Hong Kong: the premier gateway for doing business in China and Asia

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1 Hong Kong: the premier gateway for doing business in China and Asia Miss Gloria Lo Director of Hong Kong Economic and Trade Office 23 May 2012 Hong Kong Economic and Trade Office (Toronto) 1

2 Hong Kong at a glance Special Administrative Region of China since 1 July 1997 High degree of autonomy under One Country, Two Systems principle Separate membership in international trade bodies and agreements (WTO, WCO, IMO) 2

3 Hong Kong at a glance Population: around 7 million GDP: US $ 289 billion (Per capita: US$ 34,105) GDP growth: 5% (2011); 1-3% (2012 projection) Inflation: 5.9% (1 st Q 2012) Unemployment rate: 3.4% (1st Q 2012) Fiscal reserves: HK$669.1 billion (35% of GDP) as at 31 Mar

4 Hong Kong at a glance Political development: Election for the Chief Executive on 25 March 2012 Election of the Legislative Council on 9 September 2012 Universal suffrage for the election of CE and LegCo in 2017 and 2020 respectively 4

5 Hong Kong at a glance Four traditional pillar industries: Financial services Tourism Trading and Logistics Professional services Six new growth industries: Testing and Certification services Medical services Innovation and Technology Culture and Creativity industries Environmental industries Education services 5

6 Hong Kong: platform for successful business Safeguard business interests Universally acclaimed as among the best place for business Cost for business remain relatively low Connected closely with all over the world Efficiency for business unrivalled by most other places Support by large pool of quality professionals Support services by HKETO and its Hong Kong family 6

7 Safeguards for business interests Sound legal system with practice of common law and an independent judiciary Level playing field for all businesses One of the least corrupt places in the world Intellectual property rights protected by law Arbitration awards enforceable in over 140 jurisdictions (those made in Hong Kong enforceable in Mainland China) 7

8 Low costs for business Simple and low tax rates (only income sourced in Hong Kong is taxed) Profits tax at 16.5%; Salary tax at 15% among the lowest in the world No VAT or GST, No inheritance tax; No capital gains tax, No tax on dividends and interest income, No duty for wine 8

9 Hardware for business efficiency Superb infrastructure (approved public works for 2011/12:C$1.06 billion) Busiest airport for international cargo, the third busiest container port High mobile phone penetration: 201% High broadband internet penetration: 85.2 % 9

10 Software for business efficiency High quality workforce and professionals 15 degree-awarding institutions 35% of the workforce with tertiary education 8,100 local lawyers and over 1,300 registered foreign lawyers Over 32,000 certified public accountants Over 5,300 chartered company secretaries 10

11 Strong connections all over the world Strategic location: half of the world s population within five-hour flight The world s 10th largest trading entity in goods The world s 14th largest commercial services trading entity Host to 6561 overseas companies - 1,285 regional headquarters - 2,353 regional offices - 2,923 local offices 11

12 Strong connections all over the world Strategic location: half of the world s population within five-hour flight 12

13 Strong connections with Canada 300,000 Canadians living in Hong Kong Over 500,000 people of Hong Kong descent in Canada Over 150,000 Canadian educated alumni in Hong Kong Canada s export to Hong Kong: CAD $1.6 billion Hong Kong s export to Canada: CAD $0.1 billion Canada s direct investment in Hong Kong: CAD $ 6.1 billion Hong Kong s direct investment in Canada: CAD $ 6.2 billion 13

14 Strong connections with Canada Examples of Canadian Companies Operating in Hong Kong: Financial - BMO, RBC, Manulife. ICT - RIM, Skywave Mobile, Vantrix.. Professional Services - McMillan LLP, Golder Associates Retail - Canadian Tire, Maple Leaf Food Restaurants and Hotels - Four Seasons, New York Fires Transportation - Air Canada, Vancouver Port Authority Education and Government - UT, UBC, UWO, Albert Province. 14

15 Platform for business and trade with Mainland China Mainland China: the largest trading partner of Hong Kong Hong Kong: the largest external investor in the Mainland (US$456 billion) Hong Kong: the single largest source of capital for Mainland enterprises: 42% of listed companies in Hong Kong are from Mainland Hong Kong: the premier gateway for international trade of Mainland China (18% of Mainland s foreign trade handled through Hong Kong) 15

16 12 th National Five-Year Plan of China Full support for continuous development of Hong Kong as global financial centre, international shipping, trading and logistics centre, RMB offshore business centre and assets management centre Encourages and supports Mainland and Hong Kong companies to go global together Supports the development of Hong Kong s six new growth industries 16

17 Closer Economic Partnership Arrangements Bilateral free trade agreement between Hong Kong and the Mainland effective since 2004 Zero tariff for goods and products of Hong Kong origin Preferential treatment for Hong Kong companies (local and foreign-owned) in entering 47 service sectors in the Mainland 17

18 Economic integration between Hong Kong and Guangdong Framework agreement signed in 2010 covering the areas of trans-boundary infrastructure, modern services industries, manufacturing and hi-tech innovation, business environment, living environment, education and training Specific action plan drawn up in January 2012 for cooperation Cross-border infrastructure projects to bring Hong Kong closer to the Mainland: e.g. Guangzhou-Shenzhen-Hong Kong Express Rail Link, Hong Kong-Zhuhai-Macau Bridge 18

19 Guangzhou-Shenzhen-Hong Kong Express Rail Link 26-km high-speed railway linking Hong Kong with major Mainland cities(via Shenzhen) Hong Kong - Guangzhou: 48 minutes - Shanghai: 8 hours - Beijing: 10 hours Total project cost: HK$69.6 billion (C$9 billion) 99,000 passengers daily in 2016 Boundary control facilities co-located at immigration halls 19

20 Hong Kong-Zhuhai-Macau Bridge 29.6 km dual 3-lane carriageway Linking Hong Kong, Zhuhai and Macao to enhance passenger and freight land transport among Hong Kong, West Pearl River Delta Region (WPRDR)and Macao Operational in 2016, cities in WPRDR within a 3- hour commuting radius of Hong Kong Total project cost: HK55.5 billion (C$7.16 billion) Boundary control facilities located at an artificial island near Hong Kong International Airport: a multi-modal transportation 20

21 Pearl River Delta region Among the most economically active regions in the Mainland Comprising nine cities in Guangdong province, Hong Kong and Macau Latest development trend: moving up the value chain for industries, shifting from low-wage labor intensive industries and emergence of a growing consumer markets 21

22 Hong Kong is an excellent place for business Ranked 1st as the world s freest economy by the Heritage Foundation since 1995 and the Fraser Institute since 1970 Ranked 1st in the World Economic Forum s Financial Development Index 2011 Ranked 1st as the most open market in the ICC Open Markets Index in December 2011 by the International Chamber of Commerce Ranked 1st in the Globalization Index 2010 by Ernst & Young and the Economist Intelligence Unit Ranked 1 st in IPOs for the last three consecutive years Ranked 1st as the most competitive economy by the International Institute for Management Development in 2011 Ranked 2nd as the easiest place to do business in the world in the World Bank s Doing Business 2012 Report 22

23 HKETO: Support services by HKETO and others Representative office of HKSAR Government in Canada Based in Toronto for 20 years Coordinates with other bodies for information dissemination and trade promotion work Invest Hong Kong: Provides facilitation and supporting services for business set-up and expansion in Hong Kong Hong Kong Trade Development Council: Non-government public body organizing trade missions from Canada to Hong Kong and providing business matching services 23

24 Thank You 24

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