ENG-2020 — Page 69

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The Economy

import/export, wholesale and retail trades, accommodation and food services (26 per cent); financing and insurance, real estate, professional and business services (23 per cent); and transportation, storage, postal and courier services, information and communications (11 per cent) (chart 3).

Chart 3

Gross Domestic Product and Employment by Major Service Sector

Gross Domestic Product 2019

Transportation, storage, postal and courier services, information and communications

9.0%

Financing and insurance, real estate, professional and business services 31.3%

Transportation, storage, postal and courier services, information and

communications

10.9%

Import/export, wholesale and retail

trades, accommodation

and food services 22.2%

Other sectors 17.9%

Public administration, social and

personal services 19.6%

Employment 2020

Financing and insurance,

real estate, professional

and business services 22.6%

Import/export, wholesale and retail trades, accommodation and food services 26.2%

Other sectors 11.1%

Public administration, social and personal services 29.3 %

The services sector continued to be the key driver of the economy.

It is worth noting that although the manufacturing sector accounts for only a small share of the economy in terms of value added and employment, Hong Kong's manufacturers are versatile and resilient in coping with the changing global and regional economic landscapes. The city's productive capacity has effectively expanded over the years, thanks to increased supply-chain arrangements involving the Mainland and other neighbouring economies and continued enhancement of innovation and technology. The well-established links between Hong Kong's offshore productive capacity and the local economy underpin the growth of its services sector, especially the rapid development of trading, financial and other support services.

With its unique advantages under 'one country, two systems' and strong competitive edge, Hong Kong's services sector is well positioned to take advantage of the opportunities presented by national development and the eastward shift of the global centre of economic gravity. Apart from promoting free trade and enhancing Hong Kong's institutional strengths, the government continues to act as a 'facilitator' and 'promoter' in developing the economy. The government works with the private sector to explore new market opportunities and assist citizens and professional service providers to go beyond Hong Kong.

Economic Links with Mainland

Economic ties between Hong Kong and the Mainland are stronger than ever. The flow of goods, services, people and capital between the two places, and between the Mainland and the world

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