March 30, 2017
Hong Kong’s financial system expanded by three.9% year-on-year in actual terms in the first three quarters of 2017, after rising by 2% in 2016. Hong Kong is the largest supply of abroad direct funding in the Chinese language mainland. Hong Kong is a founding member of the World Commerce Organization (WTO) and has been collaborating actively in its activities. At present, all products of Hong Kong origin, aside from a few prohibited articles, can be imported into the mainland tariff free under CEPA.
On the basis of the Guangdong Agreement, the Settlement on Trade in Providers signed in November 2015 further enhances the liberalisation in each breadth and depth, including extending the implementation of the vast majority of Guangdong pilot liberalisation measures to the entire Mainland; reducing the restrictive measures within the unfavorable list; and including 28 liberalisation measures in the optimistic lists for cross-border services in addition to cultural and telecommunications companies.
Since the introduction of the Pilot RMB Trade Settlement Scheme by the Central Government in July 2009, Hong Kong has succeeded in expanding its RMB business by providing quite a lot of RMB-denominated financial services, including trade finance, shares, bonds and funds. As at the end of December 2016, Hong Kong’s inventory market ranked the fourth largest in Asia and the eighth largest in the world by way of market capitalisation.
On the enhancement of bilateral ties, the Authorities will actively seek to sign free trade agreements (FTAs), funding promotion and safety agreements (IPPAs) and comprehensive avoidance of double taxation agreements (DTAs) with different economies to open up markets and to further strengthen Hong Kong’s place as a global trade, commercial and financial centre.
In response to an enhancing global commerce environment, Hong Kong’s export performance has been above par to this point since 2017. By the top of 2016, amongst all of the overseas-funded projects authorised in the Chinese language Mainland, forty four.7% have been tied to Hong Kong pursuits. Since the debut of the scheme, banks in Hong Kong had handled RMB trade settlement totalling RMB21 trillion as of October 2015, which represented some 70% of the world’s total.