latest development of hong kong under the new term government

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Ms Erica NgDirector-General, Hong Kong Economic and Trade Office, London

Latest Development of Hong Kongunder the New-term Government

21 August 2013

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Basic FactsBasic FactsLocation: At the southern tip

of China

Population: 7.1 million

Size: 1,100 sq. km

Three quarters is countryside

Returned to China in 1997

“One Country Two Systems”

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Chief Executive of the Hong KongChief Executive of the Hong KongSpecial Administrative Region Special Administrative Region – Mr C Y – Mr C Y

LeungLeung

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Core Strengths of Hong KongCore Strengths of Hong Kongunder “One Country Two Systems”under “One Country Two Systems”

Rule of law –Common law jurisdiction

Simple and low taxes -Profits tax: 16.5%No VATNo capital gains tax

Level-playing field for all businesses

Separate immigration regime –No visa requirements for Swedish visitors

Freedom of speech

Clean government

Excellent connections with China and Asia

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Hong Kong’s AchievementsHong Kong’s Achievements

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Freest economy for 19 consecutive years

Third largest recipient of FDI in the world

GDP growth in 2012: 1.4%

GDP growth in first half of 2013: 3.1%

GDP growth forecast for 2013: 2.5% - 3.5%

Per capita GDP in 2012: USD 36,550

Unemployment rate in 2012: 3.3%

Major international financial, trading, business and logistics centre

Ideal gateway to enter China and Asia

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TradeTradeValue of Hong Kong’s

imports in 2012:USD 501 billion, or 1.9 times of Hong Kong’s GDP

Imports from Sweden in 2012:USD 479 million, mainly measuring and checking instruments, chemical products, and telecommunications equipment

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Closer Economic Partnership Arrangement Closer Economic Partnership Arrangement (CEPA) with Mainland China(CEPA) with Mainland China

Free trade agreement with Mainland China

Tariff-free access to Chinese market for Swedish companies established in Hong Kong

Entry to services sectors in Mainland China

New Hong Kong Economic and Trade Office in Wuhan

Financial ServicesFinancial Services

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Largest Renminbi offshore business centre –Over 90% of China’s RMB trade settlement handled by banks in Hong Kong

2nd largest asset management centre in Asia

6th largest stock exchange in the world, 2nd largest in Asia

70 out of top 100 global banks present in Hong Kong

International Maritime CentreInternational Maritime Centre

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International maritime centre

Leading hub port in East Asia

Third largest container port in the world (23 million TEUs in 2012)

Superb airport and efficient land boundary crossings and transport facilities

Environmental ProtectionEnvironmental Protection

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SEK 8.4 billion in subsidies to phase out more than 80,000 old, polluting diesel commercial vehicles in Hong Kong

SEK 420 million to build electrical and electronic recycling facilities as well as five community recycling centres

Organic waste treatment facility

Infrastructure ProjectsInfrastructure Projects

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Kai Tak Cruise Terminal

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West Kowloon Cultural District

Hong Kong – Zhuhai – Macao Bridge

SEK 59 billion each year on infrastructure projects in Hong Kong

West Kowloon Cultural DistrictWest Kowloon Cultural District

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Sweden and Hong KongSweden and Hong Kong

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Bilateral trade in 2012:SEK 9.6 billion

Swedish companies in Hong Kong: IKEA, H&M, Volvo, Scania, SEB, Electrolux etc

Stockholm’s underground train system run by a Hong Kong company, MTR

High-level visits between Hong Kong and Sweden

Sustainability Charter between Hong Kong and Malmö in 2011

Support from Hong KongSupport from Hong Kong

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Official representative: Hong Kong Economic and Trade Office, Londonwww.hketolondon.gov.hkMs Erica Ng, erica_ng@hketolondon.gov.hkMr Dennis Ching, dennis_ching@hketolondon.gov.hk

Trade support, business matching:Hong Kong Trade Development Councilwww.hkdc.comMs Madelene Kornfehl, madelene.kornfehl@hk-sweden.org

Setting up business in Hong Kong:Invest Hong Kongwww.investhk.gov.hkMr Mats Gerlam, mgerlam@investhk.com.hk

Support from Hong KongSupport from Hong Kong

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For technology and start-up companies:Hong Kong Science and Technology Parkwww.hkstp.orgMr Björn Segerblom, bjorn@segerblom.net

For visitors:Hong Kong Tourism Boardwww.discoverhongkong.comMs Dawn Page, dawn.page@hktb.com

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Royal Sweden Hong Kong Business Councilwww.hongkong.seMr Björn Segerblom, bjorn@segerblom.net

Swedish Chamber of Commerce in Hong Kongwww.swedcham.com.hkMs Eva Karlberg, chamber@swedcham.com.hk

Support from Hong KongSupport from Hong Kong

Quality of Quality of LifeLife

Green Hong Green Hong KongKong

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Thank you and see you in Hong Thank you and see you in Hong Kong!Kong!

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Ms Erica NgDirector-General, Hong Kong Economic and Trade Office, London

Latest Development of Hong Kongunder the New-term Government

21 August 2013