Part 331

Other political or pressure groups: Association for Democracy and People's Livelihood (ADPL), Frederick FUNG Kin Kee, chairman; Liberal Democratic Federation, HU Fa-kuang, chairman; Federation of Trade Unions (pro-China), LEE Chark-tim, president; Hong Kong and Kowloon Trade Union Council (pro-Taiwan); Confederation of Trade Unions (pro-democracy), LEE Cheuk-yan, chairman; Hong Kong General Chamber of Commerce; Chinese General Chamber of Commerce (pro-China); Federation of Hong Kong Industries; Chinese Manufacturers' Association of Hong Kong; Hong Kong Professional Teachers' Union, CHEUNG Man-kwong, president; Hong Kong Alliance in Support of the Patriotic Democratic Movement in China, Szeto WAH, chairman

International organization participation: APEC, AsDB, CCC, ESCAP (associate), ICFTU, IMO (associate), Interpol (subbureau), IOC, ISO (correspondent), WCL, WMO, WTrO

Diplomatic representation in US: none (dependent territory of the UK)

US diplomatic representation: chief of mission: Consul General Richard W. MUELLER consulate general(s): 26 Garden Road, Hong Kong mailing address: PSC 464, Box 30, FPO AP 96522-0002 telephone: 2523-9011 FAX: 2845-1598

Flag: blue with the flag of the UK in the upper hoist-side quadrant with the Hong Kong coat of arms on a white disk centered on the outer half of the flag; the coat of arms contains a shield (bearing two junks below a crown) held by a lion (representing the UK) and a dragon (representing China) with another lion above the shield and a banner bearing the words HONG KONG below the shield

Economy -------

Economic overview: Hong Kong has a bustling free market economy with few tariffs or nontariff barriers. Natural resources are limited, and food and raw materials must be imported. Manufacturing and construction account for about 18% of GDP. Goods and services exports account for about 50% of GDP. Real GDP growth averaged a remarkable 8% in 1987-88, slowed to 3.0% in 1989-90, and picked up to 4.2% in 1991, 5.0% in 1992, 5.2% in 1993, 5.5% in 1994, and 5.0% in 1995. Unemployment, which has been declining since the mid-1980s, edged up from 2% to 3.5% in 1995. Notwithstanding, a shortage of labor continues to put upward pressure on prices and the cost of living. Prospects for 1996 remain bright so long as major trading partners continue to be reasonably prosperous and so long as investors feel China will support free market practices after the takeover in 1997.

GDP: purchasing power parity - $152.4 billion (1995 est.)

GDP real growth rate: 5% (1995 est.)

GDP per capita: $27,500 (1995 est.)

GDP composition by sector: agriculture: 0.2% industry: 18.4% services: 81.4% (1995 est.)

Inflation rate (consumer prices): 8.4% (1995)

Labor force: 2,915,400 (1994) by occupation: manufacturing 28.5%, wholesale and retail trade, restaurants, and hotels 27.9%, services 17.7%, financing, insurance, and real estate 9.2%, transport and communications 4.5%, construction 2.5%, other 9.7% (1989)

Unemployment rate: 3.5% (1995 est.)

Budget: revenues: $19 billion expenditures: $14.1 billion, including capital expenditures of $289 million (FY94/95)

Industries: textiles, clothing, tourism, electronics, plastics, toys, watches, clocks

Industrial production growth rate: 2% (1993 est.)

Electricity: capacity: 8,930,000 kW production: 33 billion kWh consumption per capita: 4,628 kWh (1993)

Agriculture: fresh vegetables; poultry

Illicit drugs: a hub for Southeast Asian heroin trade; transshipment and money-laundering center; increasing indigenous amphetamine abuse

Exports: $177.1 billion (including re-exports)(f.o.b., 1995 est.) commodities: clothing, textiles, yarn and fabric, footwear, electrical appliances, watches and clocks, toys partners: China 33%, US 22%, Germany 5%, Japan 5%, UK 3% (1993)

Imports: $195.4 billion (c.i.f., 1995) commodities: foodstuffs, transport equipment, raw materials, semimanufactures, petroleum; a large share is re-exported partners: China 38%, Japan 17%, Taiwan 9%, US 7% (1993)

External debt: none (1995)

Economic aid: $NA

Currency: 1 Hong Kong dollar (HK$) = 100 cents

Exchange rates: Hong Kong dollars (HK$) per US$ - 7.800 (1995), 7.800 (1994), 7.800 (1993), 7.741 (1992), 7.771 (1991); note - linked to the US dollar at the rate of about 7.8 HK$ per 1 US$ since 1985

Fiscal year: 1 April - 31 March

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