Hong Kong Economy
Hong Kong economy is successful. Hong Kong economy is recognised for being free market economy. Hong Kong economy has its stock market. Hong Kong economy in terms of stock market is third in Asia. Stocks of Hong Kong economy had a quality of over billions in 2008 as to Hong Kong economy business. Hong Kong economy hence ranks high for Hong Kong economy global capital. Hong Kong economy advancement is underpinned by Hong King economic flat tax administration. Hong Kong economy produces income from assessments essential from area deals in Honk Kong economy and aggregate on the whole investment extension in Hong Kong economy. Exchange and industry in Hong Kong economy are not a major origin of income for Hong Kong economy regarding taxation.
Hong Kong economy is often described as the freest internationally, and as the largest for the re-exportation of goods. Hong Kong economy thrives on trade relations which have been forged between the economy of Hong Kong and mainland China which facilitates investment.
The services sector is a significant part of Hong Kong economy, accounting for over 90% of gross domestic product.Hong Kong economy in terms of employment and generating revenue thus relies on services. An example of the importance of services to the economy of Hong is the large number of jobs created in 2006, standing somewhere at some 186,000 jobs.This figure represents 5.5% of the total number of people in the Hong Kong economy.A consistent growth rate was observed over the term 2001 to 2006 at 10%.The services sector contributes at least 16% of gross domestic product of Hong Kong economy.
Hong Kong economy is also formed by more than 300 management funds.Hong Kong economy has the most fund managers operating within it in the whole of Asia.In late 2007, this sector of Hong Kong economy had a value of US$1.23 trillion.
The economy of Hong Kong also is known for its stock market, which ranks third in e in Asia.The stock market of Hong Kong economy had a value of over US$ 1,328 billion in late 2008 with regard to market capitalization.Hong Kong economy therefore ranks as one of the top in terms of raising international capital for businesses and investors on the mainland.
Hong Kong economic growth is supported by the country’s low tax regime.Hong Kong economy generates revenue from taxes main from land sales and accumulative overall economic expansion.Trade and industry are not a major source of revenue for Hong Kong economy in terms of taxation.
The Hong Kong dollar is the official currency and is pegged to the United States dollar.The Hong Kong Monetary Authority is responsible for regulating the economy of Hong Kong in terms of foreign investments into the financial market.