suppliers: Leading export sectors for U.S. Companies that go directly to China without sufficient due diligence, however, may face higher costs and longer delays than if they had first engaged a Hong Kong-based intermediary.Įxcellent prospects for U.S. Mainland rivals are becoming more competitive, even in sectors where Hong Kong has long been dominant, like container port operations, logistics, and related trade and financial services.įoreign firms are bypassing Hong Kong: The trend of foreign firms heading directly to the mainland was accelerated by China’s 2001 admission to the WTO. Increasing competition from the mainland: Even as integration has given Hong Kong greater market access and growth opportunities, higher costs in Hong Kong have led to a hollowing out of its manufacturing sector. For trade in services, companies incorporated in Hong Kong by foreign investors can make use of CEPA as long as they satisfy eligibility criteria of a “Hong Kong Service Supplier” (for example, they must be engaged in business operation in Hong Kong for three to five years) or by partnering with or acquiring a CEPA-qualified company. For trade in goods, foreign investors can set up production lines in Hong Kong to produce goods that meet the CEPA rules of origin requirements. Overseas companies can also benefit from CEPA. CEPA goes beyond China's World Trade Organization (WTO) commitments, eliminating tariffs and allowing earlier or preferential access to some services sectors. Hong Kong enjoys gradually growing preferential access to the mainland: The Closer Economic Partnership Arrangement (CEPA) offers Hong Kong's products and firms preferential access to the mainland's market. Mainland China is Hong Kong’s largest trading partner. A majority of Hong Kong manufacturers has moved production to South China’s Pearl River Delta (PRD), with Hong Kong functioning as the region’s services and trade hub. There are numerous business opportunities given Hong Kong's expertise in finance and marketing, sophisticated infrastructure, and access to mainland China’s manufacturing base. It has its own common law legal system (as distinct from the PRC), currency, and customs jurisdiction. Hong Kong is a Special Administrative Region of China: Hong Kong enjoys a high degree of autonomy, except in foreign affairs and defense.
#OFFICE 365 FOR SMALL BUSINESS HONG KONG FREE#
Hong Kong is an ideal platform for doing business in Asia. In particular, Beijing’s policy of opening its service sector and gradually expanding the scope of the offshore renminbi (RMB – the PRC’s currency) market in Hong Kong and the sustained high numbers of mainland Chinese visitors have strengthened Hong Kong’s economy. Hong Kong has benefited from continued economic integration with mainland China’s growing economy.
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Dominant and sustained drivers of economic growth include private consumption (retail), logistics and business services, financial services, real estate development (bolstered by ongoing public infrastructure works), and tourism. Hong Kong, a Special Administrative Region of the People’s Republic of China (PRC) since its reversion in 1997, has proven in past economic crises to be exceptionally resilient.
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