Upgrading Businesses and Industries to Accelerate Growth

24. After years of effort, Hong Kong has established a competitive edge in a wide range of sectors. Examples include financial and related services, tourism, transportation and logistics, and ancillary business and professional services for multinational corporations. Hong Kong is a major international financial centre. Hundreds of banks, insurance companies and financial institutions from all over the world have a presence here. In the past year, the Hong Kong stock market raised US$44 billion for Mainland enterprises. Our tourism sector stands at the forefront of Asian cities, with more than 13 million visitors last year. For the first eight months of this year, the figure was more than 7% higher than the same period last year. As for the freight and logistics sector, Hong Kong is among the world leaders in the handling of cargo. These sectors have the potential for upgrading and development to spur Hong Kong's economic growth.

25. We provide services to multinational enterprises. Some 3 000 overseas companies have established their regional headquarters or offices in Hong Kong. Two years ago we attracted the second highest amount of external direct investment in Asia, just behind the Mainland and far exceeding other places in Asia. That figure increased more than 1.5 times last year. China's accession to the World Trade Organisation is expected to add impetus to this momentum. Both overseas and local enterprises will look upon Hong Kong as a strategic base to expand their business networks.