The continued strong local consumption, the brisk financial market and the sustained favorable investment situation-all are benefited from the prosperity of the inland economy and the central government's support to Hong Kong, the entire economy of Hong Kong is promising this year.

Statistics released by the Hong Kong SAR (Special Administration Region) government show the rapid economic growth of Hong Kong. Following its achievement of a 6.2 percent substantial growth in the first quarter of this year, the region recorded a 6.8 percent economic growth in the second quarter and a 6.5 percent increase in the first six month of this year. Thus far, the local total output value of Hong Kong has kept rising for eight consecutive quarters.

In the second quarter of this year, benefited by continued global economic expansion and the sturdy growth of the hinterland's foreign trade, Hong Kong's commodity export has witnessed robust growth, registering a substantive rise of 11 percentage points on a yearly basis. The surge of offshore trade and the prosperity of tourism have entailed a marked 7.8 percent growth of labor export in the second quarter.

Full-scale economic expansion has further created job opportunities, Hong Kong's total number of employees rose to a new high to reach 3.37 million people in July this year. The stock market and the housing market as a barometer of Hong Kong's economy, present a favorable situation of steady upturn.

Local economists hold that price index is benefited by increase in import commodities, the rapid rebound of retailing and catering businesses, the flourishing market condition-all these stimulate Hong Kong's domestic market demand to turn for the better.

By virtue of the upward trend in 2004, the region's housing and office building market has, since the beginning of this year, still chalked up a handsome rate of growth. Under the impetus of low interest rate enterprises, limited future supply and stronger economic confidence in Hong Kong, the entire housing market has witnessed a sustained steady growth.

"Hong Kong's rapid economic growth is inseparable from the support of the central government." Yuen Chin-hao, administration president of the Hong Kong Better Future Fund, said since the CEPA (closer economic partnership arrangement) between the mainland and Hong Kong was put into practice, it has brought about 30,000 new jobs for Hong Kong. With regard to the service trade, it has also brought extra investments wroth HK$5.5 billion and HK$6.7 billion to Hong Kong and the mainland respectively. He said that the listing of large inland private businesses and state-owned enterprises in Hong Kong has further boosted securities, banking, accounting, law and other related service industries in Hong Kong.

At present, international financial institutions have vied to raise the level of their anticipation of Hong Kong's economy and expect that the region will greet an opportunity for a new round of economic growth.

By People's Daily Online