Breuer, Peter, “A Note on the Impact of The Mainland’s Accession to the WTO on Hong Kong SAR”,in Hong Kong SAR, Selected Issues and Statistical Appendix, February, 2000.
China Statistical Yearbook 2000.
China Foreign Trade Statistical Yearbook 1999.
Cheng, Shing, Yuk Lu Weiguo Findlay, Christopher “Hong Kong’s Economic Relationship with China”, Journal of the Asia Pacific Economy, 3 (1), 1998.
HKMA unpublished research papers, 1999 and 2000.
Hong Kong Trade Development Council, “Hong Kong’s Trade and Trade Supporting Services: New Developments and Prospects”, January, 2002.
IMF staff, 2000 and 2001 Hong Kong SAR Staff Report and Selected Issues Paper.
Ministry of Communication: 1999 China Water Transportation Development Report.
Peng, Wensheng, Cheung, Lilian Fan, Kevin “Sources of Unemployment: Recent Developments and Prospects”, HKMA Quarterly Bulletin, November 2001.
Prepared by Tao Wang.
Defined as merchandise trade handled by Hong Kong companies or their subsidiaries, but not going through import-export declaration in Hong Kong SAR. It thus includes both “transshipment” and “offshore trade” as classified in the 5th BOP manual.
Some of the FDI may be “round tripping” from the Mainland to take advantage of the preferential treatment of foreign investors in China.
A number of them are dual listings (in New York).
“H-shares” are shares of Mainland-incorporated companies listed in Hong Kong, while the red-chips are shares of Hong Kong SAR-incorporated companies with a controlling stake held by state-owned organizations of provincial/municipal authorities in the Mainland.
Hong Kong banks’ direct exposure to the Mainland is relatively small, amounting to less than 3 percent of total assets of the banking sector, although indirect exposure is likely to be higher, as a portion of loans booked for use in Hong Kong SAR is used by the borrowers for their Mainland operations.
In particular, the problems of International Trust and Investment Corporations (ITICs). The net liabilities of Hong Kong banks to Mainland clients have increased sharply recently, largely reflecting the ample liquidity conditions in the Mainland and the shrinking exposure of Hong Kong banks to the Mainland. Although from a very small base, there has also been increased lending by Mainland banks to Hong Kong SAR companies, in part to finance the latter’s Mainland operations.
Excluding HSBC (a large participant in the market that has seen its share price rise by more than 40 percent during this period).
Measured by the correlation of estimated deviations from trends over moving sub-periods.
A recent survey by the TDC shows that such direct shipment doubled between 1994–2000.
The Task Force on Review of Public Finance, March 2002.