Economic Overview & Business Opportunities
Have a clear picture of economic overview for Hong Kong will lead you to doors of business opportunities in Hong Kong. In the first three quarters of 2016, Hong Kong’s economy grows to 1.4% year-on-year in real terms, after growing by 2.4% in 2015. With the visible decline in tourist arrivals, the value of retail sales, dropped by 9.6% year-on-year for January to September, after the decline of 3.7% for 2015. The tight labour market condition was reflected by the seasonally adjusted unemployment rate was 3.4% for the three-month period ending September 2016, compared with 3.3% for 2015. Consumer prices rose 2.8% year-on-year in the first nine months of 2016, after increasing by 3% for 2015. Inflationary should be contained in the near term. Merchandise exports dropped 2.6% year-on-year in January till September 2016, after falling by 1.8% in 2015.
Despite of the declining of certain sectors, Hong Kong currently still remained as the world’s freest economy. Hong Kong is also the world’s most services-oriented economy, with services sectors accounting for more than 90% of GDP. Meanwhile, Hong Kong is the largest recipient of foreign direct investment (FDI) and the third largest source of FDI, after Japan and Chinese Mainland.
Hong Kong is a popular venue for hosting regional headquarters or representative offices. Apart from being one of the world’s busiest container ports, it has also the world’s busiest airport for international cargoes. Being as a regional centre, Hong Kong is a premier offshore RMB centre, at the same time, the leading telecommunications hub for the Asia-Pacific region.
By saying so, trading and logistics (23.4% of GDP in terms of value-added in 2014) tourism (5.1%), financial services (16.7%), and professional services other producer services (12.4%) have become the four pillar economic sectors of Hong Kong.
There are still more room of expansion for other industries in Hong Kong, as it is the second largest private equity centre in Asia, the fourth largest stock market in Asia while being the eighth largest in the world. Meanwhile, Hong Kong is also the third largest foreign exchange market in Asia and the fifth largest in the world. Hence, industries that have clear advantages for further development are cultural and creative, medical services, education services, innovation and technology, testing and certification services and environmental industries. All these industries together accounted for 9.2% of GDP in terms of value-added in 2014. The development of the economy in Hong Kong coupled with the advantage of being the regional centre, Hong Kong still have more business opportunities await to be explored.
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Mr. Lawrence – Founder of 3E Accounting Group
Lawrence is the Founder and Chief Technology Officer of 3E Accounting Group. He is a Chartered Accountant with regional experience in the field of corporate services, taxation services, GST services, auditing services, financial due diligence, business and technology advisory and the digital economy.
Mr. Wilson Lee – Accounting Manager
Mr Wilson Lee is the Accounting Manager for 3E Accounting. He is a Certified Public Accountant with extensive experience in the fields of accounting, auditing, budgeting, forecasting, financial analysis, management reporting and financial due diligence. He is a Member of the Hong Kong Institute of Certified Public Accountants (HKICPA) and a Fellow Member of The Association of Chartered Certified Accountants (FCCA).
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