Hong Kong: Your business platform in Asia
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1 Hong Kong: Your business platform in Asia Miss Gloria Lo Director Hong Kong Economic and Trade Office 8 November 2012 Hong Kong Economic and Trade Office (Toronto) 1
2 Hong Kong at a glance Special Administrative Region of China since 1 July 1997 High degree of autonomy under One Country, Two Systems principle Separate membership in international trade bodies and agreements (APEC, WTO, WCO) 2
3 Hong Kong at a glance Population: around 7 million GDP: US $ 289 billion (Per capita: US$ 35,310) GDP growth: 1.2% (Q2/2012) Inflation: 3.8% (September) Unemployment rate: 3.3% (July-September) Fiscal reserves: HK$611billion as at 30 September 3
4 Hong Kong: excellent business environment Safeguard of business interests Sound legal system based on common law Independent judiciary One of the least corrupt places in the world Intellectual property rights protected by law Arbitration awards enforceable in over 140 jurisdictions (those made in Hong Kong enforceable in Mainland China) Level playing field for all businesses 4
5 Hong Kong: excellent business environment Low costs for business Simple and low tax rates Profits tax at 16.5%, Salary tax capped at 15% No VAT or GST No withholding tax No capital gains tax No tax on dividends and interest income No estate duty No global taxation No wine duty 5
6 Hong Kong: excellent business environment Hardware for business efficiency Busiest airport for international cargo Hong Kong Port: 3 rd busiest container port New cruise terminal (first berth in mid 2013) Guangzhou-Shenzhen-Hong Kong Express Rail Link (to complete in 2015) Hong Kong-Zhuhai-Macao Bridge (to complete in 2016) 3 rd runway for HKIA and 10 th container terminal being planned 6
7 Hong Kong: excellent business environment Software for business efficiency High quality workforce and professionals 15 degree-awarding institutions 35% of the workforce with tertiary education 8,100 local lawyers and over 1,300 registered foreign lawyers Over 32,000 certified public accountants Over 5,300 chartered company secretaries 7
8 Hong Kong: excellent business environment Economic freedom Free flow of capital Free flow of information and ideas Fully convertible currency; no exchange control Level playing field for all businesses Top spot of economic freedom of the world (Fraser Institute) 8
9 Hong Kong: excellent business environment 9
10 Hong Kong: economic development Four traditional pillar industries: Financial services Trading and Logistics Professional services Tourism Six new growth industries: Environmental industries Innovation and Technology Cultural and Creative industries Education services Medical services Testing and Certification services 10
11 Hong Kong: an international financial centre Banking sector World s 10 th largest and Asia s 3 rd largest international banking centre 6 th largest in the world for foreign exchange trading Securities and listing 6 th in the world and 2 nd in Asia in terms of market capitalization (July 2012) 1 st in the world in terms of total funds raised through IPO ( ) 11
12 Hong Kong: an international financial centre Insurance sector Asia s 6 th largest insurance market Asia s 2 nd highest insurance density Highest concentration of insurers in Asia (161 authorized insurers) Asset management Fund management business amounted to USD 1,159 billion as at end 2011 Funds sourced from non-hk investors account for around 63% of total fund management business (excluding real estate investment trusts) 12
13 Hong Kong: an international financial centre Renminbi offshore business RMB-related businesses in HK banks Deposit taking, currency exchange, remittance and trade settlement, credit and debit cards, cheques, corporate loan, bond issuance and trading, investment products Trade settlement Cross-border trade settlement allowed for any enterprise in all provinces and cities in China 199 banks participating in RMB clearing platform in Hong Kong Mainland s external trade settled in RMB through Hong Kong amounted to RMB 2,081 billion in 2011 (more than 90% of total) 13
14 Hong Kong: an international financial centre Renminbi offshore business RMB bond issuance First place outside Mainland China to develop RMB bond market 184 RMB bond issues (RMB 269 billion in total value) as at August 2012 Wide range of issuers (e.g. McDonald, Asian Development Bank, International Finance Corporation of the World Bank Group) Issue of RMB sovereign bonds by Mainland banks and enterprises 14
15 Hong Kong: an international financial centre Renminbi offshore business RMB investment products All companies and organizations can open RMB account at banks. No restrictions on RMB interbank transfers between personal accounts and corporate accounts Wide variety of RMB financial products: structured deposits, certificates of deposits, insurance products and investment funds First RMB denominated real estates investment trust authorized and listed in the stock exchange of Hong Kong in April
16 Hong Kong: an international logistics centre Hong Kong air transport: the busiest for air cargo in the world Hong Kong port: 3 rd busiest container port in the world, handled 24.4 million TEU of containers in 2011 International shipping centre: 2,158 ships registered with total gross tonnage of 77.9 million (4 th largest shipping register) 16
17 Hong Kong: an international logistics centre Plan for construction of the 3 rd runway in the Hong Kong International Airport Explore the development of new container terminal Identify land for logistics service for handling highvalue goods Ongoing infrastructure development: New cruise terminal in Kai Tak Area (first berth operational in mid 2013) Guangzhou-Shenzhen-Hong Kong Express Rail Link (Hong Kong section for completion in 2015) Hong Kong-Zhuhai-Macao Bridge (for completion in 2016) 17
18 Hong Kong: an international logistics centre Guangzhou-Shenzhen-Hong Kong Express Rail Link 26-km high-speed railway linking Hong Kong with major Mainland cities Hong Kong section of the Express Rail Link to complete in 2015 More efficient transportation between Hong and the Mainland in future (e.g. 48 minutes from Hong Kong to Guangzhou) Terminus adjacent to West Kowloon Cultural District 18
19 Hong Kong: an international logistics centre Hong Kong Zhuhai-Macao Bridge 29.6 km dual 3-lane carriageway linking Hong Kong, Zhuhai and Macao Operational in 2016 to facilitate passenger and freight land transport (75 minutes from Hong Kong to Zhuhai) Cities in West Pearl River Dealt Region within 3-hour commuting radius of Hong Kong 19
20 Hong Kong: an international trading centre 10 th largest trading entity in merchandise trade (ranked 6 th with EU as a single trading entity) 14 th largest trading entity in commercial services (ranked 8 th with EU as a single trading entity) 10 th largest trading entity in the world in terms of total trade in merchandise and commercial services (based on 2011 figures) 20
21 Hong Kong: major tourist city in Asia 42 million visitors in 2011 Major initiatives for tourism industry Investment on infrastructure (e.g. redevelopment and expansion of theme parks facilities) Support for mega events (e.g. Hong Kong International Dragon Boat Festival) Increase land supply for additional hotel rooms 21
22 Hong Kong: new growth industries Environmental industries To reduce the territory s green house gas emissions by 50% by 2020 To build a green Hong Kong through policies, financial incentives and investments To promote building energy efficiency (through legislation and new standards) To promote green transport (e.g. use of electric cars, replacement of polluting vehicles for public transport) To explore the use of renewable energy To build facilities for waste reduction and recycling 22
23 Hong Kong: new growth industries Innovation and technology: institution and infrastructure Hong Kong Science Park Provides 20 state-of-the-art buildings with offices, fullyequipped laboratories and engineering services Currently home to over 390 technology companies Nurtures technology start-ups through incubation program Phase 3 development is underway to provide space for up to 150 more technology companies 23
24 Hong Kong: new growth industries Innovation and technology: institution and infrastructure Cyberport Provides state-of-the-art ICT facilities Currently home to over 100 ICT and digital content companies Specific program to provide enterprises with technology, training opportunities, business matching and network support Flexible program for companies to rent readily-built office on a monthly basis and at highly competitive allinclusive fixed price 24
25 Hong Kong: new growth industries Innovation and technology: institution and infrastructure Research centres Five R&D centres set up by government to facilitate technology transfer and commercialization of research projects Focus technology areas: ICT, nanotechnology, logistics and supply chain management enabling technologies, automotive parts and accessory system, textile and clothing Extensive network with local and overseas research institutions as well as with the industry in the Pearl River Delta Region Industrial estates Three industrial estates at Tai Po, Yuen Long and Tseung Kwan O Home to over 160 local and international companies Cater for traditional manufacturing as well as technology and service sectors 25
26 Hong Kong: new growth industries Innovation and technology: funding support Innovation and Technology Fund for R&D projects R&D Cash Rebate Scheme for up to 30% of cash rebate for R&D investments Small Entrepreneur Research Assistance Program to provide matching grants for start-up technology companies 26
27 Hong Kong: new growth industries Culture and Creative Industries CreateHK as dedicated agency to promote creative industries through: Funding supports for design-related projects under the CreateSmart Initiative and Design-Business Collaboration Scheme Other supports for design business under the Design Incubation Program Mega promotion events by Hong Kong Design Centre (e.g. Business of Design Week) 27
28 Hong Kong: new growth industries Culture and Creative Industries Support for film industry through: Film Development Fund to provide financial support for small-to-medium budget film productions and other filmrelated projects Other support for film production through the Film Services Office Development of the West Kowloon Cultural District to provide state-of-the-art performance venues, music halls, museums and exhibition centres, etc. 28
29 Hong Kong: new growth industries Education 48 international schools to serve students of more than 30 nationalities, covering over 10 curricula including Canadian curriculum To provide more places for and facilitate expansion of international schools To attract students from around the world (doubling the places for non-local students in higher education from 10% to 20%, PhD fellowship scheme) To relax the immigration and employment restrictions for overseas students To develop an education zone near the boundary of Hong Kong/Shenzhen 29
30 Hong Kong: new growth industries Medical services To pursue healthcare reform (setting up government-regulated health insurance scheme, among other measures) To develop as a biotechnology centre To promote private hospital development through land supply To promote the use of Chinese medicine and explore the integrated use of Chinese and Western medicines 30
31 Hong Kong: new growth industries Testing and Certification Services Over 200 accredited laboratories, inspection bodies and certification bodies with highest international standards Service providers accredited by the Hong Kong Accreditation Services recognized by over 80 accreditation bodies in more than 60 economies Hong Kong s accredited testing laboratories can perform testing for products processed in Hong Kong for the China Compulsory Certification System. Hong Kong Council for Testing and Certification works to strengthen the industry in selected trades (e.g. Chinese medicine, construction materials, environmental protection) 31
32 Wine trading Hong Kong: new growth industries All wine duties abolished in February 2008 Regional hub for wine trading and distribution Largest wine auction centre in the world Mainland customs facilitation scheme started in Shenzhen, through pre-valuation of wine duty and fast tracking of customs clearance Staging of wine and dine festival to promote wine trading 32
33 Hong Kong: premier gateway to Mainland China Third largest trading partner of Mainland China Largest external investor in the Mainland (account for USD 527 billion or 45% of Mainland China s total inward direct investment as at end 2011) Single largest source of capital for Mainland enterprises (Mainland enterprises listed in Hong Kong account for 58% of the total market capitalization) Most important entrepot of the Mainland, handling almost 20% of the Mainland s total foreign trade 33
34 Hong Kong: premier gateway to Mainland China 12th National Five-Year Plan of China Full support for continuous development of Hong Kong as global financial centre, international shipping, trading and logistics centre, RMB offshore business centre and assets management centre Encourages and supports Mainland and Hong Kong companies to go global together 34
35 Hong Kong: premier gateway to Mainland China Hong Kong s unique advantages Close proximity to the Mainland Strategically located to tap into the fast growing Pearl River Delta Region Deepening economic cooperation with neighboring Guangdong province Closer Economic Partnership Arrangements Bilateral free trade agreement with the Mainland Zero tariff on goods and products of Hong Kong origin Easier market access to 48 service sectors in the Mainland Renminbi offshore business centre Effective platform for trade settlement, investment and finance in RMB More supporting measures from the Central Government of PRC for the development of RMB offshore business 35
36 Hong Kong: premier gateway to Mainland China Development trend following the 12 th National Five-Year Plan Upgrading and restructuring of operations in moving up the value chain Growing importance of the service sector Expansion of domestic market/internal consumption Development of strategic sectors such as environmental protection, information technology, bio-technology, advanced manufacturing, new energy and materials 36
37 Hong Kong: premier gateway to Mainland China Opportunities arising from the 12 th National Five-Year Plan Closer cooperation between Hong Kong and Guangdong Framework Agreement on Hong Kong/Guangdong Cooperation in April 2010 Overall Development Plan on Hong Kong/Shenzhen Cooperation in Modern Services in Qianhai area Regional Co-operation Plan between Hong Kong, Guangdong and Macao on building a quality living area, covering longterm cooperation in environment and ecology, low-carbon development, culture and social living, spatial planning and green transport systems 37
38 Hong Kong: premier gateway to Mainland China Opportunities arising from the 12 th National Five-Year Plan Further development of the Pearl River Delta Region Fastest growing region covering nine cities in southern Guangdong province in the Mainland Rapid upgrading and restructuring of the industrial sector in moving the value chain Relocation of labor intensive industries to less-developed regions Growth potential for service industries and rising demand for professional services 38
39 Opportunities arising from the 12 th National Five-Year Plan Funding support for Hong Kong enterprises Dedicated fund set up in June 2012: assist Hong Kong companies in exploring and developing the Mainland market through developing brands, upgrading and restructuring operations, promoting domestic sales in the Mainland Hong Kong: premier gateway to Mainland China Enterprise support program: for all non-listed companies registered in Hong Kong with substantive business operations in the city Organization support program: for non-profit distributing bodies such as industrial and trade bodies, professional and research institutions 39
40 Hong Kong: premier gateway to South East Asia Strong connection with South East Asia ASEAN: Hong Kong s 2 nd largest trading partner in 2011 ASEAN s bilateral trade with Hong Kong: increased by 10% in 2011 ASEAN s bilateral trade with Mainland China: 12.2% of total routed through Hong Kong in
41 Hong Kong: an excellent place for business Ranked 1 st as the world s freest economy by the Heritage Foundation since 1995 and the Fraser Institute since 1970 Ranked 1 st in the World Economic Forum s Financial Development Index 2011 Ranked 1 st as the most open market in the ICC Open Markets Index in December 2011 by the International Chamber of Commerce Ranked 1 st in the Globalization Index 2010 by Ernst & Young and the Economist Intelligence Unit Ranked 1 st in IPOs for the last three consecutive years Ranked 1 st as the most competitive economy by the International Institute for Management Development in 2011 Ranked 2 nd as the easiest place to do business in the world in the 2012 World Bank s Doing Business Report 41
42 Hong Kong: an excellent place for business Home to 6,948 overseas companies (55.5% up on 2001) 1,340 regional headquarters 2,412 regional offices 3,196 local offices Inflow of foreign direct investment to Hong Kong: grew by 17.2% year-on-year to reach USD 83.2 billion in 2011 Latest trend: more multinational companies moving their global headquarters to Hong Kong (e.g. General Electrics, Nissan s Infiniti) 42
43 Hong Kong: strong connections with Canada 300,000 Canadians living in Hong Kong Over 500,000 people of Hong Kong descent in Canada Over 150,000 Canadian educated alumni in Hong Kong Total trade in 2011: USD $5 billion (up 7.2% on 2010) 10 th largest export market of Canada (3 rd largest for beef & 4 th largest for fish and seafood) 2 nd largest destination in Asia for Canadian Foreign Direct Investment (FDI) 43
44 Hong Kong: strong connections with Canada Examples of Canadian companies operating in Hong Kong: Financial: BMO, RBC, Manulife ICT: RIM, Skywave Mobile, Vantrix Professional Services: McMillan LLP, Golder Associates Retail: Canadian Tire, Maple Leaf Food, Lululemon, Aldo Restaurants and Hotels: Four Seasons, New York Fires Transportation: Air Canada, Vancouver Port Authority, Bombardier Education and Government: UT, UBC, UWO, Alberta, British Columbia 44
45 Hong Kong: your great business partner Strong social links and trade relations with Canada Safe and easy to do business Unique strengths and advantages to leverage upon for business success in Asia 45
46 Think Hong Kong for your overseas venture! 46
47 Thank you 47
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