Hong Kong: Gateway to China for Estonian Businesses

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1 Hong Kong: Gateway to China for Estonian Businesses Mrs Agnes ALLCOCK, Director-General Hong Kong Economic and Trade Office (London) 2 June

2 Hong Kong: The Latest Economic Situation Real GDP Growth: 6.8% (2010) Further Growth: 4-5% Unemployment: 3.4% (March 2011) Percentage% Real GDP Growth Consumer Price Inflation Unemployment rate 2

3 One Country, Two Systems High degree of autonomy Rule of law, guaranteed by the Basic Law Low taxes Free flow of capital, talent and information Own negotiations of bilateral agreements on trade, investment, immigration, culture and many other areas Own passports with visa-free access to 140+ countries 3

4 World s Freest Economy for the 17 th Consecutive Year Overall Rank 1 1 Business Freedom Trade Freedom Fiscal Freedom Government Spending Monetary Freedom Investment Freedom Financial Freedom Property Rights Freedom from Corruption Labor Freedom N.A Overall Score

5 Relationship with the Mainland Economies increasingly interconnected, especially through the Pearl River Delta region Hong Kong as the preferred platform for Chinese companies to go global, and for international firms to enter the China market 5

6 Relationship with the Mainland Increasing demand for RMB products e.g. RMB banking, RMB trade settlement, RMB inter-bank lending, and RMB dim sum bonds Cross-border RMB trade settlement: RMB 370 bn (2010) Renminbi deposits: RMB bn (end 2010) Dim sum bonds : RMB 74.4 billion (end Jan 2011). 6

7 Spring Board and Gateway to China 7

8 Mainland China s 12 th Five-Year Plan ( ) 2015) Central Authorities support for Hong Kong in consolidating and enhancing competitive advantages Support for development into an offshore RMB centre and international asset management centre HK acting as firewall and testing ground for Mainland China s financial policies and measures Establishment of a HK-Guangdong financial co-operation zone and a world-class metropolitan cluster with HK s financial system taking the lead 8

9 Four Major Sectors Financial Services Professional Services Trading and Logistics Tourism 9

10 External Merchandise Trade and Foreign Direct Investment 10

11 Hong Kong s Major Trading Partners Malaysia, 1.73% Rest of the world, 16.35% Total External Merchandise Trade in 2010: US $820.0 billion Thailand, 1.73% Germany, 2.16% India, 2.29% Republic of Korea, 2.94% Singapore, 4.51% Taiwan, 4.59% Mainland China, 48.91% Japan, 6.81% US, 7.99% 11

12 A Maritime Centre Change over 1997 Cargo Throughput (Tonnes) 133 million 263 million 100% Container throughput (TEUs) 14.6 million 24 million 64.4% No. of container berths % Destinations served N/A Ocean cargo vessels arrivals 41,450 30,330-27% Hong Kong Shipping Register - gross tonnage (million) 5.7 million 56.5 million 891% - vessels 484 1, % 12

13 International Air Hub and No. 1 Air Cargo Hub (Elected Airport of the Year by UK Skytrax 7 times in ten years) Change over 1997 Passengers ( million) % No. of flights per week 1,700 5, % No. of international airlines % No. of destinations % Tonnes of air cargo (million) % No. of Air Services Agreement signed % 13

14 Asia s No.1 (World s No.3) Financial Centre World's 15th and Asia's 3rd largest international banking centre and the 6th largest foreign exchange market. 193 authorised institutions and 68 local representative offices. 68 of the world's top 100 banks have an operation in Hong Kong. Highest concentration of insurers in Asia, with 168 authorised insurers. Gross premium income reaching $28.6 billion in Leading asset management centre. Combined fund management business amounted to US$1,091 billion (Over 60% from overseas). Asset management business (US$747 billion) just second to Australia in the Asia Pacific region 193,086 employees in the financial services sector, accounting for 6% of the total labour force in

15 No. 1 for IPO (2009 and 2010) Change over 1997 Hang Seng Index 10,723 23, % Market Capitalisation (USD bn) , % Capital raised in IPO (USD bn) % No. of listed companies 658 1, % -No. of Mainland enterprises % Equity funds raised by Mainland enterprises in HK (USD bn) Market capitalisation of Mainland enterprises listed in HK (USD bn) % % 15

16 A Popular Destination for Tourists

17 Six New Industries Medical Services Environmental Industries Testing and Certification Education Services Innovation and Technology Cultural and Creative Industries 17

18 Medical Services Development of private hospitals at four sites Enhancement of safety and quality standards and provision of Chinese and Western medicines shared-care services in various hospitals Inviting and encouraging more Chinese medicine experts from the Mainland and other countries to come to HK for work and exchanges 18

19 Environmental (Green) Industries Electric vehicles, new energy technology, and products to enhance building energy efficiency. Encouraging the private sector, through various policies and financial incentives, to support the development of environmental industries. Green specifications for products commonly procured by the Government and increasing the use of recycled materials in public works Eco Expo Asia - Business and trading platform and premier ecoexhibition for green products, technologies and services in the region.

20 Innovation and Technology Development of Phase 3 of the HK Science Park Introduction of an R&D rebate scheme Improvements to the Innovation and Technology Fund Promotion of Innovation and Technology in the public sector Building up a stronger innovation and technology culture in the community 20

21 Culture and Creative Industries $300 million CreateSmart Initiative for film, design, architecture, advertising, animation and comics, digital entertainment, music, publishing and other sectors. Nurturing talents and exploring markets, with a view to helping existing and prospective practitioners and sustaining the development of the sectors. $486 million Programme to strengthen cultural software through arts programme development, manpower training, promotion of arts education, audience building and cultural exchanges.

22 Why Hong Kong? Close proximity to the fastest growing market in Mainland China Closer Economic Partnership Arrangement Accessible to millions of Chinese tourists (more than 26 million in 2010) Robust intellectual property regime Well-established and high-quality infrastructure Research funding and university grants to support R & D available from the Government Highly skilled, multi-lingual, tech savvy workforce 22

23 Closer Economic Partnership Arrangement (CEPA) Free trade agreement between the two economies covering: -trade in goods and services -trade and investment facilitation HK products meeting CEPA rules of origin enjoy zero tariff treatment upon importation into the Mainland Easier access for service industries qualified as Hong Kong Service Supplier No restriction imposed over beneficiaries source of capital, to the advantage of foreign investors 23

24 Quality of Life

25 Green Hong Kong

26 Hong Kong Economic & Trade Office 6 Grafton Street London, W1S 4 EQ United Kingdom Tel: (44) Fax: (44) Thank you Websites: Hong Kong Economic & Trade Office HKSAR Government InvestHK Hong Kong Trade Development Council Hong Kong Tourism Board 26

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