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BRITAIN'S RELATIONSHIP WITH HONG KONG
(a) ECONOMIC
UK visible exports to Hong Kong in 1988 worth over £l billion. Hong Kong is our nineteenth largest export market. Second largest export market in Far East after Japan.
Hong Kong consumes more UK exports by value per capita than the United States or Canada.
UK invisible earnings in Hong Kong in 1988 estimated to exceed El billion. Evidence of our substantial stake in the territory.
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336 British companies have registered subsidiaries in Hong Kong: second in number only to the US.
22 British banks and deposit taking companies are there. Most major British stockbrokers are represented. 50 authorised insurers in Hong Kong are either incorporated in the UK or have a UK- controlling interest.
UK-related financial institutions account for about 15-20% of total turnover of Hong Kong Stock Exchange.
Of top three companies by market capitalisation listed on Exchange, the first (Hong Kong Telecommunications) is 80% owned by Cable and Wireless; the second (Hong Kong and Shanghai Bank) is British managed and includes a substantial British investment; third (Swire Pacific) is British owned.
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Number of British stores have opened in Hong Kong in the last few years, including Mothercare, Habitat, Marks and Spencer, Bodyshop, Gieves and Hawkes, British Home Stores and Richard Shops.
British Chamber of Commerce in Hong Kong formed in 1987. NOW has nearly 200 corporate members.
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