Chapter 1529: Hong Kong's 1986 GDP

As for the matter of the island country's national railway being split up, will there be any accidents?

Without even asking Junpingguangxiang, Xia Yu was able to determine that it was 99% certain.

If there was really a one percent chance of it happening?

Then he was also confident that he could set things right again.

Afterwards, Xia Yu gave Chunping Ri Xiang instructions on what to pay attention to during the major leadership transition in the island country, and told him to contact Huo Jianning immediately if anything happened.

After chatting for about another 20 minutes, Xia Yu asked Huo Jianning to see him out.

He looked at the time and saw that it was already 10:02 a.m.

He got up and went to the French windows, gazing in the direction of Government House, as if he could see the appointment ceremony taking place there.

The current Governor, So Hang-kin, would soon complete his five-year term.

Thanks to Xia Yu's efforts, So Hang-kin would continue to serve as Governor, and his new term would last until around April 1992.

According to the protocol, the ceremony would be over by 10 o'clock. Considering that So Hang-kin would need time to meet with the guests and travel to the Governor's residence, he should arrive around 11 o'clock.

With an hour to spare, Xia Yu had no desire to go out.

After relaxing for a while, he suddenly thought of something. A few days ago, Huo Jianning gave him a report on the economic development of Xiangjiang. After he brought it home, he was too busy spending time with his wife and children to find time to read it in his study.

Just then, Huo Jianning returned to the office after delivering the pure water.

'Jianning, you're just in time. Do you still have last year's report on the economic development of Xiangjiang? If so, please give me a copy.'

'Yes, Master. I happen to have a copy in my office. Please wait a moment.' Before he could even sit down, Fok Kin-ning quickly walked back out again.

In no time at all, he returned with the material.

'Master, in addition to the Hong Kong Economic Development Report, I also brought a copy of the report on Su Xingjian's term of office in the UK that he submitted a few days ago.'

With that, Fok Kin-ning walked up to Xia Yu and bent down to hand the material to Xia Yu, who was sitting on the sofa.

'His term of office debriefing report? If we ask Su Xingjian to come over and read it, won't that be the same as treating him like the British Prime Minister?'

Xia Yu joked after receiving the material.

Fok Kin Ning couldn't help but laugh: 'Family head, with your influence, you are not necessarily lower than the British Prime Minister. Maybe later, when Su Xingjian comes over, you can ask him to give a report.'

'Haha...'

Xia Yu shook his head with a smile.

'Okay, you have things to attend to first, and when they arrive, just bring them over.'

'Okay, then I won't disturb you.'

After saying this, Fok Kin-ning left the office quietly, and finally closed the door gently.

Xia Yu put Su Xingjian's five-year term report aside first, as this could be read or not.

This Hong Kong Economic Development Report, which came out relatively late this year, was something that needed to be focused on.

The front page, when opened, highlights the relevant data on Hong Kong's GDP for the past year, 1986. The scale is as high as 937.862 billion Hong Kong dollars, which is equivalent to 151.268 billion US dollars.

The GDP growth rate increased by 401.814 billion Hong Kong dollars compared to last year's 542.282 billion Hong Kong dollars, an increase of 70.16%. This growth rate is the highest among the developed countries and regions that have announced their figures, and

It far exceeded the growth rate of 30.09% in 1985 and more than doubled it.

Among all the GDP data of countries and regions that have been announced, Hong Kong ranks 16th in the world, up four places from 20th in 1985, surpassing South Korea, Saudi Arabia, Switzerland and Sweden!

In the Asian context, the GDP is second only to island countries, mainland China, India and Iran.

And it is less than 30 billion US dollars away from Iran.

It is more than half the size of the mainland and about one-ninth the size of an island country!

Of course, a big part of the reason for Hong Kong's GDP reaching such a large scale and growing so quickly last year was the substantial global economic recovery.

This is because the GDP growth rates of developed countries and regions were generally extremely high last year.

For example, among the world's top 20 economies.

The US and Soviet Union had low growth rates because they are so large.

Then you have to exclude countries like China and India, which are developing countries.

The growth rate of island countries was 48.57%.

West Germany 43.34%.

Italy 41.59%.

France 39.47%.

Netherlands 39.63%.

Spain 39.07%.

...

If we go back a year, the GDP growth rates of many of these countries were only 5-6%, far less than Hong Kong's 30.09% growth rate the previous year.

With this general environment of global economic recovery, demand for goods in all industries has soared, naturally driving Hong Kong's GDP to skyrocket.

The industries that contributed most to Hong Kong's GDP were still the 'one core and six pillars' industries.

These seven industries accounted for as much as 97.34% of Hong Kong's economy last year, an increase of three percentage points from the previous year's 94.25%.

Thanks to the vigorous development of the financial industry last year, Hong Kong has achieved outstanding results in building itself into a global financial centre. With the help of the battle to defend Hong Kong's financial market at the end of last year, Hong Kong's financial services industry had a GDP of 219.553 billion Hong Kong dollars, an increase of 120.479 billion Hong Kong dollars year-on-year, a growth rate of 121.6%, which significantly outperformed Hong Kong's overall GDP growth rate.

The financial services industry's contribution to the Hong Kong economy reached 23.41%, an increase of more than 5 percentage points over the previous year's 18.27%, and the contribution rate also rose from fourth to first place.

One of the core industries has finally lived up to its name!

The second largest is the trade and logistics industry, with a GDP of 219.366 billion Hong Kong dollars, an increase of 76.529 billion Hong Kong dollars over the previous year, and a growth rate of 53.58%.

The contribution of the trade logistics industry to the Hong Kong economy also fell from 26.34% the year before to 23.39%, and was surpassed by the financial services industry by a margin of 0.02%, finally losing the throne it had held for decades.

The third largest industry is the electronics and high-tech industry, with a GDP of 210.55 billion Hong Kong dollars, an increase of 92.983 billion Hong Kong dollars year-on-year, and a growth rate of 79.09%, outperforming the overall growth rate.

The contribution of the electronics and high-tech industries to the Hong Kong economy also increased from 21.68% to 22.45%, but the overall ranking remained unchanged.

The fourth largest industry is the heavy machinery manufacturing industry, with a GDP of 198.358 billion Hong Kong dollars, an increase of 79.923 billion Hong Kong dollars year-on-year, a growth rate of 67.48%. This also did not outperform the overall growth rate, so the contribution to the Hong Kong economy decreased slightly, and the industry's ranking also fell from second to fourth.

The fifth largest industry is still the tourism and entertainment industry, with a GDP of 25.885 billion Hong Kong dollars, an increase of 11.135 billion Hong Kong dollars year-on-year, a growth rate of 75.49%, which also outperformed the overall growth rate, but the overall ranking remained unchanged.

The sixth largest industry has become the petrochemical industry, with a GDP of 21.946 billion Hong Kong dollars, an increase of 15.493 billion Hong Kong dollars year-on-year, the highest growth rate, reaching 240.08%.

The petrochemical industry's contribution to the Hong Kong economy also increased from 1.19% to 2.34%!

The seventh largest industry is the big health industry, in which Xia Yu has high hopes. The GDP is only 17.257 billion Hong Kong dollars, an increase of 5.272 billion Hong Kong dollars, but the year-on-year growth rate is 43.99%, the lowest of the seven industries, so it has fallen from sixth to seventh place.

The development of these seven industries is excellent, and although there are differences in growth rates, the reasons are multifaceted.

The report analysed:

As Hong Kong's position as a global financial centre becomes more firmly established, especially with the siphoning effect on Southeast Asia becoming more prominent, the financial services industry will continue to grow rapidly.

As for the electronics and high-tech industries, with the leading Tiangong Electronics Group and Tiangong Electrical Appliances Manufacturing Group driving the industry, the related industrial chains are constantly converging, and the future prospects are very bright.

As for the heavy machinery manufacturing industry, it is also developing rapidly under the leadership of the Tiangong Automobile Group and Tiangong Shipbuilding Group. However, due to the limitations of Xiangjiang, the Tiangong Automobile Group has already relocated some of its production capacity to the mainland, so the growth rate of this industry is likely to decline in the future.

Although the proportion of the trade and logistics industry is declining, the position of Xiangjiang as an international transit port is also being consolidated. However, the proportion of the Xiangjiang economy is bound to decline further.

The petrochemical industry exploded last year because the first phase of the 3 million ton Pacific Oil Refinery on Lamma Island was put into operation at the end of the previous year, and then the second phase of 3 million tons was also put into operation in the middle of last year.

The third phase of the Pacific Oil Refinery, a 4 million ton facility, is under construction and will soon be put into operation.

In addition, other companies are also scrambling to invest in and build oil refining enterprises on Lamma Island, so the petrochemical industry in Heung Kong will continue to explode in the future, and the growth rate will not be less than 100% in the next few years!

As for the tourism and entertainment industry, although its economic contribution is not high, its growth rate will be very stable. Hong Kong's positioning as an international tourist city is becoming more and more prominent, and it is not a problem to outperform or keep up with the overall growth rate.

Finally, the big health industry, although its growth rate was low last year, is understandable. Because the pharmaceutical industry, which contributes the most to GDP in the big health industry, requires a certain period of time from research and development to market launch. The outbreak of this industry depends on the future, and it is destined to be an industry that will never decline.

Last year, the GDP of the healthcare industry increased by 5.272 billion Hong Kong dollars, mainly due to the contributions of the medical device industry and the health product industry.

Of course, the report also pointed out some other issues that hinder economic development and growth, which Xia Yu took careful note of.

At the end of the report, the strategic development plan of 'one core and six pillars' for Heung Kong was further affirmed.

Just as Xia Yu finished reading it, time had already passed unnoticed to 10:50.

Suddenly the phone on the desk rang. It was the receptionist calling to say that Fok Kin-ning, the Governor of Heung Kong, and the others had arrived in the lobby on the first floor and were walking towards the elevator.