Compare Hong Kong (2008) - Hong Kong (2007)

Compare Hong Kong (2008) z Hong Kong (2007)

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	Hong Kong (2008)	Hong Kong (2007)

Budget	revenues: $36.9 billion expenditures: $29.4 billion (FY07-08 est.)	revenues: $35.18 billion expenditures: $32.18 billion (2006 est.)
Debt - external	$588 billion (2007 est.)	$72.79 billion (2006 est.)
Diplomatic representation in the US	none (special administrative region of China); Hong Kong Economic and Trade Office in Washington and two other cities carries out normal liaison and communication with the US Government and other US entities	none (special administrative region of China)
Economic aid - recipient	$6.95 million (2004)	-
Economy - overview	Hong Kong has a free market economy highly dependent on international trade. In 2006, the total value of goods and services trade, including the sizable share of reexports, was equivalent to 400% of GDP. The territory has become increasingly integrated with mainland China over the past few years through trade, tourism, and financial links. The mainland has long been Hong Kong's largest trading partner, accounting for 46% of Hong Kong's total trade by value in 2006. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 13.6 million in 2006, when they outnumbered visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. Bolstered by several successful initial public offerings in 2007, mainland companies by September 2007 accounted for one-third of the firms listed on the Hong Kong Stock Exchange, and over half of the Exchange's market capitalization. Hong Kong's service industry over the past decade has grown rapidly as its manufacturing industry has moved to the mainland and now accounts for 91% of the territory's GDP. Hong Kong's natural resources are limited, and food and raw materials must be imported. GDP growth averaged a strong 5% from 1989 to 2007, despite the economy suffering two recessions during the Asian financial crisis in 1997-98 and the global downturn in 2001-02. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.	Hong Kong has a free market economy highly dependent on international trade. The territory has become more closely linked to mainland China over the past few years. Even before Hong Kong reverted to Chinese administration on 1 July 1997, it had extensive trade and investment ties with China. Hong Kong's service industry over the past decade has grown rapidly as its manufacturing industry has moved to the mainland. Hong Kong also has stepped up its efforts to gain approval to offer more mainland financial services in a bid to remain competitive with China's growing financial centers. Hong Kong's natural resources are limited, and food and raw materials must be imported. Gross imports and exports (including reexports to and from third countries) each exceed GDP in dollar value. Per capita GDP exceeds that of the four big economies of Western Europe. GDP growth averaged a strong 5% from 1989 to 2006, but Hong Kong suffered two recessions in the past eight years because of the Asian financial crisis in 1997-98 and the global downturn in 2001-02. Although the Severe Acute Respiratory Syndrome (SARS) outbreak in 2003 also battered Hong Kong's economy, a solid rise in exports, a boom in tourism from the mainland because of China's easing of travel restrictions, and a return of consumer confidence resulted in the resumption of strong growth from late 2003 through 2006. Moreover, several large initial public offerings of Chinese companies on the Hong Kong stock exchange since late 2005 have helped to boost Hong Kong's status as a financial hub and have contributed to the improved performance of the market in late 2006.
Electricity - consumption	40.3 billion kWh (2006)	37.74 billion kWh (2005)
Electricity - exports	4.5 billion kWh (2006)	4.498 billion kWh (2005)
Electricity - imports	10.9 billion kWh (2006)	11 billion kWh (2005)
Electricity - production	38.6 billion kWh (2006)	36.14 billion kWh (2005)
Exchange rates	Hong Kong dollars per US dollar - 7.802 (2007), 7.7678 (2006), 7.7773 (2005), 7.788 (2004), 7.7868 (2003)	Hong Kong dollars per US dollar - 7.7678 (2006), 7.7773 (2005), 7.788 (2004), 7.7868 (2003), 7.7989 (2002)
Executive branch	chief of state: President of China HU Jintao (since 15 March 2003) head of government: Chief Executive Donald TSANG (since 24 June 2005) cabinet: Executive Council consists of 15 official members and 16 non-official members elections: chief executive elected for five-year term by 800-member electoral committee; last held on 25 March 2007 (next to be held in 2012) election results: Donald TSANG elected chief executive receiving 84.1% of the vote of the election committee; Alan LEONG received 15.9%	chief of state: President of China HU Jintao (since 15 March 2003) head of government: Chief Executive Donald TSANG (since 24 June 2005) cabinet: Executive Council consists of 14 official members and 15 non-official members elections: chief executive elected for five-year term by 800-member electoral committee; last held on 25 March 2007 (next to be held in 2012) election results: Donald TSANG elected chief executive receiving 84.1% of the vote; Alan LEONG received 15.9%
Exports	22,420 bbl/day (2006)	26,090 bbl/day (2004)
GDP - composition by sector	agriculture: 0.1% industry: 8.1% services: 91.8% (2007 est.)	agriculture: 0.1% industry: 8.6% services: 91.3% (2006 est.)
GDP - real growth rate	5.8% (2007 est.)	6.9% (2006 est.)
Imports	314,700 bbl/day (2006)	344,200 bbl/day (2004)
Industrial production growth rate	-0.9% (2007 est.)	4% (2006 est.)
Inflation rate (consumer prices)	2% (2007 est.)	2% (2006 est.)
International organization participation	ADB, APEC, BIS, ICC, IHO, IMF, IMO (associate), IOC, ISO (correspondent), ITUC, UNWTO (associate), UPU, WCL, WCO, WMO, WTO	APEC, AsDB, BIS, ICC, IHO, IMF, IMO (associate), IOC, ISO (correspondent), ITUC, UNWTO (associate), UPU, WCL, WCO, WMO, WTO
Labor force	3.64 million (2007 est.)	3.583 million (2006 est.)
Labor force - by occupation	manufacturing 6.5%, construction 2.1%, wholesale and retail trade, restaurants, and hotels 43.3%, financing, insurance, and real estate 20.7%, transport and communications 7.8%, community and social services 19.5% note: above data exclude public sector (2007 est.)	manufacturing 7.5%, construction 2.9%, wholesale and retail trade, restaurants, and hotels 43.9%, financing, insurance, and real estate 19.6%, transport and communications 7.1%, community and social services 18.8% note: above data exclude public sector (2005 est.)
Legislative branch	unicameral Legislative Council or LEGCO (60 seats; in 2004, 30 seats indirectly elected by functional constituencies, 30 elected by popular vote; members serve four-year terms) elections: last held 12 September 2004 (next to be held in September 2008) election results: percent of vote by party - pro-democracy 63%, pro-Beijing 37%; seats by party - (pro-Beijing 34) DAB 12, Liberal Party 10, FTU 1, independents 11; (pro-democracy 25) Democratic Party 9, CTU 2, ADPL 1, Frontier Party 1, NWSC 1, independents 11; non-voting LEGCO president 1	unicameral Legislative Council or LEGCO (60 seats; in 2004 30 seats indirectly elected by functional constituencies, 30 elected by popular vote; members serve four-year terms) elections: last held 12 September 2004 (next to be held in September 2008) election results: percent of vote by party - pro-democracy 63%, pro-Beijing 37%; seats by party - (pro-Beijing 34) DAB 12, Liberal Party 10, FTU 1, independents 11; (pro-democracy 25) Democratic Party 9, CTU 2, ADPL 1, Frontier Party 1, NWSC 1, independents 11; non-voting LEGCO president 1
Political parties and leaders	Association for Democracy and People's Livelihood or ADPL [Frederick FUNG Kin-kee]; Citizens Party [Alex CHAN Kai-chung]; Civic Party [KUAN Hsin-chi]; Democratic Alliance for the Betterment and Progress of Hong Kong or DAB [TAM Yiu Cheng]; Democratic Party [Albert HO]; Frontier Party [Emily LAU Wai-hing]; League of Social Democrats [Raymond WONG]; Liberal Party [James TIEN Pei-chun] note: political blocs include: pro-democracy - ADPL, Democratic Party, Frontier Party, League of Social Democrats; pro-Beijing - DAB, Liberal Party, The Alliance (a group of five generally pro-government and pro-business Legco members from functional constituencies); there is no political party ordinance, so there are no registered political parties; politically active groups register as societies or companies	Association for Democracy and People's Livelihood or ADPL [Frederick FUNG Kin-kee]; Citizens Party [Alex CHAN Kai-chung]; Civic Party [KUAN Hsin-chi]; Democratic Alliance for the Betterment and Progress of Hong Kong or DAB [MA Lik]; Democratic Party [Albert HO]; Frontier Party [Emily LAU Wai-hing]; Liberal Party [James TIEN Pei-chun] note: political blocs include: pro-democracy - ADPL, Democratic Party, Frontier Party; pro-Beijing - DAB, Liberal Party
Political pressure groups and leaders	Chinese General Chamber of Commerce (pro-China); Chinese Manufacturers' Association of Hong Kong; Confederation of Trade Unions or CTU (pro-democracy) [LAU Chin-shek, president; LEE Cheuk-yan, general secretary]; Federation of Hong Kong Industries; Federation of Trade Unions or FTU (pro-China) [CHENG Yiu-tong, executive councilor]; Hong Kong Alliance in Support of the Patriotic Democratic Movement in China [Szeto WAH, chairman]; Hong Kong and Kowloon Trade Union Council (pro-Taiwan); Hong Kong General Chamber of Commerce; Hong Kong Professional Teachers' Union [CHEUNG Man-kwong, president]; Neighborhood and Workers' Service Center or NWSC (pro-democracy); The Alliance [Bernard CHARNWUT, exco member]	Chinese General Chamber of Commerce (pro-China); Chinese Manufacturers' Association of Hong Kong; Confederation of Trade Unions or CTU (pro-democracy) [LAU Chin-shek, president; LEE Cheuk-yan, general secretary]; Federation of Hong Kong Industries; Federation of Trade Unions or FTU (pro-China) [CHENG Yiu-tong, executive councilor]; Hong Kong Alliance in Support of the Patriotic Democratic Movement in China [Szeto WAH, chairman]; Hong Kong and Kowloon Trade Union Council (pro-Taiwan); Hong Kong General Chamber of Commerce; Hong Kong Professional Teachers' Union [CHEUNG Man-kwong, president]; Neighborhood and Workers' Service Center or NWSC (pro-democracy); The Alliance [Bernard CHAN, exco member]
Suffrage	direct election - 18 years of age for a number of non-executive positions; universal for permanent residents living in the territory of Hong Kong for the past seven years; indirect election - limited to about 220,000 members of functional constituencies and an 800-member election committee drawn from broad regional groupings, central government bodies, and municipal organizations	direct election 18 years of age; universal for permanent residents living in the territory of Hong Kong for the past seven years; indirect election limited to about 200,000 members of functional constituencies and an 800-member election committee drawn from broad regional groupings, municipal organizations, and central government bodies
Telephones - main lines in use	3.87 million (2007)	3.85 million (2006)
Telephones - mobile cellular	9.913 million (2007)	9.356 million (2006)
Television broadcast stations	55 (2 TV networks, each broadcasting on 2 channels) (2007)	55 (2 TV networks, each broadcasting on 2 channels) (2006)
Unemployment rate	4.2% (2007 est.)	4.9% (2006 est.)

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