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HK 10 Years > Economy

HK economy looking forward to better future

In the past ten years, the Hong Hong economy has experienced many ups and downs. And through it all, Hong Kong has retained its status as a financial center and international trade hub.

The Industrial and Commercial Bank of China made history with its Hong Kong listing. The Mainland's largest bank raised more than 19 billion US dollars. And the IPO was the largest ever in the global stock markets, a major achievement for the Hong Kong stock market.

Lee Yeh-Kwong, former chairman, HK stock exchange, said, "The ICBC IPO attracted a huge number of international investors. On the one hand, this demonstrated their confidence in ICBC as well as in the Chinese economy. On the other hand, it showed that they have confidence in Hong Kong market. "

But ICBC is not the only Mainland player to push the Hang Seng index high. Other giants, including the Bank of China, the China Construction Bank, and the Bank of Communications, have all contributed to the bull trend through H-share IPOs. In 2006, the market value of the Hong Kong stock market exceeded 13 trillion HK dollars, ranking the 7th in the world.

Lee Yeh-Kwong said, "There are three international financial centers in the world. One is in America, one is in Europe and the other is in Asia. I believe that Hong Kong has the capability to stand equally with New York and London and become the center in Asia."

He Guangbei, president Bank of China(HK), said, "New York has the United States, London has Europe. Now, Hong Kong has China. The Mainland will surely play a supporting role in helping Hong Kong to become a truly international financial center."

Stocks are not the only attraction. Trade also drives the economy.

The COSCO Guangzhou, one of the largest cargo ships in the world, is about to pull into Hong Kong. Every year, it transports goods worth over ten million US dollars between Hong Kong and the United States.

Most of the goods are coming from or will be delivered to the Mainland.

C. C. Tung, chairman Oriental Overseas Int'l, LTD, said, "The demand is really growing fast. For the shipping industry in Hong Kong, We never imagined we could have such rapid development, and it's just because of China.

After China joined the World Trade Organization, foreign trade has continued to expand dramatically. That has given great impetus to Hong Kong's shipping industry and helped the city retain its position

as an international trade hub.

In 2006, exports from the Mainland shipped via Hong Kong accounted for more than 60 percent of Hong Kong's total carrying trade. Hong Kong is now the 9th largest trading power in the world, well up from

18th ten years ago. With exports growing fast in the Mainland, prospects for Hong Kong's shipping industry are looking better than ever.

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