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     The Policy Innovation and Co-ordination Office of the Government of the Hong Kong Special Administrative Region and the National Academy of Economic Strategy of the Chinese Academy of Social Sciences today (November 27) jointly held the International Forum on China’s Economy and Policy 2018 at the Central Government Offices. The supporting organisations were Fung Business Intelligence and the Chinese Institute of Hong Kong. The Forum offered a platform for participants from the Mainland, overseas and Hong Kong to review China’s achievements in reform and opening up in the past 40 years, and explore how Hong Kong can make the best use of its unique strengths in supporting China’s implementation of the Belt and Road Initiative and the Guangdong-Hong Kong-Macao Greater Bay Area Development, thereby giving impetus to Hong Kong’s long-term economic development.
 
     The Financial Secretary, Mr Paul Chan, and the President of the Chinese Academy of Social Sciences, Mr Xie Fuzhan, delivered the welcoming remarks and special remarks respectively at the Forum. The Group Chairman of the Fung Group, Dr Victor Fung, and the Director of the National Academy of Economic Strategy of the Chinese Academy of Social Sciences, Professor He Dexu, delivered keynote addresses on “Forty Years of Reform and Opening Up”. The Forum included three panel discussion sessions. The Secretary for Commerce and Economic Development, Mr Edward Yau, and the Acting Secretary for Constitutional and Mainland Affairs, Mr Andy Chan, as well as Mainland, overseas and local experts and scholars, shared their views on the achievements and outlook of China’s 40 years of reform and opening up, including the development of enterprises under the reform and opening up, and new opportunities for Hong Kong to be brought about by a new driving force for reform and opening up – the development of the Guangdong-Hong Kong-Macao Greater Bay Area.
 
     About 300 participants attended the Forum including experts, scholars and personnel from overseas institutions in Hong Kong as well as representatives from think tanks, the business sector, professional bodies and local and foreign chambers of commerce.

  

The following is issued on behalf of the Legislative Council Secretariat:      The meeting of the Legislative Council (LegCo) Subcommittee on Financial Institutions (Resolution) (Loss-absorbing Capacity Requirements – Banking Sec… read more

     Invest Hong Kong (InvestHK) hosted an investment promotion roundtable in Fuzhou, Fujian Province, today (November 27) to update the local business community on Hong Kong’s unique business advantages in the context of the national Belt and Road Initiative and how they could expand their business globally via Hong Kong.
          
     The roundtable, entitled “Belt and Road, Together We Grow”, was held a day before the third Hong Kong-Fujian Co-operation Conference. It was jointly organised by InvestHK, the Department of Commerce of Fujian Province, and the Hong Kong Economic and Trade Office in Guangdong.
          
     Associate Director-General of Investment Promotion Mr Vincent Tang and the Deputy Director of the Department of Commerce of Fujian Province, Ms Huang Naen, delivered welcome remarks at the event.
          
     Mr Tang said, “Hong Kong has been an important economic and trade partner as well as a key conduit for foreign investment in Fujian Province over many years. The city is also the key fundraising market for Fujian companies. Fujian is the core region of the 21st Century Maritime Silk Road economic belt. Hong Kong is an international financial centre, and its stock market operates efficiently with a world-class regulatory system, and globally ranks top in terms of the amount of funds raised from initial public offerings. These factors combine to offer a perfect platform for Fujian companies from which to raise funds and conduct mergers and acquisitions for projects in Belt and Road countries.”
          
     He continued, “Launched in 2015, the Hong Kong-Fujian Co-operation Conference has become an important channel for Hong Kong and Fujian to strengthen co-operation in economic and trade and financial development. The third Hong Kong-Fujian Co-operation Conference, to be held tomorrow, will further enhance co-operation between the two places in areas ranging from economic affairs and trade to finance, professional services, tourism and more.”
          
     The Head of the Guangzhou Investment Promotion Unit of InvestHK, Miss Winifred Ho, elaborated further on Hong Kong’s business advantages and how the department assists Mainland enterprises to expand their operations to overseas markets along Belt and Road countries via Hong Kong. Other speakers included Partner, Business Tax Services, Ernst & Young Tax Services Limited, Ms Karina Wong; Partner, Attorney at Law (PRC), Fujian Jian Da Law Firm (Hong Kong), Ms Liu Weiying; and the Chairman of Homebi Trading Limited, Mr Lai Shuiqing. They talked about Hong Kong’s tax incentives and cross-border tax arrangements, as well as how to manage risk for Mainland enterprises in “going global”. There was also case study sharing on how Fujian companies expand overseas via Hong Kong.

     For an event photo, please visit www.flickr.com/photos/investhk/albums/72157703843063834.

About InvestHK
 
     InvestHK is the department of the Hong Kong Special Administrative Region Government responsible for attracting foreign direct investment and supporting overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services for overseas and Mainland companies enrolled as its clients. For more information, please visit www.investhk.gov.hk.

  

The following is issued on behalf of the Hong Kong Monetary Authority:        The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Bank of Singapore Limited on suspicious … read more

     According to the results of the 2017 Annual Survey of Economic Activities – Transportation, Storage and Courier Services Sector released today (November 27) by the Census and Statistics Department (C&SD), total receipts (comprising business receipts and other income) of the transportation, storage and courier services sector amounted to $517.9 billion in 2017, representing an increase of 7.3% compared with 2016; on a per establishment basis, total receipts increased by 3.3% compared with 2016 to $20.5 million in 2017.

     Operating expenses and compensation of employees of this sector altogether amounted to $453.5 billion in 2017, representing an increase of 9.1% compared with 2016; on a per establishment basis, they increased by 5.0% compared with 2016 to $18.0 million in 2017.

     Gross surplus of the sector, which is equal to total receipts less operating expenses and compensation of employees, decreased by 4.0% compared with 2016 to $64.5 billion in 2017; on a per establishment basis, gross surplus decreased from $2.8 million in 2016 to $2.6 million in 2017. Gross surplus accounted for 12.4% of total receipts of this sector in 2017, down by 1.5 percentage points compared with 2016.

     Value added of the sector, which is a measure of its contribution to Hong Kong’s Gross Domestic Product, increased by 1.8% compared with 2016 to $148.4 billion in 2017; on a per establishment basis, value added was $5.9 million in 2017, which decreased by 2.0% compared with 2016.

     According to the survey results, it was estimated that the sector comprised some 25 200 establishments and engaged about 226 700 persons, or an average of 9.0 persons per establishment, in 2017.

     Within the transportation, storage and courier services sector, the five largest industry groupings in terms of value added in 2017 were (1) air transport and service activities incidental to air transportation, (2) land passenger transport, (3) other transportation support activities, (4) land freight transport, and (5) service activities incidental to water transportation. They together accounted for 84.9% of the value added of the sector.

     In the air transport and service activities incidental to air transportation industry, total receipts amounted to $156.5 billion while operating expenses and compensation of employees totalled $126.0 billion in 2017. Gross surplus decreased from $33.3 billion in 2016 to $30.5 billion in 2017, accounting for 19.5% of total receipts in 2017. Value added decreased by 3.0% compared with 2016 to $61.4 billion.

     In the land passenger transport industry, total receipts amounted to $54.5 billion while operating expenses and compensation of employees totalled $38.9 billion in 2017. Gross surplus decreased from $16.2 billion in 2016 to $15.6 billion in 2017, accounting for 28.6% of total receipts in 2017. Value added increased by 1.2% compared with 2016 to $31.5 billion.

     In the other transportation support activities industry which comprised mainly cargo forwarders and shipbrokers, total receipts amounted to $124.9 billion while operating expenses and compensation of employees totalled $119.2 billion in 2017. Gross surplus increased from $3.9 billion in 2016 to $5.6 billion in 2017, accounting for 4.5% of total receipts in 2017. Value added increased by 21.6% compared with 2016 to $15.2 billion.

     In the land freight transport industry, total receipts amounted to $21.8 billion while operating expenses and compensation of employees totalled $19.1 billion in 2017. Gross surplus increased from $2.4 billion in 2016 to $2.8 billion in 2017, accounting for 12.6% of total receipts in 2017. Value added increased by 12.1% compared with 2016 to $10.2 billion.

     In the service activities incidental to water transportation industry, total receipts amounted to $14.6 billion while operating expenses and compensation of employees totalled $10.3 billion in 2017. Gross surplus decreased from $4.8 billion in 2016 to $4.3 billion in 2017, accounting for 29.3% of total receipts in 2017. Value added decreased by 5.5% compared with 2016 to $7.7 billion.

     Selected statistics for the transportation, storage and courier services sector, with breakdowns by industry grouping, are shown in the attached table.

     More detailed survey results on the transportation, storage and courier services sector will be given in the report “Key Statistics on Business Performance and Operating Characteristics of the Transportation, Storage and Courier Services Sector in 2017”. Users can download this report (in PDF format) free of charge at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp340.jsp?productCode=B1080010) as from end-December 2018.

     For enquiries about the key statistics on business performance and operating characteristics of the transportation, storage and courier services sector, please contact the Logistics and Producer Prices Statistics Section of the C&SD (Tel: 3903 7255; email: transport@censtatd.gov.hk). read more