香港國際收支平衡統計balance of payments statistics of hong

香港國際收支平衡統計 Balance of Payments

Statistics of Hong Kong

二零零四年第一季 First Quarter 2004

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Balance of Payments Branch (1) Stelux House Sub-office

Census and Statistics Department

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Tel. No. : (852) 2116 8660 Fax. No. : (852) 2116 0278 E-mail : [email protected]

政府統計處網站 Website of the Census and Statistics Department

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目錄 CONTENTS

頁數 Page

I. 概況 I. General Observations

二零零四年第一季國際收支平衡表 Balance of Payments Account for the first quarter of 2004

1

二零零四年第一季對外債務統計 External Debt Statistics for the first quarter of 2004 4

二零零三年國際投資頭寸統計 International Investment Position Statistics for 2003 5

II. 統計表

II. Statistical Tables

國際收支平衡表 Balance of Payments Account

表 1 一九九八年至二零零四年第一季國際收支平衡表

Table 1 Balance of Payments Account, 1998 to first quarter 2004

9

表 2 一九九八年至二零零四年第一季經常帳

Table 2 Current Account, 1998 to first quarter 2004

13

表 3 一九九八年至二零零四年第一季資本及金融帳

Table 3 Capital and Financial Account, 1998 to first quarter 2004

17

表 4 按組成部分分類的一九九八年至二零零四年第一季投資流動淨值

Table 4 Net Investment Flows by Component, 1998 to first quarter 2004

25

表 5 按界別分類的一九九八年至二零零四年第一季投資流動淨值

Table 5 Net Investment Flows by Sector, 1998 to first quarter 2004

27

對外債務 External Debt

表 6 二零零二年至二零零四年第一季對外債務統計數字（期末頭寸）

Table 6 External Debt Statistics, 2002 to first quarter 2004 (Position as at end of period)

29

國際投資頭寸 International Investment Position

表 7 按概括組成部分分類的二零零零年至二零零三年國際投資頭寸（期

末頭寸）

Table 7 International Investment Position by Broad Component, 2000 to 2003(Position as at end of period)

31

表 8 按標準組成部分分類的二零零零年至二零零三年國際投資頭寸（期

末頭寸）

Table 8 International Investment Position by Standard Component, 2000 to 2003 (Position as at end of period)

32

III. 統計圖

III. Charts

圖 1 經常帳流動淨值 Chart 1 Net Flows of the Current Account 34

圖 2 經常帳差額佔本地生產總值百分比 Chart 2 Current Account Balance as Percentage to GDP

34

圖 3 資本及金融流動淨值 Chart 3 Net Capital and Financial Flows 34

圖 4 金融（非儲備性質）流動淨值 Chart 4 Net Financial (Non-reserve) Flows 35

圖 5 對外債務 Chart 5 External Debt 35

圖 6 國際投資頭寸 Chart 6 International Investment Position 35

IV. 註釋

IV. Explanatory Notes 36

- - 1

概況 General Observations

二零零四年第一季國際收支平衡表

Balance of Payments (BoP) Account for thefirst quarter of 2004

整體狀況（表 1） Overall Situation (Table 1)

香港的國際收支於二零零四年第一季錄得

355億元盈餘（相當於本地生產總值的 11.8%），而二零零三年第四季則錄得 314億元盈餘（相當於本地生產總值的 9.6%）。儲備資產於二零零四年第一季相應增加同樣數額。

Hong Kong recorded a surplus amounting to $35.5 billion in its BoP account (at 11.8% of GDP) in the first quarter of 2004, as compared to a surplus of $31.4 billion (at 9.6% of GDP) in the fourth quarter of 2003. Reserve assets correspondingly increased by the same amount in the first quarter of 2004.

在國際收支平衡表主要組成部分當中，二

零零四年第一季經常帳錄得 152億元盈餘（相當於本地生產總值的 5.0%），較二零零三年第四季的403 億元盈餘為少（相當於本地生產總值的12.3%）。同時，二零零四年第一季屬非儲備資產性質的金融資產錄得 19 億元淨流入（相當於本地生產總值的 0.6%），而二零零三年第四季則錄得 236億元淨流出（相當於本地生產總值的 7.2%）。

Of the major BoP components, there was a current account surplus of $15.2 billion (at 5.0% of GDP) in the first quarter of 2004, smaller than that of $40.3 billion (at 12.3% of GDP) in the fourth quarter of 2003. At the same time, a net inflow of financial non-reserve assets amounting to $1.9 billion (at 0.6% of GDP) was recorded in the first quarter of 2004, as against a net outflow of $23.6 billion (at 7.2% of GDP) in the fourth quarter of 2003.

經常帳（表 2） Current Account (Table 2)

二零零四年第一季的經常帳錄得 152 億元盈餘，較二零零三年第一季的 298億元盈餘為少。與二零零三年同季比較，二零零四年第一季錄得的

經常帳盈餘中，有形貿易赤字有增加、無形貿易盈

餘有增加、對外要素收益有持續的淨流入、和經常

轉移有持續的淨流出。

The current account recorded a surplus of $15.2 billion in the first quarter of 2004, smaller than that of $29.8 billion in the first quarter of 2003. Compared with the same quarter in 2003, the current account surplus in the first quarter of 2004 was characterised by an increase in visible trade deficit, an increase in invisible trade surplus, a continued net inflow of external factor income, and a continued net outflow of current transfers.

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

由於貨物進口的增長較貨物出口的增長

快，二零零四年第一季有形貿易赤字由二

零零三年同季的 160 億元增加至 328 億元。由於服務輸出的增加較服務輸入的增

加多，二零零四年第一季無形貿易盈餘由

二零零三年同季的 339 億元增加至 417 億元。總括而言，二零零四年第一季有形及

無形貿易錄得 88億元的合共盈餘，較二零零三年同季的 180億元盈餘為少。

With imports of goods increasing faster than exports of goods, the visible trade deficit increased to $32.8 billion in the first quarter of 2004, from $16.0 billion in the same quarter in 2003. The invisible trade surplus increased to $41.7 billion in the first quarter of 2004, from $33.9 billion in the same quarter in 2003, with exports of services having increased more than imports of services. Overall, a combined visible and invisible trade surplus of $8.8 billion was recorded in the first quarter of 2004, smaller than that of $18.0 billion in the same quarter in 2003.

- - 2

﹙乙﹚ 收益 (b) Income

在對外要素收益流動方面，二零零四年第

一季的對外要素收益流入和流出分別為

947億元和 845億元，令二零零四年第一季錄得 101 億元淨流入，較二零零三年同季的 159億元淨流入為少。

On factor income flows, external factor income inflow and outflow amounted to $94.7 billion and $84.5 billion respectively in the first quarter of 2004, thus yielding a net inflow of $10.1 billion in the first quarter of 2004, smaller than that of $15.9 billion in the same quarter in 2003.

﹙丙﹚ 經常轉移 (c) Current Transfers

二零零四年第一季經常轉移的流出為 51億元和流入為 13 億元，令該季錄得 38 億元淨流出，較二零零三年同季的 41億元淨流出為少。

A current transfer outflow of $5.1 billion and an inflow of $1.3 billion were recorded in the first quarter of 2004, resulting in a net outflow of $3.8 billion in that quarter, smaller than that of $4.1 billion in the same quarter in 2003.

二零零四年第一季經常帳的主要組成部分

與二零零三年第四季比較（這樣的比較可能會受季

節性因素影響），有形貿易赤字由 178 億元增加至328億元，而無形貿易盈餘則由504億元減少至417億元。與此同時，對外要素收益淨流入由 111億元減少至 101億元，而經常轉移淨流出則由 35億元增加至 38億元。

Comparing the first quarter of 2004 with the fourth quarter of 2003, and bearing in mind that this comparison for the main current account components may be affected by seasonal factors, the visible trade deficit increased from $17.8 billion to $32.8 billion, while the invisible trade surplus decreased from $50.4 billion to $41.7 billion. Concurrently, the net inflow of external factor income decreased from $11.1 billion to $10.1 billion, while the net outflow of current transfers increased from $3.5 billion to $3.8 billion.

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

資本轉移 Capital Transfers

二零零四年第一季的資本轉移淨流入為 2億元，而二零零三年第四季則錄得 20億元淨流出。

In the first quarter of 2004, net inflow of capital transfers was estimated at $0.2 billion, as against a net outflow of $2.0 billion in the fourth quarter of 2003.

金融帳 Financial Account

二零零四年第一季屬非儲備資產性質的金

融資產錄得整體淨流入達 19 億元，而二零零三年第四季則錄得 236億元淨流出。二零零四年第一季屬非儲備資產性質的金融資產錄得整體淨流入是

直接投資淨流出、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 $1.9 billion was recorded in the first quarter of 2004, as against a net outflow of $23.6 billion in the fourth quarter of 2003. The overall net inflow of financial non-reserve assets in the first quarter of 2004 was the combined result of a net outflow 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.

- - 3

﹙甲﹚ 直接投資 (a) Direct Investment (DI)

二零零四年第一季香港在外地的直接投資

增加 1,556億元，而外地在香港的直接投資亦增加 517 億元，令直接投資錄得 1,039億元淨流出，而二零零三年第四季則錄得

181億元直接投資淨流入。

Hong Kong’s DI abroad increased by $155.6 billion and foreign DI in Hong Kong increased by $51.7 billion during the first quarter of 2004, resulting in a net DI outflow of $103.9 billion, as against a net DI inflow of $18.1 billion in the fourth quarter of 2003.

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

二零零四年第一季有價證券投資資產增加

1,662 億元，而負債亦增加 98 億元。合併來看，二零零四年第一季有價證券投資錄

得 1,564億元淨流出，而二零零三年第四季則錄得 755 億元淨流出。有價證券投資資產的增加是由於香港居民增持了非本地的

股本證券和債務證券。另一方面，有價證

券投資負債的增加是由於非本地居民增持

了本地的股本證券和債務證券。

PI assets increased by $166.2 billion and liabilities increased by $9.8 billion in the first quarter of 2004. Taken together, there was a net PI outflow amounting to $156.4 billion in the first quarter of 2004, as compared to a net outflow of $75.5 billion in the fourth quarter of 2003. The rise in PI assets was due to increased holdings of non-resident equity securities and debt securities by Hong Kong residents. On the other hand, the rise in PI liabilities was attributable to increased holdings of resident equity securities and debt securities by non-residents.

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

二零零四年第一季錄得 121 億元由金融衍生工具現金結算所引致的淨流入，而二零

零三年第四季則錄得 76億元淨流入。

A net inflow of $12.1 billion due to cash settlement of FD was recorded in the first quarter of 2004, as compared to a net inflow of $7.6 billion in the fourth quarter of 2003.

﹙丁﹚ 其他投資 (d) Other Investment (OI)

二零零四年第一季其他投資資產增加 174億元，而負債亦增加 2,675 億元。合併來看，二零零四年第一季其他投資錄得 2,500億元淨流入，而二零零三年第四季則錄得

262億元淨流入。其他投資資產的增加主要是由於銀行界別的貨幣和存款資產增加。

同時，其他投資負債的增加亦是由於銀行

界別的貨幣和存款負債顯著增加。

OI assets increased by $17.4 billion and liabilities increased by $267.5 billion during the first quarter of 2004. Taken together, there was a net OI inflow of $250.0 billion in the first quarter of 2004, compared with a net inflow of $26.2 billion in the fourth quarter of 2003. The increase in OI assets was mainly due to an increase in currency and deposits assets of the banking sector. Concurrently, the increase in OI liabilities was also due to a significant increase in currency and deposits liabilities of the banking sector.

- - 4

﹙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。二零零四年第一季儲備資產增

加 355 億元，而二零零三年第四季則增加314億元。儲備資產的增加主要是由於以港元購買外幣。

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 first quarter of 2004, reserve assets increased by $35.5 billion, as compared to an increase of $31.4 billion in the fourth quarter of 2003. The accumulation in reserve assets was mainly due to the purchase of foreign currencies with Hong Kong dollars.

二零零四年第一季對外債務統計

External Debt (ED) Statistics for the firstquarter of 2004

整體狀況（表 6） Overall Situation (Table 6)

在二零零四年三月底，量度有關香港除股

本負債以外，尚未償還債務總額的對外債務總和為

30,180億元（相當於本地生產總值的 246%）。與二零零三年十二月底比較，對外債務增加了 2,146億元。主要是由於銀行界別及其他界別對外債務的上

升超於直接投資的債務負債（公司間借貸）及香港

金融管理局對外債務的下降。

At end-March 2004, Hong Kong’s gross ED, measuring the total outstanding gross external liabilities other than equity liabilities, amounted to $3,018.0 billion, equivalent to 246% of GDP. Compared with end-December 2003, gross ED increased by $214.6 billion. This was mainly attributable to the increases in ED of banking and other sectors, which were larger than the decrease in ED of DI debt liabilities (inter-company lending) and the HKMA.

界別分析 Sectoral Analysis

在二零零四年三月底，政府機構的對外債

務是零，反映香港特別行政區政府沒有對外負債。

香港的對外債務大部分來自銀行界別的交易，佔整

體的 69.6%。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

22.5%）、其他界別的對外債務（7.8%）和香港金融管理局的對外債務（0.03%）。

At end-March 2004, ED of the General Government remained zero, reflecting the fact that the Government of the Hong Kong Special Administrative Region is debt free. A major proportion of Hong Kong’s ED was due to transactions of the banking sector, accounting for 69.6% of the total. Other ED consisted of debt liabilities to affiliated enterprises and direct investors under DI (with a share of 22.5%), ED of other sectors (7.8%), and ED of the HKMA (0.03%).

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，在二零零四年三月底的對外債務

由二零零三年十二月底的 18,280 億元（相當於本地生產總值的 150%），上升至 21,013 億元（相當於本地生產總值的 171%），當中 98.3%（20,664億元）是短期的負債。這些短期負債的 96.6%（19,955億元）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, increased to $2,101.3 billion at end-March 2004 (at 171% to GDP), from $1,828.0 billion at end-December 2003 (at 150% to GDP). Of this, 98.3% ($2,066.4 billion) were short-term liabilities, among which 96.6% ($1,995.5 billion) were held in the form of currency and deposits. This was mainly attributable to inter-bank placements from non-resident banks.

- - 5

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，在二零零四年三月

底的對外債務由二零零三年十二月底的 7,393億元下降至 6,800億元。當中 76.6%（5,207億元）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, decreased to $680.0 billion at end-March 2004, from $739.3 billion at end-December 2003. Within this, 76.6% ($520.7 billion) were debt liabilities to direct investors.

在二零零四年三月底，其他界別的對外債

務為 2,357 億元，較二零零三年十二月底的 2,349億元為多。這主要是由於貸款（包括短期和長期兩

類）由二零零三年十二月底的 1,114億元上升至二零零四年三月底的 1,300億元。另一方面，短期貿易信貸則由二零零三年十二月底的 416 億元下降至二零零四年三月底的 260億元。這些貸款佔其他界別對外債務的 55.1%，而短期貿易信貸則佔11.0%。

ED of other sectors amounted to $235.7 billion at end-March 2004, larger than that of $234.9 billion at end-December 2003. It was mainly attributable to an increase in loans (including both short-term and long-term loans), from $111.4 billion at end-December 2003 to $130.0 billion at end-March 2004. Short-term trade credits on the other hand fell from $41.6 billion at end-December 2003 to $26.0 billion at end-March 2004. Such loans took up 55.1% of the ED of other sectors, while short-term trade credits accounted for another 11.0%.

在二零零四年三月底，香港金融管理局的

對外債務為 10億元，較二零零三年十二月底的 11億元少，這主要是由於透過回購協議和證券貸出安

排作短期形式的借貸減少。這些貸款佔香港金融管

理局的對外債務總額的 79.1%（8億元）。

ED of the HKMA stood at $1.0 billion at end-March 2004. This was smaller than that of $1.1 billion at end-December 2003. The decrease was mainly due to a decrease in short-term borrowings under the repurchase agreements and securities lending arrangements, which took up a share of 79.1% ($0.8 billion) of ED of the HKMA.

二零零三年國際投資頭寸統計

International Investment Position (IIP) Statistics for 2003

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

在二零零三年底，香港的對外金融資產和

負債總值分別為 91,249億元和 60,374億元，因此產生 30,875 億元的國際投資淨頭寸。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-2003, Hong Kong’s external financial assets and liabilities amounted to $9,124.9 billion and $6,037.4 billion respectively, resulting in a net IIP of $3,087.5 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.

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 748%和 495%。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 748% and 495% 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

為資產淨頭寸。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.

- - 6

與二零零二年底比較，二零零三年底的國

際投資淨頭寸增加 4,102億元。主要是由於有價證券投資淨頭寸的大幅上升，雖然部分已為直接投資

和金融衍生工具淨頭寸的顯著下降所抵銷。

Compared with end-2002, net IIP at end-2003 rose by $410.2 billion. It was mainly attributable to significant increase in the net position of PI, though this was partly offset by notable decreases in the net positions of DI and FD.

對外金融資產 External Financial Assets

在二零零三年底，香港的對外金融資產總

值為 91,249 億元，當中，其他投資為最大的投資組成部分，佔對外金融資產總值的 31.3%（28,537億元）。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。

The external financial assets of Hong Kong amounted to $9,124.9 billion at end-2003, with OI being the largest investment component, accounting for 31.3% ($2,853.7 billion) of the total external financial assets. Majority of OI assets was 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.

在二零零三年底，直接投資是香港對外金

融資產的第二大投資組成部分，佔對外金融資產總

值的 28.6%（26,091 億元）。這反映香港在世界其他地方，尤其是中國內地，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、百慕達，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。

DI formed the second largest investment component of Hong Kong’s external financial assets, accounting for 28.6% ($2,609.1 billion) of the total external financial assets at end-2003. 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, Bermuda) by Hong Kong enterprises for channelling DI funds back to Hong Kong or to other places.

在二零零三年底，香港對外金融資產總值

的 28.2%為有價證券投資，達 25,756億元。其中，54.2%為債務證券，其餘為股本證券。在二零零三年底儲備資產達 9,191億元，佔香港對外金融資產總值的 10.1%。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%（1,674 億元）。

At end-2003, 28.2% of Hong Kong’s external financial assets was in the form of PI, amounting to $2,575.6 billion. Within the PI assets, 54.2% were debt securities while the remaining was equity securities. Reserve assets (RA) amounted to $919.1 billion at end-2003, accounting for 10.1% of Hong Kong’s total external financial assets. FD assets held by residents were relatively insignificant, accounting for only 1.8% ($167.4 billion) of the total external financial assets.

與二零零二年底比較，二零零三年底的對

外金融資產總值增加 10,921 億元。主要是由於有價證券投資、直接投資、其他投資和儲備資產的對

外金融資產增加，足以抵銷金融衍生工具的對外金

融資產減少所致。

Compared with end-2002, the amount of total external financial assets at end-2003 rose by $1,092.1 billion. It was mainly attributable to the increases in external financial assets of PI, DI, OI and RA, more than offsetting the decrease in that of FD.

- - 7

對外金融負債 External Financial Liabilities

在二零零三年底，香港的對外金融負債總

值為 60,374億元，其中 48.2%（29,115億元）為直接投資。如此高比重的直接投資負債，一方面反映

可能由於某些優點如低稅率和高效率的銀行和金

融設施，使香港吸引很多非居民公司設立直接投資

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-2003, the external financial liabilities of Hong Kong amounted to $6,037.4 billion, of which 48.2% ($2,911.5 billion) was 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，佔二零零三年底總值的 33.0%（19,898億元）。與其他投資資產一樣，大部分其他投資負債

與銀行界的存款和貸款有關。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 33.0% ($1,989.8 billion) of the total at end-2003. Similar to OI assets, the majority of OI liabilities was related to deposits and loans of the banking sector. In fact, this was a common characteristic of an international banking centre.

在二零零三年底，香港的有價證券投資負

債為 9,711億元，佔對外金融負債總值的 16.1%。香港的有價證券投資負債集中於股本證券，佔有價

證券投資負債的 92.4%。這反映很多居民公司透過本地證券市場籌集資金，為非居民提供大量居民股

本證券作投資用途。

At end-2003, PI liabilities of Hong Kong amounted to $971.1 billion, accounting for 16.1% of total external financial liabilities. Hong Kong’s PI liabilities were concentrated in equity securities, sharing 92.4% of PI liabilities. This reflected that many resident companies had made use of the local equity market for raising funds, thus providing a substantial pool of resident equity securities for investment by non-residents.

居民承擔的金融衍生工具負債相對較少，

只佔對外金融負債總值的 2.7%（1,650億元）。

FD liabilities owed by residents were relatively insignificant, accounting for only 2.7% ($165.0 billion) of the total external financial liabilities.

與二零零二年底比較，二零零三年底的對

外金融負債總值增加 6,820億元。主要是由於直接投資、有價證券投資和其他投資的對外金融負債增

加，足以抵銷金融衍生工具的對外金融負債減少所

致。

Compared with end-2002, the amount of total external financial liabilities at end-2003 rose by $682.0 billion. It was mainly attributable to the increases in external financial liabilities of DI, PI, and OI, more than offsetting the decrease in that of FD.

- - 8

統計表及統計圖

Statistical Tables and Charts

表 1 國際收支平衡表

Table 1 Balance of Payments Account

標準組成部分 1998 1999 2000 2001 2002 2003

經常帳 19,587 79,816 55,193 77,531 98,241 125,738貸方 1,987,199 1,990,347 2,302,147 2,185,953 2,240,693 2,429,463借方 -1,967,612 -1,910,531 -2,246,954 -2,108,422 -2,142,452 -2,303,725

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 63,856 81,484 110,270 115,204 135,736 151,291

貸方 257,416 265,536 301,813 307,657 335,412 347,371借方 -193,560 -184,052 -191,543 -192,453 -199,676 -196,080

收益 28,762 34,777 21,768 41,174 16,698 34,128

貸方 362,719 364,863 416,774 384,595 337,097 328,533借方 -333,957 -330,086 -395,006 -343,420 -320,399 -294,406

經常轉移 -12,364 -11,943 -13,013 -13,878 -14,787 -14,711

貸方 5,179 4,419 4,193 4,719 6,063 4,470借方 -17,543 -16,363 -17,205 -18,597 -20,850 -19,181

資本及金融帳 -31,514 -83,374 -57,863 -97,359 -151,179 -151,450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 -143,861

資本轉移 -18,445 -13,812 -12,044 -9,155 -15,686 -7,913

貸方 2,923 799 438 322 239 956借方 -21,369 -14,611 -12,482 -9,478 -15,925 -8,869

非儲備性質的

金融資產 (變動淨值 ) -65,649 8,305 32,503 -51,674 -154,033 -135,949

直接投資 -17,192 40,511 19,976 96,948 -60,685 76,244

有價證券投資 171,052 256,812 190,782 -322,045 -302,484 -237,143

金融衍生工具 25,550 79,225 1,661 39,640 51,563 79,568

其他投資 -245,059 -368,243 -179,917 133,783 157,573 -54,618

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 11,926 3,557 2,670 19,829 52,938 25,712

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

2001 2001 2001 2001

第一季第二季第三季第四季

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

9,911 4,555 29,491 33,573 Current Account

523,864 548,007 583,431 530,651 Credit-513,953 -543,452 -553,940 -497,078 Debit

-24,646 -23,888 -11,432 -5,004 Goods

350,421 364,089 402,976 371,497 Credit-375,067 -387,977 -414,408 -376,501 Debit

24,548 26,452 29,439 34,765 Services

73,165 73,803 79,787 80,902 Credit-48,617 -47,351 -50,348 -46,137 Debit

13,600 5,293 15,077 7,204 Income

99,289 109,026 99,295 76,985 Credit-85,689 -103,733 -84,218 -69,781 Debit

-3,592 -3,302 -3,592 -3,392 Current transfers

989 1,089 1,373 1,268 Credit-4,580 -4,391 -4,965 -4,660 Debit

-28,134 -8,964 -35,451 -24,810 Capital and Financial Account

Capital and financial non-reserve assets32,824 960 -61,772 -32,842 (net change)

-1,506 -3,190 -2,870 -1,590 Capital transfers

932 -724 -112 226 Credit-2,438 -2,466 -2,758 -1,816 Debit

Financial non-reserve assets34,330 4,150 -58,902 -31,252 (net change)

55,238 40,244 7,394 -5,928 Direct investment

-111,440 -35,325 -82,377 -92,904 Portfolio investment

-7,166 12,829 25,335 8,642 Financial derivatives

97,698 -13,599 -9,254 58,938 Other investment

-60,958 -9,924 26,320 8,032 Reserve assets (net change)

18,223 4,409 5,960 -8,762 Net errors and omissions

60,958 9,924 -26,320 -8,032 Overall Balance of Payments(盈餘) (盈餘) (赤字) (赤字)

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

(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

2002 2002 2002 2002


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

經常帳 16,187 10,268 31,869 39,915貸方 483,961 536,285 618,317 602,129借方 -467,774 -526,017 -586,448 -562,214

貨物 -12,444 -16,381 -4,979 -5,603

貸方 326,087 373,691 435,519 426,824借方 -338,531 -390,072 -440,498 -432,427

服務 24,523 31,232 36,119 43,862

貸方 73,219 77,926 89,837 94,430借方 -48,696 -46,694 -53,718 -50,568

收益 7,859 -1,022 4,503 5,358

貸方 82,951 83,179 91,678 79,289借方 -75,092 -84,202 -87,175 -73,930

經常轉移 -3,750 -3,560 -3,774 -3,702

貸方 1,705 1,489 1,283 1,586借方 -5,455 -5,049 -5,057 -5,289

資本及金融帳 -30,636 -5,574 -25,470 -89,498非儲備性質的資本及

金融資產 (變動淨值 ) -26,775 -8,694 -33,170 -101,080

資本轉移 -2,920 -7,604 -1,929 -3,234

貸方 -653 805 602 -515借方 -2,267 -8,409 -2,531 -2,719

非儲備性質的

金融資產 (變動淨值 ) -23,855 -1,091 -31,241 -97,846

直接投資 -12,901 39,689 -37,151 -50,322

有價證券投資 -4,146 -113,164 -87,818 -97,355

金融衍生工具 2,769 24,412 6,452 17,931

其他投資 -9,577 47,973 87,276 31,901

儲備資產 (變動淨值) -3,861 3,120 7,700 11,582

淨誤差及遺漏 14,449 -4,694 -6,399 49,583

整體的國際收支 3,861 -3,120 -7,700 -11,582(盈餘) (赤字) (赤字) (赤字)

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

- 11 -

百萬港元

HK$ million

2003 2003 2003 2003 2004

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 Standard Components

29,769 15,244 40,472 40,253 15,218 Current Account

547,533 563,120 643,569 675,241 623,390 Credit-517,764 -547,876 -603,097 -634,989 -608,172 Debit

-15,985 -9,811 -1,386 -17,788 -32,814 Goods

383,436 419,318 467,515 478,820 434,433 Credit-399,421 -429,129 -468,901 -496,608 -467,247 Debit

33,935 26,984 39,934 50,438 41,653 Services

81,702 66,893 94,174 104,602 92,990 Credit-47,767 -39,909 -54,240 -54,164 -51,337 Debit

15,950 1,539 5,578 11,061 10,134 Income

81,196 75,731 80,883 90,724 94,663 Credit-65,246 -74,191 -75,305 -79,664 -84,529 Debit

-4,131 -3,469 -3,654 -3,458 -3,756 Current transfers

1,199 1,178 998 1,095 1,303 Credit-5,330 -4,647 -4,651 -4,553 -5,059 Debit

-38,356 -6,276 -49,764 -57,054 -33,434 Capital and Financial Account

Capital and financial non-reserve assets-27,964 -28,011 -62,276 -25,610 2,086 (net change)

-1,948 -2,825 -1,158 -1,982 166 Capital transfers

732 -934 787 372 2,445 Credit-2,679 -1,891 -1,945 -2,354 -2,279 Debit

Financial non-reserve assets-26,017 -25,186 -61,119 -23,628 1,920 (net change)

3,016 34,843 20,271 18,114 -103,880 Direct investment

-54,803 -25,874 -80,969 -75,496 -156,355 Portfolio investment

12,122 22,044 37,826 7,576 12,130 Financial derivatives

13,649 -56,198 -38,247 26,178 250,025 Other investment

-10,392 21,735 12,513 -31,444 -35,520 Reserve assets (net change)

8,587 -8,968 9,291 16,802 18,216 Net errors and omissions

10,392 -21,735 -12,513 31,444 35,520 Overall Balance of Payments(盈餘) (赤字) (赤字) (盈餘) (盈餘)

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

- 12 -

表 2 經常帳

Table 2 Current Account

標準組成部分 1998 1999 2000 2001 2002 2003

經常帳 19,587 79,816 55,193 77,531 98,241 125,738貸方 1,987,199 1,990,347 2,302,147 2,185,953 2,240,693 2,429,463借方 -1,967,612 -1,910,531 -2,246,954 -2,108,422 -2,142,452 -2,303,725

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 63,856 81,484 110,270 115,204 135,736 151,291貸方 257,416 265,536 301,813 307,657 335,412 347,371借方 -193,560 -184,052 -191,543 -192,453 -199,676 -196,080

運輸，貸方 85,074 89,230 99,513 93,675 103,751 105,601運輸，借方 -42,865 -39,238 -48,628 -50,916 -48,518 -48,812旅遊，貸方 43,965 42,840 46,019 46,362 58,855 55,514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 3,672保險服務，借方 -4,600 -4,975 -4,111 -4,028 -4,618 -5,101金融服務，貸方 16,324 19,206 20,859 21,823 19,564 20,154金融服務，借方 -6,739 -5,729 -5,536 -5,242 -4,876 -5,403其他服務，貸方 108,951 111,196 131,970 142,241 149,821 162,430其他服務，借方 -34,995 -32,223 -35,865 -36,210 -44,818 -47,631

收益 28,762 34,777 21,768 41,174 16,698 34,128貸方 362,719 364,863 416,774 384,595 337,097 328,533借方 -333,957 -330,086 -395,006 -343,420 -320,399 -294,406

投資收益，貸方 362,356 364,753 416,721 384,565 337,084 328,526直接投資收益 124,999 136,454 153,848 168,497 179,008 183,228股息及

已分發的分行利潤 66,679 64,353 65,469 61,566 130,917 110,547再投資收益及

未分發的分行利潤 51,919 62,181 81,400 103,179 45,805 69,319債務收益 (利息) 6,402 9,920 6,978 3,751 2,286 3,362

有價證券投資收益 74,444 86,291 95,086 96,338 92,208 99,888股本收益 15,351 20,998 21,988 19,631 21,420 30,788中長期債券收益 52,985 59,287 65,357 70,682 66,175 64,710貨幣市場工具收益 6,109 6,007 7,741 6,025 4,613 4,390

其他投資收益 162,913 142,008 167,787 119,730 65,868 45,410投資收益，借方 -333,594 -329,976 -394,953 -343,391 -320,386 -294,398直接投資收益 -136,350 -197,094 -266,324 -244,838 -254,730 -238,587股息及

已分發的分行利潤 -85,101 -94,437 -108,567 -141,787 -109,639 -96,971再投資收益及

未分發的分行利潤 -44,702 -94,178 -150,273 -96,349 -140,127 -135,689債務收益 (利息) -6,548 -8,478 -7,484 -6,702 -4,965 -5,927

有價證券投資收益 -24,696 -25,410 -26,900 -26,835 -26,981 -28,133股本收益 -17,591 -18,663 -20,613 -20,641 -22,252 -24,767中長期債券收益 -4,949 -5,032 -4,653 -5,002 -4,088 -3,199貨幣市場工具收益 -2,156 -1,715 -1,634 -1,192 -640 -167

其他投資收益 -172,548 -107,472 -101,729 -71,718 -38,675 -27,679僱員報酬，貸方 363 110 53 30 13 8僱員報酬，借方 -363 -110 -53 -30 -13 -8

經常轉移 -12,364 -11,943 -13,013 -13,878 -14,787 -14,711貸方 5,179 4,419 4,193 4,719 6,063 4,470政府機構 0 0 0 0 0 0其他界別 5,179 4,419 4,193 4,719 6,063 4,470

借方 -17,543 -16,363 -17,205 -18,597 -20,850 -19,181政府機構 -1,280 -1,282 -1,292 -1,299 -1,341 -1,332其他界別 -16,263 -15,081 -15,913 -17,298 -19,509 -17,848

- 13 -

百萬港元

HK$ million

2001 2001 2001 2001



9,911 4,555 29,491 33,573 Current Account523,864 548,007 583,431 530,651 Credit

-513,953 -543,452 -553,940 -497,078 Debit

-24,646 -23,888 -11,432 -5,004 Goods350,421 364,089 402,976 371,497 Credit

-375,067 -387,977 -414,408 -376,501 Debit

24,548 26,452 29,439 34,765 Services73,165 73,803 79,787 80,902 Credit

-48,617 -47,351 -50,348 -46,137 Debit23,501 24,281 23,655 22,238 Transportation, credit

-12,083 -13,531 -13,538 -11,764 Transportation, debit10,873 12,182 10,678 12,629 Travel, credit

-25,754 -23,342 -24,874 -22,087 Travel, debit779 921 865 991 Insurance services, credit

-915 -1,058 -967 -1,087 Insurance services, debit5,821 5,544 5,338 5,120 Financial services, credit

-1,337 -1,295 -1,311 -1,300 Financial services, debit32,191 30,875 39,251 39,924 Other services, credit-8,528 -8,125 -9,658 -9,899 Other services, debit

13,600 5,293 15,077 7,204 Income99,289 109,026 99,295 76,985 Credit

-85,689 -103,733 -84,218 -69,781 Debit99,281 109,017 99,288 76,979 Investment income, credit37,150 50,692 46,288 34,366 Direct investment income

Dividends and 13,726 16,783 12,806 18,251 distributed branch profits

Reinvested earnings and 22,335 32,755 32,612 15,478 undistributed branch profits

1,089 1,154 871 637 Income on debt (interest)26,316 23,769 25,152 21,101 Portfolio investment income

5,985 4,349 6,183 3,114 Income on equity18,426 17,810 17,639 16,807 Income on bonds and notes

1,905 1,610 1,330 1,180 Income on money market instruments 35,815 34,556 27,848 21,511 Other investment income

-85,680 -103,724 -84,212 -69,774 Investment income, debit-61,448 -70,632 -61,469 -51,288 Direct investment income

Dividends and -26,051 -31,461 -19,581 -64,694 distributed branch profits

Reinvested earnings and -33,809 -37,674 -40,013 15,148 undistributed branch profits

-1,588 -1,497 -1,875 -1,742 Income on debt (interest)-3,193 -13,376 -5,052 -5,215 Portfolio investment income-1,455 -11,729 -3,499 -3,959 Income on equity-1,315 -1,363 -1,265 -1,059 Income on bonds and notes

-422 -284 -288 -197 Income on money market instruments -21,040 -19,715 -17,691 -13,272 Other investment income

8 9 7 6 Compensation of employees, credit-8 -9 -7 -6 Compensation of employees, debit

-3,592 -3,302 -3,592 -3,392 Current transfers989 1,089 1,373 1,268 Credit

0 0 0 0 General government989 1,089 1,373 1,268 Other sectors

-4,580 -4,391 -4,965 -4,660 Debit-326 -317 -326 -330 General government

-4,254 -4,074 -4,640 -4,330 Other sectors


- 14 -

表 2 (續) 經常帳

Table 2 (Cont’d) Current Account

2002 2002 2002 2002



經常帳 16,187 10,268 31,869 39,915貸方 483,961 536,285 618,317 602,129借方 -467,774 -526,017 -586,448 -562,214

貨物 -12,444 -16,381 -4,979 -5,603貸方 326,087 373,691 435,519 426,824借方 -338,531 -390,072 -440,498 -432,427

服務 24,523 31,232 36,119 43,862貸方 73,219 77,926 89,837 94,430借方 -48,696 -46,694 -53,718 -50,568

運輸，貸方 23,456 25,473 28,278 26,544運輸，借方 -10,906 -11,880 -13,419 -12,313旅遊，貸方 11,502 15,136 13,720 18,497旅遊，借方 -25,315 -22,548 -25,964 -23,019保險服務，貸方 750 870 830 971保險服務，借方 -977 -1,120 -1,186 -1,335金融服務，貸方 5,140 4,941 4,801 4,682金融服務，借方 -1,190 -1,219 -1,205 -1,262其他服務，貸方 32,371 31,506 42,208 43,736其他服務，借方 -10,308 -9,927 -11,944 -12,639

收益 7,859 -1,022 4,503 5,358貸方 82,951 83,179 91,678 79,289借方 -75,092 -84,202 -87,175 -73,930

投資收益，貸方 82,946 83,176 91,676 79,287直接投資收益 40,591 43,532 50,880 44,005股息及

已分發的分行利潤 10,365 15,462 50,970 54,120再投資收益及

未分發的分行利潤 29,631 27,448 -583 -10,691債務收益 (利息) 595 622 492 576

有價證券投資收益 24,562 22,032 24,721 20,894股本收益 6,849 4,302 7,101 3,168中長期債券收益 16,569 16,608 16,476 16,522貨幣市場工具收益 1,144 1,122 1,143 1,204

其他投資收益 17,793 17,612 16,075 14,388投資收益，借方 -75,087 -84,198 -87,172 -73,928直接投資收益 -61,049 -63,130 -72,067 -58,484股息及

已分發的分行利潤 -17,324 -31,221 -19,656 -41,439再投資收益及

未分發的分行利潤 -42,456 -30,486 -51,130 -16,056債務收益 (利息) -1,269 -1,424 -1,281 -990

有價證券投資收益 -4,047 -11,015 -5,519 -6,399股本收益 -2,849 -9,767 -4,278 -5,359中長期債券收益 -1,012 -1,052 -1,082 -943貨幣市場工具收益 -187 -197 -158 -98

其他投資收益 -9,991 -10,052 -9,587 -9,045僱員報酬，貸方 5 3 3 2僱員報酬，借方 -5 -3 -3 -2

經常轉移 -3,750 -3,560 -3,774 -3,702貸方 1,705 1,489 1,283 1,586政府機構 0 0 0 0其他界別 1,705 1,489 1,283 1,586

借方 -5,455 -5,049 -5,057 -5,289政府機構 -353 -331 -329 -328其他界別 -5,102 -4,718 -4,728 -4,960

- 15 -

百萬港元

HK$ million

2003 2003 2003 2003 2004



29,769 15,244 40,472 40,253 15,218 Current Account547,533 563,120 643,569 675,241 623,390 Credit

-517,764 -547,876 -603,097 -634,989 -608,172 Debit

-15,985 -9,811 -1,386 -17,788 -32,814 Goods383,436 419,318 467,515 478,820 434,433 Credit

-399,421 -429,129 -468,901 -496,608 -467,247 Debit

33,935 26,984 39,934 50,438 41,653 Services81,702 66,893 94,174 104,602 92,990 Credit

-47,767 -39,909 -54,240 -54,164 -51,337 Debit25,827 22,215 28,418 29,141 29,902 Transportation, credit

-11,489 -10,166 -13,223 -13,934 -13,102 Transportation, debit14,087 5,436 14,844 21,147 16,739 Travel, credit

-22,926 -16,986 -25,852 -23,369 -23,697 Travel, debit834 926 878 1,034 898 Insurance services, credit

-1,115 -1,284 -1,211 -1,491 -1,201 Insurance services, debit5,047 4,799 5,102 5,206 5,699 Financial services, credit

-1,265 -1,282 -1,359 -1,497 -1,468 Financial services, debit35,907 33,517 44,932 48,074 39,752 Other services, credit

-10,972 -10,191 -12,595 -13,873 -11,869 Other services, debit

15,950 1,539 5,578 11,061 10,134 Income81,196 75,731 80,883 90,724 94,663 Credit

-65,246 -74,191 -75,305 -79,664 -84,529 Debit81,194 75,729 80,880 90,723 94,661 Investment income, credit42,497 38,607 46,911 55,213 57,083 Direct investment income

Dividends and 17,079 34,137 15,794 43,537 17,817 distributed branch profits

Reinvested earnings and 23,779 3,916 30,618 11,006 38,178 undistributed branch profits

1,639 554 499 670 1,088 Income on debt (interest)25,673 24,977 24,085 25,154 27,986 Portfolio investment income

8,164 7,422 7,121 8,082 9,811 Income on equity16,302 16,444 15,961 16,004 17,047 Income on bonds and notes

1,207 1,111 1,004 1,068 1,128 Income on money market instruments 13,025 12,145 9,884 10,356 9,592 Other investment income

-65,244 -74,189 -75,302 -79,662 -84,527 Investment income, debit-53,510 -54,185 -62,713 -68,179 -73,766 Direct investment income

Dividends and -20,203 -27,503 -21,565 -27,700 -26,475 distributed branch profits

Reinvested earnings and -32,442 -24,628 -40,216 -38,404 -46,132 undistributed branch profits

-865 -2,054 -933 -2,076 -1,160 Income on debt (interest)-3,652 -13,046 -6,219 -5,216 -4,165 Portfolio investment income-2,671 -12,103 -5,367 -4,626 -3,592 Income on equity

-928 -900 -804 -567 -560 Income on bonds and notes-52 -44 -48 -22 -14 Income on money market instruments

-8,083 -6,958 -6,370 -6,267 -6,596 Other investment income2 2 2 2 2 Compensation of employees, credit

-2 -2 -2 -2 -2 Compensation of employees, debit

-4,131 -3,469 -3,654 -3,458 -3,756 Current transfers1,199 1,178 998 1,095 1,303 Credit

0 0 0 0 0 General government1,199 1,178 998 1,095 1,303 Other sectors

-5,330 -4,647 -4,651 -4,553 -5,059 Debit-355 -309 -333 -335 -361 General government

-4,975 -4,338 -4,318 -4,218 -4,698 Other sectors

- 16 -

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 -151,450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 -143,861資本帳 -18,445 -13,812 -12,044 -9,155 -15,686 -7,913資本轉移 -18,445 -13,812 -12,044 -9,155 -15,686 -7,913

政府機構 0 0 0 0 0 0其他界別 -18,445 -13,812 -12,044 -9,155 -15,686 -7,913

非生產及非金融資產 … … … … … …

金融帳 -13,068 -69,562 -45,819 -88,204 -135,493 -143,537非儲備性質的

金融資產 (變動淨值 ) -65,649 8,305 32,503 -51,674 -154,033 -135,949

直接投資 -17,192 40,511 19,976 96,948 -60,685 76,244在外地的直接投資 -131,551 -150,178 -462,593 -88,476 -136,194 -29,351股本資本 -24,072 11,400 -383,157 -4,850 -68,829 -31,187對有聯繫企業的申索 -24,072 11,279 -383,157 -4,850 -68,829 -31,187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 -69,319其他資本 -55,561 -99,397 1,964 19,554 -21,561 71,156對有聯繫企業的申索 -52,497 -95,213 -64,406 -29,900 -10,098 54,193對有聯繫企業的負債 -3,064 -4,184 66,370 49,454 -11,462 16,963

在香港的直接投資 114,359 190,689 482,569 185,424 75,509 105,595股本資本 10,244 33,475 256,760 60,180 10,753 -6,365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 -6,365

再投資收益 44,702 94,178 150,273 96,349 140,127 135,689其他資本 59,414 63,036 75,536 28,895 -75,371 -23,729對直接投資者的申索 3,331 -11,767 -1,802 -10,277 -1,954 -3,664對直接投資者的負債 56,083 74,803 77,338 39,172 -73,417 -20,064

有價證券投資 171,052 256,812 190,782 -322,045 -302,484 -237,143資產 197,444 -197,347 -171,627 -312,992 -294,032 -244,773股本證券 65,888 -235,277 -137,154 -176,892 -122,884 -66,449銀行 398 -232 -186 71 -205 -451其他界別 65,490 -235,045 -136,968 -176,962 -122,678 -65,998

債務證券 131,556 37,929 -34,472 -136,100 -171,149 -178,324中長期債券 123,207 34,754 -35,027 -121,260 -173,996 -164,235銀行 62,203 -32,823 -117,049 -119,834 -160,177 -81,466其他界別 61,004 67,577 82,021 -1,425 -13,818 -82,769

貨幣市場工具 8,349 3,175 555 -14,840 2,847 -14,089銀行 6,212 11,575 2,684 -2,746 1,368 -8,685其他界別 2,137 -8,400 -2,129 -12,094 1,479 -5,403

負債 -26,392 454,159 362,409 -9,054 -8,452 7,630股本證券 -16,314 469,282 366,060 -6,673 10,849 43,047銀行 -2,017 17,119 12,933 -115 3,577 2,748其他界別 -14,297 452,163 353,127 -6,558 7,272 40,299

債務證券 -10,078 -15,123 -3,651 -2,380 -19,301 -35,417中長期債券 -7,938 -26,192 -42 -7,547 -321 -29,224銀行 -5,167 -6,781 -2,947 -2,680 2,882 -16,165其他界別 -2,771 -19,411 2,905 -4,866 -3,203 -13,059

貨幣市場工具 -2,140 11,070 -3,609 5,166 -18,980 -6,193銀行 -1,448 5,429 -465 4,297 80 -2,930其他界別 -692 5,641 -3,144 869 -19,060 -3,263

- 17 -

百萬港元

HK$ million

2001 2001 2001 2001



-28,134 -8,964 -35,451 -24,810 Capital and Financial AccountCapital and financial non-reserve assets

32,824 960 -61,772 -32,842 (net change)-1,506 -3,190 -2,870 -1,590 Capital Account-1,506 -3,190 -2,870 -1,590 Capital transfers

0 0 0 0 General government-1,506 -3,190 -2,870 -1,590 Other sectors

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

-26,628 -5,774 -32,582 -23,220 Financial AccountFinancial non-reserve assets

34,330 4,150 -58,902 -31,252 (net change)

55,238 40,244 7,394 -5,928 Direct investment-9,201 -17,375 -39,189 -22,711 Direct investment abroad-1,556 -1,280 -2,164 150 Equity capital-1,556 -1,280 -2,164 150 Claims on affiliated enterprises

… … … … Liabilities to affiliated enterprises-22,335 -32,755 -32,612 -15,478 Reinvested earnings14,691 16,660 -4,414 -7,383 Other capital

-17,973 8,648 -21,957 1,382 Claims on affiliated enterprises32,664 8,012 17,543 -8,765 Liabilities to affiliated enterprises64,439 57,619 46,583 16,783 Direct investment in HK19,140 1,916 950 38,174 Equity capital

… … … … Claims on direct investors19,140 1,916 950 38,174 Liabilities to direct investors33,809 37,674 40,013 -15,148 Reinvested earnings11,490 18,028 5,620 -6,243 Other capital-2,951 -1,246 -5,283 -797 Claims on direct investors14,441 19,274 10,902 -5,446 Liabilities to direct investors

-111,440 -35,325 -82,377 -92,904 Portfolio investment-80,726 -68,033 -46,934 -117,299 Assets-76,949 -11,185 -42,248 -46,509 Equity securities

-50 46 -10 85 Banks-76,899 -11,232 -42,238 -46,594 Other sectors

-3,777 -56,847 -4,685 -70,790 Debt securities-10,673 -47,606 -31,506 -31,475 Bonds and notes-28,324 -51,355 -39,676 -479 Banks17,651 3,749 8,170 -30,996 Other sectors

6,896 -9,241 26,821 -39,315 Money market instruments795 -10,141 26,203 -19,603 Banks

6,100 900 618 -19,712 Other sectors-30,714 32,708 -35,443 24,395 Liabilities-43,883 25,694 -20,540 32,056 Equity securities

-816 3,223 -769 -1,752 Banks-43,067 22,472 -19,771 33,808 Other sectors13,170 7,014 -14,903 -7,661 Debt securities12,457 1,968 -13,535 -8,436 Bonds and notes

4,186 -1,309 -5,506 -51 Banks8,271 3,277 -8,028 -8,386 Other sectors

713 5,046 -1,368 776 Money market instruments-398 5,180 -856 370 Banks

1,111 -135 -512 405 Other sectors


- 18 -

表 3 (續) 資本及金融帳

Table 3 (Cont’d) Capital and Financial Account

2002 2002 2002 2002



資本及金融帳 -30,636 -5,574 -25,470 -89,498非儲備性質的資本及

金融資產 (變動淨值 ) -26,775 -8,694 -33,170 -101,080資本帳 -2,920 -7,604 -1,929 -3,234資本轉移 -2,920 -7,604 -1,929 -3,234

政府機構 0 0 0 0其他界別 -2,920 -7,604 -1,929 -3,234

非生產及非金融資產 … … … …

金融帳 -27,716 2,029 -23,541 -86,265非儲備性質的

金融資產 (變動淨值 ) -23,855 -1,091 -31,241 -97,846

直接投資 -12,901 39,689 -37,151 -50,322在外地的直接投資 -47,246 -8,836 -61,742 -18,370股本資本 -5,714 -7,267 -57,037 1,189對有聯繫企業的申索 -5,714 -7,267 -57,037 1,189對有聯繫企業的負債 … … … …

再投資收益 -29,631 -27,448 583 10,691其他資本 -11,901 25,879 -5,287 -30,251對有聯繫企業的申索 -7,767 20,951 -11,858 -11,424對有聯繫企業的負債 -4,134 4,928 6,571 -18,826

在香港的直接投資 34,345 48,525 24,591 -31,952股本資本 7,580 2,409 10,074 -9,310對直接投資者的申索 … … … …對直接投資者的負債 7,580 2,409 10,074 -9,310

再投資收益 42,456 30,486 51,130 16,056其他資本 -15,690 15,630 -36,614 -38,697對直接投資者的申索 5,161 2,222 -8,079 -1,258對直接投資者的負債 -20,851 13,408 -28,534 -37,439

有價證券投資 -4,146 -113,164 -87,818 -97,355資產 -23,524 -120,787 -65,512 -84,210股本證券 -24,928 -37,486 -45,885 -14,585銀行 -83 -101 -21 …其他界別 -24,844 -37,386 -45,863 -14,585

債務證券 1,403 -83,300 -19,627 -69,624中長期債券 -23,540 -55,782 -29,606 -65,069銀行 -31,806 -65,305 -23,512 -39,554其他界別 8,266 9,523 -6,094 -25,515

貨幣市場工具 24,943 -27,519 9,979 -4,556銀行 21,729 -27,965 12,133 -4,529其他界別 3,214 446 -2,155 -27

負債 19,378 7,622 -22,306 -13,146股本證券 17,313 2,796 -10,605 1,346銀行 1,740 838 1,090 -91其他界別 15,573 1,958 -11,695 1,437

債務證券 2,066 4,826 -11,701 -14,492中長期債券 299 5,066 -4,049 -1,636銀行 2,180 -368 -129 1,199其他界別 -1,881 5,434 -3,921 -2,835

貨幣市場工具 1,767 -240 -7,652 -12,855銀行 -697 1,249 -1,184 712其他界別 2,463 -1,488 -6,468 -13,567

- 19 -

百萬港元

HK$ million

2003 2003 2003 2003 2004



-38,356 -6,276 -49,764 -57,054 -33,434 Capital and Financial AccountCapital and financial non-reserve assets

-27,964 -28,011 -62,276 -25,610 2,086 (net change)-1,948 -2,825 -1,158 -1,982 166 Capital Account-1,948 -2,825 -1,158 -1,982 166 Capital transfers

0 0 0 0 0 General government-1,948 -2,825 -1,158 -1,982 166 Other sectors

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

-36,408 -3,451 -48,606 -55,072 -33,600 Financial AccountFinancial non-reserve assets

-26,017 -25,186 -61,119 -23,628 1,920 (net change)

3,016 34,843 20,271 18,114 -103,880 Direct investment-36,046 17,957 -39,225 27,963 -155,574 Direct investment abroad

-4,488 -4,607 -2,740 -19,353 -6,235 Equity capital-4,488 -4,607 -2,740 -19,353 -6,235 Claims on affiliated enterprises

… … … … … Liabilities to affiliated enterprises-23,779 -3,916 -30,618 -11,006 -38,178 Reinvested earnings

-7,780 26,480 -5,866 58,323 -111,162 Other capital-8,478 15,491 -4,434 51,614 -15,726 Claims on affiliated enterprises

698 10,989 -1,432 6,708 -95,435 Liabilities to affiliated enterprises39,062 16,886 59,496 -9,850 51,694 Direct investment in HK

1,216 1,384 3,144 -12,109 3,628 Equity capital… … … … … Claims on direct investors

1,216 1,384 3,144 -12,109 3,628 Liabilities to direct investors32,442 24,628 40,216 38,404 46,132 Reinvested earnings

5,405 -9,126 16,136 -36,144 1,934 Other capital-574 -341 -6,854 4,105 5,179 Claims on direct investors

5,979 -8,785 22,990 -40,248 -3,245 Liabilities to direct investors

-54,803 -25,874 -80,969 -75,496 -156,355 Portfolio investment-59,387 -17,178 -74,034 -94,174 -166,188 Assets-32,432 11,447 -24,895 -20,569 -114,853 Equity securities

-125 -286 109 -149 227 Banks-32,307 11,733 -25,003 -20,421 -115,081 Other sectors-26,955 -28,625 -49,139 -73,604 -51,334 Debt securities-28,772 -29,898 -53,774 -51,792 -35,465 Bonds and notes-25,013 -13,491 -14,871 -28,090 -9,753 Banks

-3,759 -16,406 -38,903 -23,701 -25,713 Other sectors1,817 1,272 4,635 -21,813 -15,869 Money market instruments7,581 -349 2,885 -18,802 -15,791 Banks

-5,764 1,622 1,750 -3,011 -78 Other sectors4,584 -8,696 -6,936 18,677 9,833 Liabilities

-232 3,160 18,614 21,505 7,671 Equity securities-1,037 -1,506 2,861 2,431 -1,179 Banks

805 4,666 15,754 19,074 8,851 Other sectors4,816 -11,856 -25,550 -2,828 2,162 Debt securities6,818 -9,239 -24,572 -2,231 772 Bonds and notes6,591 -3,020 -19,521 -215 -367 Banks

228 -6,219 -5,052 -2,016 1,139 Other sectors-2,002 -2,617 -978 -596 1,390 Money market instruments

427 -2,493 -367 -497 1,131 Banks-2,429 -125 -610 -99 259 Other sectors


- 20 -



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 79,568資產 83,936 164,638 65,809 140,147 156,252 198,077銀行 77,809 147,094 55,687 131,100 144,494 191,162其他界別 6,127 17,544 10,122 9,047 11,758 6,915

負債 -58,386 -85,412 -64,148 -100,507 -104,689 -118,509銀行 -49,005 -74,399 -61,404 -97,271 -97,175 -114,090其他界別 -9,381 -11,014 -2,744 -3,236 -7,515 -4,419

其他投資 -245,059 -368,243 -179,917 133,783 157,573 -54,618資產 928,125 332,646 142,354 461,197 363,561 -172,040貿易信貸 -6,270 -22,979 -5,546 3,506 -26,432 -16,016貸款 832,466 334,524 331,803 211,699 48,785 13,173銀行 827,987 303,083 328,293 220,540 14,032 24,921其他界別 4,480 31,441 3,510 -8,841 34,753 -11,749

貨幣和存款 105,747 30,227 -175,357 233,167 325,280 -170,261銀行 -42,251 -38,554 -141,923 256,789 345,209 -169,572其他界別 147,997 68,781 -33,434 -23,622 -19,930 -689

其他資產 -3,818 -9,125 -8,546 12,824 15,928 1,065銀行 2,534 106 -592 1,919 -202 -199其他界別 -6,351 -9,231 -7,954 10,905 16,130 1,264

負債 -1,173,184 -700,889 -322,271 -327,414 -205,988 117,422貿易信貸 -958 3,083 4,692 -4,853 4,754 5,337貸款 -27,134 -52,824 5,080 -31,256 -99,198 11,854銀行 -2,232 -13,115 -9,942 -44,949 -45,759 -5,329其他界別 -24,902 -39,708 15,021 13,693 -53,439 17,183

貨幣和存款 -1,155,274 -653,344 -334,941 -289,287 -118,979 98,321銀行 -1,149,402 -652,654 -335,030 -289,260 -118,933 98,802其他界別 -5,872 -689 89 -26 -46 -482

其他負債 10,182 2,195 2,897 -2,018 7,434 1,910銀行 554 898 220 -252 1,399 730其他界別 9,628 1,296 2,677 -1,766 6,035 1,180

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

- 21 -

百萬港元

HK$ million

2001 2001 2001 2001



-7,166 12,829 25,335 8,642 Financial derivatives27,436 40,173 50,739 21,798 Assets26,109 38,809 49,408 16,775 Banks

1,328 1,364 1,332 5,023 Other sectors-34,603 -27,344 -25,404 -13,156 Liabilities-34,220 -26,599 -25,033 -11,419 Banks

-383 -744 -371 -1,737 Other sectors

97,698 -13,599 -9,254 58,938 Other investment47,599 142,882 110,997 159,718 Assets-3,249 -2,616 -3,662 13,033 Trade credits48,461 73,845 67,678 21,715 Loans55,045 75,697 62,740 27,059 Banks-6,585 -1,852 4,938 -5,343 Other sectors-2,258 69,703 45,402 120,321 Currency and deposits13,635 65,612 61,224 116,319 Banks

-15,893 4,090 -15,822 4,002 Other sectors4,646 1,950 1,579 4,649 Other assets-100 -848 1,312 1,554 Banks

4,746 2,798 267 3,095 Other sectors50,099 -156,481 -120,252 -100,780 Liabilities-3,609 -265 -221 -760 Trade credits12,486 8,148 -57,588 5,697 Loans

-37,311 9,759 -8,320 -9,077 Banks49,797 -1,611 -49,268 14,774 Other sectors37,862 -162,421 -65,621 -99,106 Currency and deposits37,848 -162,435 -65,541 -99,133 Banks

13 14 -80 27 Other sectors3,359 -1,943 3,178 -6,612 Other liabilities1,490 -2,158 1,977 -1,561 Banks1,869 215 1,201 -5,051 Other sectors

-60,958 -9,924 26,320 8,032 Reserve assets (net change)


- 22 -



2002 2002 2002 2002



金融衍生工具 2,769 24,412 6,452 17,931資產 46,460 40,413 21,315 48,066銀行 45,978 33,536 19,812 45,169其他界別 482 6,877 1,503 2,897

負債 -43,691 -16,001 -14,863 -30,135銀行 -43,410 -12,286 -13,033 -28,446其他界別 -281 -3,715 -1,830 -1,689

其他投資 -9,577 47,973 87,276 31,901資產 127,346 27,826 161,134 47,256貿易信貸 -6,233 -8,798 -8,977 -2,424貸款 29,934 -39,596 35,564 22,882銀行 22,010 -12,590 12,733 -8,121其他界別 7,924 -27,006 22,831 31,004

貨幣和存款 96,275 75,748 132,414 20,842銀行 96,407 89,807 143,285 15,710其他界別 -132 -14,059 -10,871 5,132

其他資產 7,369 472 2,132 5,955銀行 310 -3,418 1,969 938其他界別 7,059 3,890 163 5,018

負債 -136,923 20,147 -73,857 -15,355貿易信貸 744 629 2,881 499貸款 -55,536 11,028 -20,061 -34,629銀行 -47,519 228 462 1,070其他界別 -8,017 10,800 -20,523 -35,699

貨幣和存款 -85,199 9,589 -58,760 15,390銀行 -84,927 9,214 -59,462 16,242其他界別 -272 375 703 -851

其他負債 3,068 -1,099 2,082 3,384銀行 2,154 -511 55 -298其他界別 914 -588 2,026 3,683

儲備資產 (變動淨值) -3,861 3,120 7,700 11,582

註釋： … 數據不顯著 (少於一千萬港元)。

- 23 -

百萬港元

HK$ million

2003 2003 2003 2003 2004



12,122 22,044 37,826 7,576 12,130 Financial derivatives62,992 40,460 48,741 45,884 32,842 Assets59,116 39,901 47,267 44,878 32,286 Banks

3,877 559 1,474 1,006 556 Other sectors-50,871 -18,416 -10,915 -38,307 -20,711 Liabilities-50,704 -16,641 -9,299 -37,446 -20,589 Banks

-167 -1,775 -1,616 -861 -122 Other sectors

13,649 -56,198 -38,247 26,178 250,025 Other investment58,386 -6,519 -58,117 -165,789 -17,448 Assets-6,950 -4,055 -5,036 26 -4,376 Trade credits

-12,201 26,170 -11,950 11,153 35,031 Loans-3,901 24,085 -16,736 21,473 37,667 Banks-8,300 2,085 4,786 -10,320 -2,635 Other sectors78,206 -26,633 -44,067 -177,767 -48,629 Currency and deposits80,490 -6,860 -38,641 -204,561 -122,817 Banks-2,284 -19,772 -5,426 26,793 74,189 Other sectors

-669 -2,002 2,936 799 525 Other assets-1,008 -2,200 706 2,303 -1,853 Banks

339 198 2,230 -1,504 2,378 Other sectors-44,738 -49,678 19,870 191,967 267,473 Liabilities

4,587 -969 794 925 -1,306 Trade credits16,843 -20,350 14,366 995 7,265 Loans

3,276 -8,510 748 -843 -589 Banks13,567 -11,840 13,618 1,839 7,854 Other sectors

-66,905 -26,548 3,947 187,826 254,539 Currency and deposits-66,477 -26,330 3,862 187,748 253,538 Banks

-428 -217 85 78 1,001 Other sectors737 -1,811 763 2,221 6,975 Other liabilities

2,712 1,135 -1,114 -2,003 2,511 Banks-1,975 -2,946 1,877 4,225 4,464 Other sectors

-10,392 21,735 12,513 -31,444 -35,520 Reserve assets (net change)

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

- 24 -

表 4 按組成部分分類的投資流動淨值

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 76,244股本資本 -13,828 44,875 -126,397 55,330 -58,076 -37,553再投資收益 -7,217 31,997 68,873 -6,831 94,323 66,369其他資本 3,853 -36,361 77,500 48,449 -96,931 47,427

有價證券投資 171,052 256,812 190,782 -322,045 -302,484 -237,143股本證券 49,574 234,005 228,906 -183,565 -112,034 -23,402債務證券 121,478 22,807 -38,123 -138,480 -190,450 -213,741中長期債券 115,269 8,562 -35,069 -128,806 -174,317 -193,459貨幣市場工具 6,209 14,245 -3,054 -9,674 -16,133 -20,281

金融衍生工具 25,550 79,225 1,661 39,640 51,563 79,568

其他投資 -245,059 -368,243 -179,917 133,783 157,573 -54,618貿易信貸 -7,228 -19,896 -854 -1,347 -21,678 -10,680貸款 805,332 281,700 336,882 180,443 -50,413 25,027貨幣和存款 -1,049,527 -623,116 -510,297 -56,120 206,301 -71,940其他 6,364 -6,930 -5,648 10,807 23,362 2,975

總計 -65,649 8,305 32,503 -51,674 -154,033 -135,949

2002 2002 2002 2002 2003 2003

第一季第二季第三季第四季第一季第二季

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

直接投資 -12,901 39,689 -37,151 -50,322 3,016 34,843股本資本 1,866 -4,858 -46,963 -8,121 -3,272 -3,223再投資收益 12,825 3,038 51,713 26,747 8,663 20,712其他資本 -27,592 41,509 -41,901 -68,948 -2,375 17,354

有價證券投資 -4,146 -113,164 -87,818 -97,355 -54,803 -25,874股本證券 -7,615 -34,690 -56,490 -13,239 -32,664 14,607債務證券 3,469 -78,474 -31,328 -84,116 -22,139 -40,481中長期債券 -23,241 -50,716 -33,655 -66,705 -21,953 -39,136貨幣市場工具 26,710 -27,758 2,327 -17,411 -185 -1,345

金融衍生工具 2,769 24,412 6,452 17,931 12,122 22,044

其他投資 -9,577 47,973 87,276 31,901 13,649 -56,198貿易信貸 -5,489 -8,169 -6,095 -1,925 -2,363 -5,025貸款 -25,602 -28,568 15,503 -11,747 4,643 5,821貨幣和存款 11,076 85,337 73,655 36,232 11,301 -53,180其他 10,437 -627 4,213 9,340 68 -3,813

總計 -23,855 -1,091 -31,241 -97,846 -26,017 -25,186

- 25 -

百萬港元

HK$ million

2001 2001 2001 2001


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

55,238 40,244 7,394 -5,928 Direct investment17,583 636 -1,214 38,324 Equity capital11,474 4,919 7,402 -30,626 Reinvested earnings26,181 34,688 1,206 -13,626 Other capital

-111,440 -35,325 -82,377 -92,904 Portfolio investment-120,832 14,509 -62,788 -14,453 Equity securities

9,393 -49,834 -19,588 -78,451 Debt securities1,784 -45,638 -45,041 -39,911 Bonds and notes7,608 -4,195 25,452 -38,539 Money market instruments

-7,166 12,829 25,335 8,642 Financial derivatives

97,698 -13,599 -9,254 58,938 Other investment-6,858 -2,880 -3,883 12,273 Trade credits60,947 81,993 10,090 27,413 Loans35,603 -92,718 -20,219 21,215 Currency and deposits

8,005 6 4,757 -1,963 Others

34,330 4,150 -58,902 -31,252 Total

2003 2003 2004

第三季第四季第一季

3rd Qtr 4th Qtr 1st Qtr Component

20,271 18,114 -103,880 Direct investment404 -31,462 -2,606 Equity capital

9,598 27,398 7,954 Reinvested earnings10,269 22,179 -109,228 Other capital

-80,969 -75,496 -156,355 Portfolio investment-6,280 935 -107,182 Equity securities

-74,689 -76,432 -49,172 Debt securities-78,347 -54,023 -34,693 Bonds and notes

3,658 -22,409 -14,479 Money market instruments

37,826 7,576 12,130 Financial derivatives

-38,247 26,178 250,025 Other investment-4,243 951 -5,681 Trade credits2,416 12,148 42,296 Loans

-40,120 10,058 205,910 Currency and deposits3,699 3,021 7,500 Others

-61,119 -23,628 1,920 Total

- 26 -

表 5 按界別分類的投資流動淨值

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 76,244銀行 12,341 45,351 28,523 38,371 -22,557 16,029其他界別 -29,532 -4,840 -8,547 58,577 -38,128 60,215

有價證券投資 171,052 256,812 190,782 -322,045 -302,484 -237,143銀行 60,181 -5,712 -105,031 -121,008 -152,475 -106,948其他界別 110,871 262,524 295,813 -201,037 -150,009 -130,195

金融衍生工具 25,550 79,225 1,661 39,640 51,563 79,568銀行 28,804 72,695 -5,717 33,830 47,320 77,072其他界別 -3,254 6,530 7,379 5,811 4,243 2,497

其他投資 -245,059 -368,243 -179,917 133,783 157,573 -54,618銀行 -362,810 -400,237 -158,974 144,788 195,747 -50,646其他界別 117,751 31,994 -20,944 -11,004 -38,174 -3,972

總計 -65,649 8,305 32,503 -51,674 -154,033 -135,949

銀行 -261,484 -287,903 -241,198 95,981 68,035 -64,494

其他界別 195,836 296,209 273,701 -147,655 -222,068 -71,455

2002 2002 2002 2002 2003 2003

投資類別第一季第二季第三季第四季第一季第二季

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

直接投資 -12,901 39,689 -37,151 -50,322 3,016 34,843銀行 -7,779 25,309 -44,451 4,364 3,150 5,630其他界別 -5,123 14,380 7,300 -54,686 -134 29,212

有價證券投資 -4,146 -113,164 -87,818 -97,355 -54,803 -25,874銀行 -6,937 -91,652 -11,624 -42,263 -11,576 -21,145其他界別 2,791 -21,512 -76,195 -55,092 -43,226 -4,730

金融衍生工具 2,769 24,412 6,452 17,931 12,122 22,044銀行 2,568 21,250 6,779 16,723 8,412 23,260其他界別 201 3,162 -328 1,207 3,710 -1,216

其他投資 -9,577 47,973 87,276 31,901 13,649 -56,198銀行 -11,564 82,729 99,042 25,540 15,092 -18,680其他界別 1,987 -34,756 -11,766 6,361 -1,444 -37,517

總計 -23,855 -1,091 -31,241 -97,846 -26,017 -25,186

銀行 -23,711 37,636 49,747 4,363 15,077 -10,934

其他界別 -144 -38,726 -80,988 -102,210 -41,094 -14,251

- 27 -

百萬港元

HK$ million

2001 2001 2001 2001

第一季第二季第三季第四季 Type of Investment

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

55,238 40,244 7,394 -5,928 Direct investment5,561 13,611 16,646 2,554 Banks

49,677 26,633 -9,252 -8,481 Other sectors

-111,440 -35,325 -82,377 -92,904 Portfolio investment-24,607 -54,357 -20,615 -21,429 Banks-86,833 19,032 -61,761 -71,475 Other sectors

-7,166 12,829 25,335 8,642 Financial derivatives-8,111 12,210 24,375 5,356 Banks

945 620 960 3,286 Other sectors

97,698 -13,599 -9,254 58,938 Other investment70,608 -14,373 53,392 35,161 Banks27,090 774 -62,646 23,778 Other sectors

34,330 4,150 -58,902 -31,252 Total

43,452 -42,909 73,798 21,641 Banks

-9,122 47,059 -132,699 -52,892 Other sectors

2003 2003 2004

第三季第四季第一季 Type of Investment

3rd Qtr 4th Qtr 1st Qtr Sector

20,271 18,114 -103,880 Direct investment6,670 579 972 Banks

13,602 17,535 -104,852 Other sectors

-80,969 -75,496 -156,355 Portfolio investment-28,905 -45,322 -25,731 Banks-52,064 -30,174 -130,624 Other sectors

37,826 7,576 12,130 Financial derivatives37,968 7,432 11,697 Banks

-142 145 434 Other sectors

-38,247 26,178 250,025 Other investment-51,175 4,116 168,457 Banks12,928 22,062 81,568 Other sectors

-61,119 -23,628 1,920 Total

-35,442 -33,195 155,394 Banks

-25,677 9,567 -153,474 Other sectors

- 28 -

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)

2002 2002 2002 2002


對外債務頭寸總額 2002 2003 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

政府機構 0 0 0 0 0 0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 0 0 0 0 0 0中長期債券 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

金融當局 1,654 1,068 28,634 17,161 25,852 1,654短期 1,654 1,039 28,434 16,889 25,852 1,654貨幣市場工具 … … 600 … … …貸款 1,552 893 27,772 16,829 25,763 1,552貨幣和存款 0 0 0 0 0 0其他債務負債 102 146 62 61 89 102

長期 … 29 200 272 … …中長期債券 … 29 200 272 … …貸款 0 0 0 0 0 0其他債務負債 0 0 0 0 0 0

銀行 1,722,484 1,828,027 1,722,780 1,762,311 1,699,587 1,722,484短期 1,673,954 1,794,955 1,675,791 1,716,918 1,652,160 1,673,954貨幣市場工具 24,606 22,134 23,722 25,000 23,916 24,606貸款 41,721 33,986 43,856 44,088 43,358 41,721貨幣和存款 1,603,733 1,735,950 1,605,326 1,643,954 1,580,790 1,603,733其他債務負債 3,894 2,885 2,886 3,875 4,095 3,894

長期 48,530 33,072 46,989 45,393 47,427 48,530中長期債券 35,647 19,917 31,777 32,712 34,532 35,647貸款 11,445 9,079 12,088 11,000 11,388 11,445其他債務負債 1,438 4,076 3,124 1,682 1,507 1,438

其他界別 225,336 234,946 255,816 283,028 250,601 225,336短期 69,461 96,059 91,681 115,621 86,125 69,461貨幣市場工具 5,148 2,285 25,983 25,116 18,657 5,148貸款 21,081 27,291 28,267 52,559 25,862 21,081貨幣和存款 925 725 371 1,073 1,766 925貿易信貸 29,909 41,562 25,238 26,325 29,003 29,909其他債務負債 12,398 24,195 11,823 10,547 10,839 12,398

長期 155,875 138,887 164,134 167,407 164,476 155,875中長期債券 45,756 29,916 41,560 49,118 48,479 45,756貸款 96,244 84,149 110,820 106,664 103,098 96,244貿易信貸 626 1,604 668 671 819 626其他債務負債 13,249 23,218 11,087 10,955 12,080 13,249

直接投資：公司間借貸 785,536 739,331 830,519 854,261 832,912 785,536對有聯繫企業的債務負債 241,648 249,940 239,363 244,910 251,898 241,648對直接投資者的債務負債 543,888 489,391 591,156 609,351 581,014 543,888

對外債務負債總額 2,735,010 2,803,372 2,837,749 2,916,762 2,808,952 2,735,010

註釋： … 數據不顯著 (少於一千萬港元)。

- 29 -

百萬港元

HK$ million

2003 2003 2003 2003 2004


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

0 0 0 0 0 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 liabilities0 0 0 0 0 Long-term0 0 0 0 0 Bonds and notes0 0 0 0 0 Loans 0 0 0 0 0 Trade credits0 0 0 0 0 Other debt liabilities

12,482 4,959 9,658 1,068 967 Monetary Authority12,471 4,926 9,626 1,039 928 Short-term

… … … … … Money market instruments12,333 4,810 9,498 893 765 Loans

0 0 0 0 0 Currency and deposits138 116 128 146 163 Other debt liabilities12 33 33 29 39 Long-term12 33 33 29 39 Bonds and notes

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

1,687,532 1,654,820 1,629,418 1,828,027 2,101,322 Banks1,631,180 1,605,085 1,599,359 1,794,955 2,066,393 Short-term

24,887 22,658 22,401 22,134 23,582 Money market instruments40,121 36,709 36,040 33,986 32,105 Loans

1,559,375 1,538,086 1,535,970 1,735,950 1,995,500 Currency and deposits6,798 7,632 4,948 2,885 15,206 Other debt liabilities

56,352 49,734 30,059 33,072 34,929 Long-term42,375 40,512 20,208 19,917 20,206 Bonds and notes12,849 7,737 8,428 9,079 10,028 Loans

1,128 1,486 1,423 4,076 4,695 Other debt liabilities

238,226 214,255 222,960 234,946 235,737 Other Sectors85,147 83,405 87,077 96,059 91,152 Short-term

2,181 2,911 3,460 2,285 2,685 Money market instruments31,479 25,194 21,277 27,291 36,925 Loans

928 612 810 725 1,752 Currency and deposits31,764 33,964 39,531 41,562 25,991 Trade credits18,795 20,724 22,000 24,195 23,799 Other debt liabilities

153,079 130,850 135,883 138,887 144,585 Long-term44,789 38,696 35,969 29,916 32,045 Bonds and notes96,942 81,197 91,575 84,149 93,040 Loans

731 1,279 1,732 1,604 829 Trade credits10,616 9,679 6,606 23,218 18,672 Other debt liabilities

792,414 789,678 802,828 739,331 679,963 Direct investment: Inter-company lending238,983 248,208 248,499 249,940 159,291 Debt liabilities to affiliated enterprises553,431 541,469 554,329 489,391 520,672 Debt liabilities to direct investors

2,730,654 2,663,712 2,664,864 2,803,372 3,017,988 Gross External Debt

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

- 30 -

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

(Position as at end of period)百萬港元

HK$ million

概括組成部分 Broad Components 2000 2001 2002 2003

資產 Assets 8,899,295 8,350,623 8,032,744 9,124,894

在外地的直接投資 Direct investment abroad 3,027,809 2,749,237 2,412,932 2,609,129

有價證券投資 Portfolio investment 1,394,320 1,603,059 1,903,241 2,575,551

金融衍生工具 Financial derivatives 131,063 136,672 175,616 167,377

其他投資 Other investment 3,507,266 2,994,734 2,668,150 2,853,729

儲備資產 Reserve assets 838,839 866,922 872,805 919,107

負債 Liabilities 7,169,749 6,282,662 5,355,376 6,037,362

在香港的直接投資 Direct investment in HK 3,550,840 3,269,653 2,622,298 2,911,496

有價證券投資 Portfolio investment 1,194,477 912,493 729,456 971,059



國際投資頭寸淨值 (1) Net International Investment Position (1) 1,729,547 2,067,961 2,677,368 3,087,532

直接投資 Direct investment -523,031 -520,416 -209,366 -302,366

有價證券投資 Portfolio investment 199,843 690,566 1,173,785 1,604,491


其他投資 Other investment 1,180,416 988,240 829,834 863,968


註釋： (1) 國際投資頭寸淨值是對外金融資產 Note : (1) Net international investment position is the difference between 總值與對外金融負債總值之差。 total external financial assets and total external financial liabilities.

- 31 -

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


HK$ million

標準組成部分 Standard Components 2000 2001 2002 2003

資產 Assets 8,899,295 8,350,623 8,032,744 9,124,894

在外地的直接投資 Direct investment abroad 3,027,809 2,749,237 2,412,932 2,609,129

股本資本和再投資收益 Equity capital and reinvested earnings 2,472,154 2,204,771 1,902,813 2,126,057

對有聯繫企業的申索 Claims on affiliated enterprises 2,472,154 2,204,771 1,902,813 2,126,057

對有聯繫企業的負債 Liabilities to affiliated enterprises … … … …

其他資本 Other capital 555,654 544,466 510,120 483,072

對有聯繫企業的申索 Claims on affiliated enterprises 735,820 776,439 751,768 733,012

對有聯繫企業的負債 Liabilities to affiliated enterprises -180,165 -231,973 -241,648 -249,940

有價證券投資 Portfolio investment 1,394,320 1,603,059 1,903,241 2,575,551

股本證券 Equity securities 688,581 737,717 746,434 1,180,341

銀行 Banks 548 512 536 2,069

其他界別 Other sectors 688,033 737,205 745,897 1,178,272

債務證券 Debt securities 705,739 865,342 1,156,808 1,395,210

中長期債券 Bonds and notes 524,023 669,585 963,268 1,186,192

銀行 Banks 327,111 459,213 663,758 761,529

其他界別 Other sectors 196,912 210,372 299,510 424,663

貨幣市場工具 Money market instruments 181,716 195,757 193,540 209,018

銀行 Banks 164,918 167,265 166,653 177,417



銀行 Banks 123,152 128,498 159,643 158,673



貿易信貸 Trade credits 31,434 45,785 56,749 68,050

貸款 Loans 648,886 450,881 405,848 393,794

銀行 Banks 599,188 357,827 356,229 336,124


貨幣和存款 Currency and deposits 2,782,776 2,451,964 2,167,916 2,345,071

銀行 Banks 2,455,796 2,115,542 1,785,819 1,981,329


其他資產 Other assets 44,169 46,103 37,636 46,813

銀行 Banks 10,066 9,180 8,883 8,691




- 32 -

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


HK$ million

標準組成部分 Standard Components 2000 2001 2002 2003

負債 Liabilities 7,169,749 6,282,662 5,355,376 6,037,362

在香港的直接投資 Direct investment in HK 3,550,840 3,269,653 2,622,298 2,911,496

股本資本和再投資收益 Equity capital and reinvested earnings 3,134,592 2,765,016 2,173,538 2,531,780

對直接投資者的申索 Claims on direct investors … … … …

對直接投資者的負債 Liabilities to direct investors 3,134,592 2,765,016 2,173,538 2,531,780

其他資本 Other capital 416,248 504,637 448,760 379,715

對直接投資者的申索 Claims on direct investors -104,029 -97,324 -95,128 -109,676

對直接投資者的負債 Liabilities to direct investors 520,277 601,961 543,888 489,391

有價證券投資 Portfolio investment 1,194,477 912,493 729,456 971,059

股本證券 Equity securities 1,076,454 801,787 618,299 896,779

銀行 Banks 63,165 50,031 44,774 64,580

其他界別 Other sectors 1,013,290 751,756 573,525 832,199

債務證券 Debt securities 118,023 110,706 111,158 74,280

中長期債券 Bonds and notes 74,948 63,038 81,403 49,861

銀行 Banks 27,719 23,242 35,647 19,917


貨幣市場工具 Money market instruments 43,075 47,668 29,754 24,419

銀行 Banks 21,168 24,936 24,606 22,134



銀行 Banks 92,904 90,240 159,395 162,005



貿易信貸 Trade credits 16,539 23,524 30,535 43,167

貸款 Loans 271,329 269,070 172,043 155,399

銀行 Banks 152,272 105,292 53,166 43,065


貨幣和存款 Currency and deposits 2,021,862 1,693,371 1,604,658 1,736,675

銀行 Banks 2,019,923 1,693,037 1,603,733 1,735,950

其他界別 Other sectors 1,939 334 925 725

其他負債 Other liabilities 17,119 20,530 31,081 54,521

銀行 Banks 3,018 4,194 5,332 6,961


國際投資頭寸淨值 (1) Net International Investment Position (1) 1,729,547 2,067,961 2,677,368 3,087,532

註釋： (1) 國際投資頭寸淨值是對外金融資產 Notes : (1) Net international investment position is the difference between 總值與對外金融負債總值之差。 total external financial assets and total external financial liabilities.

… 數據不顯著 (少於一千萬港元)。 … Value is relatively insignificant (less than HK$10 million).

- 33 -

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 經常帳差額佔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

-40

-30

-20

-10

0

10

20

30

40

50

60

Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004

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

1999 2000 2001 2002 2003 2004

-110-100

-90-80-70-60-50-40-30-20-10

0102030

Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004

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

- 34 -

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

Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004

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

-200

-150

-100

-50

0

50

100

150

200

250

300

Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 Q2 2003 Q3 2003 Q4 2003 Q1 2004

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

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2000 2001 2002 2003

資產

Assets

負債

Liabilities

國際投資頭寸淨值

Net International Investment Position

- 35 -

- 36 -

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 is owned by residents with claims on non-residents, whereas liabilities refer to that which is owed by residents with obligations to non-residents.

3. 對外債務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 given 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或有負

債。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。債務包括逾期未收的本金及利

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, which are commitments to undertake certain responsibilities in case some well defined conditions are fulfilled, are not included in ED. For a liability to be included in ED, 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 ownership 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

一個以流動為主的概念，而後者則以存量為主。

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-oriented concept and the latter a stock-oriented one.

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，由於不需付本金及／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 a stock-oriented 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 and/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.

- 37 -

7. 金融資產和負債的交易均會影響這些資產

和負債的存量。此外，當一個經濟體系的對外金融

資產和負債存量折算為當地貨幣時，價格變動、匯

率變動、及其他調整，也會對其價值產生影響。價

格變動和匯率變動反映在統計期內金融資產及負

債的損益。另一方面，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）和債權人單方面取消債務。

7. Transactions in financial assets and liabilities will affect the stock of these assets and liabilities. In addition to transactions, price changes, exchange rate variations and other adjustments also have 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 changes and exchange rate variations reflect the holding gains or losses of financial assets and liabilities during the reference period. On the other hand, 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.

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 ED 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數據

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。

香港的對外債務數據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 External Debt Statistics: Guide for Compilers and Users (Debt Guide) 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.

- 38 -

﹙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（出口）

和由非本地居民向本地居民（進口）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。

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.

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.

- 39 -

﹙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 which includes direct investment income, portfolio investment income and other investment income.

僱員報酬是指從短期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 derived from short-term employment, and comprises wages, salaries and other remuneration whether paid in cash or in kind.

直接投資收益是指從直接投資所賺取的所

得，而投資者對所投資的企業是有持久利

益兼在管理方面具有相當程度的影響力和

控制權。這些所得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

益及租金總額。

Direct investment income refers to earnings from direct investment, where the investors have a lasting interest and a degree of influence or control over the management of the direct investment enterprise. These earnings are in the form of receipts of distributed dividends, share of undistributed profits, net interest receipts on inter-company debts and gross rentals.

有價證券投資收益是指從投資股本證券及

債務證券所賺取的所得。

Portfolio investment income refers to earnings from investment in equity securities and debt securities.

其他投資收益是指和其他金融申索及負債

有關的利息收益，而這些收益並不屬於直

接投資收益或有價證券投資收益。

Other investment income refers to interest income derived from other financial claims and liabilities, and is income that are not classified as direct investment income or portfolio investment income.

﹙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／接受實質及金融資源，兼且

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.

- 40 -

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內的某投資者

購買設立在另一經濟體系內的企業，兼且

對該企業有持久利益和在管理方面具有效

的控制權。為達統計目的，在某企業具有

效的控制權是指持有該企業 10%或以上的股份。

Direct investment refers to external investment in which an investor of an economy acquires a lasting interest and an effective control over the management of an enterprise located in another economy. For statistical purpose, an effective control is taken as equivalent to a holding of 10% or more of the equity in an enterprise.

直接投資包括股本資本、再投資收益及其

他資本。股本資本是指在分行的股本，以

及在附屬公司和聯營公司所持的股票。再

投資收益是指投資者在附屬公司及聯營公

司所應佔而未獲以股息形式派發的利潤。

其他資本包括總公司與其附屬公司、聯營

公司和分行間之債務交易。

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 includes inter-company debt transactions between parent companies and their subsidiaries, associates and branches.

- 41 -

﹙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

股票及債券時，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 securities 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 Exchange 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

其他投資是指不屬於直接投資、有價證券

投資、金融衍生工具或儲備資產，而對非

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

財務租賃等。

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. Other investment includes non-marketable loans, currency and deposits, trade credits and financial leases.

﹙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.

- 42 -

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），接著再以原訂期限（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、及其他債務負債）分項。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, and other debt liabilities). Long-term debt is defined as debt with a maturity of more than one year or with no stated maturity, whilst 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 organizations. Conceptually, an individual or an organization 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 organizations, residents refer to those which ordinarily operate in the economic territory.

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.

- 43 -

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.

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 organizations, 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).

- 44 -

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。

至於僱員報酬的流動數字，是參考調查數據後作出

象徵性的估計。

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. Token estimates are made in respect of flows of compensation of employees.

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 organizations and administrative returns.As for transfers of the government sector, data are obtained from government accounting records.

- 45 -

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 organizations. 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.

- 46 -

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

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 of Payments

- 47 -

獲取政府統計處刊物及其他統計產品的方法 Means of Obtaining Publications and Other Statistical Products

of the Census and Statistics Department

網上銷售服務 Online Purchase

互聯網用戶可在「香港統計數據書店」(網址：http://www.statisticalbookstore.gov.hk)購買刊物，並即時付款。購買刊物的下載版可即時從網上下載，

而購買印刷版則會以郵遞方式送達。所有二零零四

年系列的期刊及二零零四年出版的年刊和特刊的下

載版定價均為印刷版的百分之七十五。用戶亦可於

網上安排訂閱期刊或行將出版的刊物。

Internet users may purchase the publications online at the “Statistical Bookstore, Hong Kong” (Address: http://www.statisticalbookstore.gov.hk) with payment made instantly. Softcopies of the publications purchased are available for immediate downloading while hardcopies purchased will be delivered by mail. Softcopies of the 2004 series of sub-annual publications as well as annual and ad hoc publications released in 2004 are priced at 75% of their hardcopy counterparts. Subscription to sub-annual publications and advance ordering of upcoming releases are also available.

除刊物外，一些較刊物所載統計數據更詳細的統計

表與及唯讀光碟產品亦於網上書店有售。「香港統計

數據書店」與其他公共服務集中設於「公共服務電

子化」計劃 (ESD) 的入門網站內 ( 網址：http://www.esd.gov.hk)。

Apart from publications, softcopies of statistical tables containing more detailed statistics than those in publications and CD-ROM products are also available for sale. The Statistical Bookstore is hosted on the ESD portal (Address : http://www.esd.gov.hk) together with other public services.

在「香港統計數據書店」選購指定刊物，可享有七

五折優惠，優惠期至二零零四年七月三十一日止。 The Statistical Bookstore is offering a special 25% discount on selected publications until 31 July 2004.

郵購服務 Mail Order Service

大部分政府統計處的刊物均附有郵購表格，供訂購

或按期訂閱刊物的印刷版。填妥的郵購表格可連同

支付所需費用和郵費的支票或匯票寄回辦理。郵購

表格亦可在政府統計處網站下載 (網址：http://www.info.gov.hk/censtatd/chinese/prod_serv/ forms_index.html)。

A mail order form for ordering or arranging subscription to hardcopies of the publications is available in most publications of the Census and Statistics Department. It may be completed and sent back together with a cheque or bank draft covering all necessary cost and postage. The order form is also available for downloading from the website of the Department (Address : http://www.info.gov.hk/censtatd/eng/prod_ serv/forms_index.html).

銷售中心 Sales Centre

香港灣仔港灣道十二號灣仔政府大樓十九樓政府統計處刊物出版組電話：(852) 2582 3025 圖文傳真：(852) 2827 1708

Publications Unit Census and Statistics Department 19/F Wanchai Tower 12 Harbour Road, Wan Chai, Hong Kong Tel. : (852) 2582 3025 Fax : (852) 2827 1708

市民可親臨政府統計處刊物出版組購買刊物的印刷

版和唯讀光碟產品（包括《統計發展概要》2004年版的唯讀光碟版），並可即時提取，或在此訂購刊物

或統計表的下載版，然後於網上提取。該組設有一

個閱讀區，讓使用者在舒適的環境下翻閱陳列於架

上的各類統計處出版的刊物。閱讀區也備有統計處

的免費刊物，歡迎索閱。

Hardcopies of the publications and CD-ROM products (including the CD-ROM version of the 2004 Edition of An Outline of Statistical Development) are available for purchase and can be collected on the spot at the Unit. The Unit also accepts orders for softcopies of publications and statistical tables, which will be delivered online. It provides a comfortable reading area where users may browse through various publications of the Department on display. Free publications of the Department are also available for collection.

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訂閱表格（只適用於印刷版）

香港國際收支平衡統計按季報告（二零零四年各期刊）

致：香港九龍新蒲崗太子道東 698 號寶光商業中心 6 樓 602-606 室政府統計處國際收支平衡統計組（一）一（電話：（852）2116 8678，傳真：（852）2116 0278）

請在適當空格 ( ) 內加上 (√ ) 號。（港元）

刊期刊物出版日期每本售價

(1)

每本本地郵費

(2) & (3)

每本合計 (a)

本數 (b)

總計 (a) x (b)

二零零四年第一季（J69000401B0）

二零零四年六月 24.0 4.0 28.0

二零零四年第二季（J69000402B0）

二零零四年九月 24.0 4.0 28.0

二零零四年第三季（J69000403B0）

二零零四年十二月 24.0 4.0 28.0

二零零四年第四季（J69000404B0）

二零零五年三月 24.0 4.0 28.0

合計：

本人現附上支票（編號：）港幣元，購買上述刊物。（註：支票應予劃線，

並註明支付「香港特別行政區政府」。）

訂戶資料姓名：地址：

職銜：

部門：

機構名稱：電話：傳真：

日期：

機構主要從事業務類別：進出口貿易業建造業零售貿易業金融、保險及地產業製造業商用服務業教育機構社區、社會及個人服務業其他，請註明

讀者類別（可選多項）：經理分析員、研究員市場、推廣部人員教師、大專院校講師學生其他，請註明

訂戶類別：機構私人

你是否願意收到本處推廣其他刊物的資料？是否

註： (1) 此為印刷版的售價。請注意，除印刷版外，此期刊亦備有下載版可供選擇，二零零四年系列的下載版定價為每期港幣 18 元。如欲訂閱下載版，請到網上「香港統計數據書店」(http://www.statisticalbookstore.gov.hk)。

(2) 外地訂購人士暫時毋須附上支票，所需郵費將於收到訂購要求後另行通知。 (3) 訂閱超過一本相同期號的刊物，請向政府新聞處查詢所需本地郵費 (電話：(852) 2842 8844 或 (852) 2842 8845，圖

文傳真：(852) 2598 7482)。

你在表格上所提供的資料，只會用作辦理書刊訂購事宜，不會向任何和訂購無關的人士透露。如欲查看或更改所填報

的資料，請與政府統計處的資料管理人員聯絡。地址：香港灣仔港灣道十二號灣仔政府大樓二十一樓。

- 49 -

Subscription Form (Applicable to hardcopies only) Quarterly Report of Balance of Payments Statistics

of Hong Kong (2004 Issues)

To : Balance of Payments Section(1)1, Census and Statistics Department Unit 602-606, 6/F, Stelux House, 698 Prince Edward Road East, San Po Kong, Kowloon, Hong Kong. (Tel.: (852) 2116 8678, Fax: (852) 2116 0278) Please tick (√ ) in the appropriate box ( ).

(HK$)

Issue Date of publication Price per

copy (1)

Local postage

(2) & (3) Total price

(a) No. of copies

(b)

Total amount(a) x (b)

First Quarter 2004 (J69000401B0)

June 2004 24.0 4.0 28.0

Second Quarter 2004 (J69000402B0)

September 2004 24.0 4.0 28.0

Third Quarter 2004 (J69000403B0)

December 2004 24.0 4.0 28.0

Fourth Quarter 2004 (J69000404B0)

March 2005 24.0 4.0 28.0

TOTAL : I enclose a cheque (No. ) of HK$ for the payment of the above order. (Cheque should be crossed and made payable to ‘The Government of the Hong Kong Special Administrative Region’ or ‘The Government of the HKSAR’.)

Subscriber’s Information Name : Address : Title of Post : Department : Name of Tel. : Fax : Organization : Date :

Major type of business of organization : Import/export trade Construction Retail trade Financing, insurance and real estate Manufacturing Business services Educational institution Community, social and personal services Others, please specify

Type of readers (more than one choice allowed) : Manager Analyst / researcher Marketing / promotional personnel Teaching staff / lecturer Student Others, please specify

Type of purchaser : Organization Individual

Do you want to receive promotional materials of other publications of this department? Yes No Notes: (1) This refers to the price of the hardcopy. Apart from hardcopy, please note that softcopy is also available for subscription at

HK$18 per issue for 2004 series. For arranging subscription to softcopies, please visit the online “Statistical Bookstore, Hong Kong” (http://www.statisticalbookstore.gov.hk).

(2) For mailings to addresses outside Hong Kong, please do not send in a cheque now. The required postage will be advised upon receipt of order.

(3) For arranging subscription to more than one copy of the same issue, please consult the Information Services Department about the required local postage. (Tel.: (852) 2842 8844 or (852) 2842 8845, Fax: (852) 2598 7482).

The information provided herein will only be used for processing your order of publications and will not be disclosed to parties which are not involved in the subscription of these publications. You may seek access to or correction of the information by addressing your request to the Data Controlling Officer, Census and Statistics Department, 21/F, Wanchai Tower, 12 Harbour Road, Wan Chai, Hong Kong.

香港國際收支平衡統計balance of payments statistics of hong

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