ONFIDEN
24
1/X
25.
Hong Kong's net contribution to China's foreign exchange earnings is very important with respect to its current account position. Taking the period 1977 to 1980 as an example, China's current account would have deteriorated seriously without the net contribution from Hong Kong (Table 10).
Table 10: China's current account (US$ Mn)
1977
1978
1979
1980
Merchandise exports
7590
9750
13660
18270
Merchandise imports
7210
10890
15670
19550
Visible trade balance
380
-1140
-2010
-1280
Service receipts (*)
1287
1751
2659
2700
Service payments (**)
593
634
893
1430
Balance
694
1117
1766
1270
Current account balance
1074
-23
-244
-10
*
Current account balance
-1340
-3095
-4073
-4774
(excluding net contribution
from Hong Kong)
Note: (*) Including remittances, interests, and
investment income.
(**) Including government payments.
G.F. 326
CONFIDENTIAL # 3