TNAG-1268-FCO40-1617-China-s-economic-relationship-with-Hong-Kong-Shenzhen-econom-1983 — Page 55

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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

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