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People's Daily Online>>China Business

How will HK go through economic difficulties in 2012 (2)

By Wang Ping (People's Daily Overseas Edition)

14:09, January 13, 2012

In Hong Kong, the added value of the service industry accounts for 93 percent of the GDP. The central government has committed that it will fundamentally realize free service trade between Hong Kong and the mainland at the end of the 12th Five-Year Plan period.

The mainland's service industry will have a great development in the period and it will be great business opportunity for Hong Kong. The renowned medical services will soon appear in provincial capitals and municipality cities of the mainland, and there are already many cases that Hong Kong universities and mainland organizations jointly establish research institutes, laboratories or schools.

The mainland strengthens Hong Kong's "toughness"

In the U.S. and European debt crises of 2011, Hong Kong's situation was the best in the three global financial centers of the New York, London and Hong Kong. Since the government of the Hong Kong Special Administrative Region has taken measures in time and the increasing tourists from the mainland to Hong Kong are expanding Hong Kong's domestic demand, Hong Kong has become "very tough" now.

The general manager of the Economic Research Center under the Bank of China (Hong Kong) Xie Guoliang said that as long as China's economic growth rate could maintain 8.5 percent in 2012, Hong Kong's economy will not slow down.

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