World Country Guide

Business Profile

Economy
The mainstays of Hong Kong’s economy are light manufacturing, shipping and financial services. The last of these is now the most important as Hong Kong has developed into a major international financial centre. Manufacturing is concentrated in textiles, consumer electronics and other consumer goods (Hong Kong is the world’s largest producer of children’s toys). The shipping industry is assisted by Hong Kong’s natural deep-water harbour, probably the best in the region. Much regional trade is still conducted through Hong Kong.
Within months of the handover of the territory to China in July 1997, a financial crisis which affected the whole region started to take hold. With a more mature and stable banking system than most of the rest of the region, Hong Kong showed few immediate ill effects. However, the severe impact on many of the territory’s major trading partners and the depression of the regional economy was sure to cause some damage, and did so in the form of a 7 per cent drop in output during 1999. There was some recovery during 2000, but unexpectedly this did not last and by mid-2002, the economy was contracting at an annual rate of 1.5 per cent. Unemployment, meanwhile, had grown to 8 per cent.
The USA, Japan, Taiwan, Singapore and Germany are Hong Kong’s main trading partners.

Business
Businesspeople are generally expected to dress smartly. Local businesspeople are usually extremely hospitable and speak English. Appointments should be made in advance and punctuality is appreciated. Business cards are widely used with a Chinese translation on the reverse. Most top hotels provide business centres for visiting businesspeople, with typing, duplication, translation and other services. Office hours: Mon-Fri 0900-1300 and 1400-1700, Sat 0900-1300. Some Chinese offices open earlier than 0900 and close later than 1700.

Commercial Information
The following organisations can offer advice: Hong Kong Trade Development Council, 16 Upper Grosvenor Street, London W1K 7PL, UK (tel: (020) 7616 9500; fax: (020) 7616 9510; e-mail: london.office@tdc.org.hk; website: www.tdctrade.com); or Hong Kong Trade Development Council, 38th Floor, Office Tower, Convention Plaza, 1 Harbour Road, Wan Chai (tel: 2584 4333; fax: 2824 0249); or Hong Kong General Chamber of Commerce, 22nd Floor, United Centre, 95 Queensway (tel: 2529 9229; fax: 2527 9843; e-mail: chamber@chamber.org.hk; website: www.chamber.org.hk).

Conferences/Conventions
The Hong Kong Convention and Incentive Travel Bureau is a division of the Hong Kong Tourist Association, which specialises in promoting Hong Kong as a leading venue with a special East/West position; it publishes lavish and detailed brochures showcasing the region for conference and incentive planners, together with a glossy catalogue of promotional material and a directory of associations and societies in Hong Kong. There are venues with seating for up to 12,500 persons. For further information, contact the Hong Kong Convention and Exhibition Centre, 1 Expo Drive, Wanchai, Hong Kong (tel: 2582 8888; fax: 2802 7284; e-mail: info@hkcec.com; website: www.hkcec.com.hk).