balance of payments statistics of hong kong (fourth ... · san po kong, kowloon, hong kong, china....

香港國際收支平衡統計

Balance of Payments Statistics of Hong Kong

二零一一年第四季 Fourth Quarter 2011

香港國際收支平衡統計 Balance of Payments

Statistics of Hong Kong

二零一一年第四季 Fourth Quarter 2011

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二零一二年三月出版

Published in March 2012

本刊物只備有下載版。 This publication is available in download version only.

香港國際收支平衡統計二零一一年第四季 i Balance of Payments Statistics of Hong Kong Fourth Quarter 2011

目錄 CONTENTS

頁數Page

I. 概況 I. General Observations

二零一一年第四季及二零一一年全年國

際收支平衡表 Balance of Payments Account for the fourth quarter

of 2011 and the whole year of 2011 1

二零一一年第四季國際投資頭寸統計 International Investment Position Statistics for the fourth quarter of 2011

6

二零一一年第四季對外債務統計 External Debt Statistics for the fourth quarter of 2011 8

II. 統計表 II. Statistical Tables

國際收支平衡表 Balance of Payments Account

表 1 一九九八年至二零一一年第四季國際收支平衡表

Table 1 Balance of Payments Account, 1998 to the fourth quarter of 2011

11

表 2 一九九八年至二零一一年第四季經常帳

Table 2 Current Account, 1998 to the fourth quarter of 2011

17

表 3 一九九八年至二零一一年第四季資本及金融帳

Table 3 Capital and Financial Account, 1998 to the fourth quarter of 2011

23

表 4 按工具劃分的一九九八年至二零一一年第四季投資流動淨值

Table 4 Net Investment Flows by Instrument, 1998 to the fourth quarter of 2011

35

表 5 按界別劃分的一九九八年至二零一一年第四季投資流動淨值

Table 5 Net Investment Flows by Sector, 1998 to the fourth quarter of 2011

39

國際投資頭寸 International Investment Position

表 6 按概括組成部分劃分的二零零零年至二零一一年第四季國際投資

頭寸（期末頭寸）

Table 6 International Investment Position by Broad Component, 2000 to the fourth quarter of 2011 (Position as at end of period)

43

表 7 按標準組成部分劃分的二零零零年至二零一一年國際投資頭寸（期

末頭寸）

Table 7 International Investment Position by Standard Component, 2000 to 2011 (Position as at end of period)

47

對外債務 External Debt

表 8 二零零二年至二零一一年第四季對外債務統計數字（期末頭寸）

Table 8 External Debt Statistics, 2002 to the fourth quarter of 2011 (Position as at end of period)

51

III. 統計圖 III. Charts

圖 1 經常帳流動淨值 Chart 1 Net Flows of the Current Account 57

圖 2 經常帳差額相對本地生產總值的比率

Chart 2 Current Account Balance as a Ratio to GDP

57

圖 3 資本及金融流動淨值 Chart 3 Net Capital and Financial Flows 57

圖 4 金融（非儲備性質）流動淨值 Chart 4 Net Financial (Non-reserve) Flows 58

圖 5 國際投資頭寸（期末頭寸） Chart 5 International Investment Position (Position as at end of period)

58

圖 6 對外債務（期末頭寸） Chart 6 External Debt (Position as at end of period)

58

IV. 註釋 IV. Explanatory Notes 59

香港國際收支平衡統計二零一一年第四季 1 Balance of Payments Statistics of Hong Kong Fourth Quarter 2011

概況 General Observations

二零一一年第四季及二零一一年全年國際收

支平衡表

Balance of Payments (BoP) Account for the fourth quarter of 2011 and the whole year of 2011

整體狀況（表 1） Overall Situation (Table 1)

香港的國際收支平衡表於二零一一年第四

季錄得 498 億元盈餘（相對本地生產總值的比率為9.9%），而二零一一年第三季則錄得 236 億元盈餘（相對本地生產總值的比率為 4.8%）。儲備資產於二零一一年第四季相應增加同等數額。

Hong Kong recorded a surplus amounting to $49.8 billion in its BoP account (as a ratio of 9.9% to GDP) in the fourth quarter of 2011, compared with a surplus of $23.6 billion (as a ratio of 4.8% to GDP) in the third quarter of 2011. Reserve assets correspondingly increased by the same amount in thefourth quarter of 2011.

在國際收支平衡表各主要組成部分當中，

二零一一年第四季經常帳錄得 201 億元盈餘（相對本地生產總值的比率為 4.0%），較二零一一年第三季的 342 億元盈餘（相對本地生產總值的比率為7.0%）為少。同時，二零一一年第四季屬非儲備性質的金融資產錄得 19 億元淨流出（相對本地生產總值的比率為 0.4%），而二零一一年第三季則錄得 545 億元淨流出（相對本地生產總值的比率為11.1%）。

Among the major BoP components, there was a current account surplus of $20.1 billion (as a ratio of 4.0% to GDP) in the fourth quarter of 2011, smaller than that of $34.2 billion (as a ratio of 7.0% to GDP) in the third quarter of 2011. At the same time, a net outflow of financial non-reserve assets amounting to $1.9 billion (as a ratio of 0.4% to GDP) was recorded in the fourth quarter of 2011, compared with a net outflow of $54.5 billion (as a ratio of 11.1% to GDP) in the third quarter of 2011.

二零一一年全年的國際收支錄得 1,116 億元盈餘（相對本地生產總值的比率為 5.9%），而二零一零年則錄得 711 億元盈餘（相對本地生產總值的比率為 4.1%）。

For 2011 as a whole, there was a BoP surplus of $111.6 billion (as a ratio of 5.9% to GDP), compared with a surplus of $71.1 billion (as a ratio of 4.1% to GDP) in 2010.

在國際收支平衡表各主要組成部分當中，

二零一一年香港的經常帳錄得 963 億元盈餘（相對本地生產總值的比率為 5.1%），稍微多於二零一零年的 962 億元盈餘（相對本地生產總值的比率為5.5%）。同時，二零一一年屬非儲備性質的金融資產錄得 856 億元淨流出（相對本地生產總值的比率為 4.5%），而二零一零年則錄得 1,223 億元淨流出（相對本地生產總值的比率為 7.0%）。

Among the major BoP components, Hong Kong recorded a current account surplus of $96.3 billion (as a ratio of 5.1% to GDP) in 2011, marginally larger than that of $96.2 billion (as a ratio of 5.5% to GDP) in 2010. At the same time, a net outflow of financial non-reserve assets amounting to $85.6 billion (as a ratio of 4.5% to GDP) was recorded in 2011, compared with a net outflow of $122.3 billion(as a ratio of 7.0% to GDP) in 2010.

經常帳（表 2） Current Account (Table 2)

二零一一年第四季的經常帳錄得 201 億元盈餘，較二零一零年第四季的 290 億元盈餘為少。與二零一零年同季比較，二零一一年第四季錄得的

經常帳盈餘中，有形貿易赤字有增加、無形貿易盈

餘有增加、對外要素收益淨流入有增加和經常轉移

淨流出有增加。

The current account recorded a surplus of $20.1 billion in the fourth quarter of 2011, smaller than that of $29.0 billion in the fourth quarter of 2010. Compared with the same quarter of 2010, the current account surplus in the fourth quarter of 2011 was characterised by an increase in the visible trade deficit, an increase in the invisible trade surplus, an increase in the net inflow of external factor income, and an increase in the net outflow of current transfers.


﹙甲﹚ 有形及無形貿易 (a) Visible and invisible trade

由於貨物進口的升幅較貨物出口的升幅

快，有形貿易赤字由二零一零年第四季的

889 億元增加至二零一一年同季的 1,175 億元。另外，由於服務輸出的升幅較服務輸

入的升幅快，無形貿易盈餘由二零一零年

第四季的 1,210 億元增加至二零一一年同季的 1,389 億元。總括而言，二零一一年第四季有形及無形貿易合共錄得 214 億元盈餘，較二零一零年同季的 321 億元盈餘為少。

With imports of goods increasing faster than exports of goods, the visible trade deficit increased from $88.9 billion in the fourth quarter of 2010 to $117.5 billion in the same quarter of 2011. On the other hand, the invisible trade surplus increased from $121.0 billion in the fourth quarter of 2010 to $138.9 billion in the same quarter of 2011, as exports of services increased faster than imports of services. Overall, a combined visible and invisible trade surplus of $21.4 billion was recorded in the fourth quarter of 2011, smaller than that of $32.1 billion in the same quarter of 2010.

﹙乙﹚ 收益 (b) Income

在要素收益流動方面，二零一一年第四季

的對外要素收益流入和流出分別為 2,649億元和 2,586 億元，從而產生 63 億元淨流入，而二零一零年同季則錄得 37 億元淨流入。

For factor income flows, the external factor income inflow and outflow amounted to $264.9 billion and $258.6 billion respectively, thus yielding a net inflow of $6.3 billion in the fourth quarter of 2011, compared with a net inflow of $3.7 billion in the same quarter of 2010.

﹙丙﹚ 經常轉移 (c) Current transfers

二零一一年第四季經常轉移的流出和流入

分別為 101 億元和 25 億元，令該季錄得 76億元淨流出，而二零一零年同季則錄得 68億元淨流出。

The current transfers outflow and inflow amounted to $10.1 billion and $2.5 billionrespectively, resulting in a net outflow of $7.6 billion in the fourth quarter of 2011, compared with a net outflow of $6.8 billion in the same quarter of 2010.

二零一一年全年的經常帳盈餘為 963 億元，稍微多於二零一零年的 962 億元盈餘。這是無形貿易盈餘由 4,285 億元增加至 5,064 億元和對外要素收益淨流入由 283 億元增加至 568 億元，但其影響被有形貿易赤字由 3,338 億元增加至 4,368 億元和經常轉移淨流出由268億元增加至302億元所部分抵銷的綜合結果。

For 2011 as a whole, the current account surplus was $96.3 billion, marginally larger than that of $96.2 billion in 2010. This was the combined result of an increase in the invisible trade surplus from $428.5 billion to $506.4 billion and an increase in the net inflow of external factor income from $28.3 billionto $56.8 billion, partly offset by an increase in the visible trade deficit from $333.8 billion to $436.8 billion and an increase in the net outflow of current transfers from $26.8 billion to $30.2 billion.

資本及金融帳（表 3, 4 及 5） Capital and Financial Account (Tables 3, 4 and 5)

資本轉移 Capital Transfers

二零一一年第四季的資本轉移淨流入為

107 億元，而二零一一年第三季則錄得 216 億元淨流入。

In the fourth quarter of 2011, a net inflow of capital transfers was estimated at $10.7 billion, compared with a net inflow of $21.6 billion in the third quarter of 2011.


二零一一年全年的資本轉移淨流入為 577億元，而二零一零年則錄得 409 億元淨流入。

For 2011 as a whole, a net inflow of capital transfers was estimated at $57.7 billion, compared with a net inflow of $40.9 billion in 2010.

金融帳 Financial Account

二零一一年第四季屬非儲備性質的金融資

產錄得整體淨流出合共 19 億元，而二零一一年第三季則錄得 545 億元淨流出。二零一一年第四季屬非儲備性質的金融資產錄得整體淨流出是直接投

資淨流出和其他投資淨流出，但其影響被有價證券

投資淨流入和金融衍生工具現金結算而引致的淨

流入所部分抵銷的綜合結果。

An overall net outflow of financial non-reserve assets amounting to $1.9 billion was recorded in the fourth quarter of 2011, compared with a net outflow of $54.5 billion in the third quarter of 2011. The overall net outflow of financial non-reserve assets in the fourth quarter of 2011 was the combined result of a net outflow of direct investment and a net outflow of other investment, partly offset by a net inflow of portfolio investment and a net inflow due to the cash settlement of financial derivatives.

二零一一年全年屬非儲備性質的金融資產

錄得 856 億元的整體淨流出，而二零一零年則錄得1,223 億元淨流出。二零一一年屬非儲備性質的金融資產錄得整體淨流出是有價證券投資淨流出和

其他投資淨流出，但其影響被直接投資淨流入和金

融衍生工具現金結算而引致的淨流入所部分抵銷

的綜合結果。

For 2011 as a whole, an overall net outflow of financial non-reserve assets amounting to $85.6 billionwas recorded, compared with a net outflow of $122.3 billion in 2010. The overall net outflow of financial non-reserve assets in 2011 was the combined result of a net outflow of portfolio investment and a net outflow of other investment, partly offset by a net inflow of direct investment and a net inflow due to the cash settlement of financial derivatives.

﹙甲﹚ 直接投資 (a) Direct investment (DI)

二零一一年第四季香港在外地的直接投資

和外地在香港的直接投資分別增加 2,407億元和 1,893 億元，令直接投資錄得 514億元淨流出，而二零一一年第三季則錄得

68 億元淨流入。

Hong Kong’s DI abroad and foreign DI in Hong Kong increased by $240.7 billion and $189.3 billion respectively during the fourth quarter of 2011, resulting in a net DI outflow of $51.4 billion, as against a net inflow of $6.8 billion in the third quarter of 2011.

二零一一年全年香港在外地的直接投資和

外地在香港的直接投資分別增加 6,352 億元和 6,473 億元，令直接投資錄得 121 億元淨流入，而二零一零年則錄得 1,890 億元淨流出。

Both Hong Kong’s DI abroad and foreign DI in Hong Kong increased in 2011, by $635.2 billion and $647.3 billion respectively, resulting in a net DI inflow of $12.1 billion in 2011, as against a net outflow of $189.0 billionin 2010.


﹙乙﹚ 有價證券投資 (b) Portfolio investment (PI)

二零一一年第四季有價證券投資資產減少

850 億元，而負債則增加 269 億元。合併來看，二零一一年第四季有價證券投資錄得

1,119 億元淨流入，而二零一一年第三季則錄得 945 億元淨流出。有價證券投資資產的減少主要是由於香港銀行界別的居民減

持了非本地的中長期債券。另一方面，有

價證券投資負債的增加是由於非本地居民

增持了本地其他界別的股本證券。

PI assets decreased by $85.0 billion while liabilities increased by $26.9 billion in the fourth quarter of 2011. Taken together, there was a net PI inflow amounting to $111.9 billion in the fourth quarter of 2011, as against a net outflow of $94.5 billion in the third quarter of 2011. The decrease in PI assets was mainly due to the decreased holdings of non-resident long-term debt securities by Hong Kong residents of the banking sector. On the other hand, the increase in PI liabilities was attributable to the increased holdings of resident equity securities of other sectors by non-residents.

二零一一年全年有價證券投資資產和負債

分別增加 1,434 億元和 1,156 億元。合併來看，二零一一年有價證券投資錄得 278 億元淨流出，而二零一零年則錄得 4,674 億元淨流出。二零一一年有價證券投資資產的

增加主要是由於香港其他界別的居民增持

了非本地的股本證券及香港銀行界別的居

民增持了非本地的短期債務證券。有價證

券投資負債的增加主要是由於非本地居民

增持了本地其他界別的股本證券及本地居

民的債務證券。

In 2011, PI assets and liabilities increased by $143.4 billion and $115.6 billion respectively. Taken together, there was a net PI outflow amounting to $27.8 billion in 2011, compared with a net outflow of $467.4 billion in 2010. The increase in PI assets in 2011 was mainly due to the increased holdings of non-resident equity securities by Hong Kong residents of other sectors and the increased holdings ofnon-resident short-term debt securities by Hong Kong residents of the banking sector. The increase in PI liabilities was mainly due to the increased holdings of resident equity securities of other sectors and debt securities by non-residents.

﹙丙﹚ 金融衍生工具 (c) Financial derivatives (FD)

二零一一年第四季錄得 195 億元由金融衍生工具現金結算所引致的淨流入，而二零

一一年第三季則錄得 23 億元淨流入。

A net inflow of $19.5 billion due to the cash settlement of FD was recorded in the fourth quarter of 2011, compared with a net inflow of $2.3 billion in the third quarter of 2011.

二零一一年全年錄得 229 億元由金融衍生工具現金結算所引致的淨流入，而二零一

零年則錄得 187 億元淨流入。

A net inflow of $22.9 billion due to the cash settlement of FD was recorded in 2011, compared with a net inflow of $18.7 billion in 2010.


﹙丁﹚ 其他投資 (d) Other investment (OI)

二零一一年第四季其他投資資產和負債分

別減少 1,747 億元和 2,565 億元。合併來看，二零一一年第四季其他投資錄得 818億元淨流出，而二零一一年第三季則錄得

308 億元淨流入。其他投資資產的減少主要是由於香港銀行界別的居民擁有的貨幣和

存款減少。另一方面，其他投資負債的減

少主要是由於香港銀行界別的居民欠非本

地居民的貨幣和存款減少。

OI assets and liabilities decreased by $174.7 billion and $256.5 billion respectively during the fourth quarter of 2011. Taken together, there was a net OI outflow of $81.8 billion in the fourth quarter of 2011, as against a net inflow of $30.8 billion in the third quarter of 2011. The decrease in OI assets was mainly due to the decrease in currency and deposits owned by Hong Kong residents of the banking sector. On the other hand, the decrease in OI liabilities was mainly due to the decrease in currency and deposits owed to non-residents by Hong Kong residents of the banking sector.

二零一一年全年其他投資資產和負債分別

增加 6,801 億元和 5,872 億元，令二零一一年其他投資錄得 928 億元淨流出，而二零一零年則錄得 5,154 億元淨流入。其他投資資產的增加主要是由於香港銀行界別的居

民擁有的貸款及貨幣和存款增加，而其他

投資負債的增加主要是由於香港銀行界別

的居民欠非本地居民的貨幣和存款增加。

Both OI assets and liabilities increased in 2011, by $680.1 billion and $587.2 billionrespectively. This resulted in a net OI outflow of $92.8 billion in 2011, as against a net inflow of $515.4 billion in 2010. The increase in OI assets was mainly due to the increases in loans as well as currency and deposits owned by Hong Kong residents of the banking sector, while the increase in OI liabilities was mainly attributable to theincrease in currency and deposits owed to non-residents by Hong Kong residents of the banking sector.

﹙戊﹚ 儲備資產 (e) Reserve assets (RA)

香港的國際收支平衡表內儲備資產的變

動，反映香港金融管理局所管理的外匯儲

備資產的淨變動。二零一一年第四季儲備

資產增加 498 億元，而二零一一年第三季則增加 236 億元。儲備資產的積累主要是由於以港元購買外幣、負債證明書的增加

及外幣資產在季內的收入。

The change in RA in the BoP account reflects the net change in Hong Kong’s foreign currency reserve assets which come under the management of the Hong Kong Monetary Authority (HKMA). In the fourth quarter of 2011, reserve assets increased by $49.8 billion, compared with an increase of $23.6 billion in the third quarter of 2011. The accumulation of reserve assets was mainly due to the purchase of foreign currencies with Hong Kong dollars, the increase in Certificates of Indebtedness and income from foreign currency assets during the quarter.

二零一一年全年儲備資產增加 1,116 億元，而二零一零年則增加 711 億元。

In 2011, reserve assets increased by $111.6 billion, compared with an accumulation of $71.1 billion in 2010.


二零一一年第四季國際投資頭寸統計

International Investment Position (IIP) Statistics for the fourth quarter of 2011

整體狀況（表 6 及 7） Overall Situation (Tables 6 and 7)

在二零一一年第四季季末，香港的對外金

融資產和負債總值分別為 232,280 億元和 177,712億元。從對外金融資產扣除對外金融負債後，香港

是淨債權的經濟體系。在二零一一年第四季季末，

香港的對外金融資產淨值達 54,568 億元（相對本地生產總值的比率為 288%），而二零一一年第三季季末則錄得 51,411 億元（相對本地生產總值的比率為 276%）。

At the end of the fourth quarter of 2011, Hong Kong’s external financial assets and liabilities amounted to $23,228.0 billion and $17,771.2 billionrespectively. After netting out the external financial liabilities from the external financial assets, Hong Kong was a net creditor. Hong Kong’s net external financial assets amounted to $5,456.8 billion (as a ratio of 288% to GDP) at the end of the fourth quarter of 2011, compared with $5,141.1 billion (as a ratio of276% to GDP) at the end of the third quarter of 2011.


融資產和負債相對本地生產總值的比率保持在很

高的水平，分別為 1 226%和 938%，反映香港是高度外向型的經濟體系，亦是區內擁有龐大跨境投資

的主要金融中心。

The ratios of both Hong Kong’s external financial assets and liabilities at the end of the fourth quarter of 2011 to GDP remained at a very high level, at 1 226% and 938% respectively, reflecting that Hong Kong is a highly externally oriented economy and also a major financial centre in the region with considerable cross-territory investment.

在二零一一年第四季季末，大部分的國際

投資頭寸的概括組成部分均為淨資產頭寸，只有直

接投資例外。直接投資錄得淨負債頭寸，是由於非

本地居民在香港所作的直接投資總值較香港居民

在外地的直接投資總值為多。

Most of the broad IIP components were in net asset positions at the end of the fourth quarter of 2011, except DI. DI was in a net liability position as the amount of DI made by non-residents in Hong Kong was greater than that made by Hong Kong residents abroad.

對外金融資產 External Financial Assets


融資產總值為 232,280 億元。直接投資為最大的組成部分，佔對外金融資產總值的 35.0%（81,221 億元）。這反映香港在世界各地，尤其是中國內地，

作為主要外來直接投資者的地位。這數字也反映香

港企業普遍在離岸金融中心，如英屬維爾京群島和

百慕大群島，設立無業務經營公司，以轉移直接投

資資金返回香港或往其他地方。

Hong Kong’s external financial assets amounted to $23,228.0 billion at the end of the fourth quarter of 2011. DI was the largest component, accounting for 35.0% ($8,122.1 billion) of the total value. This reflected the position of Hong Kong as a major external direct investor in the rest of the world, notably in the mainland of China. It also reflected the common practice of setting up non-operating companies in offshore financial centres such as the British Virgin Islands and Bermuda by Hong Kong enterprises for channelling DI funds back to Hong Kong or to other places.

在二零一一年第四季季末，有價證券投資

是香港對外金融資產的第二大投資組成部分，佔對

外金融資產總值的 27.3%（63,508 億元）。在有價證券資產當中，57.5%為股本證券，而其餘的則為債務證券。

PI formed the second largest investment component of Hong Kong’s external financial assets, accounting for 27.3% ($6,350.8 billion) of the total external financial assets at the end of the fourth quarter of 2011. Within the PI assets, 57.5% was equity securities while the remaining was debt securities.


在二零一一年第四季季末，香港對外金融

資產總值的 25.7%為其他投資，達 59,777 億元。儲備資產總值為 22,166 億元，佔香港對外金融資產總值的 9.5%。居民持有的金融衍生工具資產相對較少，只佔對外金融資產總值的 2.4%（5,607 億元）。

At the end of the fourth quarter of 2011, 25.7%of Hong Kong’s external financial assets was in the form of OI, amounting to $5,977.7 billion. RAamounted to $2,216.6 billion, accounting for 9.5% of Hong Kong’s total external financial assets. FDassets held by residents were relatively insignificant, accounting for only 2.4% ($560.7 billion) of the total external financial assets.

與二零一一年第三季季末比較，二零一一

年第四季季末的對外金融資產總值增加 3,587 億元。這主要是由於直接投資、有價證券投資、金融

衍生工具和儲備資產的對外金融資產增加，足以抵

銷其他投資的減少所致。

Compared with the end of the third quarter of 2011, the amount of total external financial assets at the end of the fourth quarter of 2011 increased by $358.7 billion. It was mainly attributable to the increases in external financial assets of DI, PI, FD and RA, more than offsetting the decrease of OI.

對外金融負債 External Financial Liabilities


融負債總值為 177,712 億元，其中 49.7%（88,400億元）為直接投資。高比重的直接投資負債，一方

面反映香港吸引很多非居民企業設立直接投資公

司，另一方面亦歸因於源自香港的資金經離岸金融

中心回流至香港。

Hong Kong’s external financial liabilities amounted to $17,771.2 billion at the end of the fourth quarter of 2011, in which 49.7% ($8,840.0 billion) were in the form of DI. Such a high proportion of DI liabilities reflected that Hong Kong had attracted many non-resident enterprises to set up direct investment companies here. It was also attributable to round-tripping of investment whereby the investment funds originated from Hong Kong were channelled through offshore financial centres back to Hong Kong.

其他投資負債也是香港對外金融負債的重

要部分，佔二零一一年第四季季末總值的 31.8%（56,515 億元）。

OI liabilities also formed a significant part of Hong Kong’s external financial liabilities, accounting for 31.8% ($5,651.5 billion) of the total at the end of the fourth quarter of 2011.

在二零一一年第四季季末，香港的有價證

券投資負債為 28,121 億元，佔對外金融負債總值的 15.8%。香港的有價證券投資負債集中於股本證券，佔有價證券投資負債的 92.4%。這反映很多居民公司透過本地證券市場籌集資金，為非居民提供

大量居民股本證券作投資用途。

At the end of the fourth quarter of 2011, PIliabilities of Hong Kong amounted to $2,812.1 billion, accounting for 15.8% of total external financial liabilities. Hong Kong’s PI liabilities were concentrated in equity securities, sharing 92.4% of PI liabilities. This reflected that many resident companies had made use of the local equity market for raising funds, thus providing a substantial pool of resident equity securities for investment by non-residents.

居民承擔的金融衍生工具負債相對較少，

只佔對外金融負債總值的 2.6%（4,676 億元）。FD liabilities owed by residents were relatively

insignificant, accounting for only 2.6%($467.6 billion) of the total external financial liabilities.

與二零一一年第三季季末比較，二零一一

年第四季季末的對外金融負債總值增加 430 億元。這主要是由於直接投資、有價證券投資和金融

衍生工具的對外金融負債增加，足以抵銷其他投資

的減少所致。

Compared with the end of the third quarter of 2011, the amount of total external financial liabilities at the end of the fourth quarter of 2011 increased by $43.0 billion. It was mainly attributable to the increases in external financial liabilities of DI, PI and FD, more than offsetting the decrease of OI.


國際收支平衡與國際投資頭寸的關係 Relationship between BoP and IIP

國際投資頭寸量度一個經濟體系在統計期

末對外金融資產和負債的存量，而國際收支平衡表

的金融帳則量度在統計期內涉及這些資產和負債

的交易。

While IIP measures the stock of external financial assets and liabilities of an economy at the end of a reference period, the BoP financial account measures transactions in these assets and liabilities which have taken place during the reference period.

資產和負債的交易會分別影響這些資產和

負債的存量。此外，當一個經濟體系的對外金融資

產和負債存量折算為當地貨幣時，價格變動、匯率

變動以及其他調整，也會對存量的價值造成影響。

Transactions in assets and liabilities will affect the stock of the respective assets and liabilities. In addition, price changes and exchange rate variations as well as some other adjustments will also affect the value of the stock, when expressed in the local currency of the economy.

二零一一年第四季對外債務統計

External Debt (ED) Statistics for the fourthquarter of 2011

整體狀況（表 8） Overall Situation (Table 8)

在二零一一年第四季季末，香港的對外債

務負債總額（量度除股本負債以外，尚未償還的對

外債務總額）為 71,180 億元（相對本地生產總值的比率為 376%）。與二零一一年第三季季末的73,227 億元（相對本地生產總值的比率為 393%）比較，對外債務負債總額減少 2,046 億元。這主要是由於銀行界別及香港金融管理局的對外債務的

下降超於直接投資的債務負債（公司間借貸）、其

他界別的對外債務及政府機構的對外債務的上升。

At the end of the fourth quarter of 2011, Hong Kong’s gross ED (measuring total outstanding gross external liabilities other than equity liabilities) amounted to $7,118.0 billion (as a ratio of 376% toGDP). Compared with $7,322.7 billion (as a ratio of393% to GDP) at the end of the third quarter of 2011, gross ED decreased by $204.6 billion. This was mainly attributable to the decreases in ED of the banking sector and the HKMA which were larger than the increases in DI debt liabilities (inter-company lending), ED of other sectors and ED of the General Government.

按界別的分析 Sectoral Analysis

在二零一一年第四季季末，香港的對外債

務大部分來自銀行界別，佔整體的 75.1%。其他的對外債務包括直接投資中對有聯繫企業和對直接

投資者的債務負債（佔 17.6%）、其他界別的對外債務（7.2%）、政府機構的對外債務（0.2%）和香港金融管理局的對外債務（0.01%）。

At the end of the fourth quarter of 2011, a major proportion of Hong Kong’s ED was attributable to the banking sector, accounting for 75.1% of the total. Other ED consisted of debt liabilities to affiliated enterprises and direct investors under DI (with a share of 17.6%), ED of other sectors (7.2%), ED of the General Government (0.2%) and ED of the HKMA (0.01%).

本港銀行界別的對外債務是香港對外債務

的最大組成部分，由二零一一年第三季季末的

55,966 億元（相對本地生產總值的比率為 300%），下降至二零一一年第四季季末的 53,428 億元（相對本地生產總值的比率為 282%），當中 98.5%（52,639 億元）是短期的負債。這些短期負債中，96.7%（50,918 億元）是貨幣和存款。這主要是由於非本地銀行向本地銀行作出同業存款。

ED of Hong Kong’s banking sector, as the largest component of Hong Kong’s ED, decreased from $5,596.6 billion at the end of the third quarter of 2011 (as a ratio of 300% to GDP) to $5,342.8 billionat the end of the fourth quarter of 2011 (as a ratio of282% to GDP), of which 98.5% ($5,263.9 billion) was short-term liabilities. Among these short-term liabilities, 96.7% ($5,091.8 billion) were held in the form of currency and deposits. This was mainly attributable to inter-bank placements from non-resident banks.


直接投資的債務負債（公司間借貸）是香

港對外債務的第二大組成部分，在二零一一年第四

季季末為 12,515 億元，當中 79.0%（9,889 億元）是對直接投資者的債務負債。

DI debt liabilities (inter-company lending), constituting the second largest component of Hong Kong’s ED, amounted to $1,251.5 billion at the end of the fourth quarter of 2011. Within these, 79.0% ($988.9 billion) were debt liabilities to direct investors.

在二零一一年第四季季末，其他界別的對

外債務為 5,123 億元，較二零一一年第三季季末的5,115 億元為多，當中 53.3%（2,732 億元）是短期的負債，其餘的 46.7%（2,391 億元）則為長期負債。短期負債中的 47.5%（1,299 億元）是貿易信貸，而長期負債中的 58.3%（1,394 億元）是貸款。

ED of other sectors amounted to $512.3 billionat the end of the fourth quarter of 2011, larger than that of $511.5 billion at the end of the third quarter of 2011. Within this, 53.3% ($273.2 billion) was short-term liabilities, while the remaining 46.7% ($239.1 billion) was long-term liabilities. Among the short-term liabilities, 47.5% ($129.9 billion) were held in the form of trade credits, whereas 58.3% ($139.4 billion) of the long-term liabilities were loans.

在二零一一年第四季季末，政府機構的對

外債務為 108 億元，全部都是長期的負債。這是由於非本地居民持有由香港特別行政區政府發行的

債務證券。

ED of the General Government amounted to $10.8 billion at the end of the fourth quarter of 2011, all of which was long-term liabilities. This was attributable to non-residents’ holdings of debt securities issued by the HKSAR Government.

在二零一一年第四季季末，香港金融管理

局的對外債務為 7 億元，較二零一一年第三季季末的 8 億元為少。在二零一一年第四季季末，外匯基金債券的長期負債佔香港金融管理局的對外債務

的 70.4%（5 億元）。

ED of the HKMA amounted to $0.7 billion at the end of the fourth quarter of 2011, smaller than that of $0.8 billion at the end of the third quarter of 2011. At the end of the fourth quarter of 2011, a share of 70.4% ($0.5 billion) of ED of the HKMA was long-term liabilities of Exchange Fund Notes.

對外債務統計與國際投資頭寸的關係 Relationship between ED and IIP

同樣是涉及存量的概念，一個經濟體系的

對外債務是該經濟體系的國際投資頭寸報表中非

股本負債項目的總和。根據國際定義，一個經濟體

系內由非居民所擁有的股票及其他的股本參與，以

及其欠非居民的金融衍生工具，由於不需付本金或

利息，均不包括在其對外債務內。

Being also a stock concept, ED of an economy is the sum of the non-equity liability components of the IIP statement of the economy. According to international definition, shares and other equity participation owned by non-residents, and financial derivatives owed to non-residents are excluded from ED as they do not require the payment of principal or interest.


統計表及統計圖

Statistical Tables and Charts

表 1 國際收支平衡表Table 1 Balance of Payments Account

百萬港元

HK$ million

標準組成部分 1998 1999 2000 2001 2002 2003 2004

經常帳 19,421 79,535 54,494 76,315 96,800 128,240 122,512貸方 1,984,846 1,999,480 2,323,055 2,189,287 2,239,765 2,451,868 2,866,477借方 -1,965,425 -1,919,945 -2,268,560 -2,112,973 -2,142,964 -2,323,628 -2,743,965

貨物 -60,667 -24,501 -63,832 -64,970 -39,406 -44,970 -72,514

貸方 1,361,885 1,355,529 1,579,367 1,488,982 1,562,121 1,749,089 2,027,031借方 -1,422,552 -1,380,030 -1,643,199 -1,553,952 -1,601,527 -1,794,059 -2,099,545

服務 67,854 91,211 122,585 126,619 145,342 159,020 187,077

貸方 262,099 276,385 315,012 320,799 347,836 362,420 429,584借方 -194,245 -185,174 -192,427 -194,180 -202,494 -203,400 -242,507

收益 24,598 24,768 8,754 28,543 5,652 28,491 23,410

貸方 355,683 363,147 424,483 374,787 323,745 336,242 404,991借方 -331,085 -338,379 -415,728 -346,244 -318,093 -307,751 -381,581

經常轉移 -12,364 -11,943 -13,013 -13,878 -14,787 -14,301 -15,461

貸方 5,179 4,419 4,193 4,719 6,063 4,117 4,871借方 -17,543 -16,363 -17,205 -18,597 -20,850 -18,418 -20,332

資本及金融帳 -31,514 -83,374 -57,863 -97,359 -151,179 -179,086 -184,640非儲備性質的資本及 -84,094 -5,507 20,459 -60,829 -169,720 -171,497 -159,155金融資產 (變動淨值 )

資本轉移 -18,445 -13,812 -12,044 -9,155 -15,686 -8,292 -2,561

貸方 2,923 799 438 322 239 1,028 8,966借方 -21,369 -14,611 -12,482 -9,478 -15,925 -9,320 -11,527

非儲備性質的 -65,649 8,305 32,503 -51,674 -154,033 -163,205 -156,594金融資產 (變動淨值 )

直接投資 -17,192 40,511 19,976 96,948 -60,685 63,372 -91,038

在外地的直接投資 -131,551 -150,178 -462,593 -88,476 -136,194 -42,937 -356,111在香港的直接投資 114,359 190,689 482,569 185,424 75,509 106,310 265,072

有價證券投資 171,052 256,812 190,782 -322,045 -302,484 -264,619 -306,368

資產 197,444 -197,347 -171,627 -312,992 -294,032 -275,341 -336,549負債 -26,392 454,159 362,409 -9,054 -8,452 10,721 30,181

金融衍生工具 25,550 79,225 1,661 39,640 51,563 78,288 44,319

資產 83,936 164,638 65,809 140,147 156,252 233,682 160,444負債 -58,386 -85,412 -64,148 -100,507 -104,689 -155,394 -116,125

其他投資 -245,059 -368,243 -179,917 133,783 157,573 -40,247 196,492

資產 928,125 332,646 142,354 461,197 363,561 -222,473 -253,687負債 -1,173,184 -700,889 -322,271 -327,414 -205,988 182,226 450,180

儲備資產 (變動淨值) 52,581 -77,867 -78,321 -36,530 18,541 -7,589 -25,486

淨誤差及遺漏 12,092 3,839 3,369 21,044 54,379 50,846 62,128

整體的國際收支 -52,581 77,867 78,321 36,530 -18,541 7,589 25,486(赤字) (盈餘) (盈餘) (盈餘) (赤字) (盈餘) (盈餘)

(in deficit) (in surplus) (in surplus) (in surplus) (in deficit) (in surplus) (in surplus)


百萬港元

HK$ million

2005 2006 2007 2008 2009 2010 2011 Standard Component

156,933 178,166 199,279 229,506 139,249 96,224 96,327 Current Account

3,258,433 3,691,370 4,261,863 4,490,687 3,949,365 4,810,716 5,377,347 Credit-3,101,500 -3,513,205 -4,062,584 -4,261,181 -3,810,116 -4,714,492 -5,281,020 Debit

-59,347 -108,983 -153,672 -180,091 -208,220 -333,805 -436,751 Goods

2,251,744 2,467,357 2,698,850 2,843,998 2,494,746 3,061,252 3,409,192 Credit-2,311,091 -2,576,340 -2,852,522 -3,024,089 -2,702,966 -3,395,057 -3,845,943 Debit

231,157 277,154 328,607 352,146 329,228 428,482 506,417 Services

495,394 565,054 660,847 718,630 669,829 824,751 941,269 Credit-264,237 -287,900 -332,240 -366,484 -340,601 -396,269 -434,852 Debit

1,648 27,348 44,437 83,306 42,866 28,299 56,833 Income

503,964 651,503 894,850 923,300 781,153 920,264 1,019,743 Credit-502,316 -624,155 -850,413 -839,994 -738,287 -891,965 -962,910 Debit

-16,524 -17,353 -20,093 -25,855 -24,625 -26,752 -30,172 Current transfers

7,331 7,456 7,316 4,759 3,637 4,449 7,143 Credit-23,856 -24,809 -27,409 -30,613 -28,262 -31,202 -37,315 Debit

-182,431 -209,935 -259,247 -231,162 -155,371 -152,502 -139,527 Capital and Financial Account

-171,752 -163,199 -144,749 32,707 393,891 -81,416 -27,921 Capital and financial non-reserve assets(net change)

-4,939 -2,900 10,338 16,393 36,210 40,898 57,701 Capital transfers

7,783 10,992 27,147 35,219 52,833 60,834 78,534 Credit-12,723 -13,892 -16,809 -18,826 -16,622 -19,936 -20,833 Debit

-166,812 -160,300 -155,086 16,314 357,680 -122,314 -85,621 Financial non-reserve assets(net change)

49,996 635 -52,577 70,393 -89,900 -188,998 12,054 Direct investment

-211,513 -349,386 -476,515 -393,862 -496,045 -741,149 -635,229 Direct investment abroad261,510 350,021 423,938 464,255 406,145 552,151 647,283 Direct investment in Hong Kong

-245,017 -207,879 -21,452 -295,148 -332,417 -467,379 -27,806 Portfolio investment

-316,860 -324,582 -607,148 -195,761 -403,701 -639,821 -143,432 Assets71,843 116,704 585,696 -99,387 71,284 172,442 115,626 Liabilities

30,502 25,925 43,534 63,338 24,560 18,677 22,937 Financial derivatives

161,784 150,992 232,608 533,854 376,298 278,919 333,508 Assets-131,282 -125,068 -189,074 -470,517 -351,738 -260,242 -310,571 Liabilities

-2,294 21,019 -124,592 177,732 755,438 515,386 -92,807 Other investment

-144,599 -454,405 -1,271,659 356,344 751,991 -467,199 -680,054 Assets142,305 475,424 1,147,068 -178,612 3,447 982,585 587,247 Liabilities

-10,679 -46,735 -114,498 -263,869 -549,262 -71,086 -111,606 Reserve assets (net change)

25,498 31,769 59,968 1,656 16,122 56,278 43,200 Net errors and omissions

10,679 46,735 114,498 263,869 549,262 71,086 111,606 Overall Balance of Payments(盈餘) (盈餘) (盈餘) (盈餘) (盈餘) (盈餘) (盈餘)

(in surplus) (in surplus) (in surplus) (in surplus) (in surplus) (in surplus) (in surplus)

表 1 (續) 國際收支平衡表Table 1 (Cont’d) Balance of Payments Account


百萬港元

HK$ million

2007 2008 2008 2008

第四季第一季第二季第三季

標準組成部分 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr

經常帳 47,745 45,268 23,390 74,817貸方 1,172,915 1,048,331 1,144,232 1,194,822借方 -1,125,170 -1,003,063 -1,120,842 -1,120,005

貨物 -45,887 -46,077 -62,020 -41,355

貸方 732,951 650,631 708,742 764,283借方 -778,838 -696,708 -770,762 -805,638

服務 95,903 82,089 77,633 95,311

貸方 184,696 173,890 167,217 192,778借方 -88,793 -91,801 -89,584 -97,467

收益 2,639 15,370 15,325 27,246

貸方 253,521 223,014 267,371 236,259借方 -250,882 -207,644 -252,046 -209,013

經常轉移 -4,909 -6,114 -7,548 -6,385

貸方 1,747 796 902 1,501借方 -6,656 -6,910 -8,450 -7,886

資本及金融帳 -64,918 -45,397 -34,404 -70,074非儲備性質的資本及 13,345 9,632 -24,141 -18,815金融資產 (變動淨值 )

資本轉移 968 2,462 1,596 8,093

貸方 5,563 8,065 6,833 12,326借方 -4,594 -5,603 -5,237 -4,233

非儲備性質的 12,376 7,170 -25,737 -26,908金融資產 (變動淨值 )

直接投資 -38,502 36,874 -59,500 44,506

在外地的直接投資 -183,180 -109,503 -182,471 -45,959在香港的直接投資 144,678 146,377 122,971 90,465

有價證券投資 13,678 -189,207 78,403 204,279

資產 -288,318 59,696 -37,886 123,209負債 301,996 -248,902 116,290 81,070

金融衍生工具 104 22,061 5,449 30,729

資產 62,031 86,285 113,914 140,239負債 -61,927 -64,224 -108,465 -109,510

其他投資 37,096 137,442 -50,090 -306,422

資產 -455,512 143,623 -24,848 -298,001負債 492,608 -6,181 -25,241 -8,421

儲備資產 (變動淨值) -78,263 -55,029 -10,263 -51,259

淨誤差及遺漏 17,173 129 11,013 -4,743

整體的國際收支 78,263 55,029 10,263 51,259(盈餘) (盈餘) (盈餘) (盈餘)

(in surplus) (in surplus) (in surplus) (in surplus)



百萬港元

HK$ million

2008 2009 2009 2009


4th Qtr 1st Qtr 2nd Qtr 3rd Qtr Standard Component

86,032 51,966 42,704 14,459 Current Account

1,103,302 827,174 989,193 1,024,468 Credit-1,017,271 -775,208 -946,489 -1,010,010 Debit

-30,638 -34,758 -39,355 -65,914 Goods

720,342 512,316 618,781 657,215 Credit-750,980 -547,074 -658,136 -723,129 Debit

97,113 77,282 65,340 86,365 Services

184,745 153,856 143,569 176,452 Credit-87,632 -76,574 -78,229 -90,087 Debit

25,365 15,507 22,688 431 Income

196,656 159,923 225,961 189,942 Credit-171,291 -144,416 -203,273 -189,512 Debit

-5,808 -6,065 -5,969 -6,423 Current transfers

1,560 1,079 882 859 Credit-7,368 -7,144 -6,851 -7,282 Debit

-81,286 -47,903 -56,472 -29,321 Capital and Financial Account

66,031 20,997 86,624 77,304 Capital and financial non-reserve assets(net change)

4,242 7,429 7,000 12,262 Capital transfers

7,994 11,406 10,943 16,203 Credit-3,753 -3,977 -3,943 -3,941 Debit

61,789 13,568 79,624 65,042 Financial non-reserve assets(net change)

48,513 2,101 -31,249 -37,247 Direct investment

-55,929 -70,311 -115,321 -106,236 Direct investment abroad104,442 72,412 84,072 68,989 Direct investment in Hong Kong

-388,624 40,489 -237,608 -55,317 Portfolio investment

-340,780 48,341 -277,203 -61,557 Assets-47,844 -7,852 39,595 6,240 Liabilities

5,099 1,942 15,070 1,392 Financial derivatives

193,417 129,627 104,184 70,212 Assets-188,318 -127,685 -89,114 -68,820 Liabilities

396,802 -30,964 333,410 156,214 Other investment

535,570 122,102 408,265 57,818 Assets-138,768 -153,067 -74,854 98,396 Liabilities

-147,317 -68,900 -143,096 -106,625 Reserve assets (net change)

-4,745 -4,063 13,768 14,862 Net errors and omissions

147,317 68,900 143,096 106,625 Overall Balance of Payments(盈餘) (盈餘) (盈餘) (盈餘)




百萬港元

HK$ million

2009 2010 2010 2010



經常帳 30,120 21,855 -5,158 50,569貸方 1,108,530 1,019,562 1,206,297 1,284,187借方 -1,078,409 -997,708 -1,211,455 -1,233,618

貨物 -68,193 -87,635 -97,172 -60,054

貸方 706,434 640,479 773,959 838,073借方 -774,627 -728,114 -871,131 -898,127

服務 100,241 98,622 92,833 115,996

貸方 195,952 190,214 184,792 220,195借方 -95,711 -91,592 -91,959 -104,199

收益 4,241 17,477 5,655 1,466

貸方 205,326 187,908 246,186 224,950借方 -201,086 -170,431 -240,531 -223,484

經常轉移 -6,168 -6,609 -6,475 -6,839

貸方 817 962 1,359 969借方 -6,986 -7,571 -7,834 -7,808

資本及金融帳 -21,675 -39,803 8,985 -68,656非儲備性質的資本及 208,967 -19,627 14,483 -53,304金融資產 (變動淨值 )

資本轉移 9,520 11,936 6,679 11,920

貸方 14,280 15,581 13,719 16,064借方 -4,760 -3,646 -7,041 -4,144

非儲備性質的 199,447 -31,563 7,804 -65,224金融資產 (變動淨值 )

直接投資 -23,505 -4,628 15,649 -21,899

在外地的直接投資 -204,177 -187,837 -104,981 -211,441在香港的直接投資 180,672 183,209 120,630 189,542

有價證券投資 -79,982 -189,374 -51,437 -98,510

資產 -113,282 -205,638 -47,342 -112,194負債 33,300 16,264 -4,095 13,683

金融衍生工具 6,156 11,594 8,089 2,604

資產 72,276 65,559 63,008 61,811負債 -66,120 -53,964 -54,919 -59,207

其他投資 296,778 150,844 35,503 52,582

資產 163,806 76,274 -37,947 -341,063負債 132,972 74,571 73,450 393,645

儲備資產 (變動淨值) -230,641 -20,175 -5,498 -15,352

淨誤差及遺漏 -8,446 17,948 -3,827 18,087

整體的國際收支 230,641 20,175 5,498 15,352(盈餘) (盈餘) (盈餘) (盈餘)




百萬港元

HK$ million

2010 2011 2011 2011 2011

第四季第一季第二季第三季第四季

4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Standard Component

28,959 37,986 4,041 34,212 20,089 Current Account

1,300,670 1,247,394 1,332,799 1,387,149 1,410,005 Credit-1,271,712 -1,209,408 -1,328,758 -1,352,938 -1,389,916 Debit

-88,944 -93,811 -125,606 -99,873 -117,461 Goods

808,741 795,731 834,799 891,033 887,629 Credit-897,685 -889,542 -960,405 -990,906 -1,005,090 Debit

121,031 118,918 112,196 136,414 138,889 Services

229,550 221,816 214,846 249,552 255,055 Credit-108,519 -102,898 -102,650 -113,138 -116,166 Debit

3,701 20,137 24,310 6,085 6,300 Income

261,219 228,425 281,712 244,742 264,865 Credit-257,518 -208,287 -257,401 -238,657 -258,565 Debit

-6,830 -7,258 -6,860 -8,415 -7,640 Current transfers

1,160 1,423 1,442 1,822 2,456 Credit-7,989 -8,681 -8,302 -10,237 -10,096 Debit

-53,029 -21,254 -20,897 -56,473 -40,903 Capital and Financial Account

-22,968 -2,561 -1,293 -32,917 8,850 Capital and financial non-reserve assets(net change)

10,364 12,966 12,392 21,619 10,723 Capital transfers

15,469 17,441 18,306 26,968 15,819 Credit-5,105 -4,475 -5,914 -5,349 -5,096 Debit

-33,332 -15,527 -13,685 -54,537 -1,873 Financial non-reserve assets(net change)

-178,120 58,767 -2,171 6,825 -51,367 Direct investment

-236,890 -128,342 -200,378 -65,817 -240,691 Direct investment abroad58,770 187,109 198,207 72,643 189,324 Direct investment in Hong Kong

-128,058 17,598 -62,784 -94,475 111,856 Portfolio investment

-274,647 8,724 -107,641 -129,474 84,958 Assets146,590 8,873 44,856 34,999 26,898 Liabilities

-3,610 5,199 -4,059 2,323 19,474 Financial derivatives

88,541 70,337 77,221 77,731 108,218 Assets-92,151 -65,138 -81,280 -75,409 -88,744 Liabilities

276,457 -97,091 55,329 30,790 -81,835 Other investment

-164,464 -203,794 -350,836 -300,093 174,669 Assets440,920 106,703 406,165 330,884 -256,505 Liabilities

-30,061 -18,694 -19,604 -23,556 -49,753 Reserve assets (net change)

24,070 -16,732 16,857 22,261 20,814 Net errors and omissions

30,061 18,694 19,604 23,556 49,753 Overall Balance of Payments(盈餘) (盈餘) (盈餘) (盈餘) (盈餘)

(in surplus) (in surplus) (in surplus) (in surplus) (in surplus)



表 2 經常帳Table 2 Current Account

百萬港元

HK$ million

標準組成部分 1998 1999 2000 2001 2002 2003 2004

經常帳 19,421 79,535 54,494 76,315 96,800 128,240 122,512貸方 1,984,846 1,999,480 2,323,055 2,189,287 2,239,765 2,451,868 2,866,477借方 -1,965,425 -1,919,945 -2,268,560 -2,112,973 -2,142,964 -2,323,628 -2,743,965

貨物 -60,667 -24,501 -63,832 -64,970 -39,406 -44,970 -72,514貸方 1,361,885 1,355,529 1,579,367 1,488,982 1,562,121 1,749,089 2,027,031借方 -1,422,552 -1,380,030 -1,643,199 -1,553,952 -1,601,527 -1,794,059 -2,099,545

服務 67,854 91,211 122,585 126,619 145,342 159,020 187,077貸方 262,099 276,385 315,012 320,799 347,836 362,420 429,584借方 -194,245 -185,174 -192,427 -194,180 -202,494 -203,400 -242,507

運輸，貸方 85,074 89,230 99,513 93,675 103,751 107,688 135,188運輸，借方 -42,865 -39,238 -48,628 -50,916 -48,518 -52,305 -67,657旅遊，貸方 43,965 42,840 46,019 46,362 58,134 55,575 70,084旅遊，借方 -104,361 -101,889 -97,402 -96,057 -96,846 -89,133 -103,347保險服務，貸方 3,102 3,065 3,452 3,556 3,421 3,065 3,197保險服務，借方 -4,600 -4,975 -4,111 -4,028 -4,618 -4,840 -4,761金融服務，貸方 21,007 30,054 34,058 34,966 32,708 29,301 35,481金融服務，借方 -7,423 -6,850 -6,421 -6,969 -7,694 -6,835 -9,070其他服務，貸方 108,952 111,196 131,971 142,241 149,822 166,792 185,634其他服務，借方 -34,995 -32,221 -35,865 -36,210 -44,818 -50,287 -57,672

收益 24,598 24,768 8,754 28,543 5,652 28,491 23,410貸方 355,683 363,147 424,483 374,787 323,745 336,242 404,991借方 -331,085 -338,379 -415,728 -346,244 -318,093 -307,751 -381,581

投資收益，貸方 354,492 362,133 423,427 373,597 322,805 335,310 403,122直接投資收益 124,999 136,454 153,848 168,497 179,008 195,783 230,066股息及 66,679 64,353 65,469 61,566 130,917 122,675 154,058

已分發的分行利潤

再投資收益及 51,919 62,181 81,400 103,179 45,805 69,616 70,729未分發的分行利潤

債務收益 (利息) 6,402 9,920 6,978 3,751 2,286 3,493 5,279有價證券投資收益 74,444 86,291 95,086 96,338 92,208 105,789 124,934股本收益 15,351 20,998 21,988 19,631 21,420 36,524 50,122中長期債券收益 52,985 59,287 65,357 70,682 66,175 64,858 69,762貨幣市場工具收益 6,109 6,007 7,741 6,025 4,613 4,407 5,050

其他投資收益 155,049 139,387 174,493 108,763 51,589 33,737 48,122投資收益，借方 -329,729 -337,083 -413,973 -343,839 -315,762 -305,281 -379,084直接投資收益 -136,350 -197,094 -266,324 -244,838 -254,730 -254,594 -313,591股息及 -85,101 -94,437 -108,567 -141,787 -109,639 -124,419 -134,129


再投資收益及 -44,702 -94,179 -150,273 -96,349 -140,127 -124,791 -174,731未分發的分行利潤

債務收益 (利息) -6,548 -8,478 -7,484 -6,702 -4,965 -5,385 -4,731有價證券投資收益 -24,696 -25,410 -26,900 -26,835 -26,981 -28,016 -31,411股本收益 -17,591 -18,663 -20,613 -20,641 -22,252 -24,704 -28,715中長期債券收益 -4,949 -5,032 -4,653 -5,002 -4,088 -3,146 -2,643貨幣市場工具收益 -2,156 -1,715 -1,634 -1,192 -640 -165 -53

其他投資收益 -168,683 -114,579 -120,749 -72,166 -34,051 -22,671 -34,082僱員報酬，貸方 1,190 1,014 1,056 1,190 940 932 1,869僱員報酬，借方 -1,357 -1,296 -1,755 -2,405 -2,331 -2,470 -2,497

經常轉移 -12,364 -11,943 -13,013 -13,878 -14,787 -14,301 -15,461貸方 5,179 4,419 4,193 4,719 6,063 4,117 4,871政府機構 0 0 0 0 0 0 0其他界別 5,179 4,419 4,193 4,719 6,063 4,117 4,871

借方 -17,543 -16,363 -17,205 -18,597 -20,850 -18,418 -20,332政府機構 -1,280 -1,282 -1,292 -1,299 -1,341 -1,334 -1,330其他界別 -16,263 -15,081 -15,913 -17,298 -19,509 -17,084 -19,003


百萬港元

HK$ million


156,933 178,166 199,279 229,506 139,249 96,224 96,327 Current Account3,258,433 3,691,370 4,261,863 4,490,687 3,949,365 4,810,716 5,377,347 Credit

-3,101,500 -3,513,205 -4,062,584 -4,261,181 -3,810,116 -4,714,492 -5,281,020 Debit-59,347 -108,983 -153,672 -180,091 -208,220 -333,805 -436,751 Goods

2,251,744 2,467,357 2,698,850 2,843,998 2,494,746 3,061,252 3,409,192 Credit-2,311,091 -2,576,340 -2,852,522 -3,024,089 -2,702,966 -3,395,057 -3,845,943 Debit

231,157 277,154 328,607 352,146 329,228 428,482 506,417 Services 495,394 565,054 660,847 718,630 669,829 824,751 941,269 Credit

-264,237 -287,900 -332,240 -366,484 -340,601 -396,269 -434,852 Debit158,007 174,186 199,561 224,953 183,618 232,198 253,998 Transportation, credit-81,361 -90,234 -108,627 -123,289 -94,930 -113,606 -123,810 Transportation, debit80,061 90,399 107,304 119,171 127,193 172,472 211,541 Travel, credit

-103,474 -109,088 -117,346 -125,326 -121,462 -135,987 -148,993 Travel, debit3,218 3,240 3,648 4,262 3,847 4,183 4,496 Insurance services, credit

-4,710 -4,764 -5,543 -5,651 -5,270 -6,414 -7,556 Insurance services, debit48,753 71,997 97,049 93,425 87,484 102,090 118,872 Financial services, credit

-10,932 -15,671 -21,895 -24,426 -25,619 -27,443 -30,903 Financial services, debit205,355 225,233 253,286 276,818 267,686 313,807 352,362 Other services, credit-63,760 -68,143 -78,828 -87,791 -93,320 -112,818 -123,590 Other services, debit

1,648 27,348 44,437 83,306 42,866 28,299 56,833 Income503,964 651,503 894,850 923,300 781,153 920,264 1,019,743 Credit

-502,316 -624,155 -850,413 -839,994 -738,287 -891,965 -962,910 Debit501,654 649,219 892,380 920,534 778,457 917,626 1,016,965 Investment income, credit272,525 346,424 494,512 575,890 569,879 706,315 780,635 Direct investment income112,489 135,550 199,568 208,472 185,878 217,054 240,463 Dividends and

distributed branch profits155,384 203,872 287,597 362,430 380,851 486,211 535,217 Reinvested earnings and

undistributed branch profits4,653 7,002 7,347 4,988 3,150 3,050 4,955 Income on debt (interest)

140,595 171,064 210,977 214,478 161,504 185,422 199,289 Portfolio investment income52,622 59,604 82,551 99,059 63,248 89,521 101,197 Income on equity81,733 101,131 114,801 105,901 91,788 90,700 93,495 Income on bonds and notes

6,240 10,330 13,625 9,517 6,468 5,201 4,598 Income on money market instruments 88,534 131,731 186,890 130,166 47,074 25,889 37,041 Other investment income

-499,608 -621,230 -847,388 -836,933 -735,083 -888,213 -958,637 Investment income, debit-394,982 -471,100 -649,063 -650,386 -623,661 -792,476 -837,569 Direct investment income-191,761 -188,410 -234,744 -273,631 -254,360 -301,193 -310,631 Dividends and

distributed branch profits-198,371 -277,619 -404,407 -367,890 -363,952 -485,975 -522,131 Reinvested earnings and

undistributed branch profits-4,850 -5,070 -9,911 -8,864 -5,350 -5,309 -4,806 Income on debt (interest)

-38,317 -51,754 -65,856 -79,945 -68,059 -72,250 -87,136 Portfolio investment income-35,178 -48,582 -61,123 -74,879 -64,225 -68,199 -81,997 Income on equity

-3,052 -2,849 -4,061 -4,500 -3,726 -4,021 -4,924 Income on bonds and notes-87 -323 -671 -566 -108 -30 -216 Income on money market instruments

-66,309 -98,376 -132,470 -106,603 -43,362 -23,486 -33,932 Other investment income2,309 2,284 2,470 2,767 2,696 2,638 2,778 Compensation of employees, credit

-2,708 -2,926 -3,024 -3,061 -3,204 -3,752 -4,273 Compensation of employees, debit

-16,524 -17,353 -20,093 -25,855 -24,625 -26,752 -30,172 Current transfers7,331 7,456 7,316 4,759 3,637 4,449 7,143 Credit

0 0 0 0 0 0 0 General government7,331 7,456 7,316 4,759 3,637 4,449 7,143 Other sectors

-23,856 -24,809 -27,409 -30,613 -28,262 -31,202 -37,315 Debit-1,408 -1,520 -1,749 -2,256 -1,799 -2,086 -1,896 General government

-22,447 -23,289 -25,660 -28,357 -26,462 -29,116 -35,419 Other sectors

表 2 (續) 經常帳Table 2 (Cont’d) Current Account


百萬港元

HK$ million

2007 2008 2008 2008



經常帳 47,745 45,268 23,390 74,817貸方 1,172,915 1,048,331 1,144,232 1,194,822借方 -1,125,170 -1,003,063 -1,120,842 -1,120,005

貨物 -45,887 -46,077 -62,020 -41,355貸方 732,951 650,631 708,742 764,283借方 -778,838 -696,708 -770,762 -805,638

服務 95,903 82,089 77,633 95,311貸方 184,696 173,890 167,217 192,778借方 -88,793 -91,801 -89,584 -97,467

運輸，貸方 51,484 52,531 57,043 62,291運輸，借方 -28,157 -29,429 -32,658 -33,268旅遊，貸方 31,936 28,991 26,897 30,024旅遊，借方 -30,565 -32,508 -30,910 -33,536保險服務，貸方 965 1,165 1,108 943保險服務，借方 -1,542 -1,486 -1,456 -1,362金融服務，貸方 24,773 29,106 22,009 23,469金融服務，借方 -5,905 -7,103 -4,975 -6,610其他服務，貸方 75,539 62,097 60,160 76,051其他服務，借方 -22,623 -21,275 -19,585 -22,691

收益 2,639 15,370 15,325 27,246貸方 253,521 223,014 267,371 236,259借方 -250,882 -207,644 -252,046 -209,013

投資收益，貸方 252,903 222,323 266,680 235,569直接投資收益 145,731 137,799 167,706 143,706股息及 41,012 14,373 45,064 106,775


再投資收益及 102,378 122,143 121,422 35,690未分發的分行利潤

債務收益 (利息) 2,341 1,282 1,219 1,241有價證券投資收益 52,413 49,598 68,165 51,328股本收益 19,507 18,168 38,943 23,227中長期債券收益 29,765 28,422 27,043 26,074貨幣市場工具收益 3,142 3,008 2,178 2,026

其他投資收益 54,759 34,927 30,810 40,535投資收益，借方 -250,124 -206,883 -251,283 -208,248直接投資收益 -197,838 -169,217 -189,626 -156,701股息及 -50,649 -53,512 -79,202 -95,400


再投資收益及 -144,204 -113,189 -108,628 -59,078未分發的分行利潤

債務收益 (利息) -2,984 -2,516 -1,796 -2,223有價證券投資收益 -12,282 -7,068 -35,635 -22,466股本收益 -10,711 -5,415 -34,511 -21,299中長期債券收益 -1,196 -1,275 -1,056 -1,107貨幣市場工具收益 -375 -378 -69 -60

其他投資收益 -40,004 -30,598 -26,022 -29,082僱員報酬，貸方 618 691 691 691僱員報酬，借方 -759 -761 -763 -765

經常轉移 -4,909 -6,114 -7,548 -6,385貸方 1,747 796 902 1,501政府機構 0 0 0 0其他界別 1,747 796 902 1,501

借方 -6,656 -6,910 -8,450 -7,886政府機構 -456 -633 -729 -447其他界別 -6,200 -6,277 -7,721 -7,439



百萬港元

HK$ million

2008 2009 2009 2009


4th Qtr 1st Qtr 2nd Qtr 3rd Qtr Standard Component

86,032 51,966 42,704 14,459 Current Account1,103,302 827,174 989,193 1,024,468 Credit

-1,017,271 -775,208 -946,489 -1,010,010 Debit-30,638 -34,758 -39,355 -65,914 Goods

720,342 512,316 618,781 657,215 Credit-750,980 -547,074 -658,136 -723,129 Debit

97,113 77,282 65,340 86,365 Services 184,745 153,856 143,569 176,452 Credit-87,632 -76,574 -78,229 -90,087 Debit

53,088 40,177 44,771 49,982 Transportation, credit-27,934 -20,493 -23,785 -25,669 Transportation, debit33,259 32,610 25,644 29,979 Travel, credit

-28,372 -27,813 -29,531 -31,963 Travel, debit1,046 1,017 983 853 Insurance services, credit

-1,347 -1,222 -1,284 -1,254 Insurance services, debit18,841 23,299 17,630 23,734 Financial services, credit-5,738 -5,939 -5,045 -7,551 Financial services, debit78,510 56,753 54,541 71,904 Other services, credit

-24,240 -21,107 -18,584 -23,650 Other services, debit

25,365 15,507 22,688 431 Income196,656 159,923 225,961 189,942 Credit

-171,291 -144,416 -203,273 -189,512 Debit195,962 159,249 225,287 189,268 Investment income, credit126,680 111,161 156,251 141,016 Direct investment income

42,259 15,473 69,940 68,273 Dividends and distributed branch profits

83,175 94,796 85,588 72,010 Reinvested earnings and undistributed branch profits

1,246 892 724 733 Income on debt (interest)45,388 32,051 56,533 38,681 Portfolio investment income18,721 7,439 31,575 14,324 Income on equity24,361 23,103 23,235 22,725 Income on bonds and notes

2,305 1,509 1,723 1,632 Income on money market instruments 23,894 16,037 12,503 9,571 Other investment income

-170,519 -143,619 -202,475 -188,714 Investment income, debit-134,841 -123,890 -157,285 -161,232 Direct investment income

-45,518 -30,709 -96,526 -79,405 Dividends and distributed branch profits

-86,994 -91,495 -59,322 -80,290 Reinvested earnings and undistributed branch profits

-2,330 -1,686 -1,436 -1,536 Income on debt (interest)-14,776 -4,623 -33,513 -19,099 Portfolio investment income-13,654 -3,576 -32,563 -18,174 Income on equity

-1,063 -1,003 -921 -907 Income on bonds and notes-59 -44 -29 -19 Income on money market instruments

-20,901 -15,107 -11,677 -8,383 Other investment income694 674 674 674 Compensation of employees, credit

-772 -797 -799 -798 Compensation of employees, debit

-5,808 -6,065 -5,969 -6,423 Current transfers1,560 1,079 882 859 Credit

0 0 0 0 General government1,560 1,079 882 859 Other sectors

-7,368 -7,144 -6,851 -7,282 Debit-448 -446 -458 -449 General government

-6,920 -6,698 -6,392 -6,833 Other sectors



百萬港元

HK$ million

2009 2010 2010 2010



經常帳 30,120 21,855 -5,158 50,569貸方 1,108,530 1,019,562 1,206,297 1,284,187借方 -1,078,409 -997,708 -1,211,455 -1,233,618

貨物 -68,193 -87,635 -97,172 -60,054貸方 706,434 640,479 773,959 838,073借方 -774,627 -728,114 -871,131 -898,127

服務 100,241 98,622 92,833 115,996貸方 195,952 190,214 184,792 220,195借方 -95,711 -91,592 -91,959 -104,199

運輸，貸方 48,688 52,532 59,047 62,727運輸，借方 -24,983 -25,036 -29,248 -30,365旅遊，貸方 38,960 41,138 38,046 45,242旅遊，借方 -32,155 -31,458 -32,500 -36,520保險服務，貸方 994 1,146 1,060 912保險服務，借方 -1,510 -1,612 -1,543 -1,539金融服務，貸方 22,821 27,453 20,509 26,779金融服務，借方 -7,084 -7,511 -5,093 -7,202其他服務，貸方 84,488 67,945 66,130 84,535其他服務，借方 -29,979 -25,975 -23,575 -28,573

收益 4,241 17,477 5,655 1,466貸方 205,326 187,908 246,186 224,950借方 -201,086 -170,431 -240,531 -223,484

投資收益，貸方 204,652 187,302 245,580 224,337直接投資收益 161,451 144,480 171,004 173,243股息及 32,192 12,169 91,174 73,527


再投資收益及 128,457 131,605 79,165 98,924未分發的分行利潤

債務收益 (利息) 801 705 665 791有價證券投資收益 34,239 36,855 67,998 44,264股本收益 9,910 13,768 44,533 19,845中長期債券收益 22,725 21,825 21,986 23,086貨幣市場工具收益 1,604 1,262 1,479 1,334

其他投資收益 8,963 5,967 6,578 6,830投資收益，借方 -200,275 -169,512 -239,601 -222,541直接投資收益 -181,255 -159,772 -199,275 -193,905股息及 -47,719 -27,734 -114,427 -93,916


再投資收益及 -132,844 -130,206 -83,705 -98,831未分發的分行利潤

債務收益 (利息) -692 -1,832 -1,142 -1,158有價證券投資收益 -10,825 -4,923 -34,704 -22,053股本收益 -9,912 -3,983 -33,755 -20,974中長期債券收益 -895 -926 -949 -1,079貨幣市場工具收益 -17 -13 … …

其他投資收益 -8,195 -4,818 -5,623 -6,583僱員報酬，貸方 674 606 607 613僱員報酬，借方 -810 -919 -930 -943

經常轉移 -6,168 -6,609 -6,475 -6,839貸方 817 962 1,359 969政府機構 0 0 0 0其他界別 817 962 1,359 969

借方 -6,986 -7,571 -7,834 -7,808政府機構 -447 -446 -664 -517其他界別 -6,539 -7,125 -7,169 -7,291

註釋： … 數值不顯著 (少於一千萬港元)。



百萬港元

HK$ million

2010 2011 2011 2011 2011

第四季第一季第二季第三季第四季

4th Qtr 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Standard Component

28,959 37,986 4,041 34,212 20,089 Current Account1,300,670 1,247,394 1,332,799 1,387,149 1,410,005 Credit

-1,271,712 -1,209,408 -1,328,758 -1,352,938 -1,389,916 Debit-88,944 -93,811 -125,606 -99,873 -117,461 Goods

808,741 795,731 834,799 891,033 887,629 Credit-897,685 -889,542 -960,405 -990,906 -1,005,090 Debit

121,031 118,918 112,196 136,414 138,889 Services 229,550 221,816 214,846 249,552 255,055 Credit

-108,519 -102,898 -102,650 -113,138 -116,166 Debit57,892 56,991 66,888 68,031 62,088 Transportation, credit

-28,957 -27,483 -31,945 -32,834 -31,548 Transportation, debit48,046 49,041 47,777 54,976 59,747 Travel, credit

-35,509 -34,436 -36,735 -39,791 -38,031 Travel, debit1,065 1,264 1,156 952 1,124 Insurance services, credit

-1,720 -1,819 -1,882 -1,819 -2,036 Insurance services, debit27,349 33,970 25,297 31,870 27,735 Financial services, credit-7,637 -9,665 -6,275 -7,886 -7,077 Financial services, debit95,197 80,550 73,728 93,723 104,361 Other services, credit

-34,695 -29,495 -25,813 -30,808 -37,474 Other services, debit

3,701 20,137 24,310 6,085 6,300 Income261,219 228,425 281,712 244,742 264,865 Credit

-257,518 -208,287 -257,401 -238,657 -258,565 Debit260,407 227,794 281,072 244,092 264,007 Investment income, credit217,588 182,624 194,189 187,694 216,128 Direct investment income

40,183 19,423 91,135 95,526 34,379 Dividends and distributed branch profits

176,516 161,829 101,758 91,147 180,483 Reinvested earnings and undistributed branch profits

889 1,372 1,296 1,021 1,266 Income on debt (interest)36,306 37,673 77,985 46,989 36,642 Portfolio investment income11,376 13,056 53,455 22,654 12,032 Income on equity23,803 23,458 23,310 23,364 23,362 Income on bonds and notes

1,127 1,159 1,220 971 1,248 Income on money market instruments 6,514 7,497 8,898 9,408 11,237 Other investment income

-256,558 -207,260 -256,354 -237,570 -257,454 Investment income, debit-239,526 -194,028 -208,160 -201,869 -233,512 Direct investment income

-65,115 -29,176 -117,545 -110,054 -53,856 Dividends and distributed branch profits

-173,233 -163,676 -89,159 -90,748 -178,548 Reinvested earnings and undistributed branch profits

-1,177 -1,176 -1,456 -1,067 -1,108 Income on debt (interest)-10,571 -6,152 -40,771 -26,906 -13,308 Portfolio investment income

-9,487 -5,180 -39,612 -25,532 -11,673 Income on equity-1,067 -944 -1,122 -1,313 -1,545 Income on bonds and notes

-16 -27 -37 -61 -91 Income on money market instruments -6,462 -7,080 -7,423 -8,796 -10,633 Other investment income

812 631 639 650 858 Compensation of employees, credit-960 -1,028 -1,048 -1,087 -1,111 Compensation of employees, debit

-6,830 -7,258 -6,860 -8,415 -7,640 Current transfers1,160 1,423 1,442 1,822 2,456 Credit

0 0 0 0 0 General government1,160 1,423 1,442 1,822 2,456 Other sectors

-7,989 -8,681 -8,302 -10,237 -10,096 Debit-458 -450 -488 -489 -468 General government

-7,531 -8,231 -7,814 -9,747 -9,627 Other sectors

Note : … Value is relatively insignificant (less than HK$10 million).



表 3 資本及金融帳Table 3 Capital and Financial Account

百萬港元

HK$ million

標準組成部分 1998 1999 2000 2001 2002 2003 2004

資本及金融帳 -31,514 -83,374 -57,863 -97,359 -151,179 -179,086 -184,640非儲備性質的資本及 -84,094 -5,507 20,459 -60,829 -169,720 -171,497 -159,155金融資產 (變動淨值 )

資本帳 -18,445 -13,812 -12,044 -9,155 -15,686 -8,292 -2,561資本轉移 -18,445 -13,812 -12,044 -9,155 -15,686 -8,292 -2,561貸方 2,923 799 438 322 239 1,028 8,966政府機構 0 0 0 0 0 0 0其他界別 2,923 799 438 322 239 1,028 8,966

借方 -21,369 -14,611 -12,482 -9,478 -15,925 -9,320 -11,527政府機構 0 0 0 0 0 0 0其他界別 -21,369 -14,611 -12,482 -9,478 -15,925 -9,320 -11,527

非生產及非金融資產 … … … … … … …金融帳 -13,068 -69,562 -45,819 -88,204 -135,493 -170,794 -182,080非儲備性質的 -65,649 8,305 32,503 -51,674 -154,033 -163,205 -156,594金融資產 (變動淨值 )

直接投資 -17,192 40,511 19,976 96,948 -60,685 63,372 -91,038在外地的直接投資 -131,551 -150,178 -462,593 -88,476 -136,194 -42,937 -356,111股本資本 -24,072 11,400 -383,157 -4,850 -68,829 -24,086 -88,862對有聯繫企業的申索 -24,072 11,279 -383,157 -4,850 -68,829 -24,086 -88,862對有聯繫企業的負債 … 121 … … … … …

再投資收益 -51,919 -62,181 -81,400 -103,179 -45,805 -69,616 -70,729其他資本 -55,561 -99,397 1,964 19,554 -21,561 50,764 -196,519對有聯繫企業的申索 -52,497 -95,213 -64,406 -29,900 -10,098 33,388 -104,048對有聯繫企業的負債 -3,064 -4,184 66,370 49,454 -11,462 17,376 -92,472

在香港的直接投資 114,359 190,689 482,569 185,424 75,509 106,310 265,072股本資本 10,244 33,475 256,760 60,180 10,753 4,648 29,559對直接投資者的申索 … … … … … … …對直接投資者的負債 10,244 33,475 256,760 60,180 10,753 4,648 29,559

再投資收益 44,702 94,178 150,273 96,349 140,127 124,791 174,731其他資本 59,414 63,036 75,536 28,895 -75,371 -23,129 60,782對直接投資者的申索 3,331 -11,767 -1,802 -10,277 -1,954 -23,842 -4,384對直接投資者的負債 56,083 74,803 77,338 39,172 -73,417 713 65,166

有價證券投資 171,052 256,812 190,782 -322,045 -302,484 -264,619 -306,368資產 197,444 -197,347 -171,627 -312,992 -294,032 -275,341 -336,549股本證券 65,888 -235,277 -137,154 -176,892 -122,884 -77,461 -237,423銀行 398 -232 -186 71 -205 -1,087 -5,959其他界別 65,490 -235,045 -136,968 -176,962 -122,678 -76,374 -231,464

債務證券 131,556 37,929 -34,472 -136,100 -171,149 -197,880 -99,126中長期債券 123,207 34,754 -35,027 -121,260 -173,996 -185,200 -70,734銀行 62,203 -32,823 -117,049 -119,834 -160,177 -80,518 -10,757其他界別 61,004 67,577 82,021 -1,425 -13,818 -104,681 -59,977

貨幣市場工具 8,349 3,175 555 -14,840 2,847 -12,680 -28,393銀行 6,212 11,575 2,684 -2,746 1,368 -7,604 -27,442其他界別 2,137 -8,400 -2,129 -12,094 1,479 -5,076 -950

負債 -26,392 454,159 362,409 -9,054 -8,452 10,721 30,181股本證券 -16,314 469,282 366,060 -6,673 10,849 44,879 15,349銀行 -2,017 17,119 12,933 -115 3,577 2,704 -3,093其他界別 -14,297 452,163 353,127 -6,558 7,272 42,175 18,442

債務證券 -10,078 -15,123 -3,651 -2,380 -19,301 -34,157 14,832中長期債券 -7,938 -26,192 -42 -7,547 -321 -29,797 13,835銀行 -5,167 -6,781 -2,947 -2,680 2,882 -16,025 7,580其他界別 -2,771 -19,411 2,905 -4,866 -3,203 -13,772 6,255

貨幣市場工具 -2,140 11,070 -3,609 5,166 -18,980 -4,361 997銀行 -1,448 5,429 -465 4,297 80 -2,062 1,402其他界別 -692 5,641 -3,144 869 -19,060 -2,299 -405


百萬港元

HK$ million


-182,431 -209,935 -259,247 -231,162 -155,371 -152,502 -139,527 Capital and Financial Account-171,752 -163,199 -144,749 32,707 393,891 -81,416 -27,921 Capital and financial non-reserve assets

(net change)-4,939 -2,900 10,338 16,393 36,210 40,898 57,701 Capital Account-4,939 -2,900 10,338 16,393 36,210 40,898 57,701 Capital transfers7,783 10,992 27,147 35,219 52,833 60,834 78,534 Credit

0 0 0 0 0 0 0 General government7,783 10,992 27,147 35,219 52,833 60,834 78,534 Other sectors

-12,723 -13,892 -16,809 -18,826 -16,622 -19,936 -20,833 Debit0 0 0 0 -1,951 -3,096 -961 General government

-12,723 -13,892 -16,809 -18,826 -14,672 -16,840 -19,872 Other sectors… … … … … … … Non-produced and non-financial assets

-177,492 -207,035 -269,585 -247,555 -191,581 -193,401 -197,228 Financial Account-166,812 -160,300 -155,086 16,314 357,680 -122,314 -85,621 Financial non-reserve assets

(net change)49,996 635 -52,577 70,393 -89,900 -188,998 12,054 Direct investment

-211,513 -349,386 -476,515 -393,862 -496,045 -741,149 -635,229 Direct investment abroad-63,796 -45,964 -86,622 -36,931 -130,232 -173,274 -80,931 Equity capital-63,796 -45,964 -86,622 -36,931 -130,232 -173,274 -80,931 Claims on affiliated enterprises

… … … … … … … Liabilities to affiliated enterprises-155,384 -203,872 -287,597 -362,430 -380,851 -486,211 -535,217 Reinvested earnings

7,666 -99,550 -102,295 5,499 15,038 -81,664 -19,081 Other capital-25,188 -100,225 -112,153 -6,540 -12,998 -141,551 -76,267 Claims on affiliated enterprises32,854 675 9,858 12,038 28,036 59,887 57,186 Liabilities to affiliated enterprises

261,510 350,021 423,938 464,255 406,145 552,151 647,283 Direct investment in Hong Kong28,509 15,548 37,272 74,999 39,546 -60,265 146,361 Equity capital

… … … … … … … Claims on direct investors28,509 15,548 37,272 74,999 39,546 -60,265 146,361 Liabilities to direct investors

198,371 277,619 404,407 367,890 363,952 485,975 522,131 Reinvested earnings34,630 56,853 -17,742 21,366 2,648 126,440 -21,209 Other capital-7,093 4,673 -20,492 -50,534 19,261 20,256 2,746 Claims on direct investors41,723 52,181 2,750 71,899 -16,613 106,184 -23,956 Liabilities to direct investors

-245,017 -207,879 -21,452 -295,148 -332,417 -467,379 -27,806 Portfolio investment-316,860 -324,582 -607,148 -195,761 -403,701 -639,821 -143,432 Assets-217,366 -121,349 -540,607 -142,343 -199,180 -364,125 -280,758 Equity securities

-12,018 -761 -1,814 12,063 378 -3,326 650 Banks-205,348 -120,588 -538,793 -154,406 -199,558 -360,799 -281,408 Other sectors

-99,495 -203,233 -66,541 -53,418 -204,521 -275,696 137,326 Debt securities-86,048 -58,823 -18,541 139,974 -326,350 -51,658 383,497 Bonds and notes-64,765 -59,902 20,781 52,163 -210,177 36,045 279,692 Banks-21,283 1,079 -39,322 87,811 -116,173 -87,703 103,805 Other sectors-13,446 -144,410 -47,999 -193,392 121,829 -224,038 -246,172 Money market instruments

2,321 -141,010 -58,621 -156,793 179,439 -215,887 -282,820 Banks-15,767 -3,400 10,622 -36,599 -57,610 -8,151 36,648 Other sectors71,843 116,704 585,696 -99,387 71,284 172,442 115,626 Liabilities77,303 112,364 340,325 136,083 73,575 143,870 76,800 Equity securities-5,581 8,355 16,619 -10,926 -3,274 -3,932 -8,203 Banks82,884 104,009 323,706 147,009 76,849 147,802 85,002 Other sectors-5,460 4,340 245,371 -235,470 -2,292 28,572 38,827 Debt securities-6,638 4,026 78,980 -71,076 435 17,293 23,069 Bonds and notes6,908 -2,594 9,632 -4,457 1,437 -1,187 8,560 Banks

-13,547 6,620 69,348 -66,619 -1,002 18,480 14,509 Other sectors1,179 313 166,391 -164,394 -2,727 11,279 15,758 Money market instruments1,058 -338 166,107 -163,195 -3,581 8,344 13,660 Banks

121 651 284 -1,199 854 2,935 2,097 Other sectors

表 3 (續) 資本及金融帳Table 3 (Cont’d) Capital and Financial Account


百萬港元

HK$ million

標準組成部分 1998 1999 2000 2001 2002 2003 2004

金融衍生工具 25,550 79,225 1,661 39,640 51,563 78,288 44,319資產 83,936 164,638 65,809 140,147 156,252 233,682 160,444銀行 77,809 147,094 55,687 131,100 144,494 215,460 148,261其他界別 6,127 17,544 10,122 9,047 11,758 18,222 12,183

負債 -58,386 -85,412 -64,148 -100,507 -104,689 -155,394 -116,125銀行 -49,005 -74,399 -61,404 -97,271 -97,175 -141,408 -103,211其他界別 -9,381 -11,014 -2,744 -3,236 -7,515 -13,986 -12,914

其他投資 -245,059 -368,243 -179,917 133,783 157,573 -40,247 196,492資產 928,125 332,646 142,354 461,197 363,561 -222,473 -253,687貿易信貸 -6,270 -22,979 -5,546 3,506 -26,432 -54,907 -72,078貸款 832,466 334,524 331,803 211,699 48,785 30,765 -44,943銀行 827,987 303,083 328,293 220,540 14,032 28,487 -32,388其他界別 4,480 31,441 3,510 -8,841 34,753 2,278 -12,555

貨幣和存款 105,747 30,227 -175,357 233,167 325,280 -195,968 -139,864銀行 -42,251 -38,554 -141,923 256,789 345,209 -169,786 -262,135其他界別 147,997 68,781 -33,434 -23,622 -19,930 -26,182 122,270

其他資產 -3,818 -9,125 -8,546 12,824 15,928 -2,363 3,198銀行 2,534 106 -592 1,919 -202 666 2,127其他界別 -6,351 -9,231 -7,954 10,905 16,130 -3,029 1,071

負債 -1,173,184 -700,889 -322,271 -327,414 -205,988 182,226 450,180貿易信貸 -958 3,083 4,692 -4,853 4,754 14,386 11,324貸款 -27,134 -52,824 5,080 -31,256 -99,198 6,110 963銀行 -2,232 -13,115 -9,942 -44,949 -45,759 -7,255 11,499其他界別 -24,902 -39,708 15,021 13,693 -53,439 13,364 -10,535

貨幣和存款 -1,155,274 -653,344 -334,941 -289,287 -118,979 161,779 440,283銀行 -1,149,402 -652,654 -335,030 -289,260 -118,933 161,922 439,672其他界別 -5,872 -689 89 -26 -46 -144 611

其他負債 10,182 2,195 2,897 -2,018 7,434 -49 -2,391銀行 554 898 220 -252 1,399 1,557 -7,548其他界別 9,628 1,296 2,677 -1,766 6,035 -1,606 5,157

儲備資產 (變動淨值) 52,581 -77,867 -78,321 -36,530 18,541 -7,589 -25,486



百萬港元

HK$ million


30,502 25,925 43,534 63,338 24,560 18,677 22,937 Financial derivatives161,784 150,992 232,608 533,854 376,298 278,919 333,508 Assets140,690 126,320 193,055 483,855 354,070 255,225 315,398 Banks

21,094 24,672 39,553 49,999 22,228 23,694 18,110 Other sectors-131,282 -125,068 -189,074 -470,517 -351,738 -260,242 -310,571 Liabilities-119,005 -110,853 -152,616 -455,654 -348,311 -252,277 -296,436 Banks

-12,277 -14,215 -36,458 -14,863 -3,427 -7,965 -14,134 Other sectors

-2,294 21,019 -124,592 177,732 755,438 515,386 -92,807 Other investment-144,599 -454,405 -1,271,659 356,344 751,991 -467,199 -680,054 Assets

-28,133 2,928 -52,819 -56,661 -10,967 -42,011 -31,601 Trade credits-793 -22,059 -335,573 80,277 213,128 -264,131 -448,679 Loans

-5,242 -24,691 -242,701 -86,129 188,886 -278,552 -455,408 Banks4,449 2,632 -92,873 166,406 24,242 14,421 6,728 Other sectors

-112,975 -417,107 -818,385 309,127 542,051 -162,833 -199,289 Currency and deposits-20,315 -407,364 -716,609 298,921 395,501 -173,390 -231,608 Banks-92,660 -9,743 -101,776 10,205 146,550 10,557 32,319 Other sectors

-2,698 -18,166 -64,882 23,601 7,779 1,777 -485 Other assets-4,592 -16,350 -9,556 -1,409 8,803 -4,217 -6,888 Banks1,894 -1,816 -55,326 25,011 -1,024 5,994 6,404 Other sectors

142,305 475,424 1,147,068 -178,612 3,447 982,585 587,247 Liabilities5,047 -15,052 5,652 3,326 1,656 24,841 4,612 Trade credits

68,929 80,086 17,393 -123,989 -51,450 47,801 60,819 Loans-5,318 -6,955 8,553 18,659 -9,426 23,621 38,341 Banks74,247 87,040 8,840 -142,648 -42,024 24,180 22,477 Other sectors46,294 409,059 1,014,532 -26,293 73,001 906,303 500,018 Currency and deposits45,476 406,184 1,009,346 -20,463 76,840 906,226 502,196 Banks

818 2,875 5,186 -5,829 -3,839 77 -2,178 Other sectors22,036 1,332 109,490 -31,656 -19,761 3,641 21,798 Other liabilities

2,630 8,279 15,106 5,185 -16,256 5,154 22,570 Banks19,406 -6,947 94,384 -36,842 -3,505 -1,513 -772 Other sectors

-10,679 -46,735 -114,498 -263,869 -549,262 -71,086 -111,606 Reserve assets (net change)



百萬港元

HK$ million

2007 2008 2008 2008



資本及金融帳 -64,918 -45,397 -34,404 -70,074非儲備性質的資本及 13,345 9,632 -24,141 -18,815金融資產 (變動淨值 )

資本帳 968 2,462 1,596 8,093資本轉移 968 2,462 1,596 8,093貸方 5,563 8,065 6,833 12,326政府機構 0 0 0 0其他界別 5,563 8,065 6,833 12,326

借方 -4,594 -5,603 -5,237 -4,233政府機構 0 0 0 0其他界別 -4,594 -5,603 -5,237 -4,233

非生產及非金融資產 … … … …金融帳 -65,887 -47,859 -36,000 -78,168非儲備性質的 12,376 7,170 -25,737 -26,908金融資產 (變動淨值 )

直接投資 -38,502 36,874 -59,500 44,506在外地的直接投資 -183,180 -109,503 -182,471

balance of payments statistics of hong kong (fourth ... · san po kong, kowloon, hong kong, china....

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