International Trade/Offshore Manufacturing/Sourcing/Export/Import/Consulting The Hong Kong choice Since China's accession to the World Trade Organization, Hong Kong has been well positioned to play a key role for U.S. firms wishing to expand exports to one of the world's fastest-growing markets. Hong Kong is a trading hub for China and the region: its trading firms are experts at promoting U.S. products and services in China. Similarities in linguistic and cultural traditions have enabled Hong Kong traders to maximize opportunities for U.S. firms, and in particular for small and medium-sized enterprises and first-time exporters. Hong Kong is on the southeast coast of China, with an area of 404 square miles, about four times the size of Washington. Hong Kong reverted to Chinese sovereignty in 1997 after more than 150 years under British rule. Hong Kong under Chinese sovereignty has remained one of the freest cities in Asia, with the Hong Kong government committed to advancing Hong Kong's distinct way of life and the Chinese government generally respecting its commitments regarding Hong Kong's high degree of autonomy. The Hong Kong economy depends on trade, which, in 2002, was 2.5 times Hong Kong's GDP. The United States is Hong Kong's second-largest trading partner, and Hong Kong is the United States' 13th-largest market for exports. According to U.S. government statistics, U.S. goods exports to Hong Kong were $13 billion in 2002 (latest data available), while U.S. goods imports from Hong Kong were $9.6 billion. U.S. exports of commercial services to Hong Kong were $3.4 billion in 2001 and U.S. imports of commercial services from Hong Kong were $3.7 billion. The American business presence in Hong Kong is formidable. There are more than 1,100 U.S. firms in Hong Kong, including in excess of 600 regional operations, employing 250,000 people. An estimated 50,000 American citizens reside in Hong Kong. With a per-capita GDP of about $24,000 and as the gateway port for China's richest regions, Hong Kong's market offers prospects for a full range of U.S. products and services. Attractive sectors for U.S. firms include medical and pharmaceutical, information technology and telecommunication products, high-value food and consumer goods, and safety products. Hong Kong's extensive business networks on the mainland and in ASEAN countries are also an advantage conducive to intraregional trade. In addition to being a re-export hub, Hong Kong is also the preferred location of multinational corporations for establishing regional headquarters and offices in overseeing their trade and investment activities in the region. Advertise on this site Put your company on this site!