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The Four Key Industries in the Hong Kong Economy
Financial services, trading and logistics, tourism, and professional and producer services are the traditional Four Key Industries in Hong Kong. They have been the driving force of Hong Kong's economic growth, providing impetus to growth of other sectors and creating employment.
Financial services cover a wide range of services including banking, insurance, stock brokerage, asset management, and other financial services.
Tourism covers inbound tourism and outbound tourism. Inbound tourism covers retail trade, accommodation services (covering hotels, guesthouses, boarding houses and other establishments providing short term accommodation), food and beverage services, transport and personal services etc., yet pertaining only to the part provided to visitors. Outbound tourism covers cross-boundary passenger transport services and travel agency, reservation service and related activities, yet pertaining only to the part provided to Hong Kong residents travelling abroad.
Logistics refers to the process of planning, implementing and controlling the movement and storage of goods (including raw materials, goods in progress and finished goods), services and related information from the point of origin to the point of consumption. The activities include freight transport, freight forwarding, storage, postal and courier services. Trading firms are closely associated with logistics activities. For analytical purposes, statistics on the economic contribution and employment situation of trading services are presented together with those in respect of logistics services.
Professional services cover legal, accounting, auditing, architecture and engineering activities, technical testing and analysis, scientific research and development, management and management consultancy activities, information technology related services, advertising, specialised design and related services, etc.
Producer services refer to services for use by other companies (i.e. intermediate consumption) in the local economy, as well as exports of services to companies and individuals. To avoid overlapping of economic activities in the Four Key Industries, it is necessary to compile statistics of "other producer services". "Other producer services" refer to producer services other than financial services, trading and logistics, tourism and professional services.
Other Selected Industries in the Hong Kong Economy
Selected Industries include cultural and creative industries, medical services, education services, innovation and technology, testing and certification services, and environmental industries. They are identified by the Government as the industries where Hong Kong enjoys advantages for further development.
Cultural and creative industries comprise different component domains, which mainly include advertising; architecture; art, antiques and crafts; design; film, video and music; performing arts; publishing; software, computer games and interactive media; and television and radio.
Medical services cover medical services provided by private hospitals, clinics, medical and dental practitioners, nursing and residential care for the elderly and persons with substance abuse and disabilities as well as medical-related activities including retail sales of medical products and medical insurance.
Education services cover kindergartens, private primary and secondary schools (both profit and non-profit making), tutorial schools, self-financed post-secondary and other university courses (including university courses for non-local students), and other education-related services. Training provided to business firms is also included, as it is an important activity of continuing education for enhancing the competency of staff and hence productivity.
Innovation and technology cover research and development (R&D) activities as well as activities relating to the commercialisation of R&D outputs. They drive the development and introduction of technologically new or significantly improved products or processes in relevant organisations for commercial purposes.
Testing and certification services cover business establishments engaged in technical testing and analysis; cargo inspection, sampling and weighting; and medical and X-ray laboratories as their major economic activities.
Environmental industries in Hong Kong mainly include sewerage and waste management, environmental engineering and consultancy services as well as import/export and wholesale trading of waste and scrap.