19 July 1997
TDC's Report on Hong Kong's 25 Major Services Industries
To enhance businessmen's understanding towards Hong Kong's services sector and its market potential, the Hong Kong Trade Development Council recently launched a reference book entitled "Profiles of Hong Kong's Major Services Industries", a comprehensive report on the territory's major services industries.
The report covers Hong Kong's 25 key services industries, including accounting, advertising and marketing research, air transport, arbitration and mediation, architecture, banking, building and construction, convention and exhibition, design, engineering, express cargo, freight forwarding, import and export trade, industrial testing and inspection, information technology, insurance, legal, management consultancy, media, non-bank financial services, publishing, sea transport, securities, surveying, and telecommunications.
To coincide with the Government's announcement in March 1996 that TDC be entrusted to further promote Hong Kong's trade in services, TDC's Research Department immediately released a report entitled "Profiles of Selected Service Industries of Hong Kong", which helps the business community to gain a preliminary knowledge of Hong Kong's services industry.
The new report on "Profiles of Hong Kong's Major Services Industries" compiled by TDC's Research Department aims to provide local and overseas companies with more detailed informaion on Hong Kong's services sector.
The report also presents an overview of Hong Kong's services sector as a whole. The rapid economic growth in Asia has provided favourable conditions for the transformation of Hong Kong's economy. As local manufacturers shift their lower value-added production processes across the border and to overseas developing countries, Hong Kong continues to handle the more elaborate production processes, as well as provide management functions and other production-related support services.
Such production arrangements have also generated considerable demand for trading, shipping, financing and professional services from Hong Kong. Hong Kong has thus developed into a regional trading hub and an all-round services centre.
Hong Kong is not only one of the world's most service-oriented economies but also the ninth largest exporter of commercial services in the world. Since 1980, Hong Kong's services exports have been growing at an average rate of 16% per annum.
Among all services industries, the financing, insurance, real estate and business services sector has been the fastest growing sector over the past 10 years, increasing by an average annual rate of 20%.
Significant progress is being made to liberalise global trade in services. Situated at the heart of Asia's rapid-growing economies, Hong Kong has vast export potential of services industries. TDC's key role is to promote the territory's services sector by helping the business community to grasp these new developments and burgeoning opportunities, thereby strengthening Hong Kong as Asia's leading services centre.
For press enquiries, please contact Mindy Ho of TDC's Media & Corporate Communications Department, tel : (852) 2584 4333.