Singapore is a highly developed trade-oriented market economy.  Singapore's economy has been ranked as the most open in the world, least corrupt, most pro-business, with low tax rates (14. 2% of Gross Domestic Product, GDP) and has thethird highest per-capita GDP in the world; in terms of Purchasing Power Parity (PPP). Government-linked companies play a substantial role in Singapore's economy, which are owned through the sovereign wealth fund Temasek Holdings, which holds majority stakes in several of the nation's largest companies, such as Singapore Airlines, SingTel, ST Engineering and MediaCorp.
The economy of Singapore is a major Foreign Direct Investment(FDI) outflow financier in the world. Singapore has also benefited from the inward flow of FDI from global investors and institutions due to her highly attractive investment climate and a stable political environment.  Exports, particularly in electronics, chemicals and services including the posture that Singapore is the regional hub for wealth management provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which she lacks.
Moreover, water is scarce in Singapore therefore water is defined as a precious resource in Singapore along with the scarcity of land to be treated with land fill of Pulau Semakau. Singapore has limited arable land that Singapore has to rely on the agrotechnology park for agricultural production and consumption. Human Resource is another vital issue for the health of Singaporean economy.  The economy of Singapore ranks 5th overall in the Scientific American Biotechnology ranking in 2013 for two consecutive years.
 Singapore could thus be said to rely on an extended concept of intermediary trade to Entrepot trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic port which makes it more competitive than many of its neighbours in carrying out such entrepot activities. Singapore has the highest trade to GDP ratio in the world, averaging around 400% during 2008–11.  The Port of Singapore is the second-busiest in the world by cargo tonnage.
In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of the country'seducation policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for bothimporting and exporting, and also provide the skill(s) needed to refine imports into exports. Singapore's government promotes high levels of savings and investment through policies such as the Central Provident Fund, which is used to fund its citizen's healthcare and retirement needs. Singapore's savings rates have remained among the highest in the world since the 1970s.
 Most companies in Singapore are registered as private limited-liability companies (commonly known as "private limited companies"). A private limited company in Singapore is a separate legal entity, and shareholders are not liable for the company's debts beyond the amount of share capital they have contributed. To preserve its international standing and further its economic prosperity in the 21st century, Singapore has taken measures to promote innovation, encourage entrepreneurship, re-train her workforce, and even attract foreign talents.
These measures aim to boost Singapore's productivity, so that Singapore remains competitive and ready for the challenges of an information-driven global economy. Upon from Malaysia in 1965, Singapore faced a small domestic market, and high levels of unemployment and poverty.  70 percent of Singapore’s households lived in badly overcrowded conditions, and a third of its people squatted in slums on the city fringes. Unemployment averaged 14 percent, GDP per capita was US$516, and half of the population was illiterate.
 In response, the Singapore government established the Economic Development Board to spearhead an investment drive, and make Singapore an attractive destination for foreign investment.  FDI inflows increased greatly over the following decades, and by 2001 foreign companies accounted for 75% of manufactured output and 85% of manufactured exports.  Meanwhile, Singapore's savings and investment rates rose among the highest levels in the world, while household consumption and wage shares of GDP fell among the lowest.
 As a result of this investment drive, Singapore's capital stock increased 33 times by 1992, a tenfold increase in the capital-labor ratio.  Living standards steadily rose, with more families moving from a lower-income status to middle-income security with increased household incomes. During a National Day Rally speech in 1987, Lee Kuan-Yew claimed that (based on the home ownership criterion) 80% of Singaporeans could now be considered to be members of the middle-class.
However, much unlike the economic policies of Greece and the rest of Europe, Singapore followed a policy of individualizing the social safety net. This lead to higher than average savings rate and a very sustainable economy on the long run. Without a burdensome welfare state or its likeliness, Singapore has developed a very self-reliant and skilled workforce well versed for a global economy.  Singapore's economic strategy produced real growth averaging 8. 0% from 1960 to 1999.
The economy picked up in 1999 after the regional financial crisis, with a growth rate of 5. 4%, followed by 9. 9% for 2000. However, the economic slowdown in the United States, Japan and the European Union, as well as the worldwide electronics slump, had reduced the estimated economic growth in 2001 to a negative 2. 0%. The economy expanded by 2. 2% the following year, and by 1. 1% in 2003 when Singapore was affected by the SARS outbreak. Subsequently, a major turnaround occurred in 2004 allowed it to make a significant recovery of 8.
3% growth in Singapore, although the actual growth fell short of the target growth for the year more than half with only 2. 5%. In 2005, economic growth was 6. 4%; and in 2006, 7. 9%. As of 8 June 2013, Singapore's unemployment rate is around 1. 9% and the country's economy has a lowered growth rate, with a rate of 1. 8% on a quarter-by-quarter basis—compared to 14. 8% in 2010. Economy of South Korea South Korea is one of the world's wealthiest nations, and is a member of the Organization for Economic Co-operation and Development (OECD) and the G-20 major economies.
South Korea has a market economy that ranks 15th in the world by nominal GDP and 12th by purchasing power parity (PPP). It is a developed country, with a developed market and high-income economy. South Korea is the only developed country so far to have been included in the group of Next Eleven countries. South Korea had one of the world's fastest growing economies from the early 1960s to the late 1990s, and South Korea is still one of the fastest growing developed countries in the 2000s.
 South Koreans refer to this growth as the Miracle on the Han River, and top four chaebolgenerate 90% of South Korean conglomerate profits.  Having almost no natural resources and always suffering from overpopulation in its small territory, which deterred continued population growth and the formation of a large internal consumer market, South Korea adapted an export-oriented economic strategy to fuel its economy, and in 2012, South Korea was the sixth largest exporter and seventh largest importer in the world.
Bank of Korea and Korea Development Institute periodically release major economic indicators and economic trends of the economy of South Korea.  In the 1997 Asian financial crisis, the South Korean economy suffered a liquidity crisis and relied on the bailout by the IMF that restructured and modernized the South Korean economy with successive DJnomics policy by President Kim Dae Jung,including the resultant of the national development of the ICT industry.
 Despite the South Korean economy's high growth potential and apparent structural stability, South Korea suffers perpetual damage to its credit rating in the stock market due to the belligerence of North Korea in times of deep military crises, which has an adverse effect on the financial markets of the South Korean economy.  However, renowned financial organizations, such as the International Monetary Fund, also compliment the resilience of the South Korean economy against various economic crises, citing low state debt, and high fiscal reserves that can quickly be mobilized to address any expected financial emergencies.
 Other financial organizations like the World Bank describe Korea as one of the fastest-growing major economies of the next generation along with BRIC and Indonesia.  South Korea was one of the few developed countries that was able to avoid a recession during the global financial crisis, and its economic growth rate will reach 6. 1% in 2010, a sharp recovery from economic growth rates of 2. 3% in 2008 and 0. 2% in 2009 when the global financial crisis hit. The South Korean economy again recovered with the record-surplus of US$70.
7 billion mark of the current account in the end of 2013, up 47 percent growth from 2012, amid uncertainties of the global economic turmoil, with major economic output being the technology products exports.  South Korea was a historical recipient of official development assistance (ODA) from OECD. Throughout the 1980s until the mid-1990s, South Korea's economic prosperity as measured in GDP by PPP per capita was still only a fraction of industrialized nations.  In 1980, the South Korean GDP per capita was $2,300, about one-third of nearby developed Asian economies such as Singapore, Hong Kong, and Japan.
Since then, South Korea has advanced into a developed economy to eventually attain a GDP per capita of $30,000 in 2010, almost thirteen times the figure thirty years ago. The whole country's GDP increased from $88 billion to $1,460 billion in the same time frame.  In 2009, South Korea officially became the first major recipient of ODA to have ascended to the status of a major donor of ODA.  Between 2008 and 2009, South Korea donated economic aid of $1. 7 billion to countries other than North Korea.
South Korea's separate annual economic aid to North Korea has historically been more than twice its ODA.  On June 23, 2012, South Korea is landmarked to become the 7th member of the 20-50 club (with the population surpassing 50 million and maintaining per capita income of US$20,000), chronologically, after Japan, United States of America,France, Italy, Germany and United Kingdom.  A free trade agreement between the United States of America and the Republic of Korea was concluded on April 1, 2007. The European Union–South Korea Free Trade Agreement was signed on 15 October 2009.
South Korean economy is heavily dependent on the energy imports and the related refinery technologies  in association with Ministry of Knowledge Economy  of Republic of Korea and in cooperation with the South Korea - Australia Free Trade Agreement.  The economy of South Korea has the largest indoor Amusement park in the world, the Lotte World, adding the notable export-oriented music industry guided by the Ministry of Culture, Sports and Tourism of the Republic of Korea (for more, see Korea K-Pop Hot 100). Economy of China
From Wikipedia, the free encyclopedia The socialist market economy of China is the world's second largest economy by nominal GDP and by purchasing power parity after the United States.  It is the world's fastest-growing major economy, with growth rates averaging 10% over the past 30 years.  China is also the largest exporter and second largest importer of goods in the world. China is the largest manufacturing economy in the world, outpacing its world rival in this category, the service-driven economy of the United States of America.
ASEAN–China Free Trade Area came into effect on 1 January 2010. China-Switzerland FTA  is China's first FTA with a major European economy. The economy of China is the fastest growing consumer market in the world.  The economy of China also takes the largest national share in the global technology-exports market.  China–Pakistan Free Trade Agreement came in effect in 2007 is the first FTA signed with a South Asian state. On a per capita income basis, China ranked 83rd by nominal GDP and 93rd by GDP (PPP) in 2013, according to theInternational Monetary Fund (IMF).
The provinces in the coastal regions of China tend to be more industrialized, while regions in the hinterland are less developed. As China's economic importance has grown, so has attention to the structure and health of the economy.  Xi Jinping’s Chinese Dream is described as achieving the “Two 100s”: the material goal of China becoming a “moderately well-off society” by 2021, the 100th anniversary of the Chinese Communist Party, and the modernization goal of China becoming a fully developed nation by 2049, the 100th anniversary of the founding of the People’s Republic.
 The internationalization of the Chinese economy continues to affect the standardized economic forecast officially launched in China by the Purchasing Managers Index in 2005. At the start of the 2010s, China remained the sole Asian nation to have an economy above the $10-trillion mark (along with the United States and the European Union).  Since 1980, China has established special economic zones that spread successful economic experiences to other areas. The development progress of China's infrastructure is documented in a 2009 report by KPMG Economy of the Czech Republic.
Of the emerging democracies in central and eastern Europe, the Czech Republic has one of the most developed industrializedeconomies. It is one of the most stable and prosperous of the post-Communist states of Central and Eastern Europe. GDP per capita at purchasing power parity was $27,100 in 2011, which is 85% of the EU average. The principal industries are heavy and general machine-building, iron and steel production, metalworking, chemical production,electronics, transportation equipment, textiles, glass, brewing, china, ceramics, and pharmaceuticals.
Its main agricultural products are sugar beets, fodder roots, potatoes, wheat, and hops. Economic and Trade Information on Hong Kong Hong Kong’s economy expanded by 2. 5% year-on-year, in real terms, in the first quarter of 2014, after growing by 2. 9% in 2013. For 2014 as a whole, the economy is forecast to grow by 3-4%. Local consumption demand and tourist spending remain fairly resilient. The value of retail sales, in nominal terms, increased 4. 2% year-on-year in January-March 2014. The labour market conditions remain tight. The seasonally adjusted unemployment rate was 3. 1% for February-April 2014, the lowest level in 16 years.
Consumer prices increased 4% year-on-year in the first four months of 2014. Inflation is expected to be largely contained in the near term. For 2014 as a whole, Hong Kong’s consumer prices are forecast to increase by 4. 6%. Hong Kong’s merchandise exports saw a marginal increase of 0. 1% year-on-year in January-April 2014. The global trade environment is expected to become more favourable later this year. Major Economic Indicators a end-2013; b government forecast for 2014; c year-on-year change in January-April 2014; d seasonally adjusted, February-April 2014; e year-on-year change in January-March 2014.
Merchandise Trade Performance Service Trade Performance Current Economic Situation The world's freest economy The world's most services-oriented economy, with services sectors accounting for more than 90% of GDP The second largest recipient of foreign direct investment (FDI) in Asia, after Chinese mainland The third largest source of FDI in Asia, after Japan and Chinese mainland 1. Latest Developments After expanding by 2. 9% in 2013, Hong Kong’s economy recorded a real growth of 2. 5% in the first quarter of 2014, compared with the same period a year ago.
Domestic demand remained steady. In the first quarter of 2014, private consumption expenditure grew by 2% year-on-year, backed by the favourable job and income conditions. Investment rose moderately at 3% year-on-year, supported by the rebound of building and construction activities. While total exports of goods grew only by 0. 5%, exports of services attained robust growth of 3. 1% to provide an important impetus to the economy. Looking ahead, domestic demand should be able to hold up, while Hong Kong’s export prospects should turn more positive.
For 2014 as a whole, the government maintained its forecast on Hong Kong’s economic growth at 3-4% in the latest round of review in May. The value of retail sales, in nominal terms, increased 4. 2% year-on-year in the first quarter of 2014, after growing by 11% in 2013. Local consumption demand and tourist spending remain fairly resilient. The labour market conditions remain tight. The seasonally adjusted unemployment rate was 3. 1% for January-April 2014, the lowest level in 16 years. With domestic economic activity staying strong, the unemployment rate is expected to remain low.
Meanwhile, Hong Kong’s consumer prices rose another 4% year-on-year in January-April 2014, after rising by 4. 3% in 2013. However, subdued import prices and the moderation of rental increases should help contain prices. For 2014 as a whole, the government maintained its forecast on Hong Kong’s consumer price inflation at 4. 6% in the latest round of review in May. In 2013, a total of 54. 3 million visitors, more than seven times the size of Hong Kong’s local population, were recorded, with those from the Chinese mainland accounting for 75% of the total. Visitor arrivals to Hong Kong increased 15.
3% year-on-year in January-March 2014, after rising by 11. 7% in 2013, while those from the Chinese mainland saw a stronger growth of 20. 1% year-on-year in January-March 2014, after rising by 16. 7% in 2013. In 2013, total tourism expenditure associated to inbound tourism amounted to HK$332 billion, an increase of 14. 8% from the previous year. The four pillar economic sectors of Hong Kong are: trading and logistics (24. 6% of GDP in terms of value-added in 2012), tourism (4. 7%), financial services (15. 9%), and professional services and other producer services (12. 8%).
On the other hand, the six industries which Hong Kong has clear advantages for further development are cultural and creative, medical services, education services, innovation and technology, testing and certification services and environmental industries, which together accounted for 8. 7% of GDP in terms of value-added in 2012. 2. Budget and Government Initiatives The Chief Executive, Mr C Y Leung, has unveiled major initiatives in his annual Policy Address on 15 January 2014 to support those in need, nurture the next generation and underpin Hong Kong's economic future.
New initiatives include a Low-income Working Family Allowance; a Task Force on Vocational Education; and a housing target of 470,000 units over the next decade, with public housing accounting for 60%. On promoting the development of the financial industry, the government would examine and follow up on the proposals submitted by the Financial Services Development Council in respect of Hong Kong's opportunities and challenges in RMB business, asset and wealth management, and real estate investment trusts in collaboration with financial regulators.
To capitalise on Hong Kong's close economic links with the Chinese mainland, the government would set up more offices in the mainland. This will include a new Hong Kong Economic and Trade Office (ETO) in Wuhan, and liaison units under the Beijing Office and the Shanghai ETO. Besides, Mr Leung pledged to set up a Lantau Development Advisory Committee to prepare Lantau Island for the economic and social impact of major infrastructure projects in the area.
In the 2014-15 Budget promulgated in 26 February 2014, Financial Secretary John Tsang announced a series of initiatives to strengthen Hong Kong's competitiveness by boosting R&D investments and commercialisation activities in Hong Kong, supporting technology start-ups, as well as promoting the four pillar industries. For example, he proposed to fund R&D activities in private companies, subject to a ceiling of HK$10 million and waive stamp duty on the trading of all ETFs to lower transaction costs.
Also, Mr Tsang announced a number of support measures for small and medium-sized enterprises in terms of financing, market expansion, brand building and productivity enhancement, which include, for example, reducing profits tax for 2013-14 by 75%, subject to a ceiling of $10,000 and extending the application period for the special concessionary measures under the SME Financing Guarantee Scheme for one year to the end of February 2015. On top of the provisions granted in earlier phases of the Mainland-Hong Kong Closer Economic Partnership Arrangement (CEPA), the Supplement X to CEPA was signed on 29 August 2013.
This provides for a total of 73 services liberalisation and trade and investment facilitation measures, aiming to strengthen Hong Kong and the Chinese mainland’s cooperation in areas of finance and trade and investment facilitation of the two places. The measures have been effective from 1 January 2014. CEPA was firstly concluded in June 2003, and supplemented with further liberalisation measures in subsequent years. At present, all products of Hong Kong origin, except for a few prohibited articles, can be imported into the mainland tariff free under CEPA.
Also, service suppliers in Hong Kong can enjoy preferential treatment to develop the mainland market. There are also agreements on trade and investment facilitation, and mutual recognition of professional qualifications between the mainland and Hong Kong. Details and new developments about CEPA, including our analysis of its impacts on Hong Kong, can be found inhttp://cepa. hktdc. com 3. Investment Flows Hong Kong is a highly attractive market for foreign direct investment (FDI). According to the UNCTAD World Investment Report 2013, Hong Kong’s global FDI inflows ranked third in 2012, after the US (US$167. 6 billion) and China (US$121.
1 billion). Against the backdrop of a global decline in investment, FDI flows into Hong Kong exceeded US$75 billion in 2012, compared to a revised US$96 billion in 2011. On the other hand, Hong Kong is the third largest source of FDI in Asia after Japan and China, with FDI outflows amounting to US$84 billion in 2012. According to a government survey, Hong Kong's total stock of inward direct investment was estimated at US$1,237 billion at the end of 2012, some 4. 7 times of its GDP in that year. One distinct feature of such direct investment was the indirect channelling of capitals from non-operating companies in tax haven economies.
Against this background, British Virgin Islands, Netherlands and Bermuda accounted for 32. 7%, 7% and 6. 4% of the total stock of inward direct investment in 2012. Even including tax haven economies, the Chinese mainland was the most important source of direct investment in Hong Kong (accounting for 37% of the total). Other major sources include the US (3. 1%) and Singapore (2. 1%). The majority of the stock of investment was related to service industries including investment and holding, real estate, professional and business services; banking; and import/export, wholesale and retail trades.
For more information and assistance in establishing an operation in Hong Kong, contact InvestHK (http://www. InvestHK. gov. hk). Latest Trade Performance The world's 8th largest trading economy The world's 10th largest exporter of commercial services Hong Kong’s merchandise exports only saw a marginal increase of 0. 1% year-on-year in the first four months of 2014, after expanding by 3. 6% in 2013. Hong Kong's major export markets are the Chinese mainland, the EU, the US, ASEAN and Japan, which respectively made up 54%, 9%, 9%, 7% and 4% of Hong Kong's total exports in the first four months of 2014.
During the period, year-on-year changes in exports to the above markets were -1. 5%, +2. 6%, +0. 1%, +2. 4% and -1. 4%, respectively. Imports increased 2. 1% year-on-year in January-April 2014, after increasing by 3. 8% in 2013. A visible trade deficit of US$22. 9 billion, equivalent to 13. 9% of the value of imports of goods, was recorded in January-April 2014. Hong Kong's trade performance is in part affected by outward processing activities in Guangdong where the majority of Hong Kong companies have extended their manufacturing base. In 2013, 30.
6% of Hong Kong's total exports to the Chinese mainland were related to outward processing activities; the figure was 16. 7% for domestic exports and 30. 7% for re-exports. The global trade environment is expected to become more favourable later this year, featured by a synchronised rebound of the major developed economies. Yet the short-term outlook of the emerging economies is overcast by the US tapering. On the supply side, Hong Kong exporters have to live with a challenging production environment on the Chinese mainland, especially in the Pearl River Delta, which include the rising input costs. Economic Relations with the Chinese Mainland
The most important entrepot for the Chinese mainland The largest foreign investment source of the Chinese mainland The key offshore capital-raising centre for Chinese enterprises The Chinese mainland as Hong Kong's largest source of external investment Hong Kong is so far the most important entrepot of the Chinese mainland. According to the HKSAR government statistics, in 2013, 62% of re-exports were of China origin and 55% were destined for the Chinese mainland. According to China's Customs statistics, Hong Kong is the second largest trading partner of the Chinese mainland after the US, accounting for 9. 6% of its total trade in 2013.
Hong Kong is the largest source of overseas direct investment in the Chinese mainland. By the end of 2013, among all the overseas-funded projects approved in the Chinese mainland, 44. 3% were tied to Hong Kong interests. Cumulative utilized capital inflow from Hong Kong amounted to US$664. 6 billion, accounting for 47. 7% of the national total. The Chinese mainland, on the other hand, is the leading investor in Hong Kong. According to the HKSAR Census and Statistics Department, the stock of Hong Kong's inward investment from the Chinese mainland amounted to US$457 billion at market value or 37% of the total at the end of 2012.
As of December 2013, there were 11 licensed banks and four representative offices, incorporated in Chinese mainland, operating in Hong Kong. Big lenders including the Bank of China, Industrial and Commercial Bank of China, Agricultural Bank of China and China Construction Bank have opened their branch operations in Hong Kong. Mainland commercial banks including Bank of Beijing, Bank of Dongguan, China Guangfa Bank and Ping An Bank have representative offices in Hong Kong. Hong Kong is also a key offshore capital-raising centre for Chinese enterprises.
As of December 2013, 797 mainland companies were listed in Hong Kong, comprising H-share, red-chip and private companies with total market capitalization of US$1. 8 trillion, or 56. 9% of the market total. Since 1993, mainland companies have raised more than US$400 billion via stock offerings in Hong Kong. Hong Kong as a Regional Centre A popular venue for hosting regional headquarters or representative offices A leading telecommunications hub for the Asia-Pacific region A premier offshore RMB centre.
The world's busiest airport for international cargoes One of the world's busiest container ports The second largest private equity centre in Asia The second largest stock market in Asia, the sixth largest in the world The third largest foreign exchange market in Asia, the fifth in the world Hong Kong is a popular venue for hosting regional headquarters or representative offices for multinational companies to manage their businesses in the Asia Pacific, particularly the Chinese mainland.
Based on a government survey, as of June 2013, there were 3,835 regional headquarters (RHQs) and regional offices (ROs) in Hong Kong representing their parent companies located outside Hong Kong, increased some 20% from a decade ago. Of these companies, some 80% were responsible for business in the Chinese mainland, confirming Hong Kong's role as a conduit for doing business with the mainland. These companies came from diverse countries and sectors. The US had the largest number of RHQs/ROs in Hong Kong (21%), followed by Japan (19%), the UK (9%) and the mainland (7%).
Most of the RHQs/ROs in Hong Kong were in I/E trade, wholesale and retail (52%). Others are in professional, business and education services (18%), finance and banking (11%), and transportation, storage and courier services (8%). Hong Kong is an important banking and financial centre in the Asia Pacific. As at end-2013, there were 201 authorised institutions and 62 representative offices in Hong Kong. Total loans provided by the authorised institutions to finance international trade and other loans for use outside Hong Kong totalled US$71 billion and US$248.
8 billion respectively. According to the Bank for International Settlements, Hong Kong is the third largest foreign exchange market in Asia and the fifth largest in the world, with the net daily turnover of forex transactions reaching US$275 billion in 2013. Since the introduction of the Pilot RMB Trade Settlement Scheme by the Central Government in July 2009, Hong Kong has succeeded in expanding its RMB business by offering a number of RMB-denominated financial products and services, including trade finance, stocks, bonds and funds.
Since the debut of the scheme, the related cross-border remittances totalled RMB8. 7 trillion and RMB deposits in Hong Kong had surged over tenfold to RMB860 billion as at end-2013. In 2013, issuance of RMB bonds in Hong Kong (Dim Sum Bonds) reached RMB117 billion. In October 2012, the RMB-traded shares of Hopewell Highway Infrastructure Ltd were listed on Hong Kong Stock Exchange (HKEx) by way of placing under the “Dual Tranche, Dual Counter” (DTDC) model, which was the first RMB-traded equity security outside the mainland.
As at end-2013, Hong Kong's stock market ranked the second largest in Asia and the sixth largest in the world in terms of market capitalisation. There were 1,643 companies listed on HKEx, including 179 companies on the Growth Enterprise Market and the total market capitalisation of Hong Kong's stock market reached US$3. 1 trillion. Hong Kong is also the second largest private equity centre in Asia, managing about 19% of the total capital pool in the region as at end-2013. Hong Kong is a leading telecommunications hub for the Asia-Pacific region.
Residential fixed line and household broadband penetration rates have exceeded 100% and 80% respectively. Mobile subscribers in Hong Kong have exceeded 17 million, of which 70% were 2. 5G and 3G/4G mobile subscribers, more than doubled the total population in Hong Kong. There are now over 20,000 public Wi-Fi access points. Hong Kong is a favourite place in the world to do business and host major conferences. Over 300 international conventions and exhibitions are held in Hong Kong each year.
To name a few, in December 2005, Hong Kong hosted the sixth session of the WTO ministerial conference where a Hong Kong declaration was concluded. In December 2008, Hong Kong played host to the first Clinton Global Initiative international meeting outside the US. Infrastructure Developments Construction for the Hong Kong-Zhuhai-Macao Bridge (HZMB) started in December 2009 and the whole project is expected to complete in 2016. The bridge consists of three parts, including the main bridge, boundary crossing facilities of Hong Kong, Zhuhai and Macao, and link roads of the three places.
The HZMB is of special strategic value in further enhancing the economic development of Hong Kong, Macao and the Western Pearl River Delta region (Western PRD). It will significantly reduce the cost and time for travellers and for the flow of goods between Hong Kong and the Western PRD, accelerating the economic integration of the PRD and its neighbouring provinces, and increasing its competitiveness. Meanwhile, the Hong Kong section of the Guangzhou-Shenzhen-Hong Kong Express Rail Link (XRL) will be 26-km long, running from the terminus in West.