Hong Kong
Economic and trade overview
Key figures
Economy 2011 Trade 2011 (USD billion)
GDP USD 249 bn Goods Exports 438
GDP per capita USD 34,914 Imports 447
GDP volume growth (year-on-year) + 4.9% Net – 9
Population 7.12m Services Exports 93
MMR (year average) 0.13% Imports 74
Exchange rate HKD / USD (year average) 7.784 Net + 19
BoP (goods, services & income) as % of GDP + 7.5% Source: IFS, IMF, January 2013International/regional memberships
Asia-Pacific Economic Cooperation
(APEC): since 12–14 November 1991.
World Trade Organization:
since 1 January 1995.
Government trade policy
Hong Kong follows a free trade policy, with
controls only existing for national security
or similar reasons. No tariffs are applied to
exports or imports.
A Closer Economic Partnership Agreement
(CEPA) with China has given Hong Kong-
based companies access to markets in
mainland China, free from tariffs, since 2003.
National export credit insurance provider:
the Hong Kong Export Credit Insurance
Corporation (ECIC — http://www.hkecic.com).
As Hong Kong follows a policy of free trade,
there is no need for free trade or special
economic zones.Currency and exchange controls
Official currency: Hong Kong dollar (HKD).
Exchange rate arrangement: currency
board system. The system uses a monetary
base that is matched by USD reserves at
an exchange rate of HKD 1 to USD 7.80.
Trading is permitted to fluctuate between
USD 7.75 and 7.85 per HKD 1.
Hong Kong’s monetary base is comprised
of notes and coins, outstanding Exchange
Fund bills and notes, and the aggregate
balance of banks’ clearing accounts held at
the Hong Kong Monetary Authority (HKMA
— http://www.info.gov.hk/hkma)..)
The HKMA is responsible for maintaining
the stability of the HKD through the linked
exchange rate mechanism.
Hong Kong does not apply exchange controls.Bank accounts
Resident companies can hold local currency
(HKD) bank accounts outside Hong Kong.
Resident companies can hold foreign
currency bank accounts both within and
outside Hong Kong.
Non-resident companies can hold local
currency bank accounts both within and
outside Hong Kong.
Non-resident companies can hold foreign
currency bank accounts in Hong Kong.