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Chapter 5
Commerce and Industry
As a place for doing business, Hong Kong is hard to beat. It has all the advantages for trade to flourish: low tax rates, modern infrastructure, rule of law, free flow of capital and information and, equally important, it is the world's freest economy and gateway to today's most sought-after market
the mainland of China.
Hong Kong is a leading international trading and services hub as well as a high value-added manufacturing base. It is widely recognised as one of the freest economies in the world, and the gateway to the Mainland market.
Hong Kong's continuing economic success owes much to a simple tax structure and low tax rates, a versatile and industrious workforce, excellent infrastructure, free flow of capital and information, the rule of law, and the Government's firm commitment to free trade and free enterprise.
The Government sees its task as facilitating commerce and industry within the framework of a free market. It does not impose tariffs. Regulatory measures on international trade are kept to a minimum. Hong Kong also adopts an open and liberal investment policy and actively encourages inward investment.
The Government's industrial policy is designed to promote industrial development by creating a business-friendly environment and providing adequate support services and infrastructure. It promotes innovation and technological improvement to match Hong Kong industry's shift towards knowledge-based and high value-added activities. It aims to strengthen support for technology development and application, promote the wider use of design, develop a critical mass of fine scientists, engineers and designers, skilled technicians and venture capitalists, and encourage the development of a significant cluster of innovation and technology- based businesses.
Merchandise Trade Performance
Hong Kong's external trade grew noticeably in 2007 in line with the economic expansion of both the Mainland and the world. Total merchandise trade rose to $5,555.5 billion, an increase of 9.8 per cent over 2006. Domestic exports decreased
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