HK's external assets outstrip liabilities

Hong Kong stood as a net creditor, with net external financial assets amounting to 3.09 trillion HK dollars (397 billion US dollars) at the end of 2003, Hong Kong Census & Statistics Department said Thursday.

Hong Kong's external financial assets amounted to 9 trillion HK dollars (1157 billion US dollars) and liabilities to 6 trillionHK dollars (771 billion US dollars) at the end of last year.

It shows Hong Kong is a highly externally oriented economy withconsiderable cross-territory investment, and is also a major financial center in the region with considerable cross-territory fund positions, the department said.

According to the department, most of Hong Kong's external financial assets were held by the banks in the form of inter-bank deposits and loans, reflecting the role of Hong Kong as an international banking center in channeling funds to the rest of the world.

Source: Xinhua