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Focus on Hong Kong - Introduction
The Vitality of Hong Kong People
A Sound Administration with High Degree of Autonomy and Freedom
The Rule of Law
A Prosperous Economy
A Gateway to China
Global and Regional Centre for Businesses and Finance
A City where East Meets West
Global and Regional Centre for Businesses and Finance
Enterprises in Hong Kong enjoy the freedom to set up and run their businesses without constant interference from the Government. Hong Kong's economy is characterized by its high degree of internationalization and business-friendly environment. In addition to these benefits, Hong Kong has a substantial amount of foreign exchange reserves, a fully convertible and stable currency, prudently-managed fiscal reserves, and most importantly, a simple tax system with low tax rates.
Over the years, Hong Kong has been widely recognized as being one of the freest and most competitive economies in Asia and the World. The US Heritage Foundation has continuously ranked Hong Kong as the world's freest economy over the past 11 years. Other respected institutes like CATO and Brookings, have also consistently recognised Hong Kong as the freest economy. In 2006, the World Economic Forum ranked Hong Kong as the 11th most competitive economy out of 125 world economies. The Japan Economic Research Institute and the Fraser Institute of Canada have long regarded Hong Kong as the most competitive and freest economy.
Since the establishment of the Independent Commission Against Corruption (ICAC) in the 1970s, Hong Kong's determination to fight corruption has never wavered. The outstanding efforts of the ICAC have enabled Hong Kong to continue to be rated by international and regional surveys as one of the "cleanest" city in Asia and the world.
The HKSAR Government has also pledged to protect intellectual property rights. With its comprehensive legislation, convenient registration, vigorous enforcement and active public education, Hong Kong is widely known for its effectiveness in protecting intellectual property rights.
In view of Hong Kong's free economy and its transparent and business-friendly environment, many foreign enterprises have chosen to set up their regional headquarters here. The number of regional headquarters in Hong Kong has shown a steady rise from 855 in 2000, to 1,098 and 1,167 in 2004 and 2005 respectively. The number of regional offices in Hong Kong also rose from 2,146 in 2000, to 2,511 and 2,631 in 2004 and 2005 respectively.
Hong Kong is also a major regional and international financial centre. As a result of its well-established listing system and rules, and its close-monitoring system, many world-renowned enterprises have chosen to list on Hong Kong's stock market. A recent trend shows that there has been an increase in large scale Mainland corporations investing and listing on Hong Kong's stock market, and can been seen in the substantial increase in the market's turnover volume. The turnover value in 2005 was HK$379,479 million, but in 2006 the value increased substantially to HK$893,295 million. The turnover volume also increased from 493,643 million shares in 2005 to 817,529 million shares in 2006. Market capitalisation increased drastically from HK$8,113,333 million in 2005 to HK$13,248,821 million in 2006. In 2005, the number of listed companies and listed securities were 934 and 2,448 respectively, but in 2006, the numbers rose to 975 and 3,184 respectively.
(For the most updated figures, please visit: http://www.hkex.com.hk)
The principal aims of the Hong Kong Monetary Authority are to maintain the stability of the Hong Kong Dollar, manage the Exchange Fund and enhance the efficiency, integrity and development of the financial system. Under the Authority's management, Hong Kong's Exchange Fund has seen satisfactory performances over the years. In 2004 and 2005, the total assets of the Exchange Fund were HK$1,061.9 billion and HK$1,068.9 billion respectively, with the number rising to HK$1,176.7 billion in 2006. The Exchange Fund also saw a rise in investment return from 3.1% in 2005 to 9.5% in 2006.
(For the most updated figures, please visit: http://www.info.gov.hk/hkma)
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