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Map of Hong Kong

Map of Hong Kong
flag of Hong Kong SAR.

Hong Kong Special Administrative Region

 

Overview

Hong Kong has for a long time been an important trade and economic partner of New Zealand.  Like us, Hong Kong has been a strong proponent for open markets and supporter of the multilateral trading system.  It is a valuable and like-minded partner in both the WTO and APEC contexts, and an important gateway for some firms to mainland China for products, services and investment.  On 1 January 2011 the New Zealand-Hong Kong Closer Economic Partnership Agreement entered into force; on 13 October 2011 an Education Cooperation Arrangement was signed; on 10 November 2011 the Double Tax Agreement entered into force; and in late 2010 negotiations began on an Investment Protocol between New Zealand and Hong Kong.

On the political side, we share a common commitment to the rule of law, the preservation of individual rights and the independence of the courts. That shared commitment is based on common law legal traditions, and is reflected in the presence of a number of New Zealanders in Hong Kong practicing law at high levels and through the number of senior New Zealand judges that have served on Hong Kong’s highest court, the Court of Final Appeal.

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Key facts

Geography/Demographics

Official Name: Hong Kong Special Administrative Region (HKSAR) of the People’s Republic of China
Land Area: 1,042 sq km
Population: 7.098 million, end 2010, up 0.9% yoy, (Hong Kong Census and Statistics Department)
Religion: Mainly Buddhist and Christian
Language: Chinese and English are the official languages, although the Cantonese dialect is most widely spoken, followed by English and Mandarin
Currency: Hong Kong Dollar (HKD)

Other Key Social and Economic Indicators

FDI inflows: US$68.9 billion in 2010
Total stock of inward direct investment: US$1,086 billion in 2010 (est) (=4.86 times GDP)
FDI outflows: US$76 billion in 2010 (est)
Interest rate: 0.5% pa (January 2012)
Stock Market Capitalisation: US$2.7 trillion with 1,496 listed companies by end 2011
Unemployment Rate: 3.2% for November 2011 – January 2012
Retail sales: US$52 billion, +24.8% for 2011 (compared to a 18.3% rise in 2010)

 

Political

Political system: Executive-led government
National government: Chief Executive (CE) with an Executive Council (ExCo) appointed by the CE
National legislature: Legislative Council (LegCo) (70 seats in 2012 under new Constitutional Package; 30 seats to be indirectly elected by functional constituencies, and 40 to be elected by popular vote; members serve four-year terms)
Last election:
- For Chief Executive: CY Leung was elected on 25 March 2012. He starts his term on 1 July 2012. He is the third Chief Executive.
- For Legislative Council: 7 September 2008
Next election due:
- For Chief Executive: March 2017
- For LegCo: September 2012
Head of State: President Mr HU Jintao (since 15 March 2003)
Head of Government: Donald Tsang Yam-kuen, Chief Executive (since 24 June 2005)

 

Economic

GDP: US$224.9 billion (2010)
GDP breakdown: Services: 92.6 %; Construction: 3.2%; Manufacturing: 1.8% Electricity, gas and water supply, and waste management: 2.3%; Agriculture and fishing: 0.1%

GDP per capita: US$ 31,746 (official actual figure for 2010)
Real GDP growth: +6.8% (official actual figure for 2010)
Exports: +22.8% to US$338.6 billion (2010)
Imports: +25.0% to US$431.4 billion (2010)
Inflation: +3.7% for February 2011; +2.4% (2010)
Budget balance: Surplus of US$4.3 billion for 2011 (1.8% of GDP - est

 

Hong Kong - New Zealand Trade

NZ Exports (FOB): NZ$798 million (2011, 12th largest export market)
Main Exports: