ENG-2006 — Page 74

46 The Economy

Chart 4

Gross Domestic Product by major services sector

Transport, storage and communications 7.7%

Finance, insurance, real estate and business services

15.1%

1985

Wholesale, retail and import/export trades, restaurants and hotels 21.5%

Transport, storage and communications 10.0%

2005

Wholesale, retail and import/export trades, restaurants and hotels 28.7%

Community, social and personal services 16.3%

Finance, insurance, real estate

and business

Others 39.4%

services 21.9%

Community, social and personal services 19.3%

Others 20.0%

The wholesale, retail and import/export trades, restaurants and hotels, and finance, insurance, real estate and business services, remained the two largest services sectors in terms of net output in 2005.

In September 2006, the Economic Summit on 'China's 11th Five-Year Plan and the Development of Hong Kong' was held to discuss how Hong Kong should respond to the challenges and opportunities arising from the National 11th Five-Year Plan, which unequivocally supports Hong Kong in the development of its services industries such as financial services, logistics, tourism and information services; and the maintenance of its status as an international centre of financial services, trade, and shipping. After four months of intensive work, the four Focus Groups of the Economic Summit submitted their reports together with their proposed Action Agenda to the Chief Executive in January 2007. A total of 50 strategic proposals and 207 action plans were proposed by the four Focus Groups. They aimed at enhancing Hong Kong's status as an international trade and business centre, developing Hong Kong as China's international financial centre of global significance, and leveraging on Hong Kong's air transport, shipping and high-value logistics experience to strengthen its status as an international maritime centre, and air transport and logistics hub.

The economy's shift towards the services sector was also borne out of a shift in the sectoral composition of employment. Over the past two decades, the services. sector's share of total employment went up from 55 per cent in 1986 to 80 per cent in 1996 and 86 per cent in 2006 with wholesale, retail and import/export trades, restaurants and hotels accounting for 34 per cent of the total workforce. This was followed by community, social and personal services with a 26 per cent share; finance, insurance, real estate and business services with 16 per cent; and transport, storage and communications, 11 per cent (Chart 5).