BACKGROUND NOTE
RESTRICTED
1.
No authoritative statistics for invisibles are available
for this period, although the UK appears to run a surplus large
enough to cancel out the deficit in visible trade. It was
possibly in the order of £200 300 million in 1980.
2.
Invisibles benefits principally arise from such factors
as the employment of UK citizens in Hong Kong; use by Hong Kong
of the financial services of the City of London; pension and
retirement payments to expatriates who have worked in Hong
Kong.
3.
The small "budgetary transactions" referred to in the
answer consist principally of transfers under the Defence Costs
Agreement. Previously the UK provided a larger part of the
funding for this, but the Hong Kong Government now contribute
75% and HMG 25% of the funds involved. HMG derives benefit from
air traffic rights at Kai Tak airport, although it has proved difficult to quantify these.
4.
The visible trade figures are official Overseas Trade
Statistics prepared by the Department of Trade.
5.
The answer has been agreed with the Hong Kong Government,
the Department of Trade and ESID.
Hong Kong and General Department
April 1983
RESTRICTED
Скараю
13/4