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 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 subsequent 50 years.
Growth is set to soften somewhat in 2018-19, as exports ease and investment slows. The current account surplus is projected to stabilise. Infrastructure investment, a major growth driver in recent years, is projected to slow further amid tightening monetary conditions and a more rigorous approval process for local government investment.
The monetary policy stance will remain neutral with a tightening bias, as mitigating financial risks has appropriately become a key policy priority. Shadow banking activities are increasingly being reined in and credit growth is slowing, while capital outflows moderated in early 2018 following a surge and the exchange rate has stabilised. Fiscal policy will remain supportive, but less so than in recent years as unauthorised local government investment is subject to increased scrutiny, which will strengthen fiscal sustainability. A series of new tax cuts have been announced, but the headline fiscal deficit will be kept under control by streamlining government organisations to contain public spending. Imminent risks stemming from trade frictions have receded, but the large number of unresolved issues will keep tensions high.
Source: OECD - Economic Forecast
Subject descriptor 2018 2019 2020 2021 2022 Gross domestic product, constant prices 3.002 0.346 1.464 2.461 2.656 Gross domestic product, current prices 362.721 372.989 385.274 402.464 421.507 Gross domestic product per capita, current prices 48,450.607 49,334.347 50,460.390 52,407.802 54,571.088 Inflation, average consumer prices 2.408 3.000 2.600 2.600 2.500 Volume of imports of goods and services 4.607 -6.297 2.404 3.197 3.406 Volume of exports of goods and services 3.846 -5.057 2.733 3.112 3.243 Unemployment rate 2.809 2.944 3.040 2.963 2.886 Current account balance 15.569 20.689 19.491 18.951 18.537 Current account balance 4.292 5.547 5.059 4.709 4.398
Source: IMF Statistics - Hong Kong
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.
Air Services agreement
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.
Embassy of the Grand Duchy of Luxembourg in China
Ambassador with residence in Beijing: Mr Marc HÜBSCH
Unit 1701, Tower B, Pacific Century Place,
2A Gong Ti Bei Lu, Chaoyang District,
Beijing 100027, P.R.China
Tel.: +86 10 8588 0900
Fax: +86 10 6513 7268
Honorary Consul with Jurisdiction over Hong Kong: Mrs Sophie LEUNG
Room B, 13/F, Queen Centre
58-64 Queen's Road East
Tél.: (+852) 3621 0979
Fax: (+852) 3747 4600
Economic and Commercial Attachés (AWEX)
Economic and Commercial Attaché with jurisdiction in Hong Kong-Macao:
Mr Frédéric DELBART
St John's Building (9th floor)
33, Garden Road Central
Hong Kong SAR
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