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香港國際收支平衡統計

Balance of PaymentsStatistics of Hong Kong

二零零八年第四季Fourth Quarter 2008

本刊物備有印刷版和下載版可供選擇。有關獲取本刊物的方法，請參閱第 A1 頁。This publication is available in both print version and download version.

Please refer to page A1 for the means of obtaining this publication.

目錄 CONTENTS

頁數 Page

I. 概況 I. General Observations

二零零八年第四季及二零零八年全年國

際收支平衡表 Balance of Payments Accounts for the fourth

quarter of 2008 and the whole year of 2008 1

二零零八年第四季對外債務統計 External Debt Statistics for the fourth quarter of 2008 5

二零零七年國際投資頭寸統計 International Investment Position Statistics for 2007 6

II. 統計表

II. Statistical Tables

國際收支平衡表 Balance of Payments Account

表 1 一九九八年至二零零八年第四季國際收支平衡表

Table 1 Balance of Payments Account, 1998 to fourth quarter 2008

9

表 2 一九九八年至二零零八年第四季經常帳

Table 2 Current Account, 1998 to fourth quarter 2008

15

表 3 一九九八年至二零零八年第四季資本及金融帳

Table 3 Capital and Financial Account, 1998 to fourth quarter 2008

21

表 4 按組成部分劃分的一九九八年至二零零八年第四季投資流動淨值

Table 4 Net Investment Flows by Component, 1998 to fourth quarter 2008

33

表 5 按界別劃分的一九九八年至二零零八年第四季投資流動淨值

Table 5 Net Investment Flows by Sector, 1998 to fourth quarter 2008

37

對外債務 External Debt

表 6 二零零二年至二零零八年第四季對外債務統計數字（期末頭寸）

Table 6 External Debt Statistics, 2002 to fourth quarter 2008 (Position as at end of period)

41

國際投資頭寸 International Investment Position

表 7 按概括組成部分劃分的二零零零年至二零零七年國際投資頭寸（期

末頭寸）

Table 7 International Investment Position by Broad Component, 2000 to 2007(Position as at end of period)

45

表 8 按標準組成部分劃分的二零零零年至二零零七年國際投資頭寸（期

末頭寸）

Table 8 International Investment Position by Standard Component, 2000 to 2007 (Position as at end of period)

47

III. 統計圖

III. Charts

圖 1 經常帳流動淨值 Chart 1 Net Flows of the Current Account 51

圖 2 經常帳差額相當本地生產總值百分比

Chart 2 Current Account Balance as Percentage to GDP

51

圖 3 資本及金融流動淨值 Chart 3 Net Capital and Financial Flows 51

圖 4 金融（非儲備性質）流動淨值 Chart 4 Net Financial (Non-reserve) Flows 52

圖 5 對外債務 Chart 5 External Debt 52

圖 6 國際投資頭寸 Chart 6 International Investment Position 52

IV. 註釋

IV. Explanatory Notes 53

- - 1

概況 General Observations

二零零八年第四季及二零零八年全年國際收

支平衡表

Balance of Payments (BoP) Accounts for the fourth quarter of 2008 and the whole year of 2008

整體狀況（表 1） Overall Situation (Table 1)

香港的國際收支於二零零八年第四季錄得

1,473億元盈餘（相當於本地生產總值的 33.8%），而二零零八年第三季則錄得 513億元盈餘（相當於本地生產總值的 11.9%）。儲備資產於二零零八年第四季相應增加同樣數額。

Hong Kong recorded a surplus amounting to $147.3 billion in its BoP account (at 33.8% of GDP) in the fourth quarter of 2008, as compared with a surplus of $51.3 billion (at 11.9% of GDP) in the third quarter of 2008. Reserve assets correspondingly increasedby the same amount in the fourth quarter of 2008.

在國際收支平衡表主要組成部分當中，二

零零八年第四季經常帳錄得 805億元盈餘（相當於本地生產總值的 18.5%），較二零零八年第三季的753 億元盈餘為多（相當於本地生產總值的17.5%）。同時，二零零八年第四季屬非儲備性質的金融資產錄得 739億元淨流入（相當於本地生產總值的 16.9%），而二零零八年第三季則錄得 492 億元淨流出（相當於本地生產總值的 11.4%）。

Of the major BoP components, there was a current account surplus of $80.5 billion (at 18.5% of GDP) in the fourth quarter of 2008, larger than that of $75.3 billion (at 17.5% of GDP) in the third quarter of 2008. At the same time, a net inflow of financial non-reserve assets amounting to $73.9 billion (at 16.9% of GDP) was recorded in the fourth quarter of 2008, as against a net outflow of $49.2 billion (at 11.4% of GDP) in the third quarter of 2008.

二零零八年全年的國際收支錄得 2,639 億元盈餘（相當於本地生產總值的 15.7%），而二零零七年則錄得 1,145億元盈餘（相當於本地生產總值的 7.1%）。

For 2008 as a whole, there was a BoP surplusof $263.9 billion (at 15.7% of GDP), as compared with a surplus of $114.5 billion (at 7.1% of GDP) in 2007.

在國際收支平衡表主要組成部分當中，二

零零八年香港的經常帳錄得 2,384億元盈餘（相當於本地生產總值的 14.2%），較二零零七年的 1,992億元盈餘為多（相當於本地生產總值的 12.3%）。同時，二零零八年屬非儲備性質的金融資產錄得

311億元淨流入（相當於本地生產總值的 1.9%），而二零零七年則錄得 1,551億元淨流出（相當於本地生產總值的 9.6%）。

Of the major BoP components, Hong Kong recorded a current account surplus of $238.4 billion (at 14.2% of GDP) in 2008, larger than that of $199.2 billion (at 12.3% of GDP) in 2007. At the same time, a net inflow of financial non-reserve assets amounting to $31.1 billion (at 1.9% of GDP) was recorded in 2008, as against a net outflow of $155.1 billion (at 9.6% of GDP) in 2007.

經常帳（表 2） Current Account (Table 2)

二零零八年第四季的經常帳錄得 805 億元盈餘，較二零零七年第四季的 477億元盈餘為多。與二零零七年同季比較，二零零八年第四季錄得的

經常帳盈餘中，有形貿易赤字有減少、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

移有持續的淨流出。

The current account recorded a surplus of $80.5 billion in the fourth quarter of 2008, larger than that of $47.7 billion in the fourth quarter of 2007.Compared with the same quarter in 2007, the current account surplus in the fourth quarter of 2008 was characterised by a decrease in visible trade deficit, an increase in invisible trade surplus, an increase in net inflow of external factor income, and a continued net outflow of current transfers.

- - 2

﹙甲﹚ 有形及無形貿易 (a) Visible and Invisible Trade

由於貨物進口的減少較貨物出口的減少

快，二零零八年第四季有形貿易赤字由二

零零七年同季的 459億元下降至 306億元。另外，由於服務輸出上升及服務輸入減

少，二零零八年第四季無形貿易盈餘由二

零零七年同季的 958 億元增加至 997 億元。總括而言，二零零八年第四季有形及

無形貿易錄得 691 億元的合共盈餘，較二零零七年同季的 499億元盈餘為多。

With imports of goods decreasing faster than exports of goods, the visible trade deficit decreased to $30.6 billion in the fourth quarter of 2008, from $45.9 billion in the same quarter in 2007. The invisible trade surplus increased to $99.7 billion in the fourth quarter of 2008, from $95.8 billion in the same quarter in 2007,with an increase in exports of services and a decrease in imports of services. Overall, a combined visible and invisible trade surplus of $69.1 billion was recorded in the fourth quarter of 2008, larger than that of $49.9 billion in the same quarter in 2007.

﹙乙﹚ 收益 (b) Income

在要素收益流動方面，二零零八年第四季

的對外要素收益流入和流出分別為 2,075億元和 1,903億元，令二零零八年第四季錄得 172 億元淨流入，而二零零七年同季則錄得 26億元淨流入。

On factor income flows, external factor income inflow and outflow amounted to $207.5 billion and $190.3 billion respectively in the fourth quarter of 2008, thus yielding a net inflow of $17.2 billion in the fourth quarter of 2008, as compared with a net inflow of $2.6 billion in the same quarter in 2007.

﹙丙﹚ 經常轉移 (c) Current Transfers

二零零八年第四季經常轉移的流出為 75億元，流入為 18 億元，令該季錄得 57 億元淨流出，較二零零七年同季的 49億元淨流出為多。

A current transfer outflow of $7.5 billion and an inflow of $1.8 billion were recorded in the fourth quarter of 2008, resulting in a net outflow of $5.7 billion in that quarter, largerthan that of $4.9 billion in the same quarter in 2007.

二零零八年第四季經常帳的主要組成部分

與二零零八年第三季比較（這樣的比較可能會受季

節性因素影響），有形貿易赤字由 414 億元減少至306億元，而無形貿易盈餘則由987億元增加至997億元。同時，對外要素收益淨流入由 243億元減少至 172億元，而經常轉移淨流出則由 63億元減少至 57億元。

Comparing the fourth quarter of 2008 with the third quarter of 2008, and bearing in mind that this comparison for the main current account components may be affected by seasonal factors, the visible trade deficit decreased from $41.4 billion to $30.6 billion, while the invisible trade surplus rose from $98.7 billion to $99.7 billion. Concurrently, the net inflow of external factor income decreased from $24.3 billion to $17.2 billion, while the net outflow of current transfers decreased from $6.3 billion to $5.7 billion.

二零零八年全年的經常帳盈餘為 2,384 億元，較二零零七年的 1,992億元為多。這是有形貿易赤字由 1,537億元增加至 1,801億元、無形貿易盈餘由 3,285億元增加至 3,626億元、對外要素收益淨流入由 444億元增加至 814億元、和經常轉移淨流出由 201億元增加至 255億元的綜合結果。

For 2008 as a whole, the current account surplus was $238.4 billion, larger than that of $199.2 billion in 2007. This was the combined result of an increase in visible trade deficit from $153.7 billion to $180.1 billion, an increase in invisible trade surplus from $328.5 billion to $362.6 billion, an increase in net inflow of external factor income from $44.4 billion to $81.4 billion, and an increase in net outflow of current transfers from $20.1 billion to $25.5 billion.

- - 3

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

二零零八年第四季的資本轉移淨流入為 43億元，而二零零八年第三季則錄得 81億元淨流入。

In the fourth quarter of 2008, a net inflow of capital transfers was estimated at $4.3 billion, as compared with a net inflow of $8.1 billion in the third quarter of 2008.

二零零八年全年的資本轉移淨流入為 169億元，而二零零七年則錄得 103億元淨流入。

For 2008 as a whole, a net inflow of capital transfers was estimated at $16.9 billion, as compared with a net inflow of $10.3 billion in 2007.

金融帳 Financial Account

二零零八年第四季屬非儲備性質的金融資

產錄得整體淨流入 739億元，而二零零八年第三季則錄得 492億元淨流出。二零零八年第四季屬非儲備性質的金融資產錄得整體淨流入是直接投資淨

流入、有價證券投資淨流出、金融衍生工具現金結

算所引致的淨流入、和其他投資淨流入的綜合結

果。

An overall net inflow of financial non-reserve assets amounting to $73.9 billion was recorded in the fourth quarter of 2008, as against a net outflow of $49.2 billion in the third quarter of 2008. The overall net inflow of financial non-reserve assets in the fourth quarter of 2008 was the combined result of a net inflow of direct investment, a net outflow of portfolioinvestment, a net inflow due to cash settlement of financial derivatives, and a net inflow of otherinvestment.

二零零八年全年屬非儲備性質的金融資產

錄得整體淨流入 311 億元，而二零零七年則錄得1,551 億元淨流出。二零零八年屬非儲備性質的金融資產錄得整體淨流入是直接投資淨流入、有價證

券投資淨流出、金融衍生工具現金結算所引致的淨

流入、和其他投資淨流入的綜合結果。

For 2008 as a whole, an overall net inflow of financial non-reserve assets amounting to $31.1 billion was recorded, as against a net outflow of $155.1 billion in 2007. The overall net inflow of financial non-reserve assets in 2008 was the combined result of a net inflow of direct investment, a net outflow of portfolio investment, a net inflow due to cash settlement of financial derivatives, and a net inflow of other investment.

﹙甲﹚ 直接投資 (a) Direct Investment (DI)

二零零八年第四季香港在外地的直接投資

增加 1,203億元，而外地在香港的直接投資則增加 1,358 億元，令直接投資錄得 155億元淨流入，而二零零八年第三季則錄得

324億元淨流入。

Hong Kong’s DI abroad increased by $120.3 billion and foreign DI in Hong Kong rose by $135.8 billion during the fourth quarter of 2008, resulting in a net DI inflow of $15.5 billion, as compared with a net inflow of$32.4 billion in the third quarter of 2008.

二零零八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 4,666 億元和 4,905億元，令直接投資錄得 239億元淨流入，而二零零七年則錄得 526 億元直接投資淨流出。

Both Hong Kong’s DI abroad and foreign DI in Hong Kong increased in 2008, by $466.6 billion and $490.5 billion respectively, resulting in a net DI inflow of $23.9 billion in 2008, as against a net DI outflow of$52.6 billion in 2007.

- - 4

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

二零零八年第四季有價證券投資資產增加

1,605億元，而負債則減少 496億元。合併來看，二零零八年第四季有價證券投資錄

得 2,101億元淨流出，而二零零八年第三季則錄得 809 億元淨流入。有價證券投資資產的增加主要是由於香港居民增持非本地

短期債務證券。另一方面，有價證券投資

負債的減少是由於非本地居民減持了本地

的股本證券及債務證券。

PI assets increased by $160.5 billion and liabilities decreased by $49.6 billion in the fourth quarter of 2008. Taken together, there was a net PI outflow amounting to $210.1 billion in the fourth quarter of 2008, as against a net inflow of $80.9 billion in the third quarter of 2008. The increase in PI assets was mainly due to increased holdings of non-resident short-term debt securities by Hong Kong residents. On the other hand, the decrease in PI liabilities was attributable to reduced holdings of resident equity securities and debt securities by non-residents.

二零零八年全年有價證券投資資產增加

1,499億元，而負債則減少 1,425億元。合併來看，二零零八年有價證券投資錄得

2,925 億元淨流出，而二零零七年則錄得215億元淨流出。二零零八年有價證券投資資產的增加主要是由於香港居民持有的非

本地股本證券及短期債務證券增加，而有

價證券投資負債的減少主要是由於非本地

居民減持了本地的債務證券。

In 2008, PI assets increased by $149.9 billion and PI liabilities decreased by $142.5 billion. Taken together, there was a net PI outflow amounting to $292.5 billion in 2008, as compared with a net outflow of $21.5 billion in 2007. The increase in PI assets in 2008 was mainly due to increased holdings of non-resident equity securities and short-term debt securities by Hong Kong residents, while the decrease in PI liabilities was mainly attributable to decreased holdings of resident debt securities by non-residents.

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

二零零八年第四季錄得 85億元由金融衍生工具現金結算所引致的淨流入，而二零零

八年第三季則錄得 328億元淨流入。

A net inflow of $8.5 billion due to cash settlement of FD was recorded in the fourth quarter of 2008, as compared with a net inflow of $32.8 billion in the third quarter of 2008.

二零零八年全年錄得 636 億元由金融衍生工具現金結算所引致的淨流入，而二零零

七年則錄得 435億元淨流入。

A net inflow of $63.6 billion due to cash settlement of FD was recorded in 2008, as compared with a net inflow of $43.5 billion in2007.

﹙丁﹚ 其他投資 (d) Other Investment (OI)

二零零八年第四季其他投資資產減少

3,843億元，而負債則減少 1,242億元。合併來看，二零零八年第四季其他投資錄得

2,601億元淨流入，而二零零八年第三季則錄得 1,953億元淨流出。其他投資資產的減少主要是由於貨幣和存款資產減少所致。

另一方面，其他投資負債的減少主要是由

於貨幣和存款負債及其他界別的貸款負債

減少。

OI assets decreased by $384.3 billion and liabilities decreased by $124.2 billion during the fourth quarter of 2008. Taken together, there was a net OI inflow of $260.1 billion in the fourth quarter of 2008, as against a net outflow of $195.3 billion in the third quarter of 2008. The reduction of OI assets was mainly due to a decrease in currency and deposit assets. On the other hand, the decrease in OI liabilities was mainly due to reductions in currency and deposit liabilities and loan liabilities of other sectors.

- - 5

二零零八年全年其他投資資產和負債分別

減少 4,585億元和 2,224億元，令二零零八年其他投資錄得 2,361億元淨流入，而二零零七年則錄得 1,246億元淨流出。其他投資資產的減少主要是由於貨幣和存款資產減

少所致，而其他投資負債的減少主要是由

於其他界別的貸款負債減少。

Both OI assets and OI liabilities decreased in 2008, by $458.5 billion and $222.4 billion respectively. This resulted in a net OI inflow of $236.1 billion in 2008, as against a net outflow of $124.6 billion in 2007. The decrease in OI assets was mainly due to a decrease in currency and deposit assets, while the decrease in OI liabilities was mainly attributable to a decrease in loan liabilities of other sectors.

﹙戊﹚ 儲備資產 (e) Reserve Assets

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外匯儲備資產

的淨變動。二零零八年第四季儲備資產增

加 1,473億元，而二零零八年第三季則增加513億元。儲備資產的增加主要是以港元購買外幣增加及來自外幣資產在季內的收

入。

Change in reserve assets 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 2008, reserve assets increased by $147.3 billion, as compared with an increase of $51.3 billion in the third quarter of 2008.The accumulation in reserve assets was mainly due to purchases of foreign currencies with Hong Kong dollars and income from foreign currency assets during the quarter.

二零零八年全年儲備資產增加 2,639 億元，而二零零七年則增加 1,145億元。

In 2008, reserve assets increased by $263.9 billion, as compared with anaccumulation of $114.5 billion in 2007.

二零零八年第四季對外債務統計

External Debt (ED) Statistics for the fourthquarter of 2008

整體狀況（表 6） Overall Situation (Table 6)

在二零零八年十二月底，香港的對外債務

負債總額（量度有關除股本負債以外，尚未償還的

對外債務總和）為 51,151 億元（相當於本地生產總值的 305%）。與二零零八年九月底比較，對外債務負債總額減少 1,485億元。這主要是由於其他界別的對外債務、銀行界別的對外債務及香港金融管

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）及政府機構的對外債務的上升。

At end-December 2008, Hong Kong’s gross ED, measuring total outstanding gross externalliabilities other than equity liabilities, amounted to $5,115.1 billion (at 305% of GDP). Compared with end-September 2008, gross ED decreased by $148.5 billion. This was mainly attributable to the decreases in ED of other sectors, ED of the banking sector and ED of the HKMA, which were larger than the increases in DI debt liabilities (inter-company lending) and ED of the General Government.

界別分析 Sectoral Analysis

在二零零八年十二月底，香港的對外債務

大部分來自銀行界別的交易，佔整體的 72.3%。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 20.1%）、其他界別的對外債務（7.3%）、政府機構的對外債務（0.3%）和香港金融管理局的對外債務（0.1%）。

At end-December 2008, a major proportion of Hong Kong’s ED was due to transactions of the banking sector, accounting for 72.3% of the total. Other ED consisted of debt liabilities to affiliated enterprises and direct investors under DI (with a share of 20.1%), ED of other sectors (7.3%), ED of the General Government (0.3%) and ED of the HKMA (0.1%).

- - 6

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，由二零零八年九月底的 37,665億元（相當於本地生產總值的 223%），下降至二零零八年十二月底的 37,001 億元（相當於本地生產總值的 220%），當中 98.0%（36,259億元）是短期的負債。這些短期負債中，97.5%（35,365億元）是貨幣和存款，主要是非本地銀行向本地銀行的同

業存款。

ED of Hong Kong’s banking sector, as the largest component of Hong Kong’s ED, decreased from $3,766.5 billion at end-September 2008 (at 223% of GDP) to $3,700.1 billion at end-December 2008 (at 220% of GDP), of which 98.0% ($3,625.9 billion) was short-term liabilities. Among these short-term liabilities, 97.5% ($3,536.5 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，在二零零八年十二

月底為 10,271億元。當中 79.3%（8,148億元）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 $1,027.1 billion at end-December 2008. Within these, 79.3% ($814.8 billion) were debt liabilities to direct investors.

在二零零八年十二月底，其他界別的對外

債務為 3,710 億元，較二零零八年九月底的 4,475億元為少。當中 66.5%（2,465 億元）是長期的負債，其餘的 33.5%（1,244 億元）則為短期負債。長期負債中的 75.8%（1,870 億元）是貸款，而短期負債中的 40.7%（507億元）是貿易信貸。

ED of other sectors amounted to $371.0 billion at end-December 2008, smaller than that of $447.5 billion at end-September 2008. Within this, 66.5% ($246.5 billion) was long-term liabilities, while the remaining 33.5% ($124.4 billion) was short-term liabilities. 75.8% ($187.0 billion) of the long-term liabilities were held in the form of loans, whereas 40.7% ($50.7 billion) of the short-term liabilities were trade credits.

在二零零八年十二月底，政府機構的對外

債務為 131億元，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$13.1 billion at end-December 2008, all of which was long-term liabilities. This was attributable to non-residents’ holdings of debt securities issued by the HKSAR Government.

在二零零八年十二月底，香港金融管理局

的對外債務為 39億元，較二零零八年九月底的 275億元為少。在二零零八年十二月底，香港金融管理

局的對外債務大部分來自外匯基金債券的長期負

債。這些外匯基金債券佔香港金融管理局的對外債

務的 95.4%（37億元）。

ED of the HKMA amounted to $3.9 billion at end-December 2008, smaller than that of $27.5 billion at end-September 2008. At end-December 2008, a major proportion of ED of the HKMA was the long-term liabilities of Exchange Fund Notes, which took up a share of 95.4% ($3.7 billion) of ED of the HKMA.

二零零七年國際投資頭寸統計 International Investment Position (IIP) Statistics for 2007

國際投資頭寸摘要（表 7及 8） Summary of IIP (Tables 7 and 8)

在二零零七年底，香港的對外金融資產和

負債總值分別為 211,941億元和 174,205億元，因此產生 37,736 億元的國際投資頭寸淨值。這顯示香港是淨債權的經濟體系，其對外金融資產總值比

對外金融負債總值為多。

At end-2007, Hong Kong’s external financial assets and liabilities amounted to $21,194.1 billion and $17,420.5 billion respectively, resulting in a net IIP of $3,773.6 billion. This indicates that Hong Kong was a net creditor and the value of its total external financial assets exceeded that of its total external financial liabilities.

- - 7

香港的對外金融資產和負債與本地生產總

值的比例分別為 1 312%和 1 079%。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 Hong Kong’s external financial assets and liabilities to GDP were 1 312% and 1 079%respectively, reflecting that Hong Kong is a highly externally oriented economy and also a major financial centre in the region with substantial cross-territory investment.

除直接投資外，其他概括投資組成部分均

為淨資產頭寸。非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。

The net positions of most of the broad investment components were in net asset position, with the exception of DI. The amount of DI made by non-residents in Hong Kong was greater than that made by Hong Kong residents abroad.

與二零零六年底比較，二零零七年底的國

際投資頭寸淨值減少 2,561億元。主要是由於直接投資淨負債頭寸的上升及有價證券投資淨資產頭

寸的下降，超過其他投資和金融衍生工具淨資產頭

寸及儲備資產的上升所致。

Compared with end-2006, net IIP at end-2007dropped by $256.1 billion. This was mainly attributable to the increase in the net liability position of DI and the decrease in the net asset position of PI, which exceeded the increases in the net asset position of OI and FD and in reserve assets (RA).

對外金融資產 External Financial Assets

在二零零七年底，香港的對外金融資產總

值為 211,941億元，當中，直接投資為最大的投資組成部分，佔對外金融資產總值的 37.2%（78,890億元）。這反映香港在世界其他地方，尤其是中國

內地，作為主要外來直接投資者的重要地位。這數

字也反映香港企業普遍在離岸金融中心，如英屬維

爾京群島及百慕大群島，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。

The external financial assets of Hong Kong amounted to $21,194.1 billion at end-2007, with DI being the largest investment component, accounting for 37.2% ($7,889.0 billion) of the total external financial assets. This reflects the important status of Hong Kong as a major external direct investor in the rest of the world, notably in the mainland of China. The figure also partly reflected the common practice of setting up non-operating companies in offshore financial centres (such as British Virgin Islands and Bermuda) by Hong Kong enterprises for channelling DI funds back to Hong Kong or to other places.

在二零零七年底，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 28.7%（60,741 億元），其中 66.1%為股本證券，其餘則為債務證券。

PI formed the second largest investment component of Hong Kong’s external financial assets, accounting for 28.7% ($6,074.1 billion) of the total external financial assets at end-2007. Within the PI assets, 66.1% were equity securities while the remaining were debt securities.

在二零零七年底，香港對外金融資產總值

的 26.7%為其他投資，達 56,667億元。大部分其他投資資產為銀行界持有的銀行同業存款和貸款，反

映香港在轉移資金往世界其他地方方面，扮演國際

銀行中心的角色。在二零零七年底儲備資產達

11,907 億元，佔香港對外金融資產總值的 5.6%。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 1.8%（3,736億元）。

At end-2007, 26.7% of Hong Kong’s external financial assets were in the form of OI, amounting to $5,666.7 billion. A majority of OI assets were held by banks in the form of inter-bank deposits and loans, reflecting the role of Hong Kong as an international banking centre in channelling funds to the rest of the world. RA amounted to $1,190.7 billion at end-2007, accounting for 5.6% of Hong Kong’s total external financial assets. FD assets held by residents were relatively insignificant, accounting for only 1.8%($373.6 billion) of the total external financial assets.

- - 8

與二零零六年底比較，二零零七年底的對

外金融資產總值增加 61,954 億元。這主要是由於直接投資、其他投資、有價證券投資、金融衍生工

具和儲備資產的對外金融資產的增加所致。

Compared with end-2006, the amount of total external financial assets at end-2007 rose by $6,195.4 billion. It was mainly attributable to the increases in external financial assets of DI, OI, PI, FD and RA.

對外金融負債 External Financial Liabilities

在二零零七年底，香港的對外金融負債總

值為 174,205億元，其中 52.7%（91,865億元）為直接投資。如此高比重的直接投資負債，一方面反

映香港可能由於某些優點如低稅率和高效率的銀

行和金融設施，吸引很多非居民公司在此設立直接

投資企業。另一方面，這亦歸因於源自香港的資金

經離岸金融中心回流至香港所致。

At end-2007, the external financial liabilities of Hong Kong amounted to $17,420.5 billion, of which 52.7% ($9,186.5 billion) were in the form of DI. Such high proportion of DI liabilities partly reflected the fact that Hong Kong had attracted many non-resident companies in setting up direct investment enterprises here, possibly due to such advantages as low tax rate and efficient banking and financial facilities. This was also partly attributable to round-tripping of investment where 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，佔二零零七年底總值的 24.4%（42,541億元）。與其他投資資產的情況相似，大部分其他投

資負債與銀行界的存款有關。事實上，這是國際銀

行中心的普遍特色。

OI liabilities also formed a significant part of Hong Kong’s external financial liabilities, accounting for 24.4% ($4,254.1 billion) of the total at end-2007. Similar to OI assets, a majority of OI liabilities wererelated to deposits of the banking sector. In fact, this was a common characteristic of an international banking centre.

在二零零七年底，香港的有價證券投資負

債為 37,260億元，佔對外金融負債總值的 21.4%。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 90.8%。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 end-2007, PI liabilities of Hong Kong amounted to $3,726.0 billion, accounting for 21.4% of total external financial liabilities. Hong Kong’s PI liabilities were concentrated in equity securities, sharing 90.8% 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 1.5%（2,538億元）。

FD liabilities owed by residents were relatively insignificant, accounting for only 1.5%($253.8 billion) of the total external financial liabilities.

與二零零六年底比較，二零零七年底的對

外金融負債總值增加 64,515 億元。主要是由於直接投資、有價證券投資、其他投資和金融衍生工具

的對外金融負債增加所致。

Compared with end-2006, the amount of total external financial liabilities at end-2007 rose by $6,451.5 billion. It was mainly attributable to the increases in external financial liabilities of DI, PI, OIand FD.

表 1 國際收支平衡表

Table 1 Balance of Payments Account

標準組成部分 1998 1999 2000 2001 2002 2003

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

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

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

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

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

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

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

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

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

資本及金融帳 -31,514 -83,374 -57,863 -97,359 -151,179 -179,086非儲備性質的資本及

金融資產 (變動淨值 ) -84,094 -5,507 20,459 -60,829 -169,720 -171,497

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

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

非儲備性質的

金融資產 (變動淨值 ) -65,649 8,305 32,503 -51,674 -154,033 -163,205

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

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

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

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

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

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

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

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

- 9 -

百萬港元

HK$ million

2004 2005 2006 2007 2008 Standard Component

122,512 156,933 178,166 199,160 238,442 Current Account

2,866,477 3,258,433 3,691,370 4,261,744 4,509,758 Credit-2,743,965 -3,101,500 -3,513,205 -4,062,584 -4,271,316 Debit

-72,514 -59,347 -108,983 -153,672 -180,091 Goods

2,027,031 2,251,744 2,467,357 2,698,850 2,843,998 Credit-2,099,545 -2,311,091 -2,576,340 -2,852,522 -3,024,089 Debit

187,077 231,157 277,154 328,488 362,608 Services

429,584 495,394 565,054 660,728 719,908 Credit-242,507 -264,237 -287,900 -332,240 -357,300 Debit

23,410 1,648 27,348 44,437 81,443 Income

404,991 503,964 651,503 894,850 940,940 Credit-381,581 -502,316 -624,155 -850,413 -859,496 Debit

-15,461 -16,524 -17,353 -20,093 -25,518 Current transfers

4,871 7,331 7,456 7,316 4,912 Credit-20,332 -23,856 -24,809 -27,409 -30,431 Debit

-184,640 -182,431 -209,935 -259,247 -215,822 Capital and Financial Account

Capital and financial non-reserve assets-159,155 -171,752 -163,199 -144,749 48,047 (net change)

-2,561 -4,939 -2,900 10,338 16,909 Capital transfers

8,966 7,783 10,992 27,147 35,172 Credit-11,527 -12,723 -13,892 -16,809 -18,263 Debit

Financial non-reserve assets-156,594 -166,812 -160,300 -155,086 31,138 (net change)

-91,038 49,996 635 -52,577 23,915 Direct investment

-306,368 -245,017 -207,879 -21,452 -292,474 Portfolio investment

44,319 30,502 25,925 43,534 63,611 Financial derivatives

196,492 -2,294 21,019 -124,592 236,085 Other investment

-25,486 -10,679 -46,735 -114,498 -263,869 Reserve assets (net change)

62,128 25,498 31,769 60,087 -22,620 Net errors and omissions

25,486 10,679 46,735 114,498 263,869 Overall Balance of Payments(盈餘) (盈餘) (盈餘) (盈餘) (盈餘)

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

(待續)(To be cont’d)

- 10 -

表 1 (續) 國際收支平衡表

Table 1 (Cont’d) Balance of Payments Account

2005 2005 2005 2005

第一季第二季第三季第四季

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

經常帳 40,828 34,896 35,408 45,801貸方 708,276 801,325 870,009 878,823借方 -667,448 -766,429 -834,601 -833,022

貨物 -19,677 -19,646 -6,941 -13,083

貸方 479,096 555,352 614,625 602,671借方 -498,773 -574,998 -621,566 -615,754

服務 50,794 50,593 60,153 69,617

貸方 113,337 112,629 131,447 137,981借方 -62,543 -62,036 -71,294 -68,364

收益 14,195 7,674 -13,601 -6,621

貸方 113,846 132,008 122,166 135,944借方 -99,651 -124,334 -135,766 -142,565

經常轉移 -4,484 -3,725 -4,203 -4,112

貸方 1,997 1,337 1,771 2,227借方 -6,481 -5,061 -5,974 -6,339

資本及金融帳 -48,179 -34,704 -53,025 -46,524非儲備性質的資本及

金融資產 (變動淨值 ) -45,625 -40,203 -50,054 -35,870

資本轉移 -2,531 -1,362 -603 -442

貸方 906 1,898 2,422 2,557借方 -3,438 -3,260 -3,026 -2,999

非儲備性質的

金融資產 (變動淨值 ) -43,094 -38,841 -49,451 -35,427

直接投資 37,092 21,291 -31,505 23,119

有價證券投資 -61,976 -141,149 -31,480 -10,412

金融衍生工具 12,236 6,676 1,423 10,166

其他投資 -30,445 74,340 12,111 -58,300

儲備資產 (變動淨值) -2,554 5,500 -2,971 -10,654

淨誤差及遺漏 7,351 -193 17,617 723

整體的國際收支 2,554 -5,500 2,971 10,654(盈餘) (赤字) (盈餘) (盈餘)

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

- 11 -

百萬港元

HK$ million

2006 2006 2006 2006


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

43,661 18,651 60,115 55,740 Current Account

812,394 884,926 980,124 1,013,927 Credit-768,733 -866,275 -920,010 -958,187 Debit

-29,801 -35,369 -18,569 -25,243 Goods

538,460 586,741 667,228 674,929 Credit-568,261 -622,110 -685,797 -700,172 Debit

64,493 60,802 71,896 79,963 Services

130,325 130,058 148,907 155,764 Credit-65,832 -69,256 -77,011 -75,801 Debit

13,284 -2,959 11,315 5,707 Income

142,067 166,270 161,886 181,280 Credit-128,783 -169,229 -150,570 -175,572 Debit

-4,315 -3,823 -4,528 -4,687 Current transfers

1,542 1,857 2,104 1,954 Credit-5,856 -5,680 -6,631 -6,642 Debit

-25,763 -33,304 -78,523 -72,345 Capital and Financial Account

Capital and financial non-reserve assets-14,300 -23,240 -65,369 -60,290 (net change)

-534 256 -2,023 -598 Capital transfers

3,029 3,351 1,683 2,929 Credit-3,563 -3,095 -3,706 -3,527 Debit

Financial non-reserve assets-13,765 -23,496 -63,346 -59,691 (net change)

25,729 -41,162 -18,726 34,794 Direct investment

60,959 -41,897 -28,750 -198,191 Portfolio investment

1,238 12,612 6,989 5,087 Financial derivatives

-101,691 46,951 -22,859 98,618 Other investment

-11,463 -10,063 -13,153 -12,056 Reserve assets (net change)

-17,898 14,653 18,408 16,605 Net errors and omissions

11,463 10,063 13,153 12,056 Overall Balance of Payments(盈餘) (盈餘) (盈餘) (盈餘)

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


- 12 -

表 1 (續) 國際收支平衡表

Table 1 (Cont’d) Balance of Payments Account

2007 2007 2007 2007



經常帳 65,831 25,140 60,526 47,662貸方 931,693 1,029,902 1,127,317 1,172,832借方 -865,862 -1,004,761 -1,066,791 -1,125,170

貨物 -34,224 -46,204 -27,357 -45,887

貸方 587,298 656,509 722,092 732,951借方 -621,522 -702,713 -749,449 -778,838

服務 76,739 68,511 87,418 95,820

貸方 152,594 147,524 175,997 184,613借方 -75,855 -79,013 -88,579 -88,793

收益 28,803 7,423 5,572 2,639

貸方 189,255 224,499 227,575 253,521借方 -160,452 -217,075 -222,003 -250,882

經常轉移 -5,487 -4,590 -5,107 -4,909

貸方 2,546 1,370 1,653 1,747借方 -8,033 -5,960 -6,760 -6,656


金融資產 (變動淨值 ) -66,998 -30,117 -60,978 13,345

資本轉移 -1,220 3,612 6,978 968

貸方 2,512 7,287 11,784 5,563借方 -3,733 -3,676 -4,807 -4,594

非儲備性質的

金融資產 (變動淨值 ) -65,778 -33,729 -67,956 12,376

直接投資 -6,543 -3,280 -4,252 -38,502

有價證券投資 -4,820 -55,092 24,781 13,678

金融衍生工具 19,847 16,419 7,164 104

其他投資 -74,262 8,224 -95,650 37,096

儲備資產 (變動淨值) -12,372 -9,981 -13,882 -78,263

淨誤差及遺漏 13,538 14,958 14,335 17,256

整體的國際收支 12,372 9,981 13,882 78,263(盈餘) (盈餘) (盈餘) (盈餘)


- 13 -

百萬港元

HK$ million

2008 2008 2008 2008



51,075 31,515 75,305 80,548 Current Account

1,058,895 1,140,858 1,194,433 1,115,572 Credit-1,007,819 -1,109,343 -1,119,129 -1,035,024 Debit

-46,077 -62,020 -41,355 -30,638 Goods

650,631 708,742 764,283 720,342 Credit-696,708 -770,762 -805,638 -750,980 Debit

85,195 78,982 98,688 99,743 Services

174,063 166,104 193,787 185,954 Credit-88,868 -87,122 -95,099 -86,211 Debit

17,962 22,035 24,270 17,176 Income

233,551 264,704 235,184 207,500 Credit-215,589 -242,669 -210,915 -190,324 Debit

-6,005 -7,483 -6,298 -5,733 Current transfers

649 1,308 1,179 1,776 Credit-6,654 -8,790 -7,477 -7,509 Debit

-33,762 -20,619 -92,360 -69,081 Capital and Financial Account

Capital and financial non-reserve assets21,267 -10,356 -41,101 78,236 (net change)

2,650 1,835 8,104 4,319 Capital transfers

8,102 6,809 12,267 7,994 Credit-5,452 -4,973 -4,163 -3,675 Debit

Financial non-reserve assets18,617 -12,191 -49,205 73,917 (net change)

56,177 -80,172 32,443 15,467 Direct investment

-186,885 23,685 80,852 -210,125 Portfolio investment


138,621 32,633 -195,269 260,099 Other investment


-17,313 -10,896 17,055 -11,467 Net errors and omissions

55,029 10,263 51,259 147,317 Overall Balance of Payments(盈餘) (盈餘) (盈餘) (盈餘)


- 14 -

表 2 經常帳

Table 2 Current Account

標準組成部分 1998 1999 2000 2001 2002 2003

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

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

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

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

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

投資收益，貸方 354,492 362,133 423,427 373,597 322,805 335,310直接投資收益 124,999 136,454 153,848 168,497 179,008 195,783股息及

已分發的分行利潤 66,679 64,353 65,469 61,566 130,917 122,675再投資收益及

未分發的分行利潤 51,919 62,181 81,400 103,179 45,805 69,616債務收益 (利息) 6,402 9,920 6,978 3,751 2,286 3,493

有價證券投資收益 74,444 86,291 95,086 96,338 92,208 105,789股本收益 15,351 20,998 21,988 19,631 21,420 36,524中長期債券收益 52,985 59,287 65,357 70,682 66,175 64,858貨幣市場工具收益 6,109 6,007 7,741 6,025 4,613 4,407

其他投資收益 155,049 139,387 174,493 108,763 51,589 33,737投資收益，借方 -329,729 -337,083 -413,973 -343,839 -315,762 -305,281直接投資收益 -136,350 -197,094 -266,324 -244,838 -254,730 -254,594股息及

已分發的分行利潤 -85,101 -94,437 -108,567 -141,787 -109,639 -124,419再投資收益及

未分發的分行利潤 -44,702 -94,179 -150,273 -96,349 -140,127 -124,791債務收益 (利息) -6,548 -8,478 -7,484 -6,702 -4,965 -5,385

有價證券投資收益 -24,696 -25,410 -26,900 -26,835 -26,981 -28,016股本收益 -17,591 -18,663 -20,613 -20,641 -22,252 -24,704中長期債券收益 -4,949 -5,032 -4,653 -5,002 -4,088 -3,146貨幣市場工具收益 -2,156 -1,715 -1,634 -1,192 -640 -165

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

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

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

- 15 -

百萬港元

HK$ million


122,512 156,933 178,166 199,160 238,442 Current Account2,866,477 3,258,433 3,691,370 4,261,744 4,509,758 Credit

-2,743,965 -3,101,500 -3,513,205 -4,062,584 -4,271,316 Debit

-72,514 -59,347 -108,983 -153,672 -180,091 Goods2,027,031 2,251,744 2,467,357 2,698,850 2,843,998 Credit

-2,099,545 -2,311,091 -2,576,340 -2,852,522 -3,024,089 Debit

187,077 231,157 277,154 328,488 362,608 Services 429,584 495,394 565,054 660,728 719,908 Credit

-242,507 -264,237 -287,900 -332,240 -357,300 Debit135,188 158,007 174,186 199,561 222,009 Transportation, credit-67,657 -81,361 -90,234 -108,627 -116,232 Transportation, debit70,084 80,061 90,399 107,304 118,469 Travel, credit

-103,347 -103,474 -109,088 -117,346 -123,717 Travel, debit3,197 3,218 3,240 3,648 3,930 Insurance services, credit

-4,761 -4,710 -4,764 -5,543 -5,912 Insurance services, debit35,481 48,753 71,997 96,930 98,625 Financial services, credit-9,070 -10,932 -15,671 -21,895 -25,802 Financial services, debit

185,634 205,355 225,233 253,286 276,875 Other services, credit-57,672 -63,760 -68,143 -78,828 -85,637 Other services, debit

23,410 1,648 27,348 44,437 81,443 Income404,991 503,964 651,503 894,850 940,940 Credit

-381,581 -502,316 -624,155 -850,413 -859,496 Debit403,122 501,654 649,219 892,380 938,173 Investment income, credit230,066 272,525 346,424 494,512 605,276 Direct investment income

Dividends and 154,058 112,489 135,550 199,568 179,141 distributed branch profits

Reinvested earnings and 70,729 155,384 203,872 287,597 420,408 undistributed branch profits

5,279 4,653 7,002 7,347 5,727 Income on debt (interest)124,934 140,595 171,064 210,977 208,622 Portfolio investment income

50,122 52,622 59,604 82,551 93,630 Income on equity69,762 81,733 101,131 114,801 105,527 Income on bonds and notes

5,050 6,240 10,330 13,625 9,465 Income on money market instruments 48,122 88,534 131,731 186,890 124,275 Other investment income

-379,084 -499,608 -621,230 -847,388 -856,429 Investment income, debit-313,591 -394,982 -471,100 -649,063 -672,553 Direct investment income

Dividends and -134,129 -191,761 -188,410 -234,744 -219,691 distributed branch profits

Reinvested earnings and -174,731 -198,371 -277,619 -404,407 -446,555 undistributed branch profits

-4,731 -4,850 -5,070 -9,911 -6,307 Income on debt (interest)-31,411 -38,317 -51,754 -65,856 -80,285 Portfolio investment income-28,715 -35,178 -48,582 -61,123 -75,336 Income on equity

-2,643 -3,052 -2,849 -4,061 -4,394 Income on bonds and notes-53 -87 -323 -671 -555 Income on money market instruments

-34,082 -66,309 -98,376 -132,470 -103,591 Other investment income1,869 2,309 2,284 2,470 2,767 Compensation of employees, credit

-2,497 -2,708 -2,926 -3,024 -3,068 Compensation of employees, debit

-15,461 -16,524 -17,353 -20,093 -25,518 Current transfers4,871 7,331 7,456 7,316 4,912 Credit

0 0 0 0 0 General government4,871 7,331 7,456 7,316 4,912 Other sectors

-20,332 -23,856 -24,809 -27,409 -30,431 Debit-1,330 -1,408 -1,520 -1,749 -2,259 General government

-19,003 -22,447 -23,289 -25,660 -28,172 Other sectors


- 16 -

表 2 (續) 經常帳

Table 2 (Cont’d) Current Account

2005 2005 2005 2005



經常帳 40,828 34,896 35,408 45,801貸方 708,276 801,325 870,009 878,823借方 -667,448 -766,429 -834,601 -833,022

貨物 -19,677 -19,646 -6,941 -13,083貸方 479,096 555,352 614,625 602,671借方 -498,773 -574,998 -621,566 -615,754

服務 50,794 50,593 60,153 69,617貸方 113,337 112,629 131,447 137,981借方 -62,543 -62,036 -71,294 -68,364

運輸，貸方 36,369 38,546 42,393 40,699運輸，借方 -18,679 -19,896 -21,989 -20,797旅遊，貸方 19,322 18,482 19,742 22,515旅遊，借方 -25,456 -24,091 -28,465 -25,462保險服務，貸方 742 827 757 892保險服務，借方 -1,038 -1,183 -1,175 -1,314金融服務，貸方 11,357 11,024 12,315 14,057金融服務，借方 -2,756 -2,692 -2,696 -2,788其他服務，貸方 45,547 43,750 56,240 59,818其他服務，借方 -14,614 -14,174 -16,969 -18,003

收益 14,195 7,674 -13,601 -6,621貸方 113,846 132,008 122,166 135,944借方 -99,651 -124,334 -135,766 -142,565

投資收益，貸方 113,269 131,430 121,589 135,367直接投資收益 59,221 73,309 63,928 76,068股息及

已分發的分行利潤 10,992 36,173 24,181 41,142再投資收益及

未分發的分行利潤 47,279 36,157 38,474 33,474債務收益 (利息) 950 979 1,273 1,451

有價證券投資收益 34,402 38,067 34,953 33,173股本收益 13,784 16,530 12,181 10,126中長期債券收益 19,178 19,997 21,135 21,424貨幣市場工具收益 1,441 1,540 1,636 1,624

其他投資收益 19,645 20,055 22,708 26,126投資收益，借方 -98,990 -123,674 -135,096 -141,849直接投資收益 -81,956 -92,378 -108,630 -112,017股息及

已分發的分行利潤 -26,567 -53,070 -50,580 -61,545再投資收益及

未分發的分行利潤 -54,288 -37,994 -56,714 -49,374債務收益 (利息) -1,101 -1,314 -1,337 -1,098

有價證券投資收益 -3,948 -17,045 -8,882 -8,442股本收益 -3,130 -16,270 -8,112 -7,665中長期債券收益 -803 -757 -745 -748貨幣市場工具收益 -15 -18 -25 -30

其他投資收益 -13,085 -14,250 -17,584 -21,390僱員報酬，貸方 577 577 577 577僱員報酬，借方 -661 -660 -670 -716

經常轉移 -4,484 -3,725 -4,203 -4,112貸方 1,997 1,337 1,771 2,227政府機構 0 0 0 0其他界別 1,997 1,337 1,771 2,227

借方 -6,481 -5,061 -5,974 -6,339政府機構 -375 -351 -352 -329其他界別 -6,106 -4,710 -5,622 -6,010

- 17 -

百萬港元

HK$ million

2006 2006 2006 2006



43,661 18,651 60,115 55,740 Current Account812,394 884,926 980,124 1,013,927 Credit

-768,733 -866,275 -920,010 -958,187 Debit

-29,801 -35,369 -18,569 -25,243 Goods538,460 586,741 667,228 674,929 Credit

-568,261 -622,110 -685,797 -700,172 Debit

64,493 60,802 71,896 79,963 Services 130,325 130,058 148,907 155,764 Credit-65,832 -69,256 -77,011 -75,801 Debit

40,268 42,827 46,358 44,733 Transportation, credit-20,351 -22,584 -24,131 -23,168 Transportation, debit21,902 20,820 22,234 25,443 Travel, credit

-25,545 -26,547 -29,235 -27,761 Travel, debit778 818 769 875 Insurance services, credit

-1,061 -1,200 -1,153 -1,350 Insurance services, debit17,434 17,839 17,132 19,592 Financial services, credit-3,574 -3,748 -4,022 -4,327 Financial services, debit49,943 47,754 62,414 65,122 Other services, credit

-15,301 -15,177 -18,470 -19,195 Other services, debit

13,284 -2,959 11,315 5,707 Income142,067 166,270 161,886 181,280 Credit

-128,783 -169,229 -150,570 -175,572 Debit141,496 165,699 161,315 180,709 Investment income, credit

72,927 89,406 85,214 98,877 Direct investment incomeDividends and

11,943 43,680 36,778 43,149 distributed branch profitsReinvested earnings and

59,339 44,015 46,523 53,994 undistributed branch profits1,645 1,711 1,913 1,734 Income on debt (interest)

39,266 44,881 41,810 45,107 Portfolio investment income13,920 17,977 13,070 14,637 Income on equity23,262 24,469 26,177 27,223 Income on bonds and notes

2,084 2,435 2,564 3,247 Income on money market instruments 29,304 31,412 34,291 36,724 Other investment income

-128,056 -168,502 -149,830 -174,841 Investment income, debit-102,426 -122,522 -111,307 -134,845 Direct investment income

Dividends and -26,679 -63,482 -58,432 -39,818 distributed branch profits

Reinvested earnings and -74,300 -58,218 -51,275 -93,827 undistributed branch profits

-1,447 -822 -1,600 -1,201 Income on debt (interest)-4,077 -22,253 -13,097 -12,328 Portfolio investment income-3,289 -21,551 -12,309 -11,433 Income on equity

-726 -614 -699 -811 Income on bonds and notes-62 -88 -89 -84 Income on money market instruments

-21,553 -23,728 -25,426 -27,668 Other investment income571 571 571 571 Compensation of employees, credit

-727 -727 -740 -731 Compensation of employees, debit

-4,315 -3,823 -4,528 -4,687 Current transfers1,542 1,857 2,104 1,954 Credit

0 0 0 0 General government1,542 1,857 2,104 1,954 Other sectors

-5,856 -5,680 -6,631 -6,642 Debit-378 -352 -378 -412 General government

-5,478 -5,328 -6,253 -6,230 Other sectors


- 18 -

表 2 (續) 經常帳

Table 2 (Cont’d) Current Account

2007 2007 2007 2007



經常帳 65,831 25,140 60,526 47,662貸方 931,693 1,029,902 1,127,317 1,172,832借方 -865,862 -1,004,761 -1,066,791 -1,125,170

貨物 -34,224 -46,204 -27,357 -45,887貸方 587,298 656,509 722,092 732,951借方 -621,522 -702,713 -749,449 -778,838

服務 76,739 68,511 87,418 95,820貸方 152,594 147,524 175,997 184,613借方 -75,855 -79,013 -88,579 -88,793

運輸，貸方 44,834 49,120 54,123 51,484運輸，借方 -23,686 -27,368 -29,416 -28,157旅遊，貸方 25,447 23,556 26,365 31,936旅遊，借方 -26,334 -28,874 -31,573 -30,565保險服務，貸方 897 944 842 965保險服務，借方 -1,295 -1,346 -1,360 -1,542金融服務，貸方 25,547 21,152 25,541 24,690金融服務，借方 -5,771 -4,356 -5,863 -5,905其他服務，貸方 55,869 52,752 69,126 75,539其他服務，借方 -18,769 -17,069 -20,367 -22,623

收益 28,803 7,423 5,572 2,639貸方 189,255 224,499 227,575 253,521借方 -160,452 -217,075 -222,003 -250,882

投資收益，貸方 188,638 223,881 226,957 252,903直接投資收益 99,955 122,458 126,369 145,731股息及

已分發的分行利潤 15,640 76,930 65,986 41,012再投資收益及

未分發的分行利潤 82,730 43,768 58,721 102,378債務收益 (利息) 1,584 1,760 1,662 2,341

有價證券投資收益 46,795 58,494 53,275 52,413股本收益 15,477 26,375 21,193 19,507中長期債券收益 27,587 28,557 28,893 29,765貨幣市場工具收益 3,732 3,562 3,189 3,142

其他投資收益 41,888 42,930 47,314 54,759投資收益，借方 -159,698 -216,320 -221,247 -250,124直接投資收益 -128,159 -155,151 -167,915 -197,838股息及

已分發的分行利潤 -22,437 -90,795 -70,864 -50,649再投資收益及

未分發的分行利潤 -103,284 -62,257 -94,663 -144,204債務收益 (利息) -2,439 -2,099 -2,389 -2,984

有價證券投資收益 -4,594 -30,518 -18,462 -12,282股本收益 -3,660 -29,450 -17,302 -10,711中長期債券收益 -851 -945 -1,069 -1,196貨幣市場工具收益 -82 -122 -91 -375

其他投資收益 -26,945 -30,652 -34,869 -40,004僱員報酬，貸方 618 618 618 618僱員報酬，借方 -754 -755 -756 -759

經常轉移 -5,487 -4,590 -5,107 -4,909貸方 2,546 1,370 1,653 1,747政府機構 0 0 0 0其他界別 2,546 1,370 1,653 1,747

借方 -8,033 -5,960 -6,760 -6,656政府機構 -433 -417 -444 -456其他界別 -7,600 -5,543 -6,316 -6,200

- 19 -

百萬港元

HK$ million

2008 2008 2008 2008



51,075 31,515 75,305 80,548 Current Account1,058,895 1,140,858 1,194,433 1,115,572 Credit

-1,007,819 -1,109,343 -1,119,129 -1,035,024 Debit

-46,077 -62,020 -41,355 -30,638 Goods650,631 708,742 764,283 720,342 Credit

-696,708 -770,762 -805,638 -750,980 Debit

85,195 78,982 98,688 99,743 Services 174,063 166,104 193,787 185,954 Credit-88,868 -87,122 -95,099 -86,211 Debit

51,917 56,517 61,711 51,864 Transportation, credit-27,738 -30,683 -31,363 -26,448 Transportation, debit29,030 26,815 30,233 32,391 Travel, credit

-31,350 -30,560 -32,995 -28,812 Travel, debit1,074 1,022 870 964 Insurance services, credit

-1,555 -1,524 -1,421 -1,412 Insurance services, debit29,900 22,181 24,625 21,919 Financial services, credit-7,401 -5,182 -7,075 -6,144 Financial services, debit62,142 59,569 76,348 78,816 Other services, credit

-20,824 -19,173 -22,245 -23,395 Other services, debit

17,962 22,035 24,270 17,176 Income233,551 264,704 235,184 207,500 Credit

-215,589 -242,669 -210,915 -190,324 Debit232,860 264,014 234,493 206,806 Investment income, credit148,765 166,697 149,055 140,759 Direct investment income

Dividends and 13,676 34,353 110,183 20,929 distributed branch profits

Reinvested earnings and 133,774 131,046 37,636 117,951 undistributed branch profits

1,315 1,297 1,236 1,879 Income on debt (interest)49,874 68,507 45,574 44,666 Portfolio investment income18,584 39,427 17,223 18,396 Income on equity28,343 26,894 26,275 24,016 Income on bonds and notes

2,947 2,186 2,077 2,255 Income on money market instruments 34,221 28,809 39,864 21,381 Other investment income

-214,824 -241,905 -210,149 -189,552 Investment income, debit-177,818 -181,030 -158,050 -155,655 Direct investment income

Dividends and -36,851 -65,954 -92,247 -24,639 distributed branch profits

Reinvested earnings and -138,405 -112,901 -65,006 -130,243 undistributed branch profits

-2,562 -2,176 -797 -772 Income on debt (interest)-7,010 -35,837 -22,564 -14,875 Portfolio investment income-5,494 -34,785 -21,362 -13,694 Income on equity-1,145 -978 -1,146 -1,124 Income on bonds and notes

-370 -73 -56 -57 Income on money market instruments -29,996 -25,038 -29,535 -19,022 Other investment income

691 691 691 694 Compensation of employees, credit-766 -764 -766 -772 Compensation of employees, debit

-6,005 -7,483 -6,298 -5,733 Current transfers649 1,308 1,179 1,776 Credit

0 0 0 0 General government649 1,308 1,179 1,776 Other sectors

-6,654 -8,790 -7,477 -7,509 Debit-633 -731 -448 -447 General government

-6,022 -8,060 -7,029 -7,062 Other sectors

- 20 -

表 3 資本及金融帳

Table 3 Capital and Financial Account

標準組成部分 1998 1999 2000 2001 2002 2003

資本及金融帳 -31,514 -83,374 -57,863 -97,359 -151,179 -179,086非儲備性質的資本及

金融資產 (變動淨值 ) -84,094 -5,507 20,459 -60,829 -169,720 -171,497資本帳 -18,445 -13,812 -12,044 -9,155 -15,686 -8,292資本轉移 -18,445 -13,812 -12,044 -9,155 -15,686 -8,292

政府機構 0 0 0 0 0 0其他界別 -18,445 -13,812 -12,044 -9,155 -15,686 -8,292

非生產及非金融資產 … … … … … …

金融帳 -13,068 -69,562 -45,819 -88,204 -135,493 -170,794非儲備性質的

金融資產 (變動淨值 ) -65,649 8,305 32,503 -51,674 -154,033 -163,205

直接投資 -17,192 40,511 19,976 96,948 -60,685 63,372在外地的直接投資 -131,551 -150,178 -462,593 -88,476 -136,194 -42,937股本資本 -24,072 11,400 -383,157 -4,850 -68,829 -24,086對有聯繫企業的申索 -24,072 11,279 -383,157 -4,850 -68,829 -24,086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其他資本 -55,561 -99,397 1,964 19,554 -21,561 50,764對有聯繫企業的申索 -52,497 -95,213 -64,406 -29,900 -10,098 33,388對有聯繫企業的負債 -3,064 -4,184 66,370 49,454 -11,462 17,376

在香港的直接投資 114,359 190,689 482,569 185,424 75,509 106,310股本資本 10,244 33,475 256,760 60,180 10,753 4,648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

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

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

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

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

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

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

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

- 21-

百萬港元

HK$ million


-184,640 -182,431 -209,935 -259,247 -215,822 Capital and Financial AccountCapital and financial non-reserve assets

-159,155 -171,752 -163,199 -144,749 48,047 (net change)-2,561 -4,939 -2,900 10,338 16,909 Capital Account-2,561 -4,939 -2,900 10,338 16,909 Capital transfers

0 0 0 0 0 General government-2,561 -4,939 -2,900 10,338 16,909 Other sectors

… … … … … Non-produced and non-financial assets

-182,080 -177,492 -207,035 -269,585 -232,731 Financial AccountFinancial non-reserve assets

-156,594 -166,812 -160,300 -155,086 31,138 (net change)

-91,038 49,996 635 -52,577 23,915 Direct investment-356,111 -211,513 -349,386 -476,515 -466,594 Direct investment abroad

-88,862 -63,796 -45,964 -86,622 -22,179 Equity capital-88,862 -63,796 -45,964 -86,622 -22,179 Claims on affiliated enterprises

… … … … … Liabilities to affiliated enterprises-70,729 -155,384 -203,872 -287,597 -420,408 Reinvested earnings

-196,519 7,666 -99,550 -102,295 -24,007 Other capital-104,048 -25,188 -100,225 -112,153 -26,654 Claims on affiliated enterprises

-92,472 32,854 675 9,858 2,647 Liabilities to affiliated enterprises265,072 261,510 350,021 423,938 490,509 Direct investment in Hong Kong

29,559 28,509 15,548 37,272 71,488 Equity capital… … … … … Claims on direct investors

29,559 28,509 15,548 37,272 71,488 Liabilities to direct investors174,731 198,371 277,619 404,407 446,555 Reinvested earnings

60,782 34,630 56,853 -17,742 -27,534 Other capital-4,384 -7,093 4,673 -20,492 -34,837 Claims on direct investors65,166 41,723 52,181 2,750 7,303 Liabilities to direct investors

-306,368 -245,017 -207,879 -21,452 -292,474 Portfolio investment-336,549 -316,860 -324,582 -607,148 -149,940 Assets-237,423 -217,366 -121,349 -540,607 -185,537 Equity securities

-5,959 -12,018 -761 -1,814 11,230 Banks-231,464 -205,348 -120,588 -538,793 -196,768 Other sectors

-99,126 -99,495 -203,233 -66,541 35,598 Debt securities-70,734 -86,048 -58,823 -18,541 146,613 Bonds and notes-10,757 -64,765 -59,902 20,781 89,344 Banks-59,977 -21,283 1,079 -39,322 57,269 Other sectors-28,393 -13,446 -144,410 -47,999 -111,016 Money market instruments-27,442 2,321 -141,010 -58,621 -82,740 Banks

-950 -15,767 -3,400 10,622 -28,275 Other sectors30,181 71,843 116,704 585,696 -142,534 Liabilities15,349 77,303 112,364 340,325 152,136 Equity securities-3,093 -5,581 8,355 16,619 -15,557 Banks18,442 82,884 104,009 323,706 167,693 Other sectors14,832 -5,460 4,340 245,371 -294,670 Debt securities13,835 -6,638 4,026 78,980 -130,999 Bonds and notes

7,580 6,908 -2,594 9,632 -4,467 Banks6,255 -13,547 6,620 69,348 -126,532 Other sectors

997 1,179 313 166,391 -163,671 Money market instruments1,402 1,058 -338 166,107 -162,008 Banks-405 121 651 284 -1,664 Other sectors


- 22 -

表 3 (續) 資本及金融帳

Table 3 (Cont’d) Capital and Financial Account

2005 2005 2005 2005




金融資產 (變動淨值 ) -45,625 -40,203 -50,054 -35,870資本帳 -2,531 -1,362 -603 -442資本轉移 -2,531 -1,362 -603 -442

政府機構 0 0 0 0其他界別 -2,531 -1,362 -603 -442

非生產及非金融資產 … … … …

金融帳 -45,648 -33,341 -52,422 -46,081非儲備性質的

金融資產 (變動淨值 ) -43,094 -38,841 -49,451 -35,427

直接投資 37,092 21,291 -31,505 23,119在外地的直接投資 -56,271 -28,653 -78,859 -47,731股本資本 -13,448 -15,058 -8,669 -26,620對有聯繫企業的申索 -13,448 -15,058 -8,669 -26,620對有聯繫企業的負債 … … … …

再投資收益 -47,279 -36,157 -38,474 -33,474其他資本 4,456 22,562 -31,716 12,363對有聯繫企業的申索 3,776 15,748 -51,298 6,585對有聯繫企業的負債 680 6,814 19,582 5,778

在香港的直接投資 93,362 49,944 47,354 70,850股本資本 -714 19,692 3,230 6,301對直接投資者的申索 … … … …對直接投資者的負債 -714 19,692 3,230 6,301

再投資收益 54,288 37,994 56,714 49,374其他資本 39,788 -7,743 -12,590 15,175對直接投資者的申索 5,715 -3,655 -9,093 -60對直接投資者的負債 34,073 -4,088 -3,497 15,235

有價證券投資 -61,976 -141,149 -31,480 -10,412資產 -56,562 -148,460 -65,490 -46,348股本證券 -38,028 -66,915 -50,644 -61,779銀行 1,020 -3,013 -4,037 -5,988其他界別 -39,048 -63,902 -46,607 -55,791

債務證券 -18,534 -81,545 -14,846 15,430中長期債券 -27,022 -53,834 -10,112 4,920銀行 -11,850 -37,232 -12,312 -3,372其他界別 -15,172 -16,602 2,200 8,292

貨幣市場工具 8,488 -27,711 -4,734 10,510銀行 14,394 -18,240 -4,392 10,560其他界別 -5,906 -9,471 -341 -49

負債 -5,415 7,311 34,010 35,936股本證券 -7,269 12,157 25,960 46,455銀行 -2,497 -202 -889 -1,993其他界別 -4,772 12,358 26,849 48,448

債務證券 1,854 -4,845 8,050 -10,519中長期債券 1,747 -6,819 7,233 -8,798銀行 819 1,937 3,545 607其他界別 928 -8,757 3,687 -9,406

貨幣市場工具 107 1,974 818 -1,720銀行 241 2,009 1,488 -2,680其他界別 -133 -35 -670 959

- 23 -

百萬港元

HK$ million

2006 2006 2006 2006



-25,763 -33,304 -78,523 -72,345 Capital and Financial AccountCapital and financial non-reserve assets

-14,300 -23,240 -65,369 -60,290 (net change)-534 256 -2,023 -598 Capital Account-534 256 -2,023 -598 Capital transfers

0 0 0 0 General government-534 256 -2,023 -598 Other sectors

… … … … Non-produced and non-financial assets

-25,228 -33,560 -76,499 -71,747 Financial AccountFinancial non-reserve assets

-13,765 -23,496 -63,346 -59,691 (net change)

25,729 -41,162 -18,726 34,794 Direct investment-86,129 -87,598 -93,055 -82,605 Direct investment abroad-12,044 -10,870 -10,074 -12,975 Equity capital-12,044 -10,870 -10,074 -12,975 Claims on affiliated enterprises

… … … … Liabilities to affiliated enterprises-59,339 -44,015 -46,523 -53,994 Reinvested earnings-14,746 -32,712 -36,457 -15,635 Other capital

-7,309 -49,108 -25,786 -18,022 Claims on affiliated enterprises-7,437 16,396 -10,671 2,387 Liabilities to affiliated enterprises

111,858 46,435 74,329 117,399 Direct investment in Hong Kong5,281 -4,828 11,793 3,302 Equity capital

… … … … Claims on direct investors5,281 -4,828 11,793 3,302 Liabilities to direct investors

74,300 58,218 51,275 93,827 Reinvested earnings32,277 -6,954 11,261 20,270 Other capital

6,777 2,194 -6,564 2,266 Claims on direct investors25,500 -9,149 17,826 18,004 Liabilities to direct investors

60,959 -41,897 -28,750 -198,191 Portfolio investment14,873 -94,941 -38,440 -206,074 Assets69,794 -79,659 -23,731 -87,753 Equity securities

7,451 -4,122 604 -4,694 Banks62,344 -75,537 -24,335 -83,059 Other sectors

-54,922 -15,282 -14,709 -118,321 Debt securities-12,011 -41,109 26,553 -32,256 Bonds and notes-32,987 -30,649 23,105 -19,371 Banks20,976 -10,460 3,448 -12,885 Other sectors

-42,910 25,826 -41,261 -86,065 Money market instruments-34,102 20,247 -33,375 -93,780 Banks

-8,808 5,579 -7,886 7,715 Other sectors46,086 53,045 9,689 7,883 Liabilities47,852 51,147 2,028 11,337 Equity securities

2,114 2,076 -786 4,952 Banks45,738 49,071 2,814 6,385 Other sectors-1,766 1,898 7,661 -3,454 Debt securities-4,543 1,693 5,710 1,166 Bonds and notes-8,927 4,899 -52 1,487 Banks4,385 -3,206 5,762 -322 Other sectors2,777 205 1,951 -4,619 Money market instruments3,102 245 1,246 -4,931 Banks-325 -40 704 312 Other sectors


- 24 -



2007 2007 2007 2007




金融資產 (變動淨值 ) -66,998 -30,117 -60,978 13,345資本帳 -1,220 3,612 6,978 968資本轉移 -1,220 3,612 6,978 968

政府機構 0 0 0 0其他界別 -1,220 3,612 6,978 968

非生產及非金融資產 … … … …

金融帳 -78,149 -43,710 -81,838 -65,887非儲備性質的

金融資產 (變動淨值 ) -65,778 -33,729 -67,956 12,376

直接投資 -6,543 -3,280 -4,252 -38,502在外地的直接投資 -109,623 -77,446 -106,266 -183,180股本資本 -10,337 -23,399 -38,356 -14,530對有聯繫企業的申索 -10,337 -23,399 -38,356 -14,530對有聯繫企業的負債 … … … …

再投資收益 -82,730 -43,768 -58,721 -102,378其他資本 -16,555 -10,279 -9,189 -66,272對有聯繫企業的申索 -20,895 -37,337 -8,800 -45,121對有聯繫企業的負債 4,339 27,058 -389 -21,150

在香港的直接投資 103,080 74,166 102,014 144,678股本資本 … 6,659 13,067 17,545對直接投資者的申索 … … … …對直接投資者的負債 … 6,659 13,067 17,545

再投資收益 103,284 62,257 94,663 144,204其他資本 -204 5,250 -5,716 -17,071對直接投資者的申索 2,588 3,797 -14,437 -12,441對直接投資者的負債 -2,793 1,453 8,721 -4,631

有價證券投資 -4,820 -55,092 24,781 13,678資產 -152,749 -112,148 -53,933 -288,318股本證券 -139,060 -92,961 -103,947 -204,639銀行 1,145 -2,040 829 -1,748其他界別 -140,205 -90,921 -104,776 -202,891

債務證券 -13,689 -19,187 50,014 -83,679中長期債券 -9,981 -63,123 30,370 24,192銀行 -12,794 -21,883 18,194 37,264其他界別 2,814 -41,240 12,176 -13,072

貨幣市場工具 -3,708 43,936 19,644 -107,871銀行 -5,927 49,732 8,234 -110,660其他界別 2,219 -5,796 11,410 2,788

負債 147,929 57,056 78,714 301,996股本證券 136,785 51,883 70,793 80,864銀行 14,610 -2,661 1,994 2,676其他界別 122,175 54,543 68,799 78,188

債務證券 11,144 5,174 7,921 221,132中長期債券 8,594 3,957 3,446 62,983銀行 5,151 5,055 3,193 -3,767其他界別 3,443 -1,098 253 66,750

貨幣市場工具 2,550 1,217 4,475 158,149銀行 3,136 1,217 4,838 156,915其他界別 -586 … -363 1,233

- 25 -

百萬港元

HK$ million

2008 2008 2008 2008



-33,762 -20,619 -92,360 -69,081 Capital and Financial AccountCapital and financial non-reserve assets

21,267 -10,356 -41,101 78,236 (net change)2,650 1,835 8,104 4,319 Capital Account2,650 1,835 8,104 4,319 Capital transfers

0 0 0 0 General government2,650 1,835 8,104 4,319 Other sectors

… … … … Non-produced and non-financial assets

-36,412 -22,454 -100,464 -73,400 Financial AccountFinancial non-reserve assets

18,617 -12,191 -49,205 73,917 (net change)

56,177 -80,172 32,443 15,467 Direct investment-96,509 -195,655 -54,106 -120,324 Direct investment abroad

1,843 -8,263 -9,233 -6,526 Equity capital1,843 -8,263 -9,233 -6,526 Claims on affiliated enterprises

… … … … Liabilities to affiliated enterprises-133,774 -131,046 -37,636 -117,951 Reinvested earnings

35,423 -56,345 -7,237 4,153 Other capital40,238 -59,160 -12,874 5,143 Claims on affiliated enterprises-4,814 2,814 5,637 -990 Liabilities to affiliated enterprises

152,685 115,483 86,549 135,792 Direct investment in Hong Kong7,872 1,873 28,377 33,365 Equity capital

… … … … Claims on direct investors7,872 1,873 28,377 33,365 Liabilities to direct investors

138,405 112,901 65,006 130,243 Reinvested earnings6,408 709 -6,835 -27,817 Other capital3,933 -7,850 -3,902 -27,018 Claims on direct investors2,476 8,560 -2,933 -799 Liabilities to direct investors

-186,885 23,685 80,852 -210,125 Portfolio investment69,578 -66,615 7,590 -160,492 Assets

-145,126 -44,666 11,772 -7,517 Equity securities13,570 557 -2,864 -33 Banks

-158,697 -45,223 14,636 -7,484 Other sectors214,704 -21,949 -4,182 -152,975 Debt securities115,255 -2,204 53,279 -19,716 Bonds and notes

79,310 7,588 69,169 -66,723 Banks35,944 -9,792 -15,890 47,006 Other sectors99,449 -19,745 -57,461 -133,259 Money market instruments93,136 -21,392 -33,500 -120,983 Banks

6,314 1,647 -23,961 -12,276 Other sectors-256,463 90,300 73,262 -49,633 Liabilities

-31,639 143,188 75,243 -34,656 Equity securities-4,945 466 3,161 -14,238 Banks

-26,694 142,722 72,083 -20,418 Other sectors-224,824 -52,888 -1,981 -14,977 Debt securities

-71,754 -50,036 -313 -8,895 Bonds and notes-1,670 -769 -221 -1,807 Banks

-70,084 -49,267 -93 -7,088 Other sectors-153,070 -2,851 -1,668 -6,082 Money market instruments-151,940 -2,618 -1,852 -5,598 Banks

-1,130 -234 184 -484 Other sectors


- 26 -



標準組成部分 1998 1999 2000 2001 2002 2003

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

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

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

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

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

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

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

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

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

- 27 -

百萬港元

HK$ million


44,319 30,502 25,925 43,534 63,611 Financial derivatives160,444 161,784 150,992 232,608 560,227 Assets148,261 140,690 126,320 193,055 500,988 Banks

12,183 21,094 24,672 39,553 59,239 Other sectors-116,125 -131,282 -125,068 -189,074 -496,616 Liabilities-103,211 -119,005 -110,853 -152,616 -476,927 Banks

-12,914 -12,277 -14,215 -36,458 -19,688 Other sectors

196,492 -2,294 21,019 -124,592 236,085 Other investment-253,687 -144,599 -454,405 -1,271,659 458,485 Assets

-72,078 -28,133 2,928 -52,819 -15,358 Trade credits-44,943 -793 -22,059 -335,573 8,328 Loans-32,388 -5,242 -24,691 -242,701 -65,911 Banks-12,555 4,449 2,632 -92,873 74,238 Other sectors

-139,864 -112,975 -417,107 -818,385 438,680 Currency and deposits-262,135 -20,315 -407,364 -716,609 395,820 Banks122,270 -92,660 -9,743 -101,776 42,859 Other sectors

3,198 -2,698 -18,166 -64,882 26,835 Other assets2,127 -4,592 -16,350 -9,556 8,633 Banks1,071 1,894 -1,816 -55,326 18,202 Other sectors

450,180 142,305 475,424 1,147,068 -222,400 Liabilities11,324 5,047 -15,052 5,652 9,375 Trade credits

963 68,929 80,086 17,393 -166,353 Loans11,499 -5,318 -6,955 8,553 16,200 Banks

-10,535 74,247 87,040 8,840 -182,553 Other sectors440,283 46,294 409,059 1,014,532 -2,752 Currency and deposits439,672 45,476 406,184 1,009,346 5,410 Banks

611 818 2,875 5,186 -8,162 Other sectors-2,391 22,036 1,332 109,490 -62,670 Other liabilities-7,548 2,630 8,279 15,106 -9,396 Banks5,157 19,406 -6,947 94,384 -53,274 Other sectors

-25,486 -10,679 -46,735 -114,498 -263,869 Reserve assets (net change)


- 28 -



2005 2005 2005 2005



金融衍生工具 12,236 6,676 1,423 10,166資產 56,012 31,852 33,410 40,510銀行 47,431 28,947 27,666 36,646其他界別 8,580 2,905 5,745 3,864

負債 -43,776 -25,175 -31,987 -30,344銀行 -40,680 -21,968 -29,380 -26,979其他界別 -3,096 -3,208 -2,607 -3,366

其他投資 -30,445 74,340 12,111 -58,300資產 118,723 62,465 -69,327 -256,460貿易信貸 -782 -14,954 -8,244 -4,153貸款 17,482 42,776 -44,107 -16,944銀行 13,661 40,672 -35,670 -23,905其他界別 3,821 2,104 -8,438 6,961

貨幣和存款 109,618 36,183 -20,736 -238,040銀行 170,834 55,956 3,774 -250,879其他界別 -61,216 -19,773 -24,510 12,839

其他資產 -7,595 -1,540 3,760 2,677銀行 -4,963 -357 -610 1,337其他界別 -2,632 -1,183 4,370 1,340

負債 -149,168 11,875 81,438 198,159貿易信貸 -2,212 4,628 10,752 -8,122貸款 9,743 7,824 -13,246 64,609銀行 -19,057 4,678 -8,543 17,605其他界別 28,800 3,146 -4,703 47,004

貨幣和存款 -160,706 -8,223 82,624 132,599銀行 -161,030 -8,760 82,196 133,070其他界別 324 538 427 -471

其他負債 4,007 7,646 1,309 9,074銀行 6,214 10,439 -7,651 -6,372其他界別 -2,207 -2,793 8,961 15,446

儲備資產 (變動淨值) -2,554 5,500 -2,971 -10,654

- 29 -

百萬港元

HK$ million

2006 2006 2006 2006



1,238 12,612 6,989 5,087 Financial derivatives32,214 40,328 40,339 38,111 Assets28,264 35,742 26,915 35,399 Banks

3,950 4,586 13,424 2,713 Other sectors-30,977 -27,716 -33,351 -33,024 Liabilities-26,718 -23,298 -29,153 -31,684 Banks

-4,259 -4,418 -4,198 -1,340 Other sectors

-101,691 46,951 -22,859 98,618 Other investment-6,379 -114,242 -225,497 -108,287 Assets

5,208 -13,487 -3,247 14,454 Trade credits7,103 4,799 12,748 -46,709 Loans

166 355 13,156 -38,368 Banks6,937 4,444 -408 -8,341 Other sectors-586 -109,068 -237,713 -69,740 Currency and deposits

-22,492 -88,754 -226,414 -69,704 Banks21,906 -20,313 -11,299 -37 Other sectors

-18,103 3,514 2,714 -6,291 Other assets-12,496 3,366 -1,305 -5,916 Banks

-5,608 148 4,019 -375 Other sectors-95,313 161,193 202,639 206,905 Liabilities

-1,187 -1,151 -5,658 -7,056 Trade credits-23,794 34,139 16,445 53,296 Loans

83 -8,196 -2,074 3,232 Banks-23,877 42,335 18,519 50,063 Other sectors-71,116 134,241 194,744 151,190 Currency and deposits-71,090 133,916 194,194 149,163 Banks

-27 325 550 2,027 Other sectors785 -6,036 -2,893 9,475 Other liabilities

8,729 -3,785 667 2,668 Banks-7,944 -2,251 -3,560 6,808 Other sectors



- 30 -



2007 2007 2007 2007



金融衍生工具 19,847 16,419 7,164 104資產 55,283 62,094 53,200 62,031銀行 39,818 57,010 41,260 54,967其他界別 15,465 5,084 11,940 7,064

負債 -35,436 -45,675 -46,036 -61,927銀行 -28,917 -40,618 -35,714 -47,368其他界別 -6,519 -5,057 -10,322 -14,559

其他投資 -74,262 8,224 -95,650 37,096資產 -16,552 -294,191 -505,404 -455,512貿易信貸 -12,548 -15,752 -18,803 -5,717貸款 -32,269 -30,703 -319,307 46,706銀行 -11,543 -19,271 -276,881 64,995其他界別 -20,726 -11,431 -42,426 -18,289

貨幣和存款 44,095 -232,119 -126,259 -504,102銀行 47,287 -194,435 -63,135 -506,325其他界別 -3,192 -37,684 -63,123 2,223

其他資產 -15,830 -15,618 -41,036 7,601銀行 -9,870 -12,687 2,271 10,729其他界別 -5,960 -2,931 -43,308 -3,128

負債 -57,710 302,415 409,755 492,608貿易信貸 6,915 2,149 2,929 -6,341貸款 -32,328 -22,107 63,543 8,285銀行 -6,684 6,909 23,775 -15,447其他界別 -25,644 -29,016 39,768 23,731

貨幣和存款 -49,400 313,285 285,442 465,205銀行 -50,231 312,641 281,901 465,035其他界別 831 644 3,541 170

其他負債 17,103 9,087 57,841 25,459銀行 13,559 2,615 2,647 -3,715其他界別 3,544 6,472 55,194 29,174

儲備資產 (變動淨值) -12,372 -9,981 -13,882 -78,263

註釋： … 數值不顯著 (少於一千萬港元)。

- 31 -

百萬港元

HK$ million

2008 2008 2008 2008



10,705 11,663 32,769 8,475 Financial derivatives76,477 113,636 160,427 209,687 Assets57,528 102,191 133,955 207,314 Banks18,949 11,445 26,472 2,373 Other sectors

-65,772 -101,973 -127,659 -201,211 Liabilities-58,055 -99,276 -122,483 -197,114 Banks

-7,718 -2,698 -5,176 -4,098 Other sectors

138,621 32,633 -195,269 260,099 Other investment141,202 125,684 -192,657 384,257 Assets-11,448 -12,745 -6,967 15,801 Trade credits83,338 -40,003 -97,631 62,624 Loans22,860 -46,902 -101,409 59,540 Banks60,478 6,899 3,777 3,083 Other sectors80,182 139,085 -84,175 303,587 Currency and deposits60,773 116,022 -70,638 289,663 Banks19,409 23,063 -13,537 13,924 Other sectors

-10,871 39,346 -3,885 2,245 Other assets3,358 -351 2,486 3,140 Banks

-14,229 39,698 -6,371 -895 Other sectors-2,581 -93,051 -2,611 -124,157 Liabilities10,746 3,065 1,158 -5,594 Trade credits

-56,532 -26,556 -45,175 -38,089 Loans5,601 4,507 4,402 1,690 Banks

-62,133 -31,064 -49,577 -39,779 Other sectors32,520 -9,792 41,712 -67,192 Currency and deposits33,536 -6,016 41,503 -63,613 Banks-1,017 -3,775 209 -3,579 Other sectors10,686 -59,767 -306 -13,282 Other liabilities

5,329 -9,671 2,990 -8,044 Banks5,357 -50,097 -3,296 -5,239 Other sectors


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

- 32 -

表 4 按組成部分劃分的投資流動淨值

Table 4 Net Investment Flows by Component

組成部分 1998 1999 2000 2001 2002 2003

直接投資 -17,192 40,511 19,976 96,948 -60,685 63,372股本資本 -13,828 44,875 -126,397 55,330 -58,076 -19,438再投資收益 -7,217 31,997 68,873 -6,831 94,323 55,174其他資本 3,853 -36,361 77,500 48,449 -96,931 27,635

有價證券投資 171,052 256,812 190,782 -322,045 -302,484 -264,619股本證券 49,574 234,005 228,906 -183,565 -112,034 -32,582債務證券 121,478 22,807 -38,123 -138,480 -190,450 -232,037中長期債券 115,269 8,562 -35,069 -128,806 -174,317 -214,996貨幣市場工具 6,209 14,245 -3,054 -9,674 -16,133 -17,041

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

其他投資 -245,059 -368,243 -179,917 133,783 157,573 -40,247貿易信貸 -7,228 -19,896 -854 -1,347 -21,678 -40,520貸款 805,332 281,700 336,882 180,443 -50,413 36,875貨幣和存款 -1,049,527 -623,116 -510,297 -56,120 206,301 -34,190其他 6,364 -6,930 -5,648 10,807 23,362 -2,412

總計 -65,649 8,305 32,503 -51,674 -154,033 -163,205

2005 2005 2005 2005


組成部分 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

直接投資 37,092 21,291 -31,505 23,119股本資本 -14,162 4,634 -5,438 -20,320再投資收益 7,010 1,838 18,239 15,900其他資本 44,244 14,819 -44,306 27,538

有價證券投資 -61,976 -141,149 -31,480 -10,412股本證券 -45,296 -54,758 -24,685 -15,324債務證券 -16,680 -86,391 -6,795 4,912中長期債券 -25,275 -60,654 -2,879 -3,878貨幣市場工具 8,596 -25,737 -3,916 8,790

金融衍生工具 12,236 6,676 1,423 10,166

其他投資 -30,445 74,340 12,111 -58,300貿易信貸 -2,994 -10,326 2,508 -12,274貸款 27,224 50,600 -57,353 47,665貨幣和存款 -51,088 27,961 61,887 -105,441其他 -3,588 6,106 5,069 11,750

總計 -43,094 -38,841 -49,451 -35,427

- 33 -

百萬港元

HK$ million

2004 2005 2006 2007 2008 Component

-91,038 49,996 635 -52,577 23,915 Direct investment-59,303 -35,286 -30,416 -49,350 49,308 Equity capital104,001 42,987 73,747 116,810 26,147 Reinvested earnings

-135,737 42,295 -42,697 -120,037 -51,541 Other capital

-306,368 -245,017 -207,879 -21,452 -292,474 Portfolio investment-222,073 -140,063 -8,985 -200,282 -33,402 Equity securities

-84,294 -104,954 -198,894 178,830 -259,072 Debt securities-56,898 -92,686 -54,796 60,439 15,614 Bonds and notes-27,396 -12,268 -144,097 118,391 -274,687 Money market instruments

44,319 30,502 25,925 43,534 63,611 Financial derivatives

196,492 -2,294 21,019 -124,592 236,085 Other investment-60,754 -23,086 -12,125 -47,167 -5,983 Trade credits-43,980 68,136 58,027 -318,180 -158,025 Loans300,419 -66,681 -8,048 196,147 435,928 Currency and deposits

807 19,338 -16,834 44,608 -35,835 Others

-156,594 -166,812 -160,300 -155,086 31,138 Total

2006 2006 2006 2006


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

25,729 -41,162 -18,726 34,794 Direct investment-6,763 -15,698 1,718 -9,673 Equity capital14,962 14,202 4,751 39,832 Reinvested earnings17,531 -39,667 -25,196 4,635 Other capital

60,959 -41,897 -28,750 -198,191 Portfolio investment117,646 -28,512 -21,703 -76,416 Equity securities-56,687 -13,384 -7,047 -121,774 Debt securities-16,554 -39,416 32,263 -31,090 Bonds and notes-40,134 26,031 -39,311 -90,684 Money market instruments


-101,691 46,951 -22,859 98,618 Other investment4,021 -14,638 -8,905 7,398 Trade credits

-16,691 38,938 29,193 6,587 Loans-71,703 25,173 -42,968 81,449 Currency and deposits-17,318 -2,522 -178 3,185 Others

-13,765 -23,496 -63,346 -59,691 Total


- 34 -

表 4 (續) 按組成部分劃分的投資流動淨值

Table 4 (Cont’d) Net Investment Flows by Component

2007 2007 2007 2007


組成部分 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

直接投資 -6,543 -3,280 -4,252 -38,502股本資本 -10,337 -16,739 -25,288 3,015再投資收益 20,554 18,488 35,941 41,827其他資本 -16,760 -5,029 -14,905 -83,343

有價證券投資 -4,820 -55,092 24,781 13,678股本證券 -2,275 -41,078 -33,154 -123,775債務證券 -2,545 -14,014 57,935 137,453中長期債券 -1,387 -59,166 33,816 87,175貨幣市場工具 -1,158 45,153 24,119 50,278

金融衍生工具 19,847 16,419 7,164 104

其他投資 -74,262 8,224 -95,650 37,096貿易信貸 -5,633 -13,603 -15,874 -12,057貸款 -64,597 -52,809 -255,764 54,990貨幣和存款 -5,305 81,166 159,183 -38,897其他 1,273 -6,530 16,805 33,060

總計 -65,778 -33,729 -67,956 12,376

- 35 -

百萬港元

HK$ million

2008 2008 2008 2008


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

56,177 -80,172 32,443 15,467 Direct investment9,715 -6,390 19,144 26,840 Equity capital4,630 -18,146 27,371 12,292 Reinvested earnings

41,831 -55,636 -14,072 -23,664 Other capital

-186,885 23,685 80,852 -210,125 Portfolio investment-176,766 98,522 87,015 -42,173 Equity securities

-10,120 -74,837 -6,163 -167,952 Debt securities43,501 -52,240 52,965 -28,611 Bonds and notes

-53,621 -22,596 -59,129 -139,341 Money market instruments


138,621 32,633 -195,269 260,099 Other investment-702 -9,680 -5,809 10,207 Trade credits

26,806 -66,559 -142,806 24,534 Loans112,702 129,293 -42,463 236,396 Currency and deposits

-185 -20,421 -4,191 -11,038 Others

18,617 -12,191 -49,205 73,917 Total

- 36 -

表 5 按界別劃分的投資流動淨值

Table 5 Net Investment Flows by Sector

投資類別

界別 1998 1999 2000 2001 2002 2003

直接投資 -17,192 40,511 19,976 96,948 -60,685 63,372銀行 12,341 45,351 28,523 38,371 -22,557 20,657其他界別 -29,532 -4,840 -8,547 58,577 -38,128 42,716

有價證券投資 171,052 256,812 190,782 -322,045 -302,484 -264,619銀行 60,181 -5,712 -105,031 -121,008 -152,475 -104,592其他界別 110,871 262,524 295,813 -201,037 -150,009 -160,027

金融衍生工具 25,550 79,225 1,661 39,640 51,563 78,288銀行 28,804 72,695 -5,717 33,830 47,320 74,053其他界別 -3,254 6,530 7,379 5,811 4,243 4,236

其他投資 -245,059 -368,243 -179,917 133,783 157,573 -40,247銀行 -362,810 -400,237 -158,974 144,788 195,747 15,593其他界別 117,751 31,994 -20,944 -11,004 -38,174 -55,839

總計 -65,649 8,305 32,503 -51,674 -154,033 -163,205

銀行 -261,484 -287,903 -241,198 95,981 68,035 5,709

其他界別 195,836 296,209 273,701 -147,655 -222,068 -168,915

2005 2005 2005 2005

投資類別第一季第二季第三季第四季

界別 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

直接投資 37,092 21,291 -31,505 23,119銀行 6,176 2,802 5,781 2,184其他界別 30,916 18,489 -37,286 20,935

有價證券投資 -61,976 -141,149 -31,480 -10,412銀行 2,127 -54,741 -16,597 -2,866其他界別 -64,104 -86,408 -14,882 -7,546

金融衍生工具 12,236 6,676 1,423 10,166銀行 6,752 6,979 -1,714 9,667其他界別 5,484 -303 3,137 499

其他投資 -30,445 74,340 12,111 -58,300銀行 5,659 102,628 33,496 -129,145其他界別 -36,104 -28,287 -21,385 70,845

總計 -43,094 -38,841 -49,451 -35,427

銀行 20,714 57,668 20,966 -120,159

其他界別 -63,808 -96,509 -70,416 84,732

- 37 -

百萬港元

HK$ million

Type of Investment

2004 2005 2006 2007 2008 Sector

-91,038 49,996 635 -52,577 23,915 Direct investment8,931 16,943 19,325 32,218 69,985 Banks

-99,969 33,054 -18,690 -84,795 -46,069 Other sectors

-306,368 -245,017 -207,879 -21,452 -292,474 Portfolio investment-38,269 -72,077 -196,249 152,704 -164,197 Banks

-268,099 -172,940 -11,629 -174,156 -128,277 Other sectors

44,319 30,502 25,925 43,534 63,611 Financial derivatives45,050 21,685 15,467 40,439 24,061 Banks

-731 8,817 10,457 3,095 39,551 Other sectors

196,492 -2,294 21,019 -124,592 236,085 Other investment151,226 12,638 -40,896 64,141 350,757 Banks

45,266 -14,932 61,916 -188,732 -114,672 Other sectors

-156,594 -166,812 -160,300 -155,086 31,138 Total

166,938 -20,812 -202,353 289,502 280,606 Banks

-323,533 -146,001 42,054 -444,588 -249,468 Other sectors

2006 2006 2006 2006

第一季第二季第三季第四季 Type of Investment

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Sector

25,729 -41,162 -18,726 34,794 Direct investment9,504 8,157 3,226 -1,562 Banks

16,226 -49,319 -21,952 36,356 Other sectors

60,959 -41,897 -28,750 -198,191 Portfolio investment-63,350 -7,304 -9,258 -116,337 Banks124,309 -34,592 -19,492 -81,854 Other sectors

1,238 12,612 6,989 5,087 Financial derivatives1,547 12,444 -2,238 3,715 Banks-309 168 9,227 1,372 Other sectors

-101,691 46,951 -22,859 98,618 Other investment-97,099 36,902 -21,775 41,076 Banks

-4,592 10,049 -1,084 57,543 Other sectors

-13,765 -23,496 -63,346 -59,691 Total

-149,399 50,198 -30,044 -73,108 Banks

135,634 -73,695 -33,302 13,417 Other sectors


- 38 -

表 5 (續) 按界別劃分的投資流動淨值

Table 5 (Cont’d) Net Investment Flows by Sector

2007 2007 2007 2007

投資類別第一季第二季第三季第四季

界別 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

直接投資 -6,543 -3,280 -4,252 -38,502銀行 6,327 6,501 13,892 5,499其他界別 -12,870 -9,781 -18,144 -44,000

有價證券投資 -4,820 -55,092 24,781 13,678銀行 5,321 29,420 37,282 80,681其他界別 -10,140 -84,512 -12,501 -67,003

金融衍生工具 19,847 16,419 7,164 104銀行 10,901 16,392 5,547 7,599其他界別 8,946 27 1,618 -7,495

其他投資 -74,262 8,224 -95,650 37,096銀行 -17,483 95,772 -29,422 15,273其他界別 -56,779 -87,548 -66,228 21,824

總計 -65,778 -33,729 -67,956 12,376

銀行 5,066 148,085 27,299 109,052

其他界別 -70,844 -181,814 -95,255 -96,675

- 39 -

百萬港元

HK$ million

2008 2008 2008 2008

第一季第二季第三季第四季 Type of Investment

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Sector

56,177 -80,172 32,443 15,467 Direct investment9,508 5,273 32,476 22,728 Banks

46,669 -85,445 -33 -7,261 Other sectors

-186,885 23,685 80,852 -210,125 Portfolio investment27,461 -16,169 33,893 -209,382 Banks

-214,347 39,854 46,959 -744 Other sectors

10,705 11,663 32,769 8,475 Financial derivatives-527 2,915 11,472 10,200 Banks

11,231 8,748 21,297 -1,725 Other sectors

138,621 32,633 -195,269 260,099 Other investment131,456 57,589 -120,665 282,377 Banks

7,165 -24,956 -74,603 -22,278 Other sectors

18,617 -12,191 -49,205 73,917 Total

167,899 49,608 -42,824 105,924 Banks

-149,282 -61,799 -6,381 -32,007 Other sectors

- 40 -

表 6 對外債務統計數字 (期末頭寸)Table 6 External Debt Statistics (Position as at end of period)

對外債務頭寸總額 2002 2003 2004 2005 2006 2007 2008

政府機構 0 0 12,490 12,227 12,990 13,421 13,063短期 0 0 149 0 0 0 0貨幣市場工具 0 0 149 0 0 0 0貸款 0 0 0 0 0 0 0貿易信貸 0 0 0 0 0 0 0其他債務負債 0 0 0 0 0 0 0

長期 0 0 12,341 12,227 12,990 13,421 13,063中長期債券 0 0 12,341 12,227 12,990 13,421 13,063貸款 0 0 0 0 0 0 0貿易信貸 0 0 0 0 0 0 0其他債務負債 0 0 0 0 0 0 0

金融當局 1,654 1,068 258 1,668 3,169 4,014 3,923短期 1,654 1,039 160 1,194 256 398 181貨幣市場工具 ... ... ... ... ... ... ... 貸款 1,552 893 0 1,001 0 0 0貨幣和存款 0 0 0 0 0 0 0其他債務負債 102 146 160 193 256 398 181

長期 ... 29 97 474 2,913 3,616 3,743中長期債券 ... 29 97 474 2,913 3,616 3,743貸款 0 0 0 0 0 0 0其他債務負債 0 0 0 0 0 0 0

銀行 1,722,484 1,882,166 2,358,450 2,346,349 2,692,148 3,929,737 3,700,072短期 1,673,954 1,848,439 2,313,036 2,293,185 2,645,733 3,862,864 3,625,923貨幣市場工具 24,606 22,392 24,230 24,065 28,217 194,186 36,036貸款 41,721 34,116 37,450 21,765 15,395 15,809 21,277貨幣和存款 1,603,733 1,788,935 2,244,175 2,237,604 2,584,612 3,618,897 3,536,471其他債務負債 3,894 2,996 7,181 9,751 17,509 33,973 32,139

長期 48,530 33,727 45,414 53,164 46,415 66,872 74,149中長期債券 35,647 20,188 29,290 34,605 27,912 38,033 36,343貸款 11,445 9,463 12,203 14,686 14,137 23,906 32,032其他債務負債 1,438 4,076 3,921 3,874 4,365 4,932 5,774

其他界別 225,336 248,665 224,817 334,026 403,356 650,041 370,958短期 69,461 95,517 84,664 112,405 190,206 348,026 124,429貨幣市場工具 5,148 2,332 1,753 1,918 2,555 2,852 1,174貸款 21,081 26,347 22,599 33,714 103,443 99,379 21,365貨幣和存款 925 813 1,254 1,696 5,692 9,069 4,373貿易信貸 29,909 43,558 45,033 47,692 41,863 58,440 50,671其他債務負債 12,398 22,467 14,026 27,385 36,653 178,286 46,846

長期 155,875 153,148 140,153 221,621 213,151 302,015 246,529中長期債券 45,756 29,746 24,314 10,983 17,100 91,010 35,623貸款 96,244 98,700 89,320 161,316 169,168 187,374 186,956貿易信貸 626 1,632 1,257 3,310 4,919 1,554 1,519其他債務負債 13,249 23,070 25,262 46,011 21,964 22,076 22,430

直接投資：公司間借貸 785,536 761,435 747,746 830,194 903,205 950,458 1,027,105對有聯繫企業的債務負債 241,648 249,781 162,738 204,371 183,146 195,501 212,323對直接投資者的債務負債 543,888 511,654 585,008 625,823 720,059 754,957 814,783

對外債務負債總額 2,735,010 2,893,334 3,343,760 3,524,463 4,014,868 5,547,670 5,115,122

- 41 -

百萬港元

HK$ million

2005 2005 2005 2005 2006

第一季第二季第三季第四季第一季

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr Gross External Debt Position

12,133 12,457 12,168 12,227 12,719 General Government 148 0 0 0 0 Short-term148 0 0 0 0 Money market instruments

0 0 0 0 0 Loans0 0 0 0 0 Trade credits0 0 0 0 0 Other debt liabilities

11,985 12,457 12,168 12,227 12,719 Long-term11,985 12,457 12,168 12,227 12,719 Bonds and notes

0 0 0 0 0 Loans 0 0 0 0 0 Trade credits0 0 0 0 0 Other debt liabilities

1,676 6,205 1,889 1,668 2,188 Monetary Authority1,437 5,966 1,504 1,194 1,746 Short-term

... ... ... ... ... Money market instruments1,266 5,813 1,341 1,001 1,535 Loans

0 0 0 0 0 Currency and deposits172 153 163 193 211 Other debt liabilities239 239 385 474 442 Long-term239 239 385 474 442 Bonds and notes

0 0 0 0 0 Loans 0 0 0 0 0 Other debt liabilities

2,147,065 2,145,968 2,209,761 2,346,349 2,209,075 Banks2,101,174 2,094,296 2,157,942 2,293,185 2,160,408 Short-term

23,464 25,381 26,795 24,065 31,553 Money market instruments11,617 11,923 5,732 21,765 13,168 Loans

2,052,664 2,033,229 2,109,355 2,237,604 2,097,972 Currency and deposits13,429 23,764 16,060 9,751 17,716 Other debt liabilities45,891 51,672 51,820 53,164 48,667 Long-term29,280 30,805 33,902 34,605 21,098 Bonds and notes12,785 16,952 13,989 14,686 22,904 Loans

3,825 3,915 3,929 3,874 4,664 Other debt liabilities

273,046 266,838 288,948 334,026 297,926 Other Sectors90,249 96,611 111,421 112,405 135,276 Short-term

1,518 1,644 965 1,918 1,586 Money market instruments24,354 28,527 29,182 33,714 42,083 Loans

1,202 1,739 2,167 1,696 2,794 Currency and deposits43,888 45,135 55,964 47,692 57,235 Trade credits19,287 19,566 23,142 27,385 31,578 Other debt liabilities


121,786 118,217 119,391 161,316 118,451 Loans 1,823 4,427 2,363 3,310 4,062 Trade credits


786,152 785,351 814,804 830,194 874,527 Direct investment: Inter-company lending159,730 166,553 199,295 204,371 177,391 Debt liabilities to affiliated enterprises626,422 618,798 615,509 625,823 697,136 Debt liabilities to direct investors

3,220,072 3,216,818 3,327,571 3,524,463 3,396,435 Gross External Debt


- 42 -

表 6（續）對外債務統計數字 (期末頭寸)Table 6 (Cont'd) External Debt Statistics (Position as at end of period)

2006 2006 2006 2007 2007 2007

第二季第三季第四季第一季第二季第三季

對外債務頭寸總額 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr 3rd Qtr

政府機構 12,665 12,776 12,990 12,957 12,855 12,925短期 0 0 0 0 0 0貨幣市場工具 0 0 0 0 0 0貸款 0 0 0 0 0 0貿易信貸 0 0 0 0 0 0其他債務負債 0 0 0 0 0 0

長期 12,665 12,776 12,990 12,957 12,855 12,925中長期債券 12,665 12,776 12,990 12,957 12,855 12,925貸款 0 0 0 0 0 0貿易信貸 0 0 0 0 0 0其他債務負債 0 0 0 0 0 0

金融當局 2,115 2,228 3,169 4,822 5,149 5,255短期 1,676 1,788 256 1,685 1,786 1,803貨幣市場工具 ... ... ... ... ... ... 貸款 1,446 1,512 0 1,428 1,516 1,510貨幣和存款 0 0 0 0 0 0其他債務負債 229 276 256 257 270 294

長期 439 440 2,913 3,137 3,364 3,452中長期債券 439 440 2,913 3,137 3,364 3,452貸款 0 0 0 0 0 0其他債務負債 0 0 0 0 0 0

銀行 2,342,708 2,540,062 2,692,148 2,670,575 2,998,020 3,314,928短期 2,297,759 2,494,674 2,645,733 2,616,417 2,938,173 3,248,376貨幣市場工具 31,844 33,158 28,217 31,947 33,105 37,859貸款 12,985 11,109 15,395 6,306 12,037 34,317貨幣和存款 2,238,343 2,435,291 2,584,612 2,545,651 2,857,657 3,138,382其他債務負債 14,586 15,116 17,509 32,513 35,374 37,816

長期 44,949 45,389 46,415 54,158 59,847 66,552中長期債券 25,853 26,490 27,912 32,587 37,069 40,965貸款 15,145 14,795 14,137 17,027 18,244 20,866其他債務負債 3,951 4,104 4,365 4,545 4,534 4,721

其他界別 330,383 349,168 403,356 452,340 430,723 531,520短期 143,523 151,900 190,206 233,936 231,226 318,005貨幣市場工具 1,539 2,248 2,555 1,978 1,976 1,606貸款 55,387 68,296 103,443 81,074 69,106 94,535貨幣和存款 3,125 3,673 5,692 4,668 5,279 8,867貿易信貸 54,122 48,913 41,863 59,404 61,431 65,021其他債務負債 29,350 28,769 36,653 86,811 93,434 147,976

長期 186,859 197,268 213,151 218,404 199,497 213,514中長期債券 10,912 17,368 17,100 24,040 22,509 23,574貸款 146,973 152,871 169,168 169,330 152,594 165,671貿易信貸 4,031 4,469 4,919 2,228 1,842 1,598其他債務負債 24,944 22,559 21,964 22,807 22,551 22,671

直接投資：公司間借貸 879,225 883,722 903,205 922,573 956,926 969,853對有聯繫企業的債務負債 190,878 180,126 183,146 186,114 212,490 215,676對直接投資者的債務負債 688,348 703,597 720,059 736,459 744,436 754,177

對外債務負債總額 3,567,096 3,787,957 4,014,868 4,063,267 4,403,673 4,834,481

註釋： ... 數值不顯著 (少於一千萬港元)。

- 43 -

百萬港元

HK$ million

2007 2008 2008 2008 2008

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 Gross External Debt Position

13,421 13,592 13,482 12,082 13,063 General Government 0 0 0 0 0 Short-term0 0 0 0 0 Money market instruments0 0 0 0 0 Loans0 0 0 0 0 Trade credits0 0 0 0 0 Other debt liabilities


0 0 0 0 0 Loans 0 0 0 0 0 Trade credits0 0 0 0 0 Other debt liabilities

4,014 5,720 5,370 27,466 3,923 Monetary Authority398 1,908 1,624 23,704 181 Short-term

... ... ... ... ... Money market instruments0 1,490 1,426 23,503 0 Loans0 0 0 0 0 Currency and deposits

398 418 199 201 181 Other debt liabilities3,616 3,812 3,746 3,762 3,743 Long-term3,616 3,812 3,746 3,762 3,743 Bonds and notes

0 0 0 0 0 Loans 0 0 0 0 0 Other debt liabilities

3,929,737 3,744,374 3,749,249 3,766,483 3,700,072 Banks3,862,864 3,675,766 3,680,497 3,691,366 3,625,923 Short-term

194,186 42,524 40,743 35,010 36,036 Money market instruments15,809 17,156 18,740 21,443 21,277 Loans

3,618,897 3,577,603 3,589,831 3,595,935 3,536,471 Currency and deposits33,973 38,484 31,184 38,978 32,139 Other debt liabilities66,872 68,607 68,752 75,117 74,149 Long-term38,033 37,581 35,946 36,611 36,343 Bonds and notes23,906 25,272 27,384 33,160 32,032 Loans


650,041 513,035 467,635 447,477 370,958 Other Sectors348,026 323,273 285,011 247,516 124,429 Short-term

2,852 1,679 1,127 158 1,174 Money market instruments99,379 55,521 42,939 42,571 21,365 Loans

9,069 9,363 32,365 6,703 4,373 Currency and deposits58,440 65,960 59,824 55,680 50,671 Trade credits

178,286 190,751 148,757 142,403 46,846 Other debt liabilities302,015 189,762 182,624 199,961 246,529 Long-term

91,010 22,993 19,819 40,974 35,623 Bonds and notes187,374 144,455 138,733 134,348 186,956 Loans

1,554 1,409 1,508 1,552 1,519 Trade credits22,076 20,905 22,565 23,087 22,430 Other debt liabilities

950,458 1,030,359 1,080,554 1,010,127 1,027,105 Direct investment: Inter-company lending195,501 196,694 194,096 204,935 212,323 Debt liabilities to affiliated enterprises754,957 833,664 886,457 805,192 814,783 Debt liabilities to direct investors

5,547,670 5,307,080 5,316,290 5,263,634 5,115,122 Gross External Debt

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

- 44 -

表 7 按概括組成部分劃分的國際投資頭寸 (期末頭寸)Table 7 International Investment Position by Broad Component

(Position as at end of period)

概括組成部分 2000 2001 2002 2003

資產 8,899,295 8,350,623 8,032,744 9,202,313

在外地的直接投資 3,027,809 2,749,237 2,412,932 2,636,697

有價證券投資 1,394,320 1,603,059 1,903,241 2,599,922

金融衍生工具 131,063 136,672 175,616 154,065

其他投資 3,507,266 2,994,734 2,668,150 2,892,522

儲備資產 838,839 866,922 872,805 919,107

負債 7,169,749 6,282,662 5,355,376 6,142,480

在香港的直接投資 3,550,840 3,269,653 2,622,298 2,960,358

有價證券投資 1,194,477 912,493 729,456 972,770

金融衍生工具 97,582 94,022 165,305 152,141

其他投資 2,326,849 2,006,494 1,838,316 2,057,212

國際投資頭寸淨值 (1) 1,729,547 2,067,961 2,677,368 3,059,833

直接投資 -523,031 -520,416 -209,366 -323,661

有價證券投資 199,843 690,566 1,173,785 1,627,152

金融衍生工具 33,481 42,650 10,310 1,924

其他投資 1,180,416 988,240 829,834 835,310

儲備資產 838,839 866,922 872,805 919,107

註釋： (1) 國際投資頭寸淨值是對外金融資產總值與對外金融負債總值之差。

- 45 -

百萬港元

HK$ million

2004 2005 2006 2007 Broad Component

10,698,713 11,588,312 14,998,700 21,194,093 Assets

3,133,649 3,653,905 5,264,523 7,888,993 Direct investment abroad

3,116,312 3,384,731 4,513,498 6,074,091 Portfolio investment


3,313,841 3,452,781 4,009,463 5,666,708 Other investment

960,461 963,608 1,036,011 1,190,682 Reserve assets

7,396,940 8,182,176 10,968,982 17,420,503 Liabilities

3,521,862 4,056,259 5,771,914 9,186,549 Direct investment in Hong Kong




3,301,773 3,406,136 4,029,717 3,773,590 Net International Investment Position (1)

-388,212 -402,355 -507,391 -1,297,556 Direct investment


10,147 713 16,866 119,783 Financial derivatives

810,001 842,783 989,487 1,412,615 Other investment

960,461 963,608 1,036,011 1,190,682 Reserve assets

Note : (1) Net international investment position is the difference between total external financial assets and total external financialliabilities.

- 46 -

表 8 按標準組成部分劃分的國際投資頭寸 (期末頭寸)Table 8 International Investment Position by Standard Component


標準組成部分 2000 2001 2002 2003

資產 8,899,295 8,350,623 8,032,744 9,202,313

在外地的直接投資 3,027,809 2,749,237 2,412,932 2,636,697

股本資本和再投資收益 2,472,154 2,204,771 1,902,813 2,145,818

對有聯繫企業的申索 2,472,154 2,204,771 1,902,813 2,145,818

對有聯繫企業的負債 … … … …

其他資本 555,654 544,466 510,120 490,879

對有聯繫企業的申索 735,820 776,439 751,768 740,660

對有聯繫企業的負債 -180,165 -231,973 -241,648 -249,781

有價證券投資 1,394,320 1,603,059 1,903,241 2,599,922

股本證券 688,581 737,717 746,434 1,186,426

銀行 548 512 536 2,069

其他界別 688,033 737,205 745,897 1,184,356

債務證券 705,739 865,342 1,156,808 1,413,497

中長期債券 524,023 669,585 963,268 1,196,251

銀行 327,111 459,213 663,758 762,279

其他界別 196,912 210,372 299,510 433,972

貨幣市場工具 181,716 195,757 193,540 217,245

銀行 164,918 167,265 166,653 185,601

其他界別 16,799 28,493 26,887 31,644

金融衍生工具 131,063 136,672 175,616 154,065

銀行 123,152 128,498 159,643 128,999

其他界別 7,911 8,174 15,972 25,066

其他投資 3,507,266 2,994,734 2,668,150 2,892,522

貿易信貸 31,434 45,785 56,749 68,754

貸款 648,886 450,881 405,848 384,627

銀行 599,188 357,827 356,229 333,959

其他界別 49,699 93,054 49,619 50,668

貨幣和存款 2,782,776 2,451,964 2,167,916 2,391,461

銀行 2,455,796 2,115,542 1,785,819 1,983,476

其他界別 326,980 336,422 382,097 407,985

其他資產 44,169 46,103 37,636 47,680

銀行 10,066 9,180 8,883 8,688

其他界別 34,103 36,923 28,753 38,992

儲備資產 838,839 866,922 872,805 919,107

- 47 -

百萬港元

HK$ million

2004 2005 2006 2007 Standard Component

10,698,713 11,588,312 14,998,700 21,194,093 Assets

3,133,649 3,653,905 5,264,523 7,888,993 Direct investment abroad

2,411,148 2,913,057 4,363,725 6,945,061 Equity capital and reinvested earnings

2,411,148 2,913,057 4,363,725 6,945,061 Claims on affiliated enterprises

… … … … Liabilities to affiliated enterprises

722,501 740,847 900,798 943,932 Other capital

885,240 945,218 1,083,944 1,139,433 Claims on affiliated enterprises

-162,738 -204,371 -183,146 -195,501 Liabilities to affiliated enterprises


1,552,246 1,766,398 2,634,772 4,014,215 Equity securities

9,034 22,346 24,851 40,216 Banks

1,543,211 1,744,051 2,609,920 3,973,998 Other sectors

1,564,066 1,618,333 1,878,727 2,059,876 Debt securities

1,317,507 1,357,576 1,471,835 1,601,900 Bonds and notes

788,550 834,127 921,636 962,107 Banks

528,957 523,449 550,199 639,792 Other sectors

246,559 260,757 406,892 457,976 Money market instruments

212,526 210,750 353,143 414,193 Banks

34,033 50,006 53,749 43,784 Other sectors


136,819 100,277 131,839 263,752 Banks

37,631 33,010 43,365 109,867 Other sectors


68,756 75,978 87,174 117,319 Trade credits

420,880 427,729 462,295 845,696 Loans

358,766 361,443 400,906 674,143 Banks

62,113 66,286 61,389 171,554 Other sectors

2,776,209 2,881,742 3,375,255 4,493,799 Currency and deposits

2,272,054 2,337,120 2,782,857 3,697,976 Banks

504,156 544,622 592,398 795,823 Other sectors

47,997 67,333 84,739 209,894 Other assets

16,791 20,656 37,693 43,268 Banks

31,206 46,677 47,046 166,626 Other sectors

960,461 963,608 1,036,011 1,190,682 Reserve assets


- 48 -

表 8 (續) 按標準組成部分劃分的國際投資頭寸 (期末頭寸)Table 8 (Cont’d) International Investment Position by Standard Component


標準組成部分 2000 2001 2002 2003

負債 7,169,749 6,282,662 5,355,376 6,142,480

在香港的直接投資 3,550,840 3,269,653 2,622,298 2,960,358

股本資本和再投資收益 3,134,592 2,765,016 2,173,538 2,566,608

對直接投資者的申索 … … … …

對直接投資者的負債 3,134,592 2,765,016 2,173,538 2,566,608

其他資本 416,248 504,637 448,760 393,750

對直接投資者的申索 -104,029 -97,324 -95,128 -117,904

對直接投資者的負債 520,277 601,961 543,888 511,654

有價證券投資 1,194,477 912,493 729,456 972,770

股本證券 1,076,454 801,787 618,299 898,083

銀行 63,165 50,031 44,774 64,644

其他界別 1,013,290 751,756 573,525 833,439

債務證券 118,023 110,706 111,158 74,687

中長期債券 74,948 63,038 81,403 49,962

銀行 27,719 23,242 35,647 20,188

其他界別 47,229 39,796 45,756 29,775

貨幣市場工具 43,075 47,668 29,754 24,725

銀行 21,168 24,936 24,606 22,392

其他界別 21,907 22,731 5,148 2,332

金融衍生工具 97,582 94,022 165,305 152,141

銀行 92,904 90,240 159,395 132,046

其他界別 4,678 3,783 5,910 20,094

其他投資 2,326,849 2,006,494 1,838,316 2,057,212

貿易信貸 16,539 23,524 30,535 45,190

貸款 271,329 269,070 172,043 169,520

銀行 152,272 105,292 53,166 43,579

其他界別 119,057 163,778 118,877 125,940

貨幣和存款 2,021,862 1,693,371 1,604,658 1,789,747

銀行 2,019,923 1,693,037 1,603,733 1,788,935

其他界別 1,939 334 925 813

其他負債 17,119 20,530 31,081 52,755

銀行 3,018 4,194 5,332 7,072

其他界別 14,102 16,335 25,749 45,683

國際投資頭寸淨值 (1) 1,729,547 2,067,961 2,677,368 3,059,833

註釋： (1) 國際投資頭寸淨值是對外金融資產總值與對外金融負債總值之差。

… 數值不顯著 (少於一千萬港元)。

- 49 -

百萬港元

HK$ million

2004 2005 2006 2007 Standard Component

7,396,940 8,182,176 10,968,982 17,420,503 Liabilities

3,521,862 4,056,259 5,771,914 9,186,549 Direct investment in Hong Kong

3,051,960 3,544,341 5,149,029 8,556,763 Equity capital and reinvested earnings

… … … … Claims on direct investors

3,051,960 3,544,341 5,149,029 8,556,763 Liabilities to direct investors

469,901 511,918 622,885 629,787 Other capital

-115,107 -113,905 -97,175 -125,170 Claims on direct investors

585,008 625,823 720,059 754,957 Liabilities to direct investors


1,114,762 1,299,073 1,927,068 3,382,906 Equity securities

65,910 52,039 86,180 130,864 Banks

1,048,852 1,247,034 1,840,888 3,252,042 Other sectors

92,173 84,271 91,686 343,118 Debt securities

66,042 58,288 60,914 146,080 Bonds and notes

29,290 34,605 27,912 38,033 Banks

36,752 23,683 33,002 108,047 Other sectors

26,131 25,983 30,772 197,038 Money market instruments

24,230 24,065 28,217 194,186 Banks

1,901 1,918 2,555 2,852 Other sectors


141,864 109,939 128,021 224,512 Banks

22,438 22,636 30,317 29,323 Other sectors


46,289 51,002 46,783 59,994 Trade credits

161,571 232,482 302,142 326,469 Loans

49,652 36,451 29,532 39,715 Banks

111,918 196,031 272,610 286,754 Other sectors

2,245,429 2,239,300 2,590,304 3,627,966 Currency and deposits

2,244,175 2,237,604 2,584,612 3,618,897 Banks

1,254 1,696 5,692 9,069 Other sectors

50,551 87,214 80,747 239,664 Other liabilities

11,102 13,624 21,874 38,905 Banks

39,449 73,590 58,873 200,759 Other sectors

3,301,773 3,406,136 4,029,717 3,773,590 Net International Investment Position (1)

Notes : (1) Net international investment position is the difference between total external financial assets and total externalfinancial liabilities.

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

- 50 -

圖 1 經常帳流動淨值

Chart 1 Net Flows of the Current Account

十億港元

HK$ billion

圖 2 經常帳差額相當本地生產總值百分比

Chart 2 Current Account Balance as Percentage to GDP

百分比

Percentage

圖 3 資本及金融流動淨值

Chart 3 Net Capital and Financial Flows

十億港元

HK$ billion

-80

-60

-40

-20

0

20

40

60

80

100

120

Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008

貨物

Goods

服務

Services

收益

Income

經常轉移

Current Transfers

經常帳差額

Current Account Balance

0

2

4

6

8

10

12

14

16

18

20

2002 2003 2004 2005 2006 2007 2008

-160-140-120-100

-80-60-40-20

020406080

100

Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008

資本及金融帳差額

(非儲備性質) Capital and Financial Account Balance (Non-reserve)

儲備資產

Reserve Assets

資本及金融帳差額

Capital and Financial Account Balance

- 51 -

圖 4 金融 (非儲備性質) 流動淨值

Chart 4 Net Financial (Non-reserve) Flows

十億港元

HK$ billion

圖 5 對外債務

Chart 5 External Debt

十億港元

HK$ billion

圖 6 國際投資頭寸

Chart 6 International Investment Position

十億港元

HK$ billion

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008

政府機構

General Government

金融當局

Monetary Authority

銀行

Bank

其他界別

Other Sectors

直接投資: 公司間借貸

Direct Investment: Inter-company Lending數列5

-250

-200

-150

-100

-50

0

50

100

150

200

250

300

Q4 2006 Q1 2007 Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008

直接投資

Direct Investment

有價證券投資

Portfolio Investment

金融衍生工具

Financial Derivatives

其他投資

Other Investment

金融帳差額

(非儲備性質) Financial Account Balance (Non-reserve)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

2000 2001 2002 2003 2004 2005 2006 2007

資產

Assets

負債

Liabilities

國際投資頭寸淨值

Net International Investment Position

- 52 -

- 53 -

註釋 Explanatory Notes

概念及定義 Concepts and Definitions

1. 國際收支平衡表是有系統地載錄，在指定

期間內，某經濟體系與世界其他各地的各類經濟交

易的統計表。完整的國際收支平衡表包括以下兩個

主要核算帳：（甲）經常帳；及（乙）資本及金融

帳。

1. A Balance of Payments (BoP) account is a statistical statement that systematically summarises, for a specific time period, the economic transactions of an economy with the rest of the world. A complete BoP account comprises the following two broad accounts: (a) current account; and (b) capital and financial account.

2. 國際投資頭寸是在一特定時點上一個經濟

體系的對外金融資產及負債存量的資產負債表。國

際投資頭寸中的資產意指本地居民以指定投資工

具方式所擁有對非本地居民有商業和交易價值的

申索，而負債則指本地居民對非本地居民在這方面

所要承擔的欠債。

2. An economy’s International Investment Position (IIP) is a balance sheet of the stock of its external financial assets and liabilities at a particular point in time. In IIP, assets pertain to possessions, in the form of prescribed investment instruments, having commercial or exchange value that are owned by residents with claims on non-residents, whereas liabilities refer to those which are owed by residents with obligations to non-residents.

3. 對外債務負債總額是指在任何一個時點

上，一個經濟體系的本地居民對非本地居民尚未償

還且屬非或有的實際現有負債數額，而負債人須於

將來償還本金及／或利息。

3. Gross External Debt (ED), at any time, is the outstanding amount of those actual current, and not contingent, liabilities that are owed to non-residents by residents of an economy, and require payment(s) of principal and/or interest by the debtor at some point(s) in the future.

4. 對外債務並不包括或有的負債。或有的負

債是指那些因作出承諾而會在發生某些清楚界定

的情況時可能出現的責任。一項負債要被包括於對

外債務內必須是實際存在且尚未償還的。債務包括

逾期未還的本金及利息。在一般情況下於將來提供

經濟價值的承諾並不足以構成申索，直至及除非發

生了項目擁有權的轉換、服務的提供或收益的待

付。

4. Contingent liabilities are not included in ED. Contingent liabilities are commitments to undertake certain responsibilities in case some well defined conditions are fulfilled. For a liability to be included it must be actually existing and be outstanding. Debt includes arrears of principal and interest. Commitments to provide economic value in the future generally do not establish claims until and unless ownerships of items are changed, services are rendered, or income accrues.

5. 國際收支平衡表的金融帳是量度在一段期

間內對外金融資產及負債的交易，而國際投資頭寸

報表則反映在期末這些資產和負債的水平。前者是

一個流動的概念，而後者則是存量的概念。

5. While BoP financial account measures transactions in external financial assets and liabilities during a period, IIP statement reflects the level of such assets and liabilities at the end of the period. The former is a flow concept, whilst the latter is a stockconcept.

6. 同樣是以存量為主的概念，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，欠非本地

居民的股票及其他的股本參與，以及欠非本地居民

的金融衍生工具，由於不需付本金或利息，所以均

不包括於對外債務內。但因逾期結算金融衍生工具

而產生未償還的債項，則與其他逾期債項一樣，因

終需付款而被視為債務負債。

6. Being also mainly 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, and financial derivatives that are owed to non-residents are excluded from ED as they do not require the payment of principal or interest. Nonetheless, an overdue obligation to settle a financial derivatives contract would, like any arrears, be a debt liability because a payment is required.

- 54 -

7. 資產和負債的交易是影響這些資產和負債

的存量的其中一個因素。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、以至其他調整，也會對其價值產

生影響。價格變動和匯率變動是會影響各組成部分

的價值，例如股本證券和債務證券。價格變動反映

在統計期內持有該類證券的資產損益。根據國際統

計標準，其他調整包括重新分類（如在股本額達到

10%的分界線時，有價證券投資轉變為直接投資）和債權人單方面撇賬等。

7. Transactions in assets and liabilities, amongother factors, will affect the stock of these assets and liabilities. In addition to transactions, price changes and exchange rate variations as well as other adjustment also have an impact on the value of stock of an economy’s external financial assets and liabilities when expressed in the currency of the host economy. Price and exchange rate variations affect the valuation of components such as equity and debt securities. Price variations reflect the holding gains or losses of such securities during the reference period. In accordance with international statistical standards, other adjustments include reclassifications (such as from portfolio investment to direct investment when the 10% equity threshold is reached) and unilateral cancellation of debt by a creditor, etc.

8. 至於對外債務，在一段時間內債務存量的

變動也可能不等於期內所發生的債務流動，因前者

可能只涉及不牽涉流動的存量變動。該等變動的例

子包括：撇賬、當一實體由一機構界別轉至另一界

別所產生的債務重新分類，及市場或外力引致的其

他計價變動。

8. For ED, changes on debt stocks in a period may also differ from that implied by debt flows during the period as the former may involve changes in stocks that do not entail flows. Examples on such changes include : write-off of bad debts, reclassifications of external debt such as when entities switch from one institutional sector to another, and other valuation changes resulted from market or external forces.

9. 在國際收支平衡表架構下，當擁有權出現

轉變時，交易便被記錄下來。在國際投資頭寸和對

外債務方面，則是在特定統計時點所作的記錄。

9. Under the BoP framework, transactions are recorded at the time when a change in ownership is occurred. For IIP and ED, recordings are made at a specific reference time point.

10. 香港國際收支平衡表和國際投資頭寸統計

數字的編製，是採用符合國際貨幣基金組織出版的

《國際收支平衡手冊（第五版）》所訂定的國際標

準。香港的對外債務統計數字則是根據以國際貨幣

基金組織為首的跨組織金融統計數據專責小組出

版的《對外債務統計數據：編製人員及數據使用者

指南》編製而成。

10. The BoP account and IIP statistics of Hong Kong are compiled in accordance with international standards and practices as stipulated in the Fifth Edition of the Balance of Payments Manual (BPM5)published by the International Monetary Fund (IMF).ED statistics of Hong Kong are compiled based on the External Debt Statistics : Guide for Compilers and Users published by Inter-Agency Task Force on Finance Statistics chaired by the IMF.

主要組成部分 Major Components

經常帳 Current Account

11. 經常帳是主要量度實質資源的流動，包括

貨物的進出口、服務的輸入及輸出、從外地應收及

應付予外地的收益，以及從外地及往外地的經常轉

移。經常帳的交易按總額記錄，反映一個經濟體系

向世界各地提供，或從世界各地獲取實質資源的情

況。以下是經常帳主要組成部分的詳細說明。

11. Current account largely measures flow of real resources including exports and imports of goods and services, income receivable and payable abroad, and current transfers from and to abroad. Current account transactions are recorded on a gross basis, reflecting the provision and acquisition of real resources by an economy to and from other economies. Major components of current account are described below.

- 55 -

﹙甲﹚ 貨物 (a) Goods

貨物包括所有可移動的貨物，其擁有權由

本地居民轉至非本地居民（出口）及由非

本地居民轉至本地居民（進口）。貨物包括

一般商品、用作加工的物資、各種運輸工

具在港口購買的貨物、貨物修理，以及非

貨幣黃金。

Goods comprise all movable goods that change ownership from residents to non-residents (exports) and from non-residents to residents (imports). Goods cover general merchandise, goods for processing, goods procured in ports by carriers, repairs on goods, and non-monetary gold.

﹙乙﹚ 服務 (b) Services

服務包括由本地居民向非本地居民（輸出）

和由非本地居民向本地居民（輸入）所提

供的服務。服務交易是按服務類別分類，

分別為運輸、旅遊、保險服務、金融服務

及其他服務。

Services include services rendered by residents to non-residents (exports) and by non-residents to residents (imports). Service transactions are classified by type of services, namely transportation, travel, insurance services, financial services and other services.

運輸包括一切運輸服務（海運、空運及其

他），而當中以客運及貨運為主。

Transportation includes all transportation (sea, air and others) services that mainly involve the carriage of passengers and movement of goods.

旅遊主要包括旅客在某經濟體系作少於一

年的旅遊時所購買的貨物和服務。

Travel includes primarily the goods and services acquired from an economy by travelers during visits of less than one year in that economy.

保險服務包括貨運保險、其他類型的直接

保險（例如人壽保險、意外保險）及分保

服務。

Insurance services cover freight insurance, other types of direct insurance (e.g. life insurance, accident insurance) and reinsurance.

金融服務包括金融中介和輔助服務，但不

包括屬人壽保險及退休金服務的人壽保險

企業及退休金基金以及本地居民與非本地

居民間所進行的其他保險服務。金融中介

服務價值是根據「參照利率」方法間接地

量度。

Financial services cover financial intermediation and auxiliary services, except those of life insurance enterprises and pension funds (which are included in life insurance and pension funding) and other insurance services that are conducted between residents and non-residents. The value of financial intermediation services is indirectly measured using the “reference rate” method.

其他服務包括通訊服務、建造服務、電腦

及資訊服務、其他商業服務（包括與貿易

有關的服務）、政府服務和個人、文化及娛

樂服務。版權及牌照費亦包括在服務組成

部分內。

Other services cover communications services, construction services, computer and information services, other business services (including trade-related services), government services, personal, cultural and recreational services. Royalties and license fees are also included in the service component.

- 56 -

﹙丙﹚ 收益 (c) Income

收益是提供生產要素而賺取的所得，包括

本地居民從非本地居民（應收收益）或非

本地居民從本地居民（應付收益）所賺取

的所得。收益組成部分主要分為僱員報酬

及投資收益，而投資收益包括了直接投資

收益、有價證券投資收益及其他投資收益。

Income consists of earnings by residents from non-residents (income receivable) and by non-residents from residents (income payable)for the provision of factors of production. Income is mainly classified into compensation of employees and investment income whichincludes direct investment income, portfolio investment income and other investment income.

僱員報酬是指非本地居民從香港經濟領域

內受僱及本地居民從經濟領域外受僱所賺

取的勞工收益，包括工資、薪金及其他現

金或實物報酬。

Compensation of employees refers to labour income earned by non-residents from their employment within the economic territory of Hong Kong and labour income earned by residents from their employment outside the economic territory. It comprises wages, salaries and other remuneration whether paid in cash or in kind.

直接投資收益是指本地居民在經濟領域以

外從直接投資所賺取的收益及非本地居民

在經濟領域以內從直接投資所賺取的收

益，而直接投資者對該業務擁有持久利益

及在管理經營決定上具有相當程度的影響

力或控制權。這些收益的形式包括派發紅

利的收益、應佔的未派盈利、公司間債務

的淨利息收益及租金。

Direct investment income refers to earnings of residents from their direct investment outside the economic territory and earnings of non-residents from their direct investment within the economic territory, in which direct investors have a lasting interest and a significant degree of influence or effective voice in the management. These earnings are in the form of receipts of distributed dividends, share of undistributed profits, net interest receipts from inter-company debts and gross rentals.

有價證券投資收益是指本地居民從投資非

本地股本證券（例如股票）及債務證券（例

如中長期債券、貨幣市場工具）及非本地

居民從投資本地股本證券及債務證券所得

的收益。與直接投資者不同，有價證券投

資者在投資該等股本證券及債務證券時，

對有關企業並無持久的利益或在管理方面

的影響力。

Portfolio investment income refers to earnings of residents from investment in non-resident equity (e.g. stocks and shares) and debt securities (e.g. bonds and notes, money market instruments), and earnings of non-residents from investment in resident equity and debt securities. Different from investors making direct investment, portfolio investors in such equity and debt securities have no lasting interest or influence in the management of the companies they invest.

其他投資收益是指由本地居民從非本地居

民因其他金融申索及負債所得的利息收益

流入及本地居民向非本地居民所支付的利

息收益流出，而這些收益並不屬於直接投

資收益或有價證券投資收益。該等對非本

地居民的金融申索及負債包括非作銷售的

貸款、貨幣和存款、貿易信貸及金融租賃

等。應收及應付的利息是不包括金融中介

服務。金融中介服務價值是根據「參照利

率」方法間接地量度。

Other investment income refers to interest inflow from, and outflow to, non-residents arising from other financial claims and liabilities that are not classified as direct investment income or portfolio investment income. Examples of these claims and liabilities include non-marketable loans, currency and deposits, trade credits and financial leases. Interest income receivable and payable are net of the financial intermediation services. The value of the financial intermediation services is indirectly measured using the “reference rate” method.

- 57 -

﹙丁﹚ 經常轉移 (d) Current transfers

經常轉移是指一個經濟體系的本地居民，

在無同等經濟價值報償的情況下，對非本

地居民提供／從非本地居民接受實質及金

融資源，而該等資源在轉移後會被立刻或

短時間內消耗。經常轉移在形式上是單向

的，並在國際收支平衡表內是一項互相抵

銷的帳目。經常轉移包括職工匯款、捐款、

官方援助及退休金等。

Current transfers are transactions in which residents of an economy provide/receive real and financial resources that are likely to be consumed immediately or shortly, to/from non-residents without the receipt/provision of equivalent economic values in return. Current transfers are unilateral in nature and they are offsetting entries in the BoP account for one-sided transactions. They include workers’ remittances, donations, official assistance and pensions, etc.

資本及金融帳 Capital and Financial Account

12. 資本帳是用來量度資本轉移及非生產／非

金融資產的對外交易。

12. Capital account measures external transactions in capital transfers, and in acquisition or disposal of non-produced, non-financial assets.

13. 資本轉移是指在無經濟價值報償下，固定

資產的轉移或債務的減免。與收買或放棄固定資產

相連或作為條件的現金轉移亦屬資本轉移。資本轉

移主要是債務減免及移民轉移。移民轉移是個人因

移民而產生的兩個經濟體系之間的貨物流動及金

融項目變動之互相抵銷帳目。

13. Capital transfers are transfers of ownership of a fixed asset or the forgiveness of a liability without receiving any economic value in return. Cash transfers that are linked to, or conditional on, the acquisition or disposal of a fixed asset are also capital transfers. Capital transfers consist mainly of debt forgiveness and migrants’ transfers. Migrants’transfers are contra-entries to flows of goods and changes in financial items that arise from the migration of individuals between two economies.

14. 收買或放棄非生產、非金融資產包括非由

生產而生的有形及無形資產的對外交易。非生產、

非金融資產包括土地及地下資產、專利、版權及專

營權等。

14. Acquisition or disposal of non-produced, non-financial assets comprises transactions associated with tangible assets that are not actually produced and transactions associated with non-produced intangible assets. Non-produced, non-financial assets include land and subsoil assets, patents, copyrights and franchises, etc.

15. 金融帳記錄本地居民與非本地居民之間的

金融資產及負債交易。它顯示某經濟體系如何融資

以進行其對外交易。金融帳內的交易可歸類為直接

投資、有價證券投資、金融衍生工具、其他投資及

儲備資產。

15. Financial account records transactions in financial assets and liabilities between residents and non-residents. It shows how an economy’s external transactions are financed. Transactions in the financial account are classified into direct investment, portfolio investment, financial derivatives, other investment and reserve assets.

﹙甲﹚ 直接投資 (a) Direct investment

直接投資是指一個經濟體系的投資者對另

一經濟體系的企業所作的對外投資，並對

該企業擁有持久利益及在管理經營決定上

具有相當程度的影響力或控制權。在統計

上，若投資者持有某一企業 10%或以上的股權，便被視為能長期有效地影響有關企

業的管理經營決定。

Direct investment refers to external investment which allows an investor of an economy to have a lasting interest and a significant degree of influence or effective voice in the management of an enterprise located in another economy. For statistical purpose, an effective voice is taken as equivalent to a holding of 10% or more of the equity in an enterprise.

- 58 -

直接投資包括股本資本、再投資收益及其

他資本。股本資本包括所持有分行的股

本，附屬及聯營公司的股票。再投資收益

是指投資者從其附屬或聯營公司應得但未

以股息形式分發的利潤。其他資本主要涉

及公司之間短期或長期的債務交易，包括

母公司與其附屬公司、聯營公司及分行之

間的借貸。

Direct investment comprises equity capital, reinvested earnings and other capital. Equity capital means equity in branches, stock and shares in subsidiaries and associates. Reinvested earnings consist of the investors’ share of earnings of their subsidiaries or associates not distributed as dividends. Other capital mainly involves inter-company debt transactions. These include short-term or long-term borrowing and lending of funds between parent companies and their subsidiaries, associates and branches.

﹙乙﹚ 有價證券投資 (b) Portfolio investment

有價證券投資是指對非本地的股本證券及

債務證券（例如中長期債券、貨幣市場工

具）所作的投資。與直接投資者相比，有

價證券投資者在投資非本地企業所發行的

股本證券及債務證券時，對該等企業並無

持久的利益或在管理方面具影響力。凡持

有一間公司不足 10%的股份，均視為有價證券投資。

Portfolio investment refers to investment in non-resident equity and debt securities (e.g. bonds and notes, money market instruments). Compared with direct investors, portfolio investors in equity and debt securities of non-resident enterprises have no lasting interest or influence in the management of the companies they invest. A holding of less than 10% equity in an enterprise is regarded as portfolio investment.

﹙丙﹚ 金融衍生工具 (c) Financial derivatives

金融衍生工具是一種與某種特定的金融工

具、指標或商品有連繫的金融工具，使特

定的金融風險本身能透過這種工具而進行

交易（包括在交易所內及場外）。金融衍生

工具包括期權類合約（如認股權證和期權）

及遠期類合約（如期貨、利率掉期、貨幣

掉期、遠期利率協議、遠期外匯合約）。

Financial derivatives are financial instruments that are linked to a specific financialinstrument or indicator or commodity, and through which specific financial risks can be traded in financial markets (including on exchanges and over-the-counter) in their own right. Financial derivatives include option-type contracts (e.g. warrant and option) and forward-type contracts (e.g. future, interest rate swap, currency swap, forward rate agreement, forward foreign exchange contract).

﹙丁﹚ 其他投資 (d) Other investment

其他投資是指直接投資、有價證券投資、

金融衍生工具或儲備資產以外對非本地居

民的其他金融申索及負債，包括非作銷售

的貸款、貨幣和存款、貿易信貸及金融租

賃等。

Other investment refers to other financial claims on and liabilities to non-residents that are not classified as direct investment, portfolio investment, financial derivatives or reserve assets, including non-marketable loans, currency and deposits, trade credits and financial leases.

- 59 -

﹙戊﹚ 儲備資產 (e) Reserve assets

儲備資產是指一個經濟體系的金融當局可

直接用來支付對外收支赤字，及可用於干

預外匯市場以影響匯率從而間接調節該等

赤字的外幣資產。

Reserve assets consist of foreign currency assets that are readily available to and controlled by the monetary authority of an economy for directly financing payment imbalances and for indirectly regulating the magnitude of such imbalances through intervention in foreign exchange markets to affect the currency exchange rate of that economy.

就香港而言，由香港金融管理局管理的外

匯基金所持有並用於以上用途的外匯儲備

資產，均視為儲備資產。

In the case of Hong Kong, reserve assets cover foreign currency reserve assets of the Exchange Fund managed by the Hong Kong Monetary Authority (HKMA) serving any of the above purposes.

16. 香港的國際收支平衡表包括以上所有的主

要組成部分，而金融帳主要組成部分的頭寸則包括

在香港國際投資頭寸報表中。至於香港的對外債務

數據，是根據國際貨幣基金組織的發布數據特別準

則的要求而編製，即對外債務頭寸的發布格式必須

細分為四個不同界別（政府機構、金融當局、銀行

及其他界別），接着再以原訂期限（長期及短期）

及以工具（中長期債券、貨幣市場工具、貸款、貨

幣和存款、貿易信貸，及其他債務負債）分項。而

有直接投資關係的實體之間的公司間借貸則是分

開列出的。長期債務是指原訂期限為多於一年或無

期限的債務，而短期債務是指即期或以一年或以下

為期限的債務。

16. All the above major components are given in the BoP account of Hong Kong, whereas positions of major components under the financial account are given in the IIP statement of Hong Kong. As regards the ED statistics of Hong Kong, the requirements stipulated in the Special Data Dissemination Standard (SDDS) of the IMF are followed, i.e. to present ED position with breakdowns by four sectors (general government, the monetary authority, banks and other sectors), followed by term of original maturity (long-and short-term), and by instrument (bonds and notes, money market instruments, loans, currency and deposits, trade credits, and other debt liabilities). Inter-company lending between entities in a direct investment relationship is separately presented.Long-term debt is defined as debt with a maturity of more than one year or with no stated maturity.Short-term debt is debt payable on demand or with a maturity of one year or less.

一個經濟體系的本地居民 Residents of an Economy

17. 編製國際收支平衡表、國際投資頭寸及對

外債務數據時，需把屬某一經濟體系的本地居民與

非本地居民區別出來。經濟體系的本地居民包括個

人及機構。概念上，若個人或機構以某經濟體系的

經濟領域為其經濟利益核心的依歸，他們便屬該經

濟體系的本地居民。某經濟體系的經濟領域，是指

該經濟體系的政府所管治的地域，而在該領域內的

人士、貨物及資本均可在地域內自由流動。

17. In compiling BoP, IIP and ED statistics, it is necessary to distinguish residents of an economy from non-residents. Residents of an economy include individuals and organisations. Conceptually, an individual or an organisation is a resident unit of an economy when its centre of economic interest is in the economic territory of the economy. The economic territory of an economy consists of the geographic territory administered by the government within which persons, goods and capital circulate freely.

18. 根據國際統計標準，以個人而言，本地居

民是指通常在該經濟體系的經濟領域居住的人

士，與其國籍無關；以機構而言，本地居民是指通

常在該領域經營業務的機構。

18. According to international statistical standards, for individuals, residents refer to those who normally stay in the economic territory of the economy, irrespective of their nationality; and for organisations, residents refer to those which ordinarily operate in the economic territory.

- 60 -

19. 於一九九七年七月一日，香港成為中華人

民共和國的特別行政區。在本報告中就一九九七

年七月或以後的統計資料而言，「香港」是指香港

特別行政區。按照「一國兩制」的方針，香港是

一個單獨的經濟領域。而香港特別行政區與中國

內地之間的所有經濟交易均視作對外交易，並包

括在香港國際收支平衡、國際投資頭寸及對外債

務數據內。

19. On 1 July 1997, Hong Kong became a Special Administrative Region of the People’s Republic of China. In respect of statistics in this report, “Hong Kong” stands for the Hong Kong Special Administrative Region (HKSAR) with effect from July 1997. Under the principle of “one country, two systems”, Hong Kong is a separate economic territory. Data on transactions with the mainland of China are treated as external transactions and are included in the BoP, IIP and ED statistics of Hong Kong.

編製國際收支平衡表採用的複式記帳制 Double-entry Accounting System for BoP

20. 編製國際收支平衡表須採用複式記帳制，

當中所載的每項交易均由相反符號而價值相等的

兩項帳目（貸方及借方）作記錄，用以反映交易

的提供方和接收方。例如某一個經濟體系的本地

居民售貨物予非本地居民（即出口）而收取外匯，

該對外交易所產生的兩項國際收支平衡帳目為：

貨物出口（貸方）及對非本地居民金融申索的增

加（借方）。

20. Compilation of a BoP account follows a double-entry accounting system where every external transaction is presented by two entries, a credit and a debit, with exact equal values but in opposite sign. The two BoP entries are used to denote the giving and receiving sides of external transactions. For example, if a resident of an economy sells goods to a non-resident (i.e. exports) and receives foreign currency in return, the two related BoP entries are: goods exported (a credit) and an increase in financial claim on non-resident (a debit).

21. 編製國際收支平衡表所採用的複式記帳核

算常規摘錄如下：

21. The double-entry accounting conventions used for compiling a BoP account are summarised in the following table:

貸方（＋）借方（－） Credit（＋） Debit（－）貨物和服務的出口

貨物和服務的進口

Exports of goods and services

Imports of goods and services

從外地來的應收收益

支付外地的應付收益

Income receivable from abroad

Income payable abroad

從外地來的轉移往外地的轉移 Transfers from abroad

Transfers to abroad

對外負債的增加對外負債的減少 Increases in external liabilities

Decreases in external liabilities

對外資產的減少對外資產的增加 Decreases in external assets

Increases in external assets

22. 原則上，所有貸方和借方帳目的淨總和應

相等於零。但實際上，由於資料須透過很多不同

的來源搜集，貸方和借方帳目之間可能基於多種

原因而出現差異，且某些交易可能沒有準確地量

度或甚至遺漏。為了令貸方和借方帳目的總和相

等，便須加進一個餘額項目，以反映平衡表的「淨

誤差及遺漏」。

22. In principle, the net sum of credit and debit entries is zero. In practice, as the data are collected from many sources, discrepancies between the entries may occur for various reasons. Some transactions may even not be measured accurately or omitted. Equality between the sum of credit and debit entries is brought about by the inclusion of a balancing item which reflects net errors and omissions.

- 61 -

資料來源 Data Sources

23. 編製國際收支平衡表的資料來源，包括商品

貿易統計、對商業企業／機構及住戶的各類統計調

查、各政府部門及其他組織的行政資料，並輔以其他

來源所得的資料。國際投資頭寸及對外債務數據所需

的資料主要是從「對外申索、負債及收益統計調查」

中搜集。

23. The data sources used for compiling BoP account include merchandise trade statistics, various surveys on business enterprises/establishments and households, and administrative data from government departments and other organisations, supplemented by data from other sources. The data required for compiling IIP and ED statistics are mainly collected from Survey of External Claims, Liabilities and Income (SECLI).

經常帳 Current Account

貨物 Goods

24. 一般商品和非貨幣黃金的數據，可從根據進

出口商呈交的貿易報關資料而編製的商品貿易統計

數據中獲得。未經記錄流出香港的黃金，亦根據其他

資料來源作出估值，並加入出口貨值內，以反映國際

收支平衡表內的實際流出。

24. Data on general merchandise and non-monetary gold are obtained from merchandise trade statistics which are compiled on the basis of trade declarations submitted by importers and exporters. Unrecorded outflow of gold from Hong Kong is also estimated based on external sources of information and this is added to the export values to reflect the real outflow in the BoP account.

25. 根據「進口貿易保險費及運費統計調查」所

得的數據，進口貨值便能由以到岸價計算兌換為以離

岸價計算。而「涉及外發中國內地加工貿易統計調查」

則是編製用作加工的貨物統計數據的資料來源。

25. Value of imports on f.o.b. basis is converted from c.i.f. basis using data obtained from Survey on Insurance and Freight Costs for Import Trade. Data source for compiling statistics on goods for processing is based on Survey on Trade involving Outward Processing in the mainland of China.

服務 Services

26. 服務貿易統計資料基本上是從「服務輸入及

輸出按年統計調查」搜集，並以其他按年／按季經濟

統計調查、「綜合住戶統計調查」及行政紀錄補充。

26. Statistics on trade in services are primarily collected from Annual Survey of Imports and Exports of Services, supplemented by data obtained from other annual/quarterly economic surveys, General Household Survey and administrative records.

收益 Income

27. 在一九九八年之前，收益流動統計資料是來

自「對外要素收益流動統計調查」。一九九八年及之

後的資料，主要是透過「對外申索、負債及收益統計

調查」搜集，並以其他來源的資料作補充。

27. Statistics on income flows are obtained from Survey of External Factor Income Flows for reference years prior to 1998. Those for reference years 1998 and onwards are mainly compiled from SECLI, supplemented with other data sources.

經常轉移 Current Transfers

28. 經常轉移的編製使用了行政紀錄及數據模式

的資料。數據模式中的參數主要是從一些主要的機構

及行政紀錄搜集而得。至於政府部門的轉移數據是從

政府帳目紀錄中獲得。

28. Administrative records and data models are used for the compilation of current transfers. The input parameters for the data models are mainly derived from information collected from some prominent organisations and administrative returns.As for transfers of the government sector, data are obtained from government accounting records.

- 62 -

資本帳 Capital Account

資本轉移 Capital Transfers

29. 資本轉移的編製是運用數據模式和官方紀錄

的資料。數據模式中的參數主要是從行政紀錄及主要

機構所搜集的資料中獲得。與編製經常轉移的方法相

近，一些設定的參數會適當地加入數據模式中。至於

政府部門的轉移數據則是從政府帳目紀錄中獲得。

29. Data models and official records are used for the compilation of capital transfers. The input parameters for the data models are mainly derived from information collected from administrative returns and prominent organisations. Similar to the compilation of current transfers, input assumptions are used as appropriate. As for the transfers of the government sector, data are obtained from government accounting records.

金融帳 Financial Account

非儲備性質的金融資產 Financial Non-Reserve Assets

30. 除提供收益流動統計數據外，「對外申索、負

債及收益統計調查」可提供大部分屬非儲備性質的金

融資產的對外交易及頭寸數據，即直接投資、有價證

券投資、金融衍生工具和其他投資。

30. Apart from statistics on income flows, SECLI also provides data on external transactions and positions of financial non-reserve assets, viz. direct investment, portfolio investment, financial derivatives and other investment.

直接投資 Direct Investment

31. 填報「對外申索、負債及收益統計調查」的

直接投資數據是以一個香港企業集團為單位。由於整

個企業集團的有關數據一般均可以從其綜合會計帳

內獲取，所以香港母公司被指定為代表整個香港企業

集團填報有關直接投資數據的公司。

31. A Hong Kong enterprise group (HKEG) is taken as the unit for data reporting on direct investment in SECLI. The Hong Kong parent company of a HKEG is designated as the target company for reporting data for the enterprise group as a whole since relevant data can normally be found in the consolidated accounts of an enterprise group.

32. 「對外申索、負債及收益統計調查」只涵蓋

有對外交易的香港企業。於香港境外有直接投資，但

沒有成立註冊公司的個人投資者，並不包括在該統計

調查之內。

32. As SECLI covers enterprises in Hong Kong that are engaged in external transactions, individuals making direct investment outside Hong Kong, but not operating under a registered firm, are not covered by SECLI.

33. 由於香港與中國內地有緊密的經濟聯繫，通

常有部分香港個人投資者於中國內地作直接投資，而

沒有在香港成立公司。有關的直接投資流動是透過其

他來源的資料作出估算，以補足「對外申索、負債及

收益統計調查」沒有涵蓋的對外交易及頭寸。

33. Given the close economic links between Hong Kong and the mainland of China, it is common that some Hong Kong individuals have made direct investment in the mainland of China without setting up companies in Hong Kong. To account for such external transactions not covered by SECLI, other data sources are used to derive estimates on the flows and positions of the corresponding direct investment.

- 63 -

有價證券投資及金融衍生工具 Portfolio Investment and Financial Derivatives

34. 有價證券投資及金融衍生工具的主要資料提

供者是本地的金融中介或代理人，例如銀行、證券

行、股票登記公司、指定代名人、保管人、受託人及

基金經理等經常參與對外金融投資活動者。他們會將

其對外投資的債權及負債的數據，以本身帳目形式或

代客處理形式填報。

34. The major data suppliers for portfolio investment and financial derivatives are local financial intermediaries or agents such as banks, securities houses, share registrars, nominees, custodians, trusts and fund managers that are often engaged in external financial investment activities. They are required to report data on external claims and liabilities they invest on their own account and those on behalf of their clients.

其他投資 Other Investment

35. 其他投資的主要資料提供者是銀行。他們會

將其對外投資的債權及負債的數據，以本身帳目形式

或代客處理形式填報。

35. The main data suppliers for other investment are banks. They are required to report data on external claims and liabilities they invest on their own account and those on behalf of their clients.

儲備資產 Reserve Assets

36. 儲備資產的變動及其頭寸，是根據由香港金

融管理局管理的外匯基金所持有的外匯儲備資產資

料編製而成。

36. Change in reserve assets and position of reserve assets are compiled from data on foreign currency reserve assets of the Exchange Fund managed by the HKMA.

有關刊物 Further References

37. 有關國際收支平衡的詳細概念和編算方法，

請參閱《香港國際收支平衡統計，一九九七年至一九

九九年》及以下小冊子系列：

37. For more details on the concept and compilation method of BoP statistics, please refer to the publication on Balance of Payments Statistics of Hong Kong, 1997 to 1999 and the following pamphlet series:

國際收支平衡表概念簡介 A Brief Guide to Concepts of Balance ofPayments

國際收支平衡統計的用途 Uses of Balance of Payments Statistics

淺述國際收支平衡核算法 Introduction to Balance of Payments Accounting

編製香港特別行政區國際收支平衡表的資料

來源

Data Sources for Compiling the Balance of Payments Account of the Hong Kong Special Administrative Region

闡釋國際收支平衡經常帳 Interpreting the Current Account of Balance of Payments

闡釋國際收支平衡的資本及金融帳 Interpreting the Capital and Financial Account of Balance of Payments

國際投資頭寸、對外債務與國際收支平衡的

關係

International Investment Position, External Debt and their Relationships with Balance ofPayments

- A1 -

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19/F Wanchai Tower 12 Harbour Road, Wan Chai, Hong Kong

Tel. : (852) 2582 3025 Fax : (852) 2827 1708

該組並設有閱讀區，讓使用者翻閱陳列的統計

處各類的刊物。閱讀區也備有統計處編製的宣

傳／教育單張和小冊子，歡迎索閱。

The Unit also provides a reading area where users may browse through various publications of the Department on display. Publicity/educational leaflets and pamphlets of the Department are also available for collection.

通告san po kong, kowloon, hong kong, china. tel. : (852) 2116 8660 fax : (852) 2116 0278 or (852)...

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