![]() FACT 1 : HONG KONG AND THE MAINLAND OF CHINA (THE MAINLAND) ARE EACH OTHER'S MAJOR TRADING PARTNER In 2021, Hong Kong ranked 20th in the world league of commercial services trading entities - 23rd largest importer and 21st largest exporter. As for Hong Kong's trade in services, total trade in services amounted to HK$945.2 billion (US$121.9 billion) or about 35% of GDP in 2020. ![]() It contributed to 93% of the GDP accounted for 89% of the total employment in 2020. The services sector is very important to the Hong Kong economy. Hong Kong was the world's 6th largest trading entity in goods in 2021 (Note 1) - 7th largest importer and 6th largest exporter. The value of exports was HK$4,960.7 billion (US$638.1 billion) or around 173% of GDP. The value of imports amounted to HK$5,307.8 billion (US$682.8 billion) or around 185% of GDP. In 2021, the value of Hong Kong's total merchandise trade reached HK$10,268.4 billion (US$1,320.9 billion), or around 358% of the Gross Domestic Product (GDP) in that year. The Hong Kong economy is externally oriented and highly dependent on trade with the rest of the world. The status of the HKSAR in these and other international organisations remains unchanged except that our participation is now under the name "Hong Kong, China". Hong Kong also became a member of the Customs Cooperation Council (subsequently renamed the World Customs Organization) in 1987 and the Asia-Pacific Economic Cooperation in 1991. Upon the establishment of the World Trade Organization (WTO) on 1 January 1995, Hong Kong became one of its founding members. In 1986, Hong Kong became a separate contracting party to the General Agreement on Tariffs and Trade (GATT). The Basic Law also provides that the HKSAR may participate in relevant international organisations and international trade agreements using the name "Hong Kong, China". Tariff preferences and other similar arrangements obtained or made by the HKSAR are enjoyed exclusively by the HKSAR. These include continuation of the capitalist economic and trade systems, free movement of goods and capital, free port and separate customs territory. ![]() This is guaranteed by the Basic Law, which ensures that the important elements making Hong Kong an international financial centre are extended well beyond 1997. The "One Country, Two Systems" principle provides the HKSAR with a high degree of autonomy in economic, trade, financial and monetary matters. Hong Kong has become a Special Administrative Region of the People's Republic of China since 1 July 1997. This policy applies to all trade, as well as to all investments in the HKSAR. The Hong Kong Special Administrative Region (HKSAR) of the People's Republic of China is firmly committed to an open market policy. The shift reflects the growing importance of China and other non-European economies for Russian energy exports, which provide about 40% of the country’s federal budget, the group said.HONG KONG AND MAINLAND OF CHINA: SOME IMPORTANT FACTS OVERVIEW Germany, which was the biggest importer of Russian fossil fuels during the first two months of the war, slipped to second place behind China, which has purchased some 12.6 billion euros worth of energy from Moscow. That included 12.1 billion euros worth of exports to Germany, 7.8 billion euros each to Italy and the Netherlands, and 4.4 billion euros to Poland, the group said. 24, when it invaded Ukraine.Ībout 61% of the fossil fuels worth some 57 billion euros was exported to the European Union during the conflict’s first 100 days, the Helsinki-based group said. The Centre for Research on Energy and Clean Air said Russia received about 93 billion euros ($97 billion) in revenue for the sale of oil, natural gas and coal since Feb. BERLIN (AP) - China has overtaken Germany as the biggest buyer of Russian energy exports since the start of the war in Ukraine, an independent research group said Monday.
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