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None, as Hong Kong is a Special Administrative "Region" of China
Hong Kong dollar (HKD)
English, Chinese, Cantonese
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Importing a standard container of goods into Hong Kong requires:
Hong Kong, a major trading and financial hub in Asia, is also an important gateway into the Chinese market and the rest of Asia. It is a major capitalist service economy characterised by low taxation and free trade. The economy has been moving up the value chain, shifting towards higher value- added services and more knowledge-based activities. Hong Kong has its own government and legal system that strongly differentiates it from the People’s Republic of China. The Hong Kong dollar is the eighth most traded currency in the world, according to the Bank of International Settlements.
|Export of goods and services||4.8||2.6||7.6|
|Import of goods and services||5.6||3.6||8.0|
|Short-term interest rates (%)||0.4||0.4||0.7|
|Exchange rate (per £)||-||-||-|
|Unit labour cost||-3.6||2.6||-2.7|
|Source: Oxford Economics|
Hong Kong’s economy grew moderately by 2.9% in the second quarter of 2013 compared to the previous quarter. Domestic demand continued to drive growth, while the external sector was still constrained by an unsteady global economic environment. The domestic sector is expected to remain resilient, with local consumption supported by favourable job and income conditions. Ongoing infrastructure works and a thriving inbound tourism should provide support to the local economy. Hong Kong's GDP growth forecast for 2013 is 3.1% with 4% in 2014.
China will remain the most important trade partner in the medium term. However, as Hong Kong begins to geographically diversify its trade patterns, exports to China are expected to slow. A number of large developed economies, such as Japan, the US and Germany are currently important trading partners, and will continue the trade flowing through Hong Kong. However, these economies will not be the main drivers of future growth. Rather, emerging Asia will be the most dynamic source of growth in goods trade for Hong Kong. Exports to Vietnam, India, the Middle East and North Africa region are expected to provide Hong Kong with new opportunities for trade growth.
Leading financial hub
Strategically located for business in Asia
High Labour costs
Limited land and space
Government support for companies
Limited government intervention
Slowdown in China
With £29 billion of investment scheduled until 2016 across a number infrastructure projects, Hong Kong offers great opportunities for UK businesses. The infrastructure projects in particular offer opportunities in design, engineering, and construction related services as well as a vast array of supply chain opportunities for small and medium-sized firms. Other sectors that offer great opportunity include healthcare and green sectors.
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