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(II) Visible trade between Hong Kong and China
24.
(unless otherwise stated, all statistics in this
section are from Hong Kong's trade statistics and the
growth rates are expressed in money terms)
China and Hong Kong remained each other's largest
trading partner. In the first half of 1991, China
accounted for 32% of Hong Kong's total trade; reciprocally
Hong Kong accounted for 37% of China's total trade
(according to China's customs statistics). The value of
total visible trade between Hong Kong and China reached
HK$221 billion in the first half 1991, representing an
increase of 26% over the same period in 1990. China
remained the second largest market for Hong Kong's domestic
exports (accounting for 23% of the total), the largest
market for Hong Kong's re-exports (29%), and the largest source of Hong Kong's imports (36%) and re-exports (57%).
25.
The year-on-year growth rates of Hong Kong's
domestic exports and re-exports to China picked up further
in the second quarter of 1991. In the first half of 1991,
the values of Hong Kong's domestic exports and re-exports to China increased by 14% and 34% respectively over the
same period in 1990. Domestic exports to China for satisfying its own demand grew only marginally in the first
quarter of 1991, whereas re-exports to China for this
purpose grew rapidly at 28%. This confirmed that the
Chinese government has relaxed its controls over the
importation of raw materials and capital goods. Most of
these goods were not produced in Hong Kong, but were
re-exported through Hong Kong to China. Comparing the first half of 1991 with the same period in 1990, re-exports of capital goods, and raw materials and semi-manufactures
to China increased by 31% and 37% respectively. They accounted for 19% and 63% respectively of Hong Kong's total
re-exports to China in the first half of 1991. Overall,
outward processing trade between Hong Kong and China still
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