Offshore Financial Center - Hong Kong
Hong Kong's Census and Statistics Department last week that external financial assets and liabilities amounted to $11.66 trillion and $8.18 trillion at the end of last year.
The Department revealed that after netting out the external financial liabilities from the external financial assets, Hong Kong stood as a net creditor, with net external financial assets amounting to $3.48 trillion, or 252% of GDP.
The Department further stated that "The ratios of both Hong Kong's external financial assets and liabilities at the end of 2005 to GDP in that year remained substantial, at 843% and 591%, showing Hong Kong is a highly externally-oriented economy with considerable cross-territory investment and also a major financial centre in the region with considerable cross-territory fund positions."
"Compared with a year earlier, the positive net international investment position at the end of 2005 rose $180.1 billion. This was mainly attributable to the increases in the net asset position of portfolio investment and other investment."
When commenting on the figures, the Department stated that Hong Kong's international investment position remains sound. Both Hong Kong's external financial assets and liabilities were enormous, particularly so when expressed as ratios to GDP.
This signifies the diverse roles of Hong Kong as an international financial center as well as a conduit for the channelling of direct investment funds to the rest of the world.
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