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Hong Kong has a free market economy highly dependent on international trade. Natural resources are limited, and food and raw materials must be imported. Imports and exports, including reexports, each exceed GDP in dollar value. Even before Hong Kong reverted to Chinese administration on 1 July 1997 it had extensive trade and investment ties with China. Hong Kong has been further integrating its economy with China because China's growing openness to the world economy has increased competitive pressure on Hong Kong's service industries, and Hong Kong's re-export business from China is a major driver of growth. Per capita GDP compares with the level in the four big economies of Western Europe. GDP growth averaged a strong 5% in 1989-1997, but Hong Kong suffered two recessions in the past 6 years because of the Asian financial crisis in 1998 and the global downturn of 2001-2002. The Severe Acute Respiratory Syndrome (SARS) outbreak also battered Hong Kong's economy, but a boom in tourism from the mainland because of China's easing of travel restrictions, a return of consumer confidence, and a solid rise in exports resulted in the resumption of strong growth in late 2003.
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Textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks.
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Fresh vegetables; poultry, fish, pork.
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