HK financing industry receipts up 76.5 percent in Q1

Hong Kong business receipts of the financing industry excluding banking, grew sharply by 76.5 percent in the first quarter of 2004 compared with a year earlier,according to the figures released Friday by the Census & Statistics Department.

Business receipts of the insurance and real estate industries also increased notably, by 28.8 percent and 25.4 percent.

The increase in business receipts of the financing industry wasfueled by brisk trading in the local stock market, the department said.

Business receipts of the insurance and real estate industries were mainly attributable to the expansion in both general and lifeinsurance businesses and the upturn of the property market.

Other service industries showing increases in business receiptsincluded the storage by 17.6 percent, followed by import/export trade, banking, transport, hotels, business services, wholesale and retail trade, film entertainment and restaurants industries.

Business receipts of the communications industry dropped slightly, by 3.6 percent.

Analyzed by service domain, business receipts in the tourism, convention and exhibition services domain increased by 16.5 percent in the Q1 2004 over a year earlier, attributable largely to the growth in inbound tourism.

Source: Xinhua