EconomicInformationonHongKong.pdfVIP

Economic Information on Hong Kong Highlights of the Hong Kong Economy • Freest economy in the world for 9 years (1995-2003) ranked by the Heritage Foundation • Sound banking system – 15.8% capital adequacy at the end of 2002 and one of the lowest NPLs in Asia • FX reserves at US$112.1 bn as of end Sep 2003, the 5th largest in the world • Stock market capitalisation amounted to US$592 bn as of end Aug 2003, 2nd th largest stock market in Asia and 8 largest in the world • Average daily turnover of foreign exchange and derivatives transactions was US$71 bn, 3rd largest in Asia and 7th in the world Achievements of Hong Kong in the World Economy Hong Kong has firmly established itself as a major international trading and financial centre. It has been ranked as the world’s freest economy for 9 consecutive years (1995-2003) by the Heritage Foundation. Real GDP growth of Hong Kong averaged 6.6% per year during 1982-1992, whilst that was 3.6% during 1992-2002. The per capita GDP in 2002 exceeded US$24,000, the second highest in Asia, behind only to Japan. Chart 1 – GDP at Constant (2000) Market Prices and YoY % Change HK$ bn GDP YoY % Change % 1,400 18 1,200 15 12 1,000 9 800