Hong Kong SAR of China
Chamber of Commerce Country Factsheet Last update: 11.09.2017
Your advisors at the Chamber of Commerce
- Shi Na+352423939364
- Violaine Mathurin+352423939481
Occupied by the UK in 1841, Hong Kong was formally ceded by China the following year; various adjacent lands were added later in the 19th century. Pursuant to an agreement signed by China and the UK on 19 December 1984, Hong Kong became the Hong Kong Special Administrative Region (SAR) of the People's Republic of China on 1 July 1997. In this agreement, China promised that, under its "one country, two systems" formula, China's socialist economic system would not be imposed on Hong Kong and that Hong Kong would enjoy a high degree of autonomy in all matters except foreign and defense affairs for the next 50 years.
Economic growth is set to edge down further, from 6.5% in 2016 to 6.2% by 2017. Large-scale infrastructure spending will only partly make up for slowing business investment as overcapacity is being worked off in several industries. Real estate investment is bottoming out, but housing inventories remain sizeable. Consumption is projected to stay buoyant. The reduction in excess capacity will ease the downward pressure on producer prices, but consumer price inflation will remain low.
Monetary policy is assumed to ease to reduce financing costs and to provide adequate liquidity. Market forces should be allowed to drive the pricing of credit risk by removing implicit guarantees and ending bailouts. Corporations need to deleverage as slowing growth heightens credit risks. Fiscal policy is being eased significantly, potentially crowding out of private investment and building up imbalances. Spending should be targeted at areas that promote long-term inclusive growth, such as ensuring equal access to public services and extending the social safety net.
Productivity gains are becoming the main engine of improvements in living standards as capital-deepening-led growth has run its course. This calls for fostering innovation and entrepreneurship. Lower barriers to entry have spurred entrepreneurial activity, but the exit mechanism for unviable firms should also be streamlined. Policy emphasis is shifting towards supply-side reforms that seek to ensure sustainable development. Reallocation of labour from agriculture to industry and services has been a major driver of inclusive productivity growth and is likely to continue in the future.
Source: OECD - Economic Forecast
Source: IMF Statistics - Hong Kong
Luxembourg and the country
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourgish government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 02.11.2007
- Law from 19.12.2008 (Memorial 2008, A, no. 202, p. And 3084 )
- Effective as of 01.20.2009 (Memorial 2009, A, no. 14, p. 157)
- Amendment and the related exchange of letters from 11.11.2010
- Law from 16.07.2011 (Memorial 2011, A, no. 146, p. And 2024 )
- Effective as of 08.17.2011 (Memorial 2011, A, no. 190, p. 3314)
Air Services agreement
- Agreement from 03.06.1998 (Memorial 2003, A, no. 63, p. 1038 )
- Effective as of 06.06.2003 (Memorial 2003, A, no. 97, p. 1971)
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Hong Kong SAR of China
Embassy of the Grand Duchy of Luxembourg in China
Ambassador with residence in Beijing:
Mr. Paul STEINMETZ
Unit 1701, Tower B, Pacific Century Place,
2A Gong Ti Bei Lu, Chaoyang District,
Beijing 100027, China P.R.
Tel.: +86 10 8588 0900
Fax: +86 10 6513 7268
Consul General with jurisdiction in the Shanghai Municipality and Jiangsu Provinces, Zhejiang, Anhui and Fujian:
Mr. Luc DECKER
907-908, No. 1788 Nanjing Xi LU
People's Republic of China
Tel: +86 21 63390400
Fax: +86 21 63390433
Economic and Commercial Attachés (AWEX)
Economic and Commercia Attaché with jurisdiction in Hong Kong-Macao:
St John's Building (9th floor)
33, Garden Road (Central)
Hong Kong SAR
Tel: +86 (0)20 3877 1768 #93
Fax: +86 186 656 232 02
Economic and Commercial Attaché with jurisdiction in Provinces of Anhui, Henan, Hubei, Jiangsu, Shanghai and Zheijang:
127, Wu Yi Lu
Luxembourg Trade and Investment Office
Mr. Luc DECKER
907-908, No. 1788 Nanjing Xi Lu
People's Republic of China
Tel: +86 21 63 39 04 00
Fax: +86 21 63 39 04 33
Consul honoraire avec juridiction sur Hong-Kong
Room B, 13/F, Queen Centre
58-64 Queen's Road East
Tél.: (++852) 3621 0979
Fax: (++852) 3747 4600
Country risk as defined by Office du Ducroire for Hong Kong SAR of China
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Market entry guides are brochure series published by the Ministry of the Economy and Foreign Affairs. The series focuses on worldwide markets, industries and business environments, providing comprehensive and in-depth analysis and guidelines. The brochures cover all aspects relating to a market entry including the economic, financial and legal frameworks. The brochures are a vast knowledge pool, compiled into a practice oriented document with many tips and important addresses.
Source: Luxembourg for Business
Other Useful Links:
- China - Luxembourg Chamber of Commerce
- The CIA World Factbook
- Hong Kong General Chamber of Commerce
- Doing Business in Hong Kong
- Economic Freedom Index - Hong Kong
- La Chine sur le site de l'Awex
- Hong Kong sur le site de l'Awex
- Belgium-Luxembourg Chamber of Commerce in Hong Kong
The Chamber of Commerce and the country
- 11.09.2017 - 15.09.2017