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Doing Business in Hong KongBusiness Profile Economy: The mainstays of Hong Kong's economy are light manufacturing, shipping and financial services. The last of these is now the most important as Hong Kong has developed into a major international financial centre. Manufacturing is concentrated in textiles, consumer electronics and other consumer goods (Hong Kong is the world's largest producer of children's toys). The shipping industry is assisted by Hong Kong's natural deep-water harbour, probably the best in the region. Much regional trade is still conducted through Hong Kong. Within months of the handover of the territory to China in July 1997, the financial crisis which affected the whole region started to take hold. With a more mature and stable banking system than most of the rest of the region, Hong Kong showed few immediate ill effects. However, the severe impact on many of the territory's major trading partners and the depression of the regional economy was sure to cause some damage, and did so in the form of a 7 per cent drop in output during 1999. However, the economy recovered during 2000 and is set to continue its steady 2 per cent growth into, and throughout, 2001. The USA, Japan, Taiwan, Singapore and Germany are Hong Kong's main trading partners. Business Business people are generally expected to dress smartly. Local business people are usually extremely hospitable. Appointments should be made in advance and punctuality is appreciated. Business cards are widely used with a Chinese translation on the reverse. Most top hotels provide business centres for visiting business people, with typing, duplication, translation and other services. Office hours: 0900-1300 and 1400-1700 Monday to Friday, 0900-1300 Saturday. Some Chinese offices open earlier than 0900 and close later than 1700. Commercial Information The following organisations can offer advice: Hong Kong Trade Development Council Hong Kong General Chamber of Commerce Immigration Department of the Hong Kong Government Conferences/Conventions The Hong Kong Convention and Incentive Travel Bureau is a division of the Hong Kong Tourist Association, which specialises in promoting Hong Kong as a leading venue with a special East/West position; it publishes lavish and detailed brochures showcasing the region for conference and incentive planners, together with a glossy catalogue of promotional material and a directory of associations and societies in Hong Kong. There are venues with seating for up to 12,500 persons. Leading hotels are offering substantial room and function space savings (up to 50%) for conference, convention and incentive travel organisers until the end of the year 2000. For further information, contact: the Hong Kong Convention and Exhibition Centre Hong Kong Etiquette and Customs Greeting someone in Hong Kong Handshaking is the most common form of greeting with a slight bow, or nod which is taken as a sign of respect. Business cards are considered very important, especially for those conducting business in Hong Kong. It is a good idea to have a Chinese translation printed upon the back of your card. There is a set way that business cards should be presented; they should be exchanged upon first meeting somebody using both hands (Chinese translation uppermost) with a slight bow or forward nod of the head. Tipping advice Tipping in Hong Kong is very important. Waiters and waitresses will expect around 10 percent of the bill. Even when there is a service charge already included it is still customary to leave a small amount. Taxi drivers tend to mark up the fare to the nearest HK$ and if not, will appreciate a little extra. Bellboys, porters and toilet attendants will also expect a small tip. Hong Kong dress code Formal attire is required for business meetings in Hong Kong. Be aware of seasonal temperature changes, as the city can become quite hot and sticky making traditional suits uncomfortable. There are many lightweight alternatives available throughout Asia. Jackets and ties are also expected in many restaurants. This requirement is always clearly stipulated and politely enforced. Local Customs As the Chinese lunar calendar and the Western calendar are both in use in Hong Kong, setting dates for special events always poses a bit of a problem. Consequently it is only possible to give approximate dates. The Hong Kong Food Festival, hailed as the culinary event in Asia's shifting calendar takes place some time during March. The whole of the city appears to take part in cooking, eating, experimenting, demonstrating and generally celebrating the cornucopia of Asian cuisine. At the end of April the Tin Hau Taoist Festival sees row upon row of brightly decorated junks sailing to the Tin Hau temples to pray for good weather and seas rich for fishing. The prettiest festival is the Lantern Festival, which takes place in January or February. A Chinese lantern symbolising light, home and warmth illuminates every temple, restaurant and domestic window in Hong Kong. |