What are the main economic pillars of Hong Kong?

Hong Kong's four major industries have supported economic development.

To grasp and predict the overall trend of Hong Kong's economy, we should start with the pillar industries in Hong Kong. The pillar industry of Hong Kong's economy is service industry. The service industry contributes more than 80% to Hong Kong's GDP every year. Among them, real estate, finance, import and export trade and tourism are also called the four leading industries of Hong Kong's economy.

1, real estate industry

Since July 2003, real estate prices in Hong Kong have rebounded sharply. Because asset prices are forward-looking and reflect the market's expectations for macroeconomic and financial development. As can be seen from the following figures, whether it is the price of buildings, the rent of buildings or the area of land sold by the government, many indicators show that the recent rise in property prices is roughly in line with the basic economic factors.

The recovery of real estate has also improved Hong Kong's housing affordability. According to the quarterly report of the Hong Kong Monetary Authority in June 2004, the ratio of mortgage contributions to the median household income has increased from 30% at the end of last year to 35% in the first quarter of this year. But it is still far below the average of 65% in the past 20 years.

It can be seen that there is still a lot of room for improvement in this ratio.

From 65438 to 0997, after Hong Kong's real estate bubble burst, the real estate industry experienced six years of painful adjustment. Under the attack of SARS in April, 2003, the property market in Hong Kong experienced the last decline and has now fully recovered.

2. Import and export trade

With the expansion of China's opening to the outside world, China's foreign trade is increasingly conducted in the form of direct trade.

This undoubtedly challenges Hong Kong's position as a trade intermediary between the Mainland and overseas.

According to statistics released by the Hong Kong government, import and export trade still accounts for more than one-fifth of Hong Kong's GDP.

Mainland China plays an important role in Hong Kong's trade, regardless of its origin or destination. Hong Kong promotes import and export trade with its unique advantages: first, its superior geographical position; Second, developed infrastructure; Third, its developed service industry; Fourth, the legal environment; Fifth, a clean, transparent and efficient government; Sixth, consistency with western countries' systems; Seventh, extensive international contacts and developed information networks. Hong Kong has established very close economic ties with South China, especially the Pearl River Delta.

In the Guangdong Economic Yearbook, we can see that Hong Kong's investment in the Pearl River Delta region exceeds that of any other region and government.

3、

tourism

Since 1980s, Hong Kong has gradually developed into an international tourism center.

According to the report of the World Tourism Administration, there are 74 100 employees in Hong Kong's tourism industry, and 236,000 jobs are supported by related activities.

By 20 10, the number of employees in the tourism industry will reach 100 100, with 352,600 related supporting posts.

As far as tourism demand is concerned, 1998 has reached HK$ 328 billion, and will increase to HK$133 billion by 20 10.

After the opening of individual travel from the mainland to Hong Kong, the number of visitors to Hong Kong has increased significantly, and their stay time and consumption expenditure are higher than those of tourists from other countries and regions.

It can be said that mainland tourists will become the biggest source of income for Hong Kong tourism.

Looking ahead, when the Disney theme park opens in Hong Kong in 2005, there will be 5 million visitors every year, and it is estimated that there will be an economic return of 25%.

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