ࡱ> q *Abjbjt+t+ pAAz;]D    d 6@F9,e̔ΔΔΔΔΔΔ$=1}}}@}̔^|}̔RjJ̔ 4@yV  k(2World Trade OrganizationRESTRICTED DOCPROPERTY "Symbol1" WT/TPR/S/109 18 November 2002 (02-6321)Trade Policy Review Body TRADE POLICY REVIEW  DOCPROPERTY "Country"\* Upper HONG KONG, CHINA Report by the Secretariat  This report, prepared for the fourth Trade Policy Review of Hong Kong, China, has been drawn up by the ϲʹ Secretariat on its own responsibility. The Secretariat has, as required by the Agreement establishing the Trade Policy Review Mechanism (Annex 3 of the Marrakesh Agreement Establishing the World Trade Organization), sought clarification from the Government of HongKong, China on its trade policies and practices. Any technical questions arising from this report may be addressed to Ms.Eugenia Lizano (tel. 739 5529), Mr. Masahiro Hayafuji (tel. 739 5873) and Mr.MichaelDaly (tel. 739 5077). Document WT/TPR/G/109 contains the policy statement submitted by the Government of Hong Kong, China  ADVANCE \y 700  Note: This report is subject to restricted circulation and press embargo until the end of the meeting of the Trade Policy Review Body on DOCPROPERTY "Country" Hong Kong, China. CONTENTS Page SUMMARY OBSERVATIONS (1) Economic Environment vii (2) Institutional and Policy Framework vii (3) Trade and Trade-Related Measures viii (4) Sectoral Policies viii I. Economic environment 1 (1) Recent Economic Developments 1 (i) Economic performance 1 (ii) Macroeconomic policies 4 (iii) Structural measures 7 (2) Developments in Trade 8 (i) Composition of trade 9 (ii) Direction of trade 9 (3) Outlook 12 II. trade policy regime: framework and objectives 13 (1) Introduction 13 (2) Institutional Setting 13 (3) Trade Policy Formulation and Implementation 14 (i) Government bureaux and departments 14 (ii) Advisory and review bodies 15 (4) Trade Policy Objectives and Arrangements 15 (i) Multilateral agreements 15 (ii) Regional cooperation initiatives 16 (iii) Bilateral agreements 17 (5) Foreign Investment Regime 17 III. trade policies and practices by measure 18 (1) Introduction 18 (2) Measures Directly Affecting Imports 19 (i) Import registration 19 (ii) Tariffs 19 (iii) Other charges affecting imports 21 (iv) Customs valuation and rules of origin 22 (v) Import prohibitions, restrictions, and licensing 22 (vi) Contingency measures 24 (vii) Standards and other technical requirements 24 (viii) Government procurement 27 (ix) State trading 30 (x) Local-content schemes 30 (xi) Countertrade 30 (3) Measures Directly Affecting Exports 30 (i) Procedures 30 (ii) Export taxes, charges, and levies 31 Page (iii) Export prohibitions, restrictions, and licensing 32 (iv) Export support 33 (v) Export cartels and other arrangements 34 (vi) Export finance, insurance, and guarantees 34 (vii) Export promotion and marketing assistance 34 (4) Other Measures Affecting Production and Trade 34 (i) Incentives 34 (ii) Role of state-owned enterprises 37 (iii) Competition policy and regulatory issues 38 (iv) Corporate governance 40 (v) Intellectual property rights 42 iV. trade policies by sector 50 (1) Introduction 50 (2) Agriculture 51 (3) Manufacturing 54 (4) Services 55 (i) Financial services 55 (ii) Telecommunications 60 (iii) Transport 63 (iv) Tourism 68 REFERENCES 71 APPENDIX TABLES 77 CHARTS I. Economic environment I.1 Product composition of merchandise trade, 1998 and 2001 10 I.2 Direction of merchandise trade, 1998 and 2001 11 IV. trade policies by sector IV.1 Mark-up between c.i.f. import price and retail price of Thai fragrant rice in Hong Kong, China 53 IV.2 Hong Kong dollar interest rates, 1998-01 59 TABLES I. Economic environment I.1 Major features of the Hong Kong, China economy, 1998-01 2 I.2 Selected macroeconomic indicators, 1998-02 2 I.3 Structure of direct and indirect tax revenue, 1997-02 6 I.4 Exports and imports of services,1998-01 9 II. trade policy regime: framework and objectives II.1 Selected notifications by Hong Kong, China under ϲʹ Agreements, as at October 2002 16 Page III. trade policies and practices by measure III.1 Import declaration charges (HK$) (as of June 1999) 19 III.2 Fully and partially bound tariff lines by ϲʹ agriculture and non-agriculture definition, 1998 and2001 20 III.3a Excise duties, 2001-02 21 III.3b Local production of excisable commodities 21 III.4 Labelling requirements 27 III.5 Government procurement, 1998-01 28 III.6 Contracts awarded under various tender procedures, 1998-01 29 III.7 Export declaration charges (HK$) (as of June 1999) 31 III.8 Companies with government involvement 38 III.9 Intellectual property laws and regulations 42 III.10 Enforcement of Intellectual Property Rights, 1998-02 49 IV. trade policies by sector IV.1 Economic structure and employment, 1997-02 51 IV.2a Structure of the banking sector, 1998-01 56 IV.2b Performance ratios of the banking sector, 1998-01 56 IV.3 Telecommunication services in Hong Kong, China, 1998-02 61 IV.4 Air transport, 1997-01 64 IV.5 Port traffic in Hong Kong, China, 1997-02 66 IV.6 Tourism, 1998-01 69 APPENDIX TABLES I. Economic environment AI.1 Balance of payments, 1998-01 79 AI.2 Foreign direct investment inflows/outflows by major economic activity, 1998-00 80 AI.3 Foreign direct investment inflows/outflows by country, 1998-00 81 III. trade policies and practices by measure AIII.1 Goods subject to import licensing, 2002 82 AIII.2 Standards and/or technical regulations applied in Hong Kong, China, April 2002 84 IV. trade policies by sector AIV.1 Assistance to agriculture and fisheries 88 SUMMARY OBSERVATIONS Economic Environment During the period under review (1998-2002), the Hong Kong Special Administrative Region (HKSAR) has been faced with two successive external shocks; the Asian financial crisis in the early part of the period and the global economic slowdown in 2001. HongKong's reversion to the People's Republic of China in 1997 has not altered the Territory's trade and investment regime. However, the HKSAR has had to face considerable structural adjustment associated with its growing integration into the rest of China, particularly the Pearl River Delta region. Aided by favourable external conditions, notably ϲʹ Members' commitment to keeping their markets open, the Territory's recovery from the Asian crisis started in 1999 and accelerated in 2000, when GDP grew by 10.2%. This recovery was short-lived, however, owing to the global slowdown in 2001, when real GDP in the HKSAR grew by just 0.6% in real terms. While this downturn was mainly caused by falling exports, weak domestic demand (possibly reflecting the Territory's high level of savings in relation to investment) also contributed. As a consequence, the unemployment rate rose to 7.7% in the second quarter of 2002, its highest level since the 1980s. Moreover, deflation has persisted for the past three years (1999-01), reflecting adjustment not only to the two external shocks under the fixed exchange rate of the HongKong dollar to the U.S. dollar, but also increased integration with China (where prices, wages and property prices/rents in particular are considerably lower than in the HKSAR). Under the fixed exchange rate system, the brunt of the adjustment has fallen on domestic-product, factor, and asset markets. Trade is critical to the economy of the HKSAR, with trade in goods and non-factor services equivalent to 277% of GDP in 2001. Although the Territory's merchandise trade account has been in deficit, this has been more than offset by a large surplus in services trade, mainly involving transportation and trade-related services. This is consistent with the HKSAR's role as an entrepot and the shift from manufacturing to services. Institutional and Policy Framework In accordance with the principle of "one country, two systems", the Basic Law, the main constitutional document governing the HKSAR, grants the Territory a high degree of autonomy in the conduct of foreign trade relations. The Territory's institutional and policy framework has remained largely unchanged since its reversion to China in 1997. There have been some institutional changes intended to increase accountability in the public sector and several departments have been reorganized to assume expanded responsibilities. There have been no significant changes in the HKSAR's broad trade policy objectives since 1998. While the Territory has initiated FTA negotiations with China and New Zealand, the authorities stress their commitment to the multilateral trading system. Hong Kong, China continues to play an active role in the ϲʹ, including in the ongoing negotiations. As noted by the authorities, the Territory's priorities in the Doha Development Agenda (DDA) include market access enhancement, rules-related issues in trade in services, and non-agricultural tariffs. Hong Kong, China maintains an open trade and foreign investment regime. The Government's approach of letting free and open markets be the main determinant of the allocation of resources within the Territory remains, by and large, in place. In general, industrial support is not sector specific, with industrial policy being confined mainly to the provision of public services to allow the private sector to develop. More recently, however, partly owing to the economic downturn, the Government has become more "proactive" in an effort to promote high value-added activities, namely financial services, logistics, tourism, and producer and professional services. This development is perhaps indicative of a shift away from the Government's traditional laissez-faire stance. Trade and Trade-Related Measures Hong Kong, China is a free port with few restrictions at the border. Since 1998 there have been only a few significant changes in the Territory's trade regime; these include an increase in the number of bound tariff lines, the phasing out by 2003 of the Rice Control Scheme, and improved enforcement of intellectual property rights. All imports enter the Territory duty free. Tariff bindings have been increased since 1998, but these apply to less than half of all tariff lines. Non-tariff border measures (NTMs) are almost absent; those that do exist (import and export licences and quotas) either stem from the HKSAR's obligations under international undertakings or are applied for health, safety, security or environmental reasons. The Rice Control Scheme, a quota system in place for food security reasons, is being phased out and will be fully eliminated by 2003. Hong Kong, China has no legal instrument protecting domestic producers from perceived unfair foreign trading practices in the form of dumping or export subsidies. There are no government controls on exports, except those maintained under the ϲʹ Agreement on Textiles and Clothing, or related to UN sanctions. Hong Kong, China is a member of the ϲʹ Agreement on Government Procurement (GPA). In general, Hong Kong, China does not provide sector-specific assistance. Support is provided across the board to all sectors through tax incentives, financing for R&D and technology upgrading, and assistance to small and medium-sized enterprises (SMEs). Nevertheless, certain tax incentives seem to benefit some sectors more than others. Moreover, land leasing conditions remain an important instrument of industrial policy. Land is the Territory's scarcest resource and is owned by the Government; it is allocated not just through open tenders and bids, but also under special circumstances by means of direct contracts; the terms of these contracts, including prices, are negotiated by the parties concerned and could therefore entail substantial assistance. In the belief that the free play of market forces and minimum intervention are the best means of fostering competition, HongKong, China has eschewed an overarching competition law. Instead, the authorities prefer a sector-specific approach, involving measures, such as licensing, codes of practice, and legislation, when these are felt to be necessary. However, the absence of a comprehensive policy to address anti-competitive practices, and the entrenchment of a few dominant conglomerates in the domestic market, could constitute an obstacle to greater competition from domestic and foreign firms, especially in the provision of services, thereby possibly discouraging FDI. Hong Kong, China has a comprehensive body of legislation aimed at protecting intellectual property. Since its previous Review, steps have been taken to improve the enforcement of these laws. As a result, Hong Kong, China introduced additional changes to its intellectual property legislation and implemented education campaigns to strengthen the protection accorded to intellectual property. The authorities consider that these efforts have been successful. Sectoral Policies The HKSAR is primarily a service-based economy, with services accounting for 92.4% of GDP in 2000. The contribution of agriculture, fisheries, and mining to GDP (and employment) is negligible, and that of the manufacturing sector has declined to 5.5%. This downward trend in manufacturing, which started two decades ago, is expected to continue as the production of labour-intensive manufactured goods moves to lower cost centres in China. Economic reform on the Mainland has provided a production hinterland and market outlet for the Territory's manufacturers. The Territory has also become a major provider of support services for China (e.g. financial services, business services, and trading services including transportation) increasing the economy's orientation towards services. Economic integration with China has provided added impetus to the HKSAR's efforts to become a high-value-added, service-based economy. This process has also been reflected in the changing structure of employment, which has contributed to an increase in unemployment among the low skilled and raised income disparities. Sectoral policies have undergone little change since 1998; they focus on upgrading infrastructure, and promoting innovation and technological improvement in manufacturing and services. However, the FinancialSecretary has earmarked four services sectors as key to the HKSAR's development, which could indicate a shift towards the adoption of sector-specific assistance. Since 1998, sectoral reforms have been mainly in banking and telecommunications services. In particular, the conditions attached to foreign banks applying for a licence to operate in Hong Kong, China were relaxed in 2000. The Interest Rate Rules, operated by the HongKong Association of Banks, were liberalized in two phases, in 2000 and 2001. While these measures should lead to an increase in competition in the sector, data show that despite the large number of banks, the sector has a quasi-oligopolistic structure. Telecommunications have also been progressively liberalized, with the introduction of competition in the fixed telecommunications market, which will be fully liberalized by 2003. Telecommunications and broadcasting are the only activities that have explicit legal provisions against anti-competitive behaviour. 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