The value of Hong Kong's exports of goods in 1987, including re- exports was HK$378.1 million (approx £27 million).
For many years Hong Kong's exports to the UK have exceeded British
However Hong Kong is now, after Japan, Britain's exports to Hong Kong. largest market in the Far East and in 1987 the UK's 18th largest export market worldwide. British exports to Hong Kong in 1987 totalled £1013 million (1986: £961 million), which put Hong Kong well ahead of
Nevertheless China (£336 million in 1986) as a market for British goods. the British share of the Hong Kong market has declined from over 11% British imports from in 1967 to only 3.4% in 1986 and 3.8% in 1987. Hong Kong in 1987 totalled £1.226 million (1986: £1,531 million). substantial proportion of British imports from Hong Kong in recent years has consisted of textiles and clothing.
A
Government revenue in 1988/89 is estimated at HK£62.9 billion (approximately £4.49 billion), the majority of which comes from direct and indirect taxes, land transactions and payments for Government services. Government expenditure will be HK$55.54 billion (approximately £3.97 billion). After three years of budget deficits, Hong Kong
The 1988-89 budget anticipates returned to balanced budgets in 1985-86.
a surplus of HK$5.6 billion (approximately £400 million) on general revenue account. The main areas of Government spending include social and community services (health, education, transport), Security (defence, police, immigration) and economic and general services (ports and airports and administration).
The financial sector in Hong Kong has grown rapidly in both domestic
Hong Kong now ranks as and international importance in recent years.
Unlike one of the world's leading international financial centres.
Those functions most major economies, Hong Kong has no central bank. which might typically be performed by one such as supervising financial institutions, managing official foreign exchange reserves or providing banking services are carried out by the note-issuing banks (the Hong Kong and Shanghai Banking Corporation and the Standard Chartered Bank). At the end of 1987, there were 154 banks in Hong Kong licensed under the Banking Ordinance, of which over a quarter were local companies.
In addition They maintained a total of 1,387 offices in Hong Kong. there were 141 representative offices of foreign banks and 75% of the top 100 banks in the world are now established in Hong Kong.
After the worldwide October 1987 stocks crash the Hong Kong Stock and
A support package totalling Futures Exchanges closed for four days.
Share prices $4 billion for the Futures Exchange was put into place. in Hong Kong have now recovered, in line with prevailing international trends. A Securities Review Committee, led by Mr Ian Hay Davison, was established after the October crash to review the constitution, powers, management and operation of the Hong Kong Stock and Futures Exchanges, the Securities and Commodities Trading Commissions, and the office of the Commissioner for Securities and Commodities Trading. The purpose of the review is to recommend reforms to ensure the integrity of the markets and to protect investors, thereby consolidating confidence in Hong Kong as an international financial centre.