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| Capital city: |
Hong Kong |
| Surface area: |
1000 sq km |
| Population: |
7 million |
| Official language(s): |
Cantonese, Mandarin, English |
| Head of State: |
H.E. President Mr Hu Jintao |
| Head of Government: |
Chief Executive The Hon Donald Tsang Yam-kuen |
| Australian exports to Hong Kong: |
A$2,814 million |
| Australian imports from Hong Kong: |
A$1,402 million |
| Hong Kong's principal export destinations: |
China, USA, Japan |
| Hong Kong's principal import sources: |
China, Japan, Taiwan |
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
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Hong Kong is strategically located at the hub of North Asian markets. Some outstanding characteristics of Hong Kong’s economic and financial climate make it an ideal destination for Australian exports.
Key economic indicators and statistics for 2007:
- GDP – US$206.7 billion
- GPD per capita – US$29,650
- Real GDP growth – 6.3 per cent
- Inflation – 2.0 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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Political climate
On 1 July 1997, the territory of Hong Kong reverted to Chinese sovereignty, resulting in the creation of the Hong Kong Special Administration Region (HKSAR).
As such, Hong Kong:
- Resides under a ‘one country, two systems’ arrangement with China.
- Has a politically stable environment.
- Remains a stable and safe country for Australians to do business.
- Continues to operate autonomously and from a business and cultural environment perspective little has changed.
- Welcomes new business and investment and continues to provide an open and free market.
- Has its own system of law, and the judicial system remains essentially the same.
The HKSAR Government comprises the Chief Executive, the Executive Council, the Administration, the Legislative Council and the Judiciary. |
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Trade relations and statistics
Historically, Hong Kong has prospered as both a conduit of goods in and out of China, and as a provider of services, such as financial, logistics and management services into the mainland.
While direct exports into China are increasing, Hong Kong's position and infrastructure make it a major gateway to China, especially the prosperous southern provinces. Hong Kong remains the biggest foreign investor into mainland China, and so the connections and networks into China by Hong Kong interests are second to none. Combine this with Hong Kong's well-established and transparent financial and legal frameworks, and Hong Kong firms remain a viable and logical choice as partners for business into mainland China.
Hong Kong's economic development has always been linked to trade with its regional neighbours, in particular mainland China. Now, as a Special Administrative Region of the People's Republic of China, its relationship is closer to China than it has ever been. Hong Kong governs itself autonomously, but China is responsible for all matters pertaining to foreign affairs and security.
According to the Department of Foreign Affairs and Trade, Australia features significantly in Hong Kong’s export and import profile.
Major Australian exports to Hong Kong (2007):
- Zinc – A$362 million
- Crustaceans – A$361 million
- Aluminium – A$154 million
- Copper – $149 million
Major Australian imports from Hong Kong (2007):
- Telecommunications equipment – A$126 million
- Jewellery – A$86 million
- Computers – A$77 million
- Computer components – A$69 million
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
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