its deflationary spiral. But despite an uncharacteristic mood of pessimism, there are positive signs for the former British colony, notably a strong return to growth for both imports and exports. And there is no denying the Special Administrative Region’s natural advantages – its location, its low and simple taxation system, and the abilities of its people to do business within one of the world’s freest economies.

Integration with the Pearl River Delta region is also seen by many as a potential boost to the ex-colony’s fortunes, proposing marketing and development of this area as one unitary element. The PRD is a growing market of relatively affluent consumers as well as a key manufacturing centre for Hong Kong, with increasing numbers of companies undertaking their service operations – finance, marketing and management – in Hong Kong, but manufacturing in China. Integration with the PRD would simplify daily operations, although some warn against too close an integration, citing the SAR’s separateness as a key advantage.

As manufacturing operations migrate, Hong Kong has become China’s service centre – offering perhaps the only truly international legal system in the region, as well as banking, insurance, trade and arbitration expertise that has made it the location of choice for dispute settlement.

geo-economic data
Population: 6,815,800
National capital: Beijing; Hong Kong is a Special
Administrative Region (SAR) of
the People’s Republic of China
Land area: 1000 sq km
Currency: HK dollar (HKD)
GDP: US$162.95bn
GDP per capita: US$23,090
Real GDP growth: -0.6%
Unemployment: 7.4%
Inflation: -2.0%
Merchandise exports: US$54.72bn 15.6% growth
Service exports: US$12.76bn 16.7% growth
Merchandise imports: US$55.44bn 15.0% growth
Service imports: US$5.98bn 3.1% growth

 

fleet data
HKSOA members National flag Foreign flags
No (ocean-going) 495 601
’000 gt 14,066 22,233
’000 dwt 24,060 37,538

 

HKSOA member fleet by
ship type		 No of ships ’000 gt av. age
Bulk carriers 499 18,199 33,383
Container ships 169 4716 5407
Tankers 103 9271 17,494
General cargo 40 319 564

 

ISL Port data

Hong Kong
  ocean-going river  
No of ships: 32,830* 119,520*  
Ship tonnage (’000 gt): 267,425* 67,429*  
Cargo traffic (’000 MT)
total
loaded
unloaded
% general
cargo
% dry
bulk
% liquid
bulk
178,210
67,738
110,472
79.3
11.4
9.3
Container traffic (TEU)      
total
loaded
unloaded
containerisation %
17,826,000
8,993,000
8,833,000
86.3

Geoecon stats: C&SD HK. 2002 figures unless stated.
Fleet stats: HKSOA members at 1 December 2002. °=2001.
Port stats: ISL Port Data Base. 2001 figures except
*=2002 figures from Hong Kong Marine Department.

 

  
   
Focus: HONG KONG
    
   

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