香港國際收支平衡統計 - statistics.gov.hk · 3,482...

香港國際收支平衡統計

Balance of Payments Statistics of Hong Kong

二零零九年第四季 Fourth Quarter 2009

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San Po Kong, Kowloon, Hong Kong, China.

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二零一零年三月出版

Published in March 2010

本刊物只備有下載版。

This publication is available in download version only.

目錄 CONTENTS

頁數 Page

I. 概況 I. General Observations

二零零九年第四季及二零零九年全年國

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

quarter of 2009 and the whole year of 2009 1

二零零九年第四季對外債務統計 External Debt Statistics for the fourth quarter of 2009 5

二零零八年國際投資頭寸統計 International Investment Position Statistics for 2008 6

II. 統計表

II. Statistical Tables

國際收支平衡表 Balance of Payments Account

表 1 一九九八年至二零零九年第四季國際收支平衡表

Table 1 Balance of Payments Account, 1998 to fourth quarter 2009

9

表 2 一九九八年至二零零九年第四季經常帳

Table 2 Current Account, 1998 to fourth quarter 2009

15

表 3 一九九八年至二零零九年第四季資本及金融帳

Table 3 Capital and Financial Account, 1998 to fourth quarter 2009

21

表 4 按組成部分劃分的一九九八年至二零零九年第四季投資流動淨值

Table 4 Net Investment Flows by Component, 1998 to fourth quarter 2009

33

表 5 按界別劃分的一九九八年至二零零九年第四季投資流動淨值

Table 5 Net Investment Flows by Sector, 1998 to fourth quarter 2009

37

對外債務 External Debt

表 6 二零零二年至二零零九年第四季對外債務統計數字（期末頭寸）

Table 6 External Debt Statistics, 2002 to fourth quarter 2009 (Position as at end of period)

41

國際投資頭寸 International Investment Position

表 7 按概括組成部分劃分的二零零零年至二零零八年國際投資頭寸（期

末頭寸）

Table 7 International Investment Position by Broad Component, 2000 to 2008(Position as at end of period)

45

表 8 按標準組成部分劃分的二零零零年至二零零八年國際投資頭寸（期

末頭寸）

Table 8 International Investment Position by Standard Component, 2000 to 2008 (Position as at end of period)

47

III. 統計圖

III. Charts

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

圖 2 經常帳差額相當本地生產總值百分比

Chart 2 Current Account Balance as Percentage to GDP

51

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

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

圖 5 對外債務 Chart 5 External Debt 52

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

IV. 註釋

IV. Explanatory Notes 53

- - 1

概況 General Observations

二零零九年第四季及二零零九年全年國際收

支平衡表

Balance of Payments (BoP) Accounts for the fourth quarter of 2009 and the whole year of 2009

整體狀況（表 1） Overall Situation (Table 1)

香港的國際收支平衡表於二零零九年第四

季錄得 2,306 億元盈餘（相當於本地生產總值的51.7%），而二零零九年第三季則錄得 1,066億元盈餘（相當於本地生產總值的 25.5%）。儲備資產於二零零九年第四季相應增加同樣數額。

Hong Kong recorded a surplus amounting to $230.6 billion in its BoP account (at 51.7% of GDP) in the fourth quarter of 2009, compared with a surplus of $106.6 billion (at 25.5% of GDP) in the third quarter of 2009. Reserve assets correspondingly increasedby the same amount in the fourth quarter of 2009.

在國際收支平衡表主要組成部分當中，二

零零九年第四季經常帳錄得 366億元盈餘（相當於本地生產總值的 8.2%），較二零零九年第三季的235 億元盈餘（相當於本地生產總值的 5.6%）為多。同時，二零零九年第四季屬非儲備性質的金融

資產錄得 1,925億元淨流入（相當於本地生產總值的 43.2%），而二零零九年第三季則錄得 522 億元淨流入（相當於本地生產總值的 12.5%）。

Among the major BoP components, there was a current account surplus of $36.6 billion (at 8.2% of GDP) in the fourth quarter of 2009, larger than that of $23.5 billion (at 5.6% of GDP) in the third quarter of 2009. At the same time, a net inflow of financial non-reserve assets amounting to $192.5 billion (at 43.2% of GDP) was recorded in the fourth quarter of 2009, compared with a net inflow of $52.2 billion (at 12.5% of GDP) in the third quarter of 2009.

二零零九年全年的國際收支錄得 5,493 億元盈餘（相當於本地生產總值的 33.6%），而二零零八年則錄得 2,639億元盈餘（相當於本地生產總值的 15.8%）。

For 2009 as a whole, there was a BoP surplusof $549.3 billion (at 33.6% of GDP), compared with a surplus of $263.9 billion (at 15.8% of GDP) in 2008.

在國際收支平衡表主要組成部分當中，二

零零九年香港的經常帳錄得 1,426億元盈餘（相當於本地生產總值的 8.7%），較二零零八年的 2,281億元盈餘為少（相當於本地生產總值的 13.6%）。同時，二零零九年屬非儲備性質的金融資產錄得

3,482 億元淨流入（相當於本地生產總值的21.3%），而二零零八年則錄得 163億元淨流入（相當於本地生產總值的 1.0%）。

Among the major BoP components, Hong Kong recorded a current account surplus of $142.6 billion (at 8.7% of GDP) in 2009, smaller than that of $228.1 billion (at 13.6% of GDP) in 2008. At the same time, a net inflow of financial non-reserve assets amounting to $348.2 billion (at 21.3% of GDP) was recorded in 2009, compared with a net inflow of $16.3 billion (at 1.0% of GDP) in 2008.

經常帳（表 2） Current Account (Table 2)

二零零九年第四季的經常帳錄得 366 億元盈餘，較二零零八年第四季的 857億元盈餘為少。與二零零八年同季比較，二零零九年第四季錄得的

經常帳盈餘中，有形貿易赤字有增加、無形貿易盈

餘有增加、對外要素收益淨流入有減少和經常轉移

有持續的淨流出。

The current account recorded a surplus of $36.6 billion in the fourth quarter of 2009, smallerthan that of $85.7 billion in the fourth quarter of 2008.Compared with the same quarter of 2008, the current account surplus in the fourth quarter of 2009 was characterised by an increase in the visible trade deficit, an increase in the invisible trade surplus, a decrease in the net inflow of external factor income, and a continued net outflow of current transfers.

- - 2

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

由於貨物出口的下跌和貨物入口的上升，

有形貿易赤字由二零零八年第四季的 306億元上升至二零零九年同季的 682 億元。另一方面，由於服務輸出的升幅較服務輸

入的升幅大，無形貿易盈餘由二零零八年

第四季的 968 億元增加至二零零九年同季的 1,009億元。總括而言，二零零九年第四季有形及無形貿易合共錄得 327 億元盈餘，較二零零八年同季的 661 億元盈餘為少。

With exports of goods decreasing and imports of goods increasing, the visible trade deficit increased from $30.6 billion in the fourth quarter of 2008 to $68.2 billion in the same quarter of 2009. On the other hand, the invisible trade surplus increased from $96.8 billion in the fourth quarter of 2008 to $100.9 billion in the same quarter of 2009, asincrease in exports of services was larger than that of imports of services. Overall, a combined visible and invisible trade surplus of $32.7 billion was recorded in the fourth quarter of 2009, smaller than that of $66.1 billion in the same quarter of 2008.

﹙乙﹚ 收益 (b) Income

在要素收益流動方面，二零零九年第四季

的對外要素收益流入和流出分別為 2,057億元和 1,955億元，從而產生 102億元淨流入，而二零零八年同季則錄得 254 億元淨流入。

For factor income flows, the external factor income inflow and outflow amounted to $205.7 billion and $195.5 billion respectively, thus yielding a net inflow of $10.2 billion in the fourth quarter of 2009, compared with a net inflow of $25.4 billion in the same quarter of 2008.

﹙丙﹚ 經常轉移 (c) Current transfers

二零零九年第四季經常轉移的流出和流入

分別為 70 億元和 8 億元，令該季錄得 62億元淨流出，而二零零八年同季則錄得 58億元淨流出。

A current transfers outflow and inflow of $7.0 billion and $0.8 billion were recorded respectively in the fourth quarter of 2009, resulting in a net outflow of $6.2 billion in that quarter, compared with a net outflow of $5.8 billion in the same quarter of 2008.

二零零九年第四季經常帳的主要組成部分

與二零零九年第三季比較（這樣的比較可能會受季

節性因素影響），有形貿易赤字由 659 億元增加至682 億元，而無形貿易盈餘則由 868 億元增加至1,009億元。同時，對外要素收益淨流入由 91億元增加至 102億元，而經常轉移淨流出則由 64億元減少至 62億元。

Comparing the main current account components of the fourth quarter of 2009 with those of the third quarter of 2009 (this comparison may be affected by seasonal factors), the visible trade deficit increased from $65.9 billion to $68.2 billion, while the invisible trade surplus rose from $86.8 billion to $100.9 billion. Concurrently, the net inflow of external factor income increased from $9.1 billion to $10.2 billion, while the net outflow of current transfersdecreased from $6.4 billion to $6.2 billion.

二零零九年全年的經常帳盈餘為 1,426 億元，較二零零八年的 2,281億元為少。這是有形貿易赤字由 1,801億元增加至 2,082億元、無形貿易盈餘由 3,508億元減少至 3,259億元和對外要素收益淨流入由 833億元減少至 494億元，被經常轉移淨流出由259億元減少至245億元所輕微抵銷的綜合結果。

For 2009 as a whole, the current account surplus was $142.6 billion, smaller than that of $228.1 billion in 2008. This was the combined result of an increase in visible trade deficit from $180.1 billion to $208.2 billion, a decrease in invisible trade surplus from $350.8 billion to $325.9 billion, anda decrease in net inflow of external factor income from $83.3 billion to $49.4 billion, slightly offset by a decrease in net outflow of current transfers from $25.9 billion to $24.5 billion.

- - 3

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

資本轉移 Capital Transfers

二零零九年第四季的資本轉移淨流入為 95億元，而二零零九年第三季則錄得 123 億元淨流入。

In the fourth quarter of 2009, a net inflow of capital transfers was estimated at $9.5 billion,compared with a net inflow of $12.3 billion in the third quarter of 2009.

二零零九年全年的資本轉移淨流入為 362億元，而二零零八年則錄得 164億元淨流入。

For 2009 as a whole, a net inflow of capital transfers was estimated at $36.2 billion, compared with a net inflow of $16.4 billion in 2008.

金融帳 Financial Account

二零零九年第四季屬非儲備性質的金融資

產錄得整體淨流入合共 1,925億元，而二零零九年第三季則錄得 522億元淨流入。二零零九年第四季屬非儲備性質的金融資產錄得整體淨流入是直接

投資淨流入、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，被有價證券投資淨流出所部

分抵銷的綜合結果。

An overall net inflow of financial non-reserve assets amounting to $192.5 billion was recorded in the fourth quarter of 2009, compared with a net inflow of $52.2 billion in the third quarter of 2009. The overall net inflow of financial non-reserve assets in the fourth quarter of 2009 was the combined result of a net inflow of direct investment, a net inflow due to the cash settlement of financial derivatives, and a net inflow of other investment, partly offset by a net outflow of portfolio investment.

二零零九年全年屬非儲備性質的金融資產

錄得 3,482億元的整體淨流入，而二零零八年則錄得 163億元淨流入。二零零九年屬非儲備性質的金融資產錄得整體淨流入是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，被直接投資淨

流出和有價證券投資淨流出所部分抵銷的綜合結

果。

For 2009 as a whole, an overall net inflow of financial non-reserve assets amounting to $348.2 billion was recorded, compared with a net inflow of $16.3 billion in 2008. The overall net inflow of financial non-reserve assets in 2009 was the combined result of a net inflow due to the cash settlement of financial derivatives and a net inflow of other investment, partly offset by a net outflow of direct investment and a net outflow of portfolio investment.

﹙甲﹚ 直接投資 (a) Direct investment (DI)

二零零九年第四季香港在外地的直接投資

和外地在香港的直接投資分別增加 1,569億元和 1,661億元，令直接投資錄得 92億元淨流入，相對二零零九年第三季則錄得

221億元淨流出。

Hong Kong’s DI abroad and foreign DI in Hong Kong increased by $156.9 billion and $166.1 billion respectively during the fourth quarter of 2009, resulting in a net DI inflow of $9.2 billion, as against a net outflow of$22.1 billion in the third quarter of 2009.

二零零九年全年香港在外地的直接投資和

外地在香港的直接投資分別增加 4,052 億元和 3,756億元，令直接投資錄得 296億元淨流出，相對二零零八年則錄得 704 億元直接投資淨流入。

Both Hong Kong’s DI abroad and foreign DI in Hong Kong increased in 2009, by $405.2 billion and $375.6 billion respectively, resulting in a net DI outflow of $29.6 billion in 2009, as against a net DI inflow of$70.4 billion in 2008.

- - 4

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

二零零九年第四季有價證券投資資產和負

債分別增加 1,304億元和 157億元。合併來看，二零零九年第四季有價證券投資錄得

1,146億元淨流出，而二零零九年第三季則錄得 752 億元淨流出。有價證券投資資產的增加主要是由於香港其他界別的居民增

持非本地的股本證券。另一方面，有價證

券投資負債的增加主要是由於非本地居民

增持了本地其他界別的股本證券。

PI assets and liabilities increased by $130.4 billion and $15.7 billion respectively inthe fourth quarter of 2009. Taken together, there was a net PI outflow amounting to $114.6 billion in the fourth quarter of 2009, compared with a net outflow of $75.2 billion in the third quarter of 2009. The rise in PI assets was mainly due to increased holdings of non-resident equity securities by Hong Kong residents of other sectors. On the other hand, the rise in PI liabilities was mainly attributable to increased holdings of resident equity securities of other sectors by non-residents.

二零零九年全年有價證券投資資產和負債

分別增加 3,802 億元和 378 億元。合併來看，二零零九年有價證券投資錄得 3,423億元淨流出，而二零零八年則錄得 2,951億元淨流出。二零零九年有價證券投資資

產的增加主要是由於香港其他界別的居民

增持非本地的股本證券。有價證券投資負

債的增加主要是由於非本地居民增持了本

地其他界別的股本證券。

In 2009, PI assets and PI liabilities increased by $380.2 billion and $37.8 billion respectively. Taken together, there was a net PI outflow amounting to $342.3 billion in 2009, compared with a net outflow of $295.1 billion in 2008. The increase in PI assets in 2009 was mainly due to increasedholdings of non-resident equity securities by residents of other sectors. The increase in PI liabilities was mainly attributable to increasedholdings of resident equity securities of other sectors by non-residents.

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

二零零九年第四季錄得 82億元由金融衍生工具現金結算所引致的淨流入，而二零零

九年第三季則錄得 18億元淨流入。

A net inflow of $8.2 billion due to the cash settlement of FD was recorded in the fourth quarter of 2009, compared with a net inflow of$1.8 billion in the third quarter of 2009.

二零零九年全年錄得 256 億元由金融衍生工具現金結算所引致的淨流入，而二零零

八年則錄得 633億元淨流入。

A net inflow of $25.6 billion due to the cash settlement of FD was recorded in 2009, compared with a net inflow of $63.3 billion in 2008.

﹙丁﹚ 其他投資 (d) Other investment (OI)

二零零九年第四季其他投資資產減少

1,775億元，而負債則增加 1,122億元。合併來看，二零零九年第四季其他投資錄得

2,897億元淨流入，而二零零九年第三季則錄得 1,478億元淨流入。其他投資資產的減少主要是由於香港銀行界別的居民擁有的

貸款資產減少。另一方面，其他投資負債

的增加主要是由於香港銀行界別的居民對

非本地居民的貨幣和存款負債增加。

OI assets decreased by $177.5 billion while liabilities increased by $112.2 billion during the fourth quarter of 2009. Taken together, there was a net OI inflow of $289.7 billion in the fourth quarter of 2009, compared with a net inflow of $147.8 billion in the third quarter of 2009. The reduction of OI assets was mainly due to a decrease in loans assets owned by Hong Kong residents of the banking sector.On the other hand, the increase in OI liabilities was mainly due to an increase in currency and deposits liabilities owed to non-residents by Hong Kong residents of the banking sector.

- - 5

二零零九年全年其他投資資產和負債分別

減少 7,279億元和 334億元，令二零零九年其他投資錄得 6,945億元淨流入，而二零零八年則錄得 1,777億元淨流入。其他投資資產的減少主要是由於貨幣和存款資產和銀

行界別的貸款資產減少所致，而其他投資

負債的減少主要是由於貸款負債減少。

Both OI assets and OI liabilities decreased in 2009, by $727.9 billion and $33.4 billion respectively. This resulted in a net OI inflow of $694.5 billion in 2009, compared with a net inflow of $177.7 billion in 2008. The decrease in OI assets was mainly due to a decrease in currency and deposits assets and loans assets of the banking sector, while the decrease in OI liabilities was mainly attributable to a decrease in loans liabilities.

﹙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的外匯儲

備資產的淨變動。二零零九年第四季儲備

資產增加 2,306億元，而二零零九年第三季則增加 1,066億元。儲備資產的積累主要是由於以港元購買外幣及外幣資產在季內的

收入。

The change in reserve assets in the BoP account reflects the net change in Hong Kong’s foreign currency reserve assets, which come under the management of the Hong Kong Monetary Authority (HKMA). In the fourth quarter of 2009, reserve assets increased by $230.6 billion, compared with an increase of $106.6 billion in the third quarter of 2009.The accumulation of reserve assets was mainly due to purchases of foreign currencies with Hong Kong dollars and income from foreign currency assets during the quarter.

二零零九年全年儲備資產增加 5,493 億元，而二零零八年則增加 2,639億元。

In 2009, reserve assets increased by $549.3 billion, compared with an accumulation of $263.9 billion in 2008.

二零零九年第四季對外債務統計

External Debt (ED) Statistics for the fourthquarter of 2009

整體狀況（表 6） Overall Situation (Table 6)

在二零零九年第四季季末，香港的對外債

務負債總額（量度有關除股本負債以外，尚未償還

的對外債務總和）為 52,196 億元（相當於本地生產總值的 320%）。與二零零九年第三季季末比較，對外債務負債總額增加 1,096億元。這主要是由於銀行界別的對外債務、直接投資的債務負債（公司

間借貸）及香港金融管理局的對外債務的上升超於

其他界別的對外債務及政府機構的對外債務的下

降。

At the end of the fourth quarter of 2009, Hong Kong’s gross ED (measuring total outstanding gross external liabilities other than equity liabilities)amounted to $5,219.6 billion (at 320% of GDP).Compared with the end of the third quarter of 2009, gross ED increased by $109.6 billion. This was mainly attributable to the increases in ED of the banking sector, DI debt liabilities (inter-company lending) and ED of the HKMA which were larger than the decreases in ED of other sectors and ED of the General Government.

界別分析 Sectoral Analysis

在二零零九年第四季季末，香港的對外債

務大部分來自銀行界別，佔整體的 74.0%。其他的對外債務包括直接投資中對有聯繫企業和對直接

投資者的債務負債（佔 20.1%）、其他界別的對外債務（5.7%）、政府機構的對外債務（0.2%）和香港金融管理局的對外債務（0.04%）。

At the end of the fourth quarter of 2009, a major proportion of Hong Kong’s ED was attributable to the banking sector, accounting for 74.0% of the total. Other ED consisted of debt liabilities to affiliated enterprises and direct investors under DI (with a share of 20.1%), ED of other sectors (5.7%), ED of the General Government (0.2%) and ED of the HKMA (0.04%).

- - 6

本港銀行界別的對外債務是香港對外債務

的最大組成部分，由二零零九年第三季季末的

37,210億元（相當於本地生產總值的 229%），上升至二零零九年第四季季末的 38,632 億元（相當於本地生產總值的 236%），當中 98.1%（37,889億元）是短期的負債。這些短期負債中，98.4%（37,282億元）是貨幣和存款。這主要是由於非本地銀行向

本地銀行作出同業存款。

ED of Hong Kong’s banking sector, as the largest component of Hong Kong’s ED, increased from $3,721.0 billion at the end of the third quarter of 2009 (at 229% of GDP) to $3,863.2 billion at the end of the fourth quarter of 2009 (at 236% of GDP), of which 98.1% ($3,788.9 billion) was short-term liabilities. Among these short-term liabilities, 98.4% ($3,728.2 billion) were held in the form of currency and deposits. This was mainly attributable to inter-bank placements from non-resident banks.

直接投資的債務負債（公司間借貸）是香

港對外債務的第二大組成部分，在二零零九年第四

季季末為 10,469億元，當中 77.7%（8,135億元）是對直接投資者的債務負債。

DI debt liabilities (inter-company lending),constituting the second largest component of Hong Kong’s ED, amounted to $1,046.9 billion at the end of the fourth quarter of 2009. Within these, 77.7% ($813.5 billion) were debt liabilities to direct investors.

在二零零九年第四季季末，其他界別的對

外債務為 2,963億元，較二零零九年第三季季末的3,321億元為少，當中 58.1%（1,723億元）是長期的負債，其餘的 41.9%（1,240 億元）則為短期負債。長期負債中的 67.3%（1,160 億元）是貸款，而短期負債中的 48.0%（595億元）是貿易信貸。

ED of other sectors amounted to $296.3 billion at the end of the fourth quarter of 2009, smaller than that of $332.1 billion at the end of the third quarter of 2009. Within this, 58.1% ($172.3 billion) was long-term liabilities, while the remaining 41.9%($124.0 billion) was short-term liabilities. Among the long-term liabilities, 67.3% ($116.0 billion) were held in the form of loans, whereas 48.0%($59.5 billion) of the short-term liabilities were trade credits.

在二零零九年第四季季末，政府機構的對

外債務為 109億元，全部都是長期的負債。這是由於非本地居民持有由香港特別行政區政府發行的

債務證券。

ED of the General Government amounted to$10.9 billion at the end of the fourth quarter of 2009,all of which was long-term liabilities. This was attributable to non-residents’ holdings of debt securities issued by the HKSAR Government.

在二零零九年第四季季末，香港金融管理

局的對外債務為 23 億元，較二零零九年第三季季末的 21 億元為多。在二零零九年第四季季末，外匯基金債券的長期負債佔香港金融管理局的對外

債務的 84.2%（20億元）。

ED of the HKMA amounted to $2.3 billion at the end of the fourth quarter of 2009, larger than that of $2.1 billion at the end of the third quarter of 2009.At the end of the fourth quarter of 2009, a share of 84.2% ($2.0 billion) of ED of the HKMA was long-term liabilities of Exchange Fund Notes.

二零零八年國際投資頭寸統計

International Investment Position (IIP) Statistics for 2008

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

在二零零八年底，香港的對外金融資產和

負債總值分別為 175,213億元和 126,946億元，因此產生 48,267 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-2008, Hong Kong’s external financial assets and liabilities amounted to $17,521.3 billion and $12,694.6 billion respectively, resulting in a net IIP of $4,826.7 billion. This indicates that Hong Kong was a net creditor and the value of its total external financial assets exceeded that of its total external financial liabilities.

- - 7

香港的對外金融資產和負債與本地生產總

值的比例分別為 1 046%和 758%。反映香港是高度外向型的經濟體系，亦是區內擁有龐大跨境投資的

主要金融中心。

The ratios of Hong Kong’s external financial assets and liabilities to GDP were 1 046% and 758%respectively, reflecting that Hong Kong is a highly externally oriented economy and also a major financial centre in the region with considerable cross-territory investment.

除直接投資外，其他概括投資組成部分均

為資產淨頭寸。這是由於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, except DI. The amount of DI made by non-residents in Hong Kong was greater than that made by Hong Kong residents abroad.

與二零零七年底比較，二零零八年底的國

際投資淨頭寸增加 10,531 億元。這主要是由於直接投資負債淨頭寸的下降、儲備資產的上升及有價

證券投資資產淨頭寸的上升，超過其他投資和金融

衍生工具資產淨頭寸的下降所致。

Compared with end-2007, net IIP at end-2008rose by $1,053.1 billion. This was mainly attributable to the decrease in the net liability position of DI, and the increases in reserve assets (RA) and in the net asset position of PI which exceeded the decreases in the net asset position of OI and FD.

對外金融資產 External Financial Assets

在二零零八年底，香港的對外金融資產總

值為 175,213億元。直接投資為最大的投資組成部分，佔對外金融資產總值的 33.7%（59,062億元）。這反映香港在世界其他地方，尤其是中國內地，作

為主要外來直接投資者的重要地位。這數字也反映

香港企業普遍在離岸金融中心，如英屬維爾京群島

及百慕達，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。

The external financial assets of Hong Kong amounted to $17,521.3 billion at end-2008, with DI being the largest investment component, accounting for 33.7% ($5,906.2 billion) of the total external financial assets. This reflects the important status of Hong Kong as a major external direct investor in the rest of the world, notably in the mainland of China. The figure also reflected the common practice of setting up non-operating companies in offshore financial centres (such as British Virgin Islands andBermuda) by Hong Kong enterprises for channelling DI funds back to Hong Kong or to other places.

在二零零八年底，其他投資是香港對外金

融資產的第二大投資組成部分，佔對外金融資產總

值的 29.7%（52,068 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

轉移資金往世界各地方面，扮演國際銀行中心的角

色。

OI formed the second largest investment component of Hong Kong’s external financial assets, accounting for 29.7% ($5,206.8 billion) of the total external financial assets at end-2008. 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.

在二零零八年底，香港對外金融資產總值

的 24.6%為有價證券投資，達 43,182億元。其中，50.6%為債務證券，而其餘為股本證券。在二零零八年底儲備資產總值為 14,147 億元，佔香港對外金融資產總值的 8.1%。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 3.9%（6,753億元）。

At end-2008, 24.6% of Hong Kong’s external financial assets was in the form of PI, amounting to $4,318.2 billion. Within the PI assets, 50.6% wasdebt securities while the remaining was equity securities. RA amounted to $1,414.7 billion at end-2008, accounting for 8.1% of Hong Kong’s total external financial assets. FD assets held by residents were relatively insignificant, accounting for only 3.9%($675.3 billion) of the total external financial assets.

- - 8

與二零零七年底比較，二零零八年底的對

外金融資產總值減少 36,728 億元。這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資

產減少，足以抵銷金融衍生工具和儲備資產的增加

所致。

Compared with end-2007, the amount of total external financial assets at end-2008 decreased by $3,672.8 billion. It was mainly attributable to the decreases in external financial assets of DI, PI and OI, more than offsetting the increases of FD and RA.

對外金融負債 External Financial Liabilities

在二零零八年底，香港的對外金融負債總

值為 126,946億元，其中 49.8%（63,258億元）為直接投資。如此高比重的直接投資負債，一方面反

映香港可能由於擁有某些優點如低稅率和高效率

的銀行和金融設施，吸引很多非居民公司在本地設

立直接投資企業。另一方面歸因於源自香港的資金

經離岸金融中心回流至香港。

At end-2008, the external financial liabilities of Hong Kong amounted to $12,694.6 billion, of which 49.8% ($6,325.8 billion) was in the form of DI. Such high proportion of DI liabilities reflected 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 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，佔二零零八年底總值的 31.6%（40,142億元）。與其他投資資產的情況相似，大部分其他投

資負債與銀行界的存款有關。事實上，這是國際銀

行中心的普遍特色。

OI liabilities also formed a significant part of Hong Kong’s external financial liabilities, accounting for 31.6% ($4,014.2 billion) of the total at end-2008. Similar to OI assets, the majority of OI liabilities was related to deposits of the banking sector. In fact, this was a common characteristic of an international banking centre.

在二零零八年底，香港的有價證券投資負

債為 17,819億元，佔對外金融負債總值的 14.0%。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 93.3%。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-2008, PI liabilities of Hong Kong amounted to $1,781.9 billion, accounting for 14.0% of total external financial liabilities. Hong Kong’s PI liabilities were concentrated in equity securities, sharing 93.3% 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 4.5%（5,726億元）。

FD liabilities owed by residents were relatively insignificant, accounting for only 4.5%($572.6 billion) of the total external financial liabilities.

與二零零七年底比較，二零零八年底的對

外金融負債總值減少 47,259 億元。這主要是由於直接投資、有價證券投資及其他投資的對外金融負

債減少，足以抵銷金融衍生工具的增加所致。

Compared with end-2007, the amount of total external financial liabilities at end-2008 decreased by $4,725.9 billion. It was mainly attributable to the decreases in external financial liabilities of DI, PI andOI, more than offsetting the increase of FD.

表 1 國際收支平衡表

Table 1 Balance of Payments Account

標準組成部分 1998 1999 2000 2001

經常帳 19,421 79,535 54,494 76,315貸方 1,984,846 1,999,480 2,323,055 2,189,287借方 -1,965,425 -1,919,945 -2,268,560 -2,112,973

貨物 -60,667 -24,501 -63,832 -64,970

貸方 1,361,885 1,355,529 1,579,367 1,488,982借方 -1,422,552 -1,380,030 -1,643,199 -1,553,952

服務 67,854 91,211 122,585 126,619

貸方 262,099 276,385 315,012 320,799借方 -194,245 -185,174 -192,427 -194,180

收益 24,598 24,768 8,754 28,543

貸方 355,683 363,147 424,483 374,787借方 -331,085 -338,379 -415,728 -346,244

經常轉移 -12,364 -11,943 -13,013 -13,878

貸方 5,179 4,419 4,193 4,719借方 -17,543 -16,363 -17,205 -18,597

資本及金融帳 -31,514 -83,374 -57,863 -97,359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

資本轉移 -18,445 -13,812 -12,044 -9,155

貸方 2,923 799 438 322借方 -21,369 -14,611 -12,482 -9,478

非儲備性質的

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

直接投資 -17,192 40,511 19,976 96,948

有價證券投資 171,052 256,812 190,782 -322,045

金融衍生工具 25,550 79,225 1,661 39,640

其他投資 -245,059 -368,243 -179,917 133,783

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

淨誤差及遺漏 12,092 3,839 3,369 21,044

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

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

- 9 -

百萬港元

HK$ million

2002 2003 2004 2005 Standard Component

96,800 128,240 122,512 156,933 Current Account

2,239,765 2,451,868 2,866,477 3,258,433 Credit-2,142,964 -2,323,628 -2,743,965 -3,101,500 Debit

-39,406 -44,970 -72,514 -59,347 Goods

1,562,121 1,749,089 2,027,031 2,251,744 Credit-1,601,527 -1,794,059 -2,099,545 -2,311,091 Debit

145,342 159,020 187,077 231,157 Services

347,836 362,420 429,584 495,394 Credit-202,494 -203,400 -242,507 -264,237 Debit

5,652 28,491 23,410 1,648 Income

323,745 336,242 404,991 503,964 Credit-318,093 -307,751 -381,581 -502,316 Debit

-14,787 -14,301 -15,461 -16,524 Current transfers

6,063 4,117 4,871 7,331 Credit-20,850 -18,418 -20,332 -23,856 Debit

-151,179 -179,086 -184,640 -182,431 Capital and Financial Account

Capital and financial non-reserve assets-169,720 -171,497 -159,155 -171,752 (net change)

-15,686 -8,292 -2,561 -4,939 Capital transfers

239 1,028 8,966 7,783 Credit-15,925 -9,320 -11,527 -12,723 Debit

Financial non-reserve assets-154,033 -163,205 -156,594 -166,812 (net change)

-60,685 63,372 -91,038 49,996 Direct investment

-302,484 -264,619 -306,368 -245,017 Portfolio investment

51,563 78,288 44,319 30,502 Financial derivatives

157,573 -40,247 196,492 -2,294 Other investment

18,541 -7,589 -25,486 -10,679 Reserve assets (net change)

54,379 50,846 62,128 25,498 Net errors and omissions

-18,541 7,589 25,486 10,679 Overall Balance of Payments(赤字) (盈餘) (盈餘) (盈餘)

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

(待續)(To be cont’d)

- 10 -

表 1 (續) 國際收支平衡表

Table 1 (Cont’d) Balance of Payments Account

2006

第一季

標準組成部分 2006 2007 2008 2009 1st Qtr

經常帳 178,166 199,160 228,125 142,600 43,661貸方 3,691,370 4,261,744 4,489,306 3,959,880 812,394借方 -3,513,205 -4,062,584 -4,261,181 -3,817,280 -768,733

貨物 -108,983 -153,672 -180,091 -208,220 -29,801

貸方 2,467,357 2,698,850 2,843,998 2,494,746 538,460借方 -2,576,340 -2,852,522 -3,024,089 -2,702,966 -568,261

服務 277,154 328,488 350,765 325,919 64,493

貸方 565,054 660,728 717,249 669,974 130,325借方 -287,900 -332,240 -366,484 -344,055 -65,832

收益 27,348 44,437 83,306 49,392 13,284

貸方 651,503 894,850 923,300 791,489 142,067借方 -624,155 -850,413 -839,994 -742,097 -128,783

經常轉移 -17,353 -20,093 -25,855 -24,491 -4,315

貸方 7,456 7,316 4,759 3,671 1,542借方 -24,809 -27,409 -30,613 -28,162 -5,856

資本及金融帳 -209,935 -259,247 -231,162 -164,924 -25,763非儲備性質的資本及

金融資產 (變動淨值 ) -163,199 -144,749 32,707 384,338 -14,300

資本轉移 -2,900 10,338 16,393 36,154 -534

貸方 10,992 27,147 35,219 52,801 3,029借方 -13,892 -16,809 -18,826 -16,647 -3,563

非儲備性質的

金融資產 (變動淨值 ) -160,300 -155,086 16,314 348,184 -13,765

直接投資 635 -52,577 70,393 -29,610 25,729

有價證券投資 -207,879 -21,452 -295,148 -342,329 60,959

金融衍生工具 25,925 43,534 63,338 25,641 1,238

其他投資 21,019 -124,592 177,732 694,483 -101,691

儲備資產 (變動淨值) -46,735 -114,498 -263,869 -549,262 -11,463

淨誤差及遺漏 31,769 60,087 3,037 22,324 -17,898

整體的國際收支 46,735 114,498 263,869 549,262 11,463(盈餘) (盈餘) (盈餘) (盈餘) (盈餘)

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

- 11 -

百萬港元

HK$ million

2006 2006 2006 2007 2007

第二季第三季第四季第一季第二季

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

18,651 60,115 55,740 65,831 25,140 Current Account

884,926 980,124 1,013,927 931,693 1,029,902 Credit-866,275 -920,010 -958,187 -865,862 -1,004,761 Debit

-35,369 -18,569 -25,243 -34,224 -46,204 Goods

586,741 667,228 674,929 587,298 656,509 Credit-622,110 -685,797 -700,172 -621,522 -702,713 Debit

60,802 71,896 79,963 76,739 68,511 Services

130,058 148,907 155,764 152,594 147,524 Credit-69,256 -77,011 -75,801 -75,855 -79,013 Debit

-2,959 11,315 5,707 28,803 7,423 Income

166,270 161,886 181,280 189,255 224,499 Credit-169,229 -150,570 -175,572 -160,452 -217,075 Debit

-3,823 -4,528 -4,687 -5,487 -4,590 Current transfers

1,857 2,104 1,954 2,546 1,370 Credit-5,680 -6,631 -6,642 -8,033 -5,960 Debit

-33,304 -78,523 -72,345 -79,370 -40,099 Capital and Financial Account

Capital and financial non-reserve assets-23,240 -65,369 -60,290 -66,998 -30,117 (net change)

256 -2,023 -598 -1,220 3,612 Capital transfers

3,351 1,683 2,929 2,512 7,287 Credit-3,095 -3,706 -3,527 -3,733 -3,676 Debit

Financial non-reserve assets-23,496 -63,346 -59,691 -65,778 -33,729 (net change)

-41,162 -18,726 34,794 -6,543 -3,280 Direct investment

-41,897 -28,750 -198,191 -4,820 -55,092 Portfolio investment

12,612 6,989 5,087 19,847 16,419 Financial derivatives

46,951 -22,859 98,618 -74,262 8,224 Other investment

-10,063 -13,153 -12,056 -12,372 -9,981 Reserve assets (net change)

14,653 18,408 16,605 13,538 14,958 Net errors and omissions

10,063 13,153 12,056 12,372 9,981 Overall Balance of Payments(盈餘) (盈餘) (盈餘) (盈餘) (盈餘)



- 12 -

表 1 (續) 國際收支平衡表

Table 1 (Cont’d) Balance of Payments Account

2007 2007 2008 2008 2008

第三季第四季第一季第二季第三季

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

經常帳 60,526 47,662 44,977 23,033 74,444貸方 1,127,317 1,172,832 1,048,040 1,143,875 1,194,449借方 -1,066,791 -1,125,170 -1,003,063 -1,120,842 -1,120,005

貨物 -27,357 -45,887 -46,077 -62,020 -41,355

貸方 722,092 732,951 650,631 708,742 764,283借方 -749,449 -778,838 -696,708 -770,762 -805,638

服務 87,418 95,820 81,798 77,276 94,938

貸方 175,997 184,613 173,599 166,860 192,405借方 -88,579 -88,793 -91,801 -89,584 -97,467

收益 5,572 2,639 15,370 15,325 27,246

貸方 227,575 253,521 223,014 267,371 236,259借方 -222,003 -250,882 -207,644 -252,046 -209,013

經常轉移 -5,107 -4,909 -6,114 -7,548 -6,385

貸方 1,653 1,747 796 902 1,501借方 -6,760 -6,656 -6,910 -8,450 -7,886


金融資產 (變動淨值 ) -60,978 13,345 9,632 -24,141 -18,815

資本轉移 6,978 968 2,462 1,596 8,093

貸方 11,784 5,563 8,065 6,833 12,326借方 -4,807 -4,594 -5,603 -5,237 -4,233

非儲備性質的

金融資產 (變動淨值 ) -67,956 12,376 7,170 -25,737 -26,908

直接投資 -4,252 -38,502 36,874 -59,500 44,506

有價證券投資 24,781 13,678 -189,207 78,403 204,279

金融衍生工具 7,164 104 22,061 5,449 30,729

其他投資 -95,650 37,096 137,442 -50,090 -306,422

儲備資產 (變動淨值) -13,882 -78,263 -55,029 -10,263 -51,259

淨誤差及遺漏 14,335 17,256 420 11,370 -4,370

整體的國際收支 13,882 78,263 55,029 10,263 51,259(盈餘) (盈餘) (盈餘) (盈餘) (盈餘)


- 13 -

百萬港元

HK$ million

2008 2009 2009 2009 2009

第四季第一季第二季第三季第四季

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

85,672 41,278 41,187 23,530 36,605 Current Account

1,102,942 836,197 979,537 1,035,764 1,108,382 Credit-1,017,271 -794,919 -938,350 -1,012,234 -1,071,776 Debit

-30,638 -34,758 -39,355 -65,914 -68,193 Goods

720,342 512,316 618,781 657,215 706,434 Credit-750,980 -547,074 -658,136 -723,129 -774,627 Debit

96,753 73,428 64,863 86,752 100,876 Services

184,385 151,645 144,750 178,068 195,511 Credit-87,632 -78,217 -79,887 -91,316 -94,635 Debit

25,365 8,608 21,511 9,106 10,167 Income

196,656 171,173 215,078 199,565 205,673 Credit-171,291 -162,565 -193,567 -190,459 -195,507 Debit

-5,808 -6,000 -5,832 -6,414 -6,244 Current transfers

1,560 1,063 929 916 764 Credit-7,368 -7,063 -6,761 -7,330 -7,008 Debit

-81,286 -30,212 -63,942 -42,123 -28,647 Capital and Financial Account

Capital and financial non-reserve assets66,031 38,688 79,154 64,502 201,995 (net change)

4,242 7,447 6,929 12,274 9,504 Capital transfers

7,994 11,442 10,874 16,209 14,276 Credit-3,753 -3,995 -3,946 -3,935 -4,772 Debit

Financial non-reserve assets61,789 31,241 72,225 52,228 192,491 (net change)

48,513 56,331 -73,027 -22,141 9,226 Direct investment

-388,624 74,899 -227,441 -75,181 -114,607 Portfolio investment

5,099 774 14,926 1,776 8,165 Financial derivatives

396,802 -100,764 357,766 147,774 289,706 Other investment


-4,385 -11,066 22,756 18,593 -7,959 Net errors and omissions

147,317 68,900 143,096 106,625 230,641 Overall Balance of Payments(盈餘) (盈餘) (盈餘) (盈餘) (盈餘)


- 14 -

表 2 經常帳

Table 2 Current Account

標準組成部分 1998 1999 2000 2001

經常帳 19,421 79,535 54,494 76,315貸方 1,984,846 1,999,480 2,323,055 2,189,287借方 -1,965,425 -1,919,945 -2,268,560 -2,112,973

貨物 -60,667 -24,501 -63,832 -64,970貸方 1,361,885 1,355,529 1,579,367 1,488,982借方 -1,422,552 -1,380,030 -1,643,199 -1,553,952

服務 67,854 91,211 122,585 126,619貸方 262,099 276,385 315,012 320,799借方 -194,245 -185,174 -192,427 -194,180

運輸，貸方 85,074 89,230 99,513 93,675運輸，借方 -42,865 -39,238 -48,628 -50,916旅遊，貸方 43,965 42,840 46,019 46,362旅遊，借方 -104,361 -101,889 -97,402 -96,057保險服務，貸方 3,102 3,065 3,452 3,556保險服務，借方 -4,600 -4,975 -4,111 -4,028金融服務，貸方 21,007 30,054 34,058 34,966金融服務，借方 -7,423 -6,850 -6,421 -6,969其他服務，貸方 108,952 111,196 131,971 142,241其他服務，借方 -34,995 -32,221 -35,865 -36,210

收益 24,598 24,768 8,754 28,543貸方 355,683 363,147 424,483 374,787借方 -331,085 -338,379 -415,728 -346,244

投資收益，貸方 354,492 362,133 423,427 373,597直接投資收益 124,999 136,454 153,848 168,497股息及

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

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

有價證券投資收益 74,444 86,291 95,086 96,338股本收益 15,351 20,998 21,988 19,631中長期債券收益 52,985 59,287 65,357 70,682貨幣市場工具收益 6,109 6,007 7,741 6,025

其他投資收益 155,049 139,387 174,493 108,763投資收益，借方 -329,729 -337,083 -413,973 -343,839直接投資收益 -136,350 -197,094 -266,324 -244,838股息及

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

未分發的分行利潤 -44,702 -94,179 -150,273 -96,349債務收益 (利息) -6,548 -8,478 -7,484 -6,702

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

其他投資收益 -168,683 -114,579 -120,749 -72,166僱員報酬，貸方 1,190 1,014 1,056 1,190僱員報酬，借方 -1,357 -1,296 -1,755 -2,405

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

借方 -17,543 -16,363 -17,205 -18,597政府機構 -1,280 -1,282 -1,292 -1,299其他界別 -16,263 -15,081 -15,913 -17,298

- 15 -

百萬港元

HK$ million


96,800 128,240 122,512 156,933 Current Account2,239,765 2,451,868 2,866,477 3,258,433 Credit

-2,142,964 -2,323,628 -2,743,965 -3,101,500 Debit

-39,406 -44,970 -72,514 -59,347 Goods1,562,121 1,749,089 2,027,031 2,251,744 Credit

-1,601,527 -1,794,059 -2,099,545 -2,311,091 Debit

145,342 159,020 187,077 231,157 Services 347,836 362,420 429,584 495,394 Credit

-202,494 -203,400 -242,507 -264,237 Debit103,751 107,688 135,188 158,007 Transportation, credit-48,518 -52,305 -67,657 -81,361 Transportation, debit58,134 55,575 70,084 80,061 Travel, credit

-96,846 -89,133 -103,347 -103,474 Travel, debit3,421 3,065 3,197 3,218 Insurance services, credit

-4,618 -4,840 -4,761 -4,710 Insurance services, debit32,708 29,301 35,481 48,753 Financial services, credit-7,694 -6,835 -9,070 -10,932 Financial services, debit

149,822 166,792 185,634 205,355 Other services, credit-44,818 -50,287 -57,672 -63,760 Other services, debit

5,652 28,491 23,410 1,648 Income323,745 336,242 404,991 503,964 Credit

-318,093 -307,751 -381,581 -502,316 Debit322,805 335,310 403,122 501,654 Investment income, credit179,008 195,783 230,066 272,525 Direct investment income

Dividends and 130,917 122,675 154,058 112,489 distributed branch profits

Reinvested earnings and 45,805 69,616 70,729 155,384 undistributed branch profits

2,286 3,493 5,279 4,653 Income on debt (interest)92,208 105,789 124,934 140,595 Portfolio investment income21,420 36,524 50,122 52,622 Income on equity66,175 64,858 69,762 81,733 Income on bonds and notes

4,613 4,407 5,050 6,240 Income on money market instruments 51,589 33,737 48,122 88,534 Other investment income

-315,762 -305,281 -379,084 -499,608 Investment income, debit-254,730 -254,594 -313,591 -394,982 Direct investment income

Dividends and -109,639 -124,419 -134,129 -191,761 distributed branch profits

Reinvested earnings and -140,127 -124,791 -174,731 -198,371 undistributed branch profits

-4,965 -5,385 -4,731 -4,850 Income on debt (interest)-26,981 -28,016 -31,411 -38,317 Portfolio investment income-22,252 -24,704 -28,715 -35,178 Income on equity

-4,088 -3,146 -2,643 -3,052 Income on bonds and notes-640 -165 -53 -87 Income on money market instruments

-34,051 -22,671 -34,082 -66,309 Other investment income940 932 1,869 2,309 Compensation of employees, credit

-2,331 -2,470 -2,497 -2,708 Compensation of employees, debit

-14,787 -14,301 -15,461 -16,524 Current transfers6,063 4,117 4,871 7,331 Credit

0 0 0 0 General government6,063 4,117 4,871 7,331 Other sectors

-20,850 -18,418 -20,332 -23,856 Debit-1,341 -1,334 -1,330 -1,408 General government

-19,509 -17,084 -19,003 -22,447 Other sectors


- 16 -

表 2 (續) 經常帳

Table 2 (Cont’d) Current Account

2006

第一季

標準組成部分 2006 2007 2008 2009 1st Qtr

經常帳 178,166 199,160 228,125 142,600 43,661貸方 3,691,370 4,261,744 4,489,306 3,959,880 812,394借方 -3,513,205 -4,062,584 -4,261,181 -3,817,280 -768,733

貨物 -108,983 -153,672 -180,091 -208,220 -29,801貸方 2,467,357 2,698,850 2,843,998 2,494,746 538,460借方 -2,576,340 -2,852,522 -3,024,089 -2,702,966 -568,261

服務 277,154 328,488 350,765 325,919 64,493貸方 565,054 660,728 717,249 669,974 130,325借方 -287,900 -332,240 -366,484 -344,055 -65,832

運輸，貸方 174,186 199,561 224,953 194,456 40,268運輸，借方 -90,234 -108,627 -123,289 -105,542 -20,351旅遊，貸方 90,399 107,304 119,171 127,648 21,902旅遊，借方 -109,088 -117,346 -125,326 -123,935 -25,545保險服務，貸方 3,240 3,648 4,262 4,252 778保險服務，借方 -4,764 -5,543 -5,651 -5,049 -1,061金融服務，貸方 71,997 96,930 92,044 85,344 17,434金融服務，借方 -15,671 -21,895 -24,426 -26,947 -3,574其他服務，貸方 225,233 253,286 276,818 258,274 49,943其他服務，借方 -68,143 -78,828 -87,791 -82,582 -15,301

收益 27,348 44,437 83,306 49,392 13,284貸方 651,503 894,850 923,300 791,489 142,067借方 -624,155 -850,413 -839,994 -742,097 -128,783

投資收益，貸方 649,219 892,380 920,534 788,869 141,496直接投資收益 346,424 494,512 575,890 581,325 72,927股息及

已分發的分行利潤 135,550 199,568 208,472 171,131 11,943再投資收益及

未分發的分行利潤 203,872 287,597 362,430 406,872 59,339債務收益 (利息) 7,002 7,347 4,988 3,322 1,645

有價證券投資收益 171,064 210,977 214,478 166,399 39,266股本收益 59,604 82,551 99,059 67,451 13,920中長期債券收益 101,131 114,801 105,901 92,025 23,262貨幣市場工具收益 10,330 13,625 9,517 6,923 2,084

其他投資收益 131,731 186,890 130,166 41,146 29,304投資收益，借方 -621,230 -847,388 -836,933 -738,982 -128,056直接投資收益 -471,100 -649,063 -650,386 -634,651 -102,426股息及

已分發的分行利潤 -188,410 -234,744 -273,631 -232,381 -26,679再投資收益及

未分發的分行利潤 -277,619 -404,407 -367,890 -391,849 -74,300債務收益 (利息) -5,070 -9,911 -8,864 -10,420 -1,447

有價證券投資收益 -51,754 -65,856 -79,945 -66,778 -4,077股本收益 -48,582 -61,123 -74,879 -62,961 -3,289中長期債券收益 -2,849 -4,061 -4,500 -3,711 -726貨幣市場工具收益 -323 -671 -566 -107 -62

其他投資收益 -98,376 -132,470 -106,603 -37,553 -21,553僱員報酬，貸方 2,284 2,470 2,767 2,620 571僱員報酬，借方 -2,926 -3,024 -3,061 -3,115 -727

經常轉移 -17,353 -20,093 -25,855 -24,491 -4,315貸方 7,456 7,316 4,759 3,671 1,542政府機構 0 0 0 0 0其他界別 7,456 7,316 4,759 3,671 1,542

借方 -24,809 -27,409 -30,613 -28,162 -5,856政府機構 -1,520 -1,749 -2,256 -1,788 -378其他界別 -23,289 -25,660 -28,357 -26,374 -5,478

- 17 -

百萬港元

HK$ million

2006 2006 2006 2007 2007



18,651 60,115 55,740 65,831 25,140 Current Account884,926 980,124 1,013,927 931,693 1,029,902 Credit

-866,275 -920,010 -958,187 -865,862 -1,004,761 Debit

-35,369 -18,569 -25,243 -34,224 -46,204 Goods586,741 667,228 674,929 587,298 656,509 Credit

-622,110 -685,797 -700,172 -621,522 -702,713 Debit

60,802 71,896 79,963 76,739 68,511 Services 130,058 148,907 155,764 152,594 147,524 Credit-69,256 -77,011 -75,801 -75,855 -79,013 Debit

42,827 46,358 44,733 44,834 49,120 Transportation, credit-22,584 -24,131 -23,168 -23,686 -27,368 Transportation, debit20,820 22,234 25,443 25,447 23,556 Travel, credit

-26,547 -29,235 -27,761 -26,334 -28,874 Travel, debit818 769 875 897 944 Insurance services, credit

-1,200 -1,153 -1,350 -1,295 -1,346 Insurance services, debit17,839 17,132 19,592 25,547 21,152 Financial services, credit-3,748 -4,022 -4,327 -5,771 -4,356 Financial services, debit47,754 62,414 65,122 55,869 52,752 Other services, credit

-15,177 -18,470 -19,195 -18,769 -17,069 Other services, debit

-2,959 11,315 5,707 28,803 7,423 Income166,270 161,886 181,280 189,255 224,499 Credit

-169,229 -150,570 -175,572 -160,452 -217,075 Debit165,699 161,315 180,709 188,638 223,881 Investment income, credit

89,406 85,214 98,877 99,955 122,458 Direct investment incomeDividends and

43,680 36,778 43,149 15,640 76,930 distributed branch profitsReinvested earnings and

44,015 46,523 53,994 82,730 43,768 undistributed branch profits1,711 1,913 1,734 1,584 1,760 Income on debt (interest)

44,881 41,810 45,107 46,795 58,494 Portfolio investment income17,977 13,070 14,637 15,477 26,375 Income on equity24,469 26,177 27,223 27,587 28,557 Income on bonds and notes

2,435 2,564 3,247 3,732 3,562 Income on money market instruments 31,412 34,291 36,724 41,888 42,930 Other investment income

-168,502 -149,830 -174,841 -159,698 -216,320 Investment income, debit-122,522 -111,307 -134,845 -128,159 -155,151 Direct investment income

Dividends and -63,482 -58,432 -39,818 -22,437 -90,795 distributed branch profits

Reinvested earnings and -58,218 -51,275 -93,827 -103,284 -62,257 undistributed branch profits

-822 -1,600 -1,201 -2,439 -2,099 Income on debt (interest)-22,253 -13,097 -12,328 -4,594 -30,518 Portfolio investment income-21,551 -12,309 -11,433 -3,660 -29,450 Income on equity

-614 -699 -811 -851 -945 Income on bonds and notes-88 -89 -84 -82 -122 Income on money market instruments

-23,728 -25,426 -27,668 -26,945 -30,652 Other investment income571 571 571 618 618 Compensation of employees, credit

-727 -740 -731 -754 -755 Compensation of employees, debit

-3,823 -4,528 -4,687 -5,487 -4,590 Current transfers1,857 2,104 1,954 2,546 1,370 Credit

0 0 0 0 0 General government1,857 2,104 1,954 2,546 1,370 Other sectors

-5,680 -6,631 -6,642 -8,033 -5,960 Debit-352 -378 -412 -433 -417 General government

-5,328 -6,253 -6,230 -7,600 -5,543 Other sectors


- 18 -

表 2 (續) 經常帳

Table 2 (Cont’d) Current Account

2007 2007 2008 2008 2008



經常帳 60,526 47,662 44,977 23,033 74,444貸方 1,127,317 1,172,832 1,048,040 1,143,875 1,194,449借方 -1,066,791 -1,125,170 -1,003,063 -1,120,842 -1,120,005

貨物 -27,357 -45,887 -46,077 -62,020 -41,355貸方 722,092 732,951 650,631 708,742 764,283借方 -749,449 -778,838 -696,708 -770,762 -805,638

服務 87,418 95,820 81,798 77,276 94,938貸方 175,997 184,613 173,599 166,860 192,405借方 -88,579 -88,793 -91,801 -89,584 -97,467

運輸，貸方 54,123 51,484 52,531 57,043 62,291運輸，借方 -29,416 -28,157 -29,429 -32,658 -33,268旅遊，貸方 26,365 31,936 28,991 26,897 30,024旅遊，借方 -31,573 -30,565 -32,508 -30,910 -33,536保險服務，貸方 842 965 1,165 1,108 943保險服務，借方 -1,360 -1,542 -1,486 -1,456 -1,362金融服務，貸方 25,541 24,690 28,815 21,652 23,096金融服務，借方 -5,863 -5,905 -7,103 -4,975 -6,610其他服務，貸方 69,126 75,539 62,097 60,160 76,051其他服務，借方 -20,367 -22,623 -21,275 -19,585 -22,691

收益 5,572 2,639 15,370 15,325 27,246貸方 227,575 253,521 223,014 267,371 236,259借方 -222,003 -250,882 -207,644 -252,046 -209,013

投資收益，貸方 226,957 252,903 222,323 266,680 235,569直接投資收益 126,369 145,731 137,799 167,706 143,706股息及

已分發的分行利潤 65,986 41,012 14,373 45,064 106,775再投資收益及

未分發的分行利潤 58,721 102,378 122,143 121,422 35,690債務收益 (利息) 1,662 2,341 1,282 1,219 1,241

有價證券投資收益 53,275 52,413 49,598 68,165 51,328股本收益 21,193 19,507 18,168 38,943 23,227中長期債券收益 28,893 29,765 28,422 27,043 26,074貨幣市場工具收益 3,189 3,142 3,008 2,178 2,026

其他投資收益 47,314 54,759 34,927 30,810 40,535投資收益，借方 -221,247 -250,124 -206,883 -251,283 -208,248直接投資收益 -167,915 -197,838 -169,217 -189,626 -156,701股息及

已分發的分行利潤 -70,864 -50,649 -53,512 -79,202 -95,400再投資收益及

未分發的分行利潤 -94,663 -144,204 -113,189 -108,628 -59,078債務收益 (利息) -2,389 -2,984 -2,516 -1,796 -2,223

有價證券投資收益 -18,462 -12,282 -7,068 -35,635 -22,466股本收益 -17,302 -10,711 -5,415 -34,511 -21,299中長期債券收益 -1,069 -1,196 -1,275 -1,056 -1,107貨幣市場工具收益 -91 -375 -378 -69 -60

其他投資收益 -34,869 -40,004 -30,598 -26,022 -29,082僱員報酬，貸方 618 618 691 691 691僱員報酬，借方 -756 -759 -761 -763 -765

經常轉移 -5,107 -4,909 -6,114 -7,548 -6,385貸方 1,653 1,747 796 902 1,501政府機構 0 0 0 0 0其他界別 1,653 1,747 796 902 1,501

借方 -6,760 -6,656 -6,910 -8,450 -7,886政府機構 -444 -456 -633 -729 -447其他界別 -6,316 -6,200 -6,277 -7,721 -7,439

- 19 -

百萬港元

HK$ million

2008 2009 2009 2009 2009



85,672 41,278 41,187 23,530 36,605 Current Account1,102,942 836,197 979,537 1,035,764 1,108,382 Credit

-1,017,271 -794,919 -938,350 -1,012,234 -1,071,776 Debit

-30,638 -34,758 -39,355 -65,914 -68,193 Goods720,342 512,316 618,781 657,215 706,434 Credit

-750,980 -547,074 -658,136 -723,129 -774,627 Debit

96,753 73,428 64,863 86,752 100,876 Services 184,385 151,645 144,750 178,068 195,511 Credit-87,632 -78,217 -79,887 -91,316 -94,635 Debit

53,088 42,643 47,505 52,900 51,408 Transportation, credit-27,934 -23,217 -26,504 -28,245 -27,576 Transportation, debit33,259 32,783 25,776 30,391 38,698 Travel, credit

-28,372 -28,825 -30,380 -33,142 -31,588 Travel, debit1,046 1,124 1,087 943 1,098 Insurance services, credit

-1,347 -1,174 -1,236 -1,206 -1,433 Insurance services, debit18,481 20,403 17,702 24,281 22,958 Financial services, credit-5,738 -6,352 -5,316 -7,776 -7,503 Financial services, debit78,510 54,692 52,680 69,553 81,349 Other services, credit

-24,240 -18,649 -16,451 -20,947 -26,535 Other services, debit

25,365 8,608 21,511 9,106 10,167 Income196,656 171,173 215,078 199,565 205,673 Credit

-171,291 -162,565 -193,567 -190,459 -195,507 Debit195,962 170,518 214,423 198,910 205,018 Investment income, credit126,680 122,364 144,883 150,552 163,526 Direct investment income

Dividends and 42,259 13,302 62,875 69,247 25,707 distributed branch profits

Reinvested earnings and 83,175 107,789 81,321 80,614 137,148 undistributed branch profits

1,246 1,272 687 691 672 Income on debt (interest)45,388 33,041 59,497 39,498 34,362 Portfolio investment income18,721 8,388 34,755 14,175 10,132 Income on equity24,361 22,967 23,176 23,107 22,774 Income on bonds and notes

2,305 1,686 1,566 2,216 1,456 Income on money market instruments 23,894 15,113 10,042 8,860 7,130 Other investment income

-170,519 -161,785 -192,792 -189,684 -194,721 Investment income, debit-134,841 -142,095 -151,537 -163,575 -177,444 Direct investment income

Dividends and -45,518 -29,218 -93,848 -81,450 -27,866 distributed branch profits

Reinvested earnings and -86,994 -109,417 -53,755 -80,279 -148,399 undistributed branch profits

-2,330 -3,460 -3,935 -1,846 -1,179 Income on debt (interest)-14,776 -4,710 -31,436 -19,788 -10,845 Portfolio investment income-13,654 -3,701 -30,511 -18,815 -9,934 Income on equity

-1,063 -973 -889 -954 -895 Income on bonds and notes-59 -36 -36 -19 -16 Income on money market instruments

-20,901 -14,980 -9,819 -6,321 -6,432 Other investment income694 655 655 655 655 Compensation of employees, credit

-772 -780 -775 -774 -786 Compensation of employees, debit

-5,808 -6,000 -5,832 -6,414 -6,244 Current transfers1,560 1,063 929 916 764 Credit

0 0 0 0 0 General government1,560 1,063 929 916 764 Other sectors

-7,368 -7,063 -6,761 -7,330 -7,008 Debit-448 -445 -453 -443 -447 General government

-6,920 -6,618 -6,308 -6,887 -6,561 Other sectors

- 20 -

表 3 資本及金融帳

Table 3 Capital and Financial Account

標準組成部分 1998 1999 2000 2001

資本及金融帳 -31,514 -83,374 -57,863 -97,359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資本帳 -18,445 -13,812 -12,044 -9,155資本轉移 -18,445 -13,812 -12,044 -9,155

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

非生產及非金融資產 … … … …

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

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

直接投資 -17,192 40,511 19,976 96,948在外地的直接投資 -131,551 -150,178 -462,593 -88,476股本資本 -24,072 11,400 -383,157 -4,850對有聯繫企業的申索 -24,072 11,279 -383,157 -4,850對有聯繫企業的負債 … 121 … …

再投資收益 -51,919 -62,181 -81,400 -103,179其他資本 -55,561 -99,397 1,964 19,554對有聯繫企業的申索 -52,497 -95,213 -64,406 -29,900對有聯繫企業的負債 -3,064 -4,184 66,370 49,454

在香港的直接投資 114,359 190,689 482,569 185,424股本資本 10,244 33,475 256,760 60,180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

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

有價證券投資 171,052 256,812 190,782 -322,045資產 197,444 -197,347 -171,627 -312,992股本證券 65,888 -235,277 -137,154 -176,892銀行 398 -232 -186 71其他界別 65,490 -235,045 -136,968 -176,962

債務證券 131,556 37,929 -34,472 -136,100中長期債券 123,207 34,754 -35,027 -121,260銀行 62,203 -32,823 -117,049 -119,834其他界別 61,004 67,577 82,021 -1,425

貨幣市場工具 8,349 3,175 555 -14,840銀行 6,212 11,575 2,684 -2,746其他界別 2,137 -8,400 -2,129 -12,094

負債 -26,392 454,159 362,409 -9,054股本證券 -16,314 469,282 366,060 -6,673銀行 -2,017 17,119 12,933 -115其他界別 -14,297 452,163 353,127 -6,558

債務證券 -10,078 -15,123 -3,651 -2,380中長期債券 -7,938 -26,192 -42 -7,547銀行 -5,167 -6,781 -2,947 -2,680其他界別 -2,771 -19,411 2,905 -4,866

貨幣市場工具 -2,140 11,070 -3,609 5,166銀行 -1,448 5,429 -465 4,297其他界別 -692 5,641 -3,144 869

- 21-

百萬港元

HK$ million


-151,179 -179,086 -184,640 -182,431 Capital and Financial AccountCapital and financial non-reserve assets

-169,720 -171,497 -159,155 -171,752 (net change)-15,686 -8,292 -2,561 -4,939 Capital Account-15,686 -8,292 -2,561 -4,939 Capital transfers

0 0 0 0 General government-15,686 -8,292 -2,561 -4,939 Other sectors

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

-135,493 -170,794 -182,080 -177,492 Financial AccountFinancial non-reserve assets

-154,033 -163,205 -156,594 -166,812 (net change)

-60,685 63,372 -91,038 49,996 Direct investment-136,194 -42,937 -356,111 -211,513 Direct investment abroad

-68,829 -24,086 -88,862 -63,796 Equity capital-68,829 -24,086 -88,862 -63,796 Claims on affiliated enterprises

… … … … Liabilities to affiliated enterprises-45,805 -69,616 -70,729 -155,384 Reinvested earnings-21,561 50,764 -196,519 7,666 Other capital-10,098 33,388 -104,048 -25,188 Claims on affiliated enterprises-11,462 17,376 -92,472 32,854 Liabilities to affiliated enterprises75,509 106,310 265,072 261,510 Direct investment in Hong Kong10,753 4,648 29,559 28,509 Equity capital

… … … … Claims on direct investors10,753 4,648 29,559 28,509 Liabilities to direct investors

140,127 124,791 174,731 198,371 Reinvested earnings-75,371 -23,129 60,782 34,630 Other capital

-1,954 -23,842 -4,384 -7,093 Claims on direct investors-73,417 713 65,166 41,723 Liabilities to direct investors

-302,484 -264,619 -306,368 -245,017 Portfolio investment-294,032 -275,341 -336,549 -316,860 Assets-122,884 -77,461 -237,423 -217,366 Equity securities

-205 -1,087 -5,959 -12,018 Banks-122,678 -76,374 -231,464 -205,348 Other sectors-171,149 -197,880 -99,126 -99,495 Debt securities-173,996 -185,200 -70,734 -86,048 Bonds and notes-160,177 -80,518 -10,757 -64,765 Banks

-13,818 -104,681 -59,977 -21,283 Other sectors2,847 -12,680 -28,393 -13,446 Money market instruments1,368 -7,604 -27,442 2,321 Banks1,479 -5,076 -950 -15,767 Other sectors

-8,452 10,721 30,181 71,843 Liabilities10,849 44,879 15,349 77,303 Equity securities

3,577 2,704 -3,093 -5,581 Banks7,272 42,175 18,442 82,884 Other sectors

-19,301 -34,157 14,832 -5,460 Debt securities-321 -29,797 13,835 -6,638 Bonds and notes

2,882 -16,025 7,580 6,908 Banks-3,203 -13,772 6,255 -13,547 Other sectors

-18,980 -4,361 997 1,179 Money market instruments80 -2,062 1,402 1,058 Banks

-19,060 -2,299 -405 121 Other sectors


- 22 -

表 3 (續) 資本及金融帳

Table 3 (Cont’d) Capital and Financial Account

2006

第一季

標準組成部分 2006 2007 2008 2009 1st Qtr


金融資產 (變動淨值 ) -163,199 -144,749 32,707 384,338 -14,300資本帳 -2,900 10,338 16,393 36,154 -534資本轉移 -2,900 10,338 16,393 36,154 -534

政府機構 0 0 0 -1,951 0其他界別 -2,900 10,338 16,393 38,105 -534

非生產及非金融資產 … … … … …

金融帳 -207,035 -269,585 -247,555 -201,078 -25,228非儲備性質的

金融資產 (變動淨值 ) -160,300 -155,086 16,314 348,184 -13,765

直接投資 635 -52,577 70,393 -29,610 25,729在外地的直接投資 -349,386 -476,515 -393,862 -405,177 -86,129股本資本 -45,964 -86,622 -36,931 -74,408 -12,044對有聯繫企業的申索 -45,964 -86,622 -36,931 -74,408 -12,044對有聯繫企業的負債 … … … … …

再投資收益 -203,872 -287,597 -362,430 -406,872 -59,339其他資本 -99,550 -102,295 5,499 76,103 -14,746對有聯繫企業的申索 -100,225 -112,153 -6,540 49,442 -7,309對有聯繫企業的負債 675 9,858 12,038 26,661 -7,437

在香港的直接投資 350,021 423,938 464,255 375,567 111,858股本資本 15,548 37,272 74,999 20,883 5,281對直接投資者的申索 … … … … …對直接投資者的負債 15,548 37,272 74,999 20,883 5,281

再投資收益 277,619 404,407 367,890 391,849 74,300其他資本 56,853 -17,742 21,366 -37,166 32,277對直接投資者的申索 4,673 -20,492 -50,534 19,982 6,777對直接投資者的負債 52,181 2,750 71,899 -57,148 25,500

有價證券投資 -207,879 -21,452 -295,148 -342,329 60,959資產 -324,582 -607,148 -195,761 -380,158 14,873股本證券 -121,349 -540,607 -142,343 -295,656 69,794銀行 -761 -1,814 12,063 1,127 7,451其他界別 -120,588 -538,793 -154,406 -296,782 62,344

債務證券 -203,233 -66,541 -53,418 -84,502 -54,922中長期債券 -58,823 -18,541 139,974 -285,166 -12,011銀行 -59,902 20,781 52,163 -184,413 -32,987其他界別 1,079 -39,322 87,811 -100,753 20,976

貨幣市場工具 -144,410 -47,999 -193,392 200,664 -42,910銀行 -141,010 -58,621 -156,793 210,310 -34,102其他界別 -3,400 10,622 -36,599 -9,646 -8,808

負債 116,704 585,696 -99,387 37,829 46,086股本證券 112,364 340,325 136,083 31,963 47,852銀行 8,355 16,619 -10,926 -5,851 2,114其他界別 104,009 323,706 147,009 37,814 45,738

債務證券 4,340 245,371 -235,470 5,865 -1,766中長期債券 4,026 78,980 -71,076 6,118 -4,543銀行 -2,594 9,632 -4,457 3,085 -8,927其他界別 6,620 69,348 -66,619 3,034 4,385

貨幣市場工具 313 166,391 -164,394 -253 2,777銀行 -338 166,107 -163,195 -973 3,102其他界別 651 284 -1,199 719 -325

- 23 -

百萬港元

HK$ million

2006 2006 2006 2007 2007



-33,304 -78,523 -72,345 -79,370 -40,099 Capital and Financial AccountCapital and financial non-reserve assets

-23,240 -65,369 -60,290 -66,998 -30,117 (net change)256 -2,023 -598 -1,220 3,612 Capital Account256 -2,023 -598 -1,220 3,612 Capital transfers

0 0 0 0 0 General government256 -2,023 -598 -1,220 3,612 Other sectors

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

-33,560 -76,499 -71,747 -78,149 -43,710 Financial AccountFinancial non-reserve assets

-23,496 -63,346 -59,691 -65,778 -33,729 (net change)

-41,162 -18,726 34,794 -6,543 -3,280 Direct investment-87,598 -93,055 -82,605 -109,623 -77,446 Direct investment abroad-10,870 -10,074 -12,975 -10,337 -23,399 Equity capital-10,870 -10,074 -12,975 -10,337 -23,399 Claims on affiliated enterprises

… … … … … Liabilities to affiliated enterprises-44,015 -46,523 -53,994 -82,730 -43,768 Reinvested earnings-32,712 -36,457 -15,635 -16,555 -10,279 Other capital-49,108 -25,786 -18,022 -20,895 -37,337 Claims on affiliated enterprises16,396 -10,671 2,387 4,339 27,058 Liabilities to affiliated enterprises46,435 74,329 117,399 103,080 74,166 Direct investment in Hong Kong-4,828 11,793 3,302 … 6,659 Equity capital

… … … … … Claims on direct investors-4,828 11,793 3,302 … 6,659 Liabilities to direct investors58,218 51,275 93,827 103,284 62,257 Reinvested earnings-6,954 11,261 20,270 -204 5,250 Other capital2,194 -6,564 2,266 2,588 3,797 Claims on direct investors

-9,149 17,826 18,004 -2,793 1,453 Liabilities to direct investors

-41,897 -28,750 -198,191 -4,820 -55,092 Portfolio investment-94,941 -38,440 -206,074 -152,749 -112,148 Assets-79,659 -23,731 -87,753 -139,060 -92,961 Equity securities

-4,122 604 -4,694 1,145 -2,040 Banks-75,537 -24,335 -83,059 -140,205 -90,921 Other sectors-15,282 -14,709 -118,321 -13,689 -19,187 Debt securities-41,109 26,553 -32,256 -9,981 -63,123 Bonds and notes-30,649 23,105 -19,371 -12,794 -21,883 Banks-10,460 3,448 -12,885 2,814 -41,240 Other sectors25,826 -41,261 -86,065 -3,708 43,936 Money market instruments20,247 -33,375 -93,780 -5,927 49,732 Banks

5,579 -7,886 7,715 2,219 -5,796 Other sectors53,045 9,689 7,883 147,929 57,056 Liabilities51,147 2,028 11,337 136,785 51,883 Equity securities

2,076 -786 4,952 14,610 -2,661 Banks49,071 2,814 6,385 122,175 54,543 Other sectors

1,898 7,661 -3,454 11,144 5,174 Debt securities1,693 5,710 1,166 8,594 3,957 Bonds and notes4,899 -52 1,487 5,151 5,055 Banks

-3,206 5,762 -322 3,443 -1,098 Other sectors205 1,951 -4,619 2,550 1,217 Money market instruments245 1,246 -4,931 3,136 1,217 Banks-40 704 312 -586 … Other sectors


- 24 -



2007 2007 2008 2008 2008




金融資產 (變動淨值 ) -60,978 13,345 9,632 -24,141 -18,815資本帳 6,978 968 2,462 1,596 8,093資本轉移 6,978 968 2,462 1,596 8,093

政府機構 0 0 0 0 0其他界別 6,978 968 2,462 1,596 8,093

非生產及非金融資產 … … … … …

金融帳 -81,838 -65,887 -47,859 -36,000 -78,168非儲備性質的

金融資產 (變動淨值 ) -67,956 12,376 7,170 -25,737 -26,908

直接投資 -4,252 -38,502 36,874 -59,500 44,506在外地的直接投資 -106,266 -183,180 -109,503 -182,471 -45,959股本資本 -38,356 -14,530 929 -12,961 -13,804對有聯繫企業的申索 -38,356 -14,530 929 -12,961 -13,804對有聯繫企業的負債 … … … … …

再投資收益 -58,721 -102,378 -122,143 -121,422 -35,690其他資本 -9,189 -66,272 11,712 -48,088 3,534對有聯繫企業的申索 -8,800 -45,121 12,691 -57,052 -6,074對有聯繫企業的負債 -389 -21,150 -979 8,965 9,608

在香港的直接投資 102,014 144,678 146,377 122,971 90,465股本資本 13,067 17,545 10,066 1,434 28,244對直接投資者的申索 … … … … …對直接投資者的負債 13,067 17,545 10,066 1,434 28,244

再投資收益 94,663 144,204 113,189 108,628 59,078其他資本 -5,716 -17,071 23,122 12,909 3,143對直接投資者的申索 -14,437 -12,441 -2,721 -6,749 -9,756對直接投資者的負債 8,721 -4,631 25,843 19,658 12,899

有價證券投資 24,781 13,678 -189,207 78,403 204,279資產 -53,933 -288,318 59,696 -37,886 123,209股本證券 -103,947 -204,639 -158,156 4,218 47,317銀行 829 -1,748 14,984 1,469 -3,009其他界別 -104,776 -202,891 -173,140 2,748 50,325

債務證券 50,014 -83,679 217,851 -42,104 75,893中長期債券 30,370 24,192 119,029 -20,578 105,658銀行 18,194 37,264 83,681 4,483 75,899其他界別 12,176 -13,072 35,348 -25,061 29,759

貨幣市場工具 19,644 -107,871 98,823 -21,526 -29,765銀行 8,234 -110,660 94,881 -24,831 -21,499其他界別 11,410 2,788 3,941 3,305 -8,266

負債 78,714 301,996 -248,902 116,290 81,070股本證券 70,793 80,864 -57,285 145,113 73,892銀行 1,994 2,676 -3,860 4,851 3,036其他界別 68,799 78,188 -53,425 140,261 70,857

債務證券 7,921 221,132 -191,617 -28,823 7,177中長期債券 3,446 62,983 -39,214 -23,089 2,392銀行 3,193 -3,767 -1,743 -745 735其他界別 253 66,750 -37,470 -22,344 1,657

貨幣市場工具 4,475 158,149 -152,404 -5,733 4,785銀行 4,838 156,915 -151,050 -6,310 4,463其他界別 -363 1,233 -1,354 576 322

- 25 -

百萬港元

HK$ million

2008 2009 2009 2009 2009



-81,286 -30,212 -63,942 -42,123 -28,647 Capital and Financial AccountCapital and financial non-reserve assets

66,031 38,688 79,154 64,502 201,995 (net change)4,242 7,447 6,929 12,274 9,504 Capital Account4,242 7,447 6,929 12,274 9,504 Capital transfers

0 -770 -186 0 -994 General government4,242 8,218 7,115 12,274 10,498 Other sectors

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

-85,528 -37,659 -70,871 -54,397 -38,151 Financial AccountFinancial non-reserve assets

61,789 31,241 72,225 52,228 192,491 (net change)

48,513 56,331 -73,027 -22,141 9,226 Direct investment-55,929 -35,493 -117,849 -94,956 -156,879 Direct investment abroad-11,094 -8,621 -40,160 -9,986 -15,641 Equity capital-11,094 -8,621 -40,160 -9,986 -15,641 Claims on affiliated enterprises

… … … … … Liabilities to affiliated enterprises-83,175 -107,789 -81,321 -80,614 -137,148 Reinvested earnings38,340 80,917 3,632 -4,357 -4,090 Other capital43,896 67,978 -1,152 -11,582 -5,801 Claims on affiliated enterprises-5,556 12,940 4,785 7,226 1,711 Liabilities to affiliated enterprises

104,442 91,824 44,822 72,816 166,105 Direct investment in Hong Kong35,256 6,532 1,588 148 12,615 Equity capital

… … … … … Claims on direct investors35,256 6,532 1,588 148 12,615 Liabilities to direct investors86,994 109,417 53,755 80,279 148,399 Reinvested earnings

-17,808 -24,124 -10,521 -7,612 5,091 Other capital-31,307 22,462 12,763 -12,949 -2,295 Claims on direct investors13,499 -46,586 -23,284 5,337 7,386 Liabilities to direct investors

-388,624 74,899 -227,441 -75,181 -114,607 Portfolio investment-340,780 76,075 -247,808 -78,072 -130,353 Assets

-35,722 -88,954 -48,962 -29,053 -128,687 Equity securities-1,382 3,309 -2,874 -338 1,028 Banks

-34,340 -92,263 -46,089 -28,715 -129,716 Other sectors-305,058 165,028 -198,845 -49,019 -1,666 Debt securities

-64,135 -138,150 -87,803 -20,397 -38,816 Bonds and notes-111,899 -130,598 -26,377 2,944 -30,382 Banks

47,765 -7,552 -61,426 -23,341 -8,434 Other sectors-240,923 303,178 -111,042 -28,622 37,150 Money market instruments-205,344 307,299 -106,024 -28,585 37,620 Banks

-35,580 -4,121 -5,018 -37 -470 Other sectors-47,844 -1,175 20,367 2,891 15,746 Liabilities-25,637 4,812 16,459 510 10,183 Equity securities-14,953 -544 541 -5,644 -204 Banks-10,685 5,355 15,917 6,155 10,387 Other sectors-22,207 -5,987 3,908 2,380 5,564 Debt securities-11,165 -3,928 3,714 584 5,748 Bonds and notes

-2,703 -1,547 1,367 664 2,601 Banks-8,461 -2,381 2,347 -80 3,148 Other sectors

-11,042 -2,059 195 1,796 -184 Money market instruments-10,298 -1,809 345 1,809 -1,318 Banks

-744 -251 -151 -13 1,134 Other sectors


- 26 -



標準組成部分 1998 1999 2000 2001

金融衍生工具 25,550 79,225 1,661 39,640資產 83,936 164,638 65,809 140,147銀行 77,809 147,094 55,687 131,100其他界別 6,127 17,544 10,122 9,047

負債 -58,386 -85,412 -64,148 -100,507銀行 -49,005 -74,399 -61,404 -97,271其他界別 -9,381 -11,014 -2,744 -3,236

其他投資 -245,059 -368,243 -179,917 133,783資產 928,125 332,646 142,354 461,197貿易信貸 -6,270 -22,979 -5,546 3,506貸款 832,466 334,524 331,803 211,699銀行 827,987 303,083 328,293 220,540其他界別 4,480 31,441 3,510 -8,841

貨幣和存款 105,747 30,227 -175,357 233,167銀行 -42,251 -38,554 -141,923 256,789其他界別 147,997 68,781 -33,434 -23,622

其他資產 -3,818 -9,125 -8,546 12,824銀行 2,534 106 -592 1,919其他界別 -6,351 -9,231 -7,954 10,905

負債 -1,173,184 -700,889 -322,271 -327,414貿易信貸 -958 3,083 4,692 -4,853貸款 -27,134 -52,824 5,080 -31,256銀行 -2,232 -13,115 -9,942 -44,949其他界別 -24,902 -39,708 15,021 13,693

貨幣和存款 -1,155,274 -653,344 -334,941 -289,287銀行 -1,149,402 -652,654 -335,030 -289,260其他界別 -5,872 -689 89 -26

其他負債 10,182 2,195 2,897 -2,018銀行 554 898 220 -252其他界別 9,628 1,296 2,677 -1,766

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

- 27 -

百萬港元

HK$ million


51,563 78,288 44,319 30,502 Financial derivatives156,252 233,682 160,444 161,784 Assets144,494 215,460 148,261 140,690 Banks

11,758 18,222 12,183 21,094 Other sectors-104,689 -155,394 -116,125 -131,282 Liabilities

-97,175 -141,408 -103,211 -119,005 Banks-7,515 -13,986 -12,914 -12,277 Other sectors

157,573 -40,247 196,492 -2,294 Other investment363,561 -222,473 -253,687 -144,599 Assets-26,432 -54,907 -72,078 -28,133 Trade credits48,785 30,765 -44,943 -793 Loans14,032 28,487 -32,388 -5,242 Banks34,753 2,278 -12,555 4,449 Other sectors

325,280 -195,968 -139,864 -112,975 Currency and deposits345,209 -169,786 -262,135 -20,315 Banks-19,930 -26,182 122,270 -92,660 Other sectors15,928 -2,363 3,198 -2,698 Other assets

-202 666 2,127 -4,592 Banks16,130 -3,029 1,071 1,894 Other sectors

-205,988 182,226 450,180 142,305 Liabilities4,754 14,386 11,324 5,047 Trade credits

-99,198 6,110 963 68,929 Loans-45,759 -7,255 11,499 -5,318 Banks-53,439 13,364 -10,535 74,247 Other sectors

-118,979 161,779 440,283 46,294 Currency and deposits-118,933 161,922 439,672 45,476 Banks

-46 -144 611 818 Other sectors7,434 -49 -2,391 22,036 Other liabilities1,399 1,557 -7,548 2,630 Banks6,035 -1,606 5,157 19,406 Other sectors

18,541 -7,589 -25,486 -10,679 Reserve assets (net change)


- 28 -



2006

第一季

標準組成部分 2006 2007 2008 2009 1st Qtr

金融衍生工具 25,925 43,534 63,338 25,641 1,238資產 150,992 232,608 533,854 421,629 32,214銀行 126,320 193,055 483,855 400,643 28,264其他界別 24,672 39,553 49,999 20,986 3,950

負債 -125,068 -189,074 -470,517 -395,989 -30,977銀行 -110,853 -152,616 -455,654 -391,239 -26,718其他界別 -14,215 -36,458 -14,863 -4,750 -4,259

其他投資 21,019 -124,592 177,732 694,483 -101,691資產 -454,405 -1,271,659 356,344 727,896 -6,379貿易信貸 2,928 -52,819 -56,661 -11,799 5,208貸款 -22,059 -335,573 80,277 215,088 7,103銀行 -24,691 -242,701 -86,129 219,073 166其他界別 2,632 -92,873 166,406 -3,985 6,937

貨幣和存款 -417,107 -818,385 309,127 511,477 -586銀行 -407,364 -716,609 298,921 362,656 -22,492其他界別 -9,743 -101,776 10,205 148,820 21,906

其他資產 -18,166 -64,882 23,601 13,130 -18,103銀行 -16,350 -9,556 -1,409 13,073 -12,496其他界別 -1,816 -55,326 25,011 57 -5,608

負債 475,424 1,147,068 -178,612 -33,413 -95,313貿易信貸 -15,052 5,652 3,326 8,042 -1,187貸款 80,086 17,393 -123,989 -100,347 -23,794銀行 -6,955 8,553 18,659 -18,077 83其他界別 87,040 8,840 -142,648 -82,270 -23,877

貨幣和存款 409,059 1,014,532 -26,293 70,761 -71,116銀行 406,184 1,009,346 -20,463 72,122 -71,090其他界別 2,875 5,186 -5,829 -1,362 -27

其他負債 1,332 109,490 -31,656 -11,869 785銀行 8,279 15,106 5,185 -10,963 8,729其他界別 -6,947 94,384 -36,842 -906 -7,944

儲備資產 (變動淨值) -46,735 -114,498 -263,869 -549,262 -11,463

- 29 -

百萬港元

HK$ million

2006 2006 2006 2007 2007



12,612 6,989 5,087 19,847 16,419 Financial derivatives40,328 40,339 38,111 55,283 62,094 Assets35,742 26,915 35,399 39,818 57,010 Banks

4,586 13,424 2,713 15,465 5,084 Other sectors-27,716 -33,351 -33,024 -35,436 -45,675 Liabilities-23,298 -29,153 -31,684 -28,917 -40,618 Banks

-4,418 -4,198 -1,340 -6,519 -5,057 Other sectors

46,951 -22,859 98,618 -74,262 8,224 Other investment-114,242 -225,497 -108,287 -16,552 -294,191 Assets

-13,487 -3,247 14,454 -12,548 -15,752 Trade credits4,799 12,748 -46,709 -32,269 -30,703 Loans

355 13,156 -38,368 -11,543 -19,271 Banks4,444 -408 -8,341 -20,726 -11,431 Other sectors

-109,068 -237,713 -69,740 44,095 -232,119 Currency and deposits-88,754 -226,414 -69,704 47,287 -194,435 Banks-20,313 -11,299 -37 -3,192 -37,684 Other sectors

3,514 2,714 -6,291 -15,830 -15,618 Other assets3,366 -1,305 -5,916 -9,870 -12,687 Banks

148 4,019 -375 -5,960 -2,931 Other sectors161,193 202,639 206,905 -57,710 302,415 Liabilities

-1,151 -5,658 -7,056 6,915 2,149 Trade credits34,139 16,445 53,296 -32,328 -22,107 Loans-8,196 -2,074 3,232 -6,684 6,909 Banks42,335 18,519 50,063 -25,644 -29,016 Other sectors

134,241 194,744 151,190 -49,400 313,285 Currency and deposits133,916 194,194 149,163 -50,231 312,641 Banks

325 550 2,027 831 644 Other sectors-6,036 -2,893 9,475 17,103 9,087 Other liabilities-3,785 667 2,668 13,559 2,615 Banks-2,251 -3,560 6,808 3,544 6,472 Other sectors



- 30 -



2007 2007 2008 2008 2008



金融衍生工具 7,164 104 22,061 5,449 30,729資產 53,200 62,031 86,285 113,914 140,239銀行 41,260 54,967 69,460 105,228 117,948其他界別 11,940 7,064 16,825 8,686 22,291

負債 -46,036 -61,927 -64,224 -108,465 -109,510銀行 -35,714 -47,368 -57,874 -106,133 -105,885其他界別 -10,322 -14,559 -6,350 -2,332 -3,625

其他投資 -95,650 37,096 137,442 -50,090 -306,422資產 -505,404 -455,512 143,623 -24,848 -298,001貿易信貸 -18,803 -5,717 -3,771 -27,364 -28,145貸款 -319,307 46,706 61,153 -32,477 -88,677銀行 -276,881 64,995 -16,540 -39,490 -99,883其他界別 -42,426 -18,289 77,693 7,013 11,206

貨幣和存款 -126,259 -504,102 98,362 -1,914 -173,808銀行 -63,135 -506,325 76,469 59,843 -139,086其他界別 -63,123 2,223 21,893 -61,756 -34,721

其他資產 -41,036 7,601 -12,121 36,906 -7,371銀行 2,271 10,729 1,702 -4,890 2,130其他界別 -43,308 -3,128 -13,823 41,796 -9,501

負債 409,755 492,608 -6,181 -25,241 -8,421貿易信貸 2,929 -6,341 4,811 4,043 1,504貸款 63,543 8,285 -67,495 41,565 -49,220銀行 23,775 -15,447 -2,045 5,469 6,285其他界別 39,768 23,731 -65,451 36,097 -55,505

貨幣和存款 285,442 465,205 32,436 -16,014 39,608銀行 281,901 465,035 24,726 -8,420 39,897其他界別 3,541 170 7,710 -7,594 -289

其他負債 57,841 25,459 24,067 -54,836 -313銀行 2,647 -3,715 7,202 -3,227 4,643其他界別 55,194 29,174 16,865 -51,608 -4,956

儲備資產 (變動淨值) -13,882 -78,263 -55,029 -10,263 -51,259

註釋： … 數值不顯著 (少於一千萬港元)。

- 31 -

百萬港元

HK$ million

2008 2009 2009 2009 2009



5,099 774 14,926 1,776 8,165 Financial derivatives193,417 145,136 115,660 77,387 83,446 Assets191,220 141,925 104,133 76,154 78,431 Banks

2,197 3,211 11,527 1,233 5,015 Other sectors-188,318 -144,362 -100,734 -75,611 -75,281 Liabilities-185,761 -141,796 -99,776 -75,179 -74,488 Banks

-2,557 -2,566 -958 -432 -793 Other sectors

396,802 -100,764 357,766 147,774 289,706 Other investment535,570 66,063 454,013 30,331 177,489 Assets

2,619 19,259 -18,730 -9,693 -2,635 Trade credits140,277 -40,946 118,239 -36,571 174,366 Loans

69,784 -42,547 125,019 -35,789 172,390 Banks70,493 1,602 -6,780 -782 1,976 Other sectors

386,486 82,284 350,507 81,067 -2,381 Currency and deposits301,696 95,458 271,158 42,604 -46,564 Banks

84,790 -13,173 79,349 38,462 44,183 Other sectors6,187 5,465 3,996 -4,471 8,139 Other assets-351 6,248 4,053 -4,129 6,901 Banks

6,539 -783 -57 -342 1,238 Other sectors-138,768 -166,827 -96,247 117,443 112,218 Liabilities

-7,031 -4,411 7,342 9,855 -4,744 Trade credits-48,840 -72,132 -13,287 20,412 -35,340 Loans

8,949 -11,011 -9,192 4,263 -2,136 Banks-57,789 -61,121 -4,095 16,149 -33,203 Other sectors-82,323 -85,697 -95,105 94,533 157,029 Currency and deposits-76,667 -83,735 -94,767 93,975 156,649 Banks

-5,656 -1,962 -338 558 380 Other sectors-575 -4,586 4,803 -7,358 -4,728 Other liabilities

-3,433 768 2,001 -9,300 -4,432 Banks2,858 -5,354 2,802 1,942 -296 Other sectors


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

- 32 -

表 4 按組成部分劃分的投資流動淨值

Table 4 Net Investment Flows by Component

組成部分 1998 1999 2000 2001

直接投資 -17,192 40,511 19,976 96,948股本資本 -13,828 44,875 -126,397 55,330再投資收益 -7,217 31,997 68,873 -6,831其他資本 3,853 -36,361 77,500 48,449

有價證券投資 171,052 256,812 190,782 -322,045股本證券 49,574 234,005 228,906 -183,565債務證券 121,478 22,807 -38,123 -138,480中長期債券 115,269 8,562 -35,069 -128,806貨幣市場工具 6,209 14,245 -3,054 -9,674

金融衍生工具 25,550 79,225 1,661 39,640

其他投資 -245,059 -368,243 -179,917 133,783貿易信貸 -7,228 -19,896 -854 -1,347貸款 805,332 281,700 336,882 180,443貨幣和存款 -1,049,527 -623,116 -510,297 -56,120其他 6,364 -6,930 -5,648 10,807

總計 -65,649 8,305 32,503 -51,674

2006

第一季

組成部分 2006 2007 2008 2009 1st Qtr

直接投資 635 -52,577 70,393 -29,610 25,729股本資本 -30,416 -49,350 38,068 -53,525 -6,763再投資收益 73,747 116,810 5,460 -15,023 14,962其他資本 -42,697 -120,037 26,864 38,937 17,531

有價證券投資 -207,879 -21,452 -295,148 -342,329 60,959股本證券 -8,985 -200,282 -6,260 -263,692 117,646債務證券 -198,894 178,830 -288,888 -78,637 -56,687中長期債券 -54,796 60,439 68,898 -279,048 -16,554貨幣市場工具 -144,097 118,391 -357,786 200,411 -40,134

金融衍生工具 25,925 43,534 63,338 25,641 1,238

其他投資 21,019 -124,592 177,732 694,483 -101,691貿易信貸 -12,125 -47,167 -53,335 -3,757 4,021貸款 58,027 -318,180 -43,713 114,741 -16,691貨幣和存款 -8,048 196,147 282,834 582,237 -71,703其他 -16,834 44,608 -8,055 1,261 -17,318

總計 -160,300 -155,086 16,314 348,184 -13,765

- 33 -

百萬港元

HK$ million

2002 2003 2004 2005 Component

-60,685 63,372 -91,038 49,996 Direct investment-58,076 -19,438 -59,303 -35,286 Equity capital94,323 55,174 104,001 42,987 Reinvested earnings

-96,931 27,635 -135,737 42,295 Other capital

-302,484 -264,619 -306,368 -245,017 Portfolio investment-112,034 -32,582 -222,073 -140,063 Equity securities-190,450 -232,037 -84,294 -104,954 Debt securities-174,317 -214,996 -56,898 -92,686 Bonds and notes

-16,133 -17,041 -27,396 -12,268 Money market instruments


157,573 -40,247 196,492 -2,294 Other investment-21,678 -40,520 -60,754 -23,086 Trade credits-50,413 36,875 -43,980 68,136 Loans206,301 -34,190 300,419 -66,681 Currency and deposits

23,362 -2,412 807 19,338 Others

-154,033 -163,205 -156,594 -166,812 Total

2006 2006 2006 2007 2007


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

-41,162 -18,726 34,794 -6,543 -3,280 Direct investment-15,698 1,718 -9,673 -10,337 -16,739 Equity capital14,202 4,751 39,832 20,554 18,488 Reinvested earnings

-39,667 -25,196 4,635 -16,760 -5,029 Other capital

-41,897 -28,750 -198,191 -4,820 -55,092 Portfolio investment-28,512 -21,703 -76,416 -2,275 -41,078 Equity securities-13,384 -7,047 -121,774 -2,545 -14,014 Debt securities-39,416 32,263 -31,090 -1,387 -59,166 Bonds and notes26,031 -39,311 -90,684 -1,158 45,153 Money market instruments

12,612 6,989 5,087 19,847 16,419 Financial derivatives

46,951 -22,859 98,618 -74,262 8,224 Other investment-14,638 -8,905 7,398 -5,633 -13,603 Trade credits38,938 29,193 6,587 -64,597 -52,809 Loans25,173 -42,968 81,449 -5,305 81,166 Currency and deposits-2,522 -178 3,185 1,273 -6,530 Others

-23,496 -63,346 -59,691 -65,778 -33,729 Total


- 34 -

表 4 (續) 按組成部分劃分的投資流動淨值

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

2007 2007 2008 2008 2008


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

直接投資 -4,252 -38,502 36,874 -59,500 44,506股本資本 -25,288 3,015 10,995 -11,528 14,440再投資收益 35,941 41,827 -8,954 -12,794 23,389其他資本 -14,905 -83,343 34,834 -35,179 6,677

有價證券投資 24,781 13,678 -189,207 78,403 204,279股本證券 -33,154 -123,775 -215,441 149,330 121,209債務證券 57,935 137,453 26,234 -70,927 83,070中長期債券 33,816 87,175 79,815 -43,667 108,050貨幣市場工具 24,119 50,278 -53,581 -27,259 -24,980

金融衍生工具 7,164 104 22,061 5,449 30,729

其他投資 -95,650 37,096 137,442 -50,090 -306,422貿易信貸 -15,874 -12,057 1,039 -23,321 -26,641貸款 -255,764 54,990 -6,342 9,089 -137,897貨幣和存款 159,183 -38,897 130,798 -17,928 -134,200其他 16,805 33,060 11,947 -17,930 -7,684

總計 -67,956 12,376 7,170 -25,737 -26,908

- 35 -

百萬港元

HK$ million

2008 2009 2009 2009 2009


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

48,513 56,331 -73,027 -22,141 9,226 Direct investment24,161 -2,090 -38,572 -9,837 -3,026 Equity capital

3,819 1,627 -27,566 -335 11,252 Reinvested earnings20,532 56,793 -6,889 -11,968 1,001 Other capital

-388,624 74,899 -227,441 -75,181 -114,607 Portfolio investment-61,359 -84,142 -32,504 -28,542 -118,505 Equity securities

-327,265 159,041 -194,937 -46,639 3,898 Debt securities-75,299 -142,078 -84,090 -19,813 -33,068 Bonds and notes

-251,966 301,119 -110,847 -26,826 36,965 Money market instruments

5,099 774 14,926 1,776 8,165 Financial derivatives

396,802 -100,764 357,766 147,774 289,706 Other investment-4,412 14,848 -11,387 161 -7,379 Trade credits91,437 -113,078 104,952 -16,159 139,026 Loans

304,164 -3,413 255,403 175,600 154,648 Currency and deposits5,612 879 8,799 -11,828 3,411 Others

61,789 31,241 72,225 52,228 192,491 Total

- 36 -

表 5 按界別劃分的投資流動淨值

Table 5 Net Investment Flows by Sector

投資類別

界別 1998 1999 2000 2001

直接投資 -17,192 40,511 19,976 96,948銀行 12,341 45,351 28,523 38,371其他界別 -29,532 -4,840 -8,547 58,577

有價證券投資 171,052 256,812 190,782 -322,045銀行 60,181 -5,712 -105,031 -121,008其他界別 110,871 262,524 295,813 -201,037

金融衍生工具 25,550 79,225 1,661 39,640銀行 28,804 72,695 -5,717 33,830其他界別 -3,254 6,530 7,379 5,811

其他投資 -245,059 -368,243 -179,917 133,783銀行 -362,810 -400,237 -158,974 144,788其他界別 117,751 31,994 -20,944 -11,004

總計 -65,649 8,305 32,503 -51,674

銀行 -261,484 -287,903 -241,198 95,981

其他界別 195,836 296,209 273,701 -147,655

2006

投資類別第一季

界別 2006 2007 2008 2009 1st Qtr

直接投資 635 -52,577 70,393 -29,610 25,729銀行 19,325 32,218 49,402 36,910 9,504其他界別 -18,690 -84,795 20,991 -66,520 16,226

有價證券投資 -207,879 -21,452 -295,148 -342,329 60,959銀行 -196,249 152,704 -271,145 23,285 -63,350其他界別 -11,629 -174,156 -24,003 -365,614 124,309

金融衍生工具 25,925 43,534 63,338 25,641 1,238銀行 15,467 40,439 28,202 9,404 1,547其他界別 10,457 3,095 35,136 16,237 -309

其他投資 21,019 -124,592 177,732 694,483 -101,691銀行 -40,896 64,141 214,764 637,886 -97,099其他界別 61,916 -188,732 -37,032 56,597 -4,592

總計 -160,300 -155,086 16,314 348,184 -13,765

銀行 -202,353 289,502 21,222 707,484 -149,399

其他界別 42,054 -444,588 -4,909 -359,300 135,634

- 37 -

百萬港元

HK$ million

Type of Investment

2002 2003 2004 2005 Sector

-60,685 63,372 -91,038 49,996 Direct investment-22,557 20,657 8,931 16,943 Banks-38,128 42,716 -99,969 33,054 Other sectors

-302,484 -264,619 -306,368 -245,017 Portfolio investment-152,475 -104,592 -38,269 -72,077 Banks-150,009 -160,027 -268,099 -172,940 Other sectors

51,563 78,288 44,319 30,502 Financial derivatives47,320 74,053 45,050 21,685 Banks

4,243 4,236 -731 8,817 Other sectors

157,573 -40,247 196,492 -2,294 Other investment195,747 15,593 151,226 12,638 Banks-38,174 -55,839 45,266 -14,932 Other sectors

-154,033 -163,205 -156,594 -166,812 Total

68,035 5,709 166,938 -20,812 Banks

-222,068 -168,915 -323,533 -146,001 Other sectors

2006 2006 2006 2007 2007

第二季第三季第四季第一季第二季 Type of Investment

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

-41,162 -18,726 34,794 -6,543 -3,280 Direct investment8,157 3,226 -1,562 6,327 6,501 Banks

-49,319 -21,952 36,356 -12,870 -9,781 Other sectors

-41,897 -28,750 -198,191 -4,820 -55,092 Portfolio investment-7,304 -9,258 -116,337 5,321 29,420 Banks

-34,592 -19,492 -81,854 -10,140 -84,512 Other sectors

12,612 6,989 5,087 19,847 16,419 Financial derivatives12,444 -2,238 3,715 10,901 16,392 Banks

168 9,227 1,372 8,946 27 Other sectors

46,951 -22,859 98,618 -74,262 8,224 Other investment36,902 -21,775 41,076 -17,483 95,772 Banks10,049 -1,084 57,543 -56,779 -87,548 Other sectors

-23,496 -63,346 -59,691 -65,778 -33,729 Total

50,198 -30,044 -73,108 5,066 148,085 Banks

-73,695 -33,302 13,417 -70,844 -181,814 Other sectors


- 38 -

表 5 (續) 按界別劃分的投資流動淨值

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

2007 2007 2008 2008 2008

投資類別第三季第四季第一季第二季第三季

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

直接投資 -4,252 -38,502 36,874 -59,500 44,506銀行 13,892 5,499 1,843 4,598 20,148其他界別 -18,144 -44,000 35,031 -64,098 24,358

有價證券投資 24,781 13,678 -189,207 78,403 204,279銀行 37,282 80,681 36,893 -21,083 59,624其他界別 -12,501 -67,003 -226,099 99,486 144,655

金融衍生工具 7,164 104 22,061 5,449 30,729銀行 5,547 7,599 11,585 -905 12,063其他界別 1,618 -7,495 10,475 6,354 18,666

其他投資 -95,650 37,096 137,442 -50,090 -306,422銀行 -29,422 15,273 91,514 9,284 -186,014其他界別 -66,228 21,824 45,928 -59,374 -120,408

總計 -67,956 12,376 7,170 -25,737 -26,908

銀行 27,299 109,052 141,836 -8,106 -94,179

其他界別 -95,255 -96,675 -134,666 -17,632 67,271

- 39 -

百萬港元

HK$ million

2008 2009 2009 2009 2009

第四季第一季第二季第三季第四季 Type of Investment

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

48,513 56,331 -73,027 -22,141 9,226 Direct investment22,813 8,344 10,522 10,533 7,511 Banks25,700 47,987 -83,548 -32,674 1,715 Other sectors

-388,624 74,899 -227,441 -75,181 -114,607 Portfolio investment-346,579 176,112 -133,021 -29,150 9,344 Banks

-42,045 -101,213 -94,419 -46,031 -123,950 Other sectors

5,099 774 14,926 1,776 8,165 Financial derivatives5,459 129 4,357 975 3,943 Banks-360 645 10,569 801 4,222 Other sectors

396,802 -100,764 357,766 147,774 289,706 Other investment299,979 -34,820 298,272 91,625 282,808 Banks

96,823 -65,944 59,494 56,149 6,898 Other sectors

61,789 31,241 72,225 52,228 192,491 Total

-18,329 149,765 180,130 73,982 303,606 Banks

80,118 -118,524 -107,905 -21,755 -111,116 Other sectors

- 40 -

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

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

政府機構 0 0 12,490 12,227 12,990 13,421短期 0 0 149 0 0 0貨幣市場工具 0 0 149 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 12,341 12,227 12,990 13,421中長期債券 0 0 12,341 12,227 12,990 13,421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 1,068 258 1,668 3,169 4,014短期 1,654 1,039 160 1,194 256 398貨幣市場工具 ... ... ... ... ... ... 貸款 1,552 893 0 1,001 0 0貨幣和存款 0 0 0 0 0 0其他債務負債 102 146 160 193 256 398

長期 ... 29 97 474 2,913 3,616中長期債券 ... 29 97 474 2,913 3,616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 1,882,166 2,358,450 2,346,349 2,692,148 3,929,737短期 1,673,954 1,848,439 2,313,036 2,293,185 2,645,733 3,862,864貨幣市場工具 24,606 22,392 24,230 24,065 28,217 194,186貸款 41,721 34,116 37,450 21,765 15,395 15,809貨幣和存款 1,603,733 1,788,935 2,244,175 2,237,604 2,584,612 3,618,897其他債務負債 3,894 2,996 7,181 9,751 17,509 33,973

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

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

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

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

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

- 41 -

百萬港元

HK$ million

2006 2006 2006 2006

第一季第二季第三季第四季

2008 2009 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Gross External Debt Position

13,096 10,903 12,719 12,665 12,776 12,990 General Government 0 0 0 0 0 0 Short-term0 0 0 0 0 0 Money market instruments0 0 0 0 0 0 Loans0 0 0 0 0 0 Trade credits0 0 0 0 0 0 Other debt liabilities

13,096 10,903 12,719 12,665 12,776 12,990 Long-term13,096 10,903 12,719 12,665 12,776 12,990 Bonds and notes

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

4,645 2,332 2,188 2,115 2,228 3,169 Monetary Authority377 369 1,746 1,676 1,788 256 Short-term

... ... ... ... ... ... Money market instruments0 0 1,535 1,446 1,512 0 Loans0 0 0 0 0 0 Currency and deposits

377 369 211 229 276 256 Other debt liabilities4,268 1,963 442 439 440 2,913 Long-term4,268 1,963 442 439 440 2,913 Bonds and notes

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

3,754,926 3,863,242 2,209,075 2,342,708 2,540,062 2,692,148 Banks3,670,777 3,788,913 2,160,408 2,297,759 2,494,674 2,645,733 Short-term

31,307 25,614 31,553 31,844 33,158 28,217 Money market instruments18,883 3,940 13,168 12,985 11,109 15,395 Loans

3,581,908 3,728,191 2,097,972 2,238,343 2,435,291 2,584,612 Currency and deposits38,679 31,168 17,716 14,586 15,116 17,509 Other debt liabilities84,149 74,329 48,667 44,949 45,389 46,415 Long-term35,388 38,164 21,098 25,853 26,490 27,912 Bonds and notes45,076 33,866 22,904 15,145 14,795 14,137 Loans

3,685 2,300 4,664 3,951 4,104 4,365 Other debt liabilities

361,037 296,260 297,926 330,383 349,168 403,356 Other Sectors124,717 124,000 135,276 143,523 151,900 190,206 Short-term


5,410 6,768 2,794 3,125 3,673 5,692 Currency and deposits50,979 59,516 57,235 54,122 48,913 41,863 Trade credits48,068 43,010 31,578 29,350 28,769 36,653 Other debt liabilities


172,487 115,951 118,451 146,973 152,871 169,168 Loans 847 386 4,062 4,031 4,469 4,919 Trade credits


1,008,095 1,046,866 874,527 879,225 883,722 903,205 Direct investment: Inter-company lending200,379 233,393 177,391 190,878 180,126 183,146 Debt liabilities to affiliated enterprises807,716 813,473 697,136 688,348 703,597 720,059 Debt liabilities to direct investors

5,141,800 5,219,603 3,396,435 3,567,096 3,787,957 4,014,868 Gross External Debt


- 42 -

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

2007 2007 2007 2007 2008 2008

第一季第二季第三季第四季第一季第二季

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

政府機構 12,957 12,855 12,925 13,421 13,497 13,329短期 0 0 0 0 0 0貨幣市場工具 0 0 0 0 0 0貸款 0 0 0 0 0 0貿易信貸 0 0 0 0 0 0其他債務負債 0 0 0 0 0 0

長期 12,957 12,855 12,925 13,421 13,497 13,329中長期債券 12,957 12,855 12,925 13,421 13,497 13,329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 4,822 5,149 5,255 4,014 5,719 5,370短期 1,685 1,786 1,803 398 1,908 1,624貨幣市場工具 ... ... ... ... ... ... 貸款 1,428 1,516 1,510 0 1,490 1,426貨幣和存款 0 0 0 0 0 0其他債務負債 257 270 294 398 418 199

長期 3,137 3,364 3,452 3,616 3,811 3,746中長期債券 3,137 3,364 3,452 3,616 3,811 3,746貸款 0 0 0 0 0 0其他債務負債 0 0 0 0 0 0

銀行 2,670,575 2,998,020 3,314,928 3,929,737 3,829,101 3,810,545短期 2,616,417 2,938,173 3,248,376 3,862,864 3,754,386 3,736,448貨幣市場工具 31,947 33,105 37,859 194,186 43,479 37,185貸款 6,306 12,037 34,317 15,809 14,667 19,056貨幣和存款 2,545,651 2,857,657 3,138,382 3,618,897 3,655,854 3,642,678其他債務負債 32,513 35,374 37,816 33,973 40,385 37,529

長期 54,158 59,847 66,552 66,872 74,715 74,098中長期債券 32,587 37,069 40,965 38,033 37,505 35,970貸款 17,027 18,244 20,866 23,906 31,456 32,705其他債務負債 4,545 4,534 4,721 4,932 5,754 5,422

其他界別 452,340 430,723 531,520 650,041 586,716 540,582短期 233,936 231,226 318,005 348,026 333,273 267,662貨幣市場工具 1,978 1,976 1,606 2,852 1,471 2,109貸款 81,074 69,106 94,535 99,379 57,187 50,870貨幣和存款 4,668 5,279 8,867 9,069 19,003 11,266貿易信貸 59,404 61,431 65,021 58,440 54,443 57,149其他債務負債 86,811 93,434 147,976 178,286 201,169 146,268

長期 218,404 199,497 213,514 302,015 253,443 272,920中長期債券 24,040 22,509 23,574 91,010 62,312 39,021貸款 169,330 152,594 165,671 187,374 167,812 209,711貿易信貸 2,228 1,842 1,598 1,554 1,413 1,495其他債務負債 22,807 22,551 22,671 22,076 21,906 22,693

直接投資：公司間借貸 922,573 956,926 969,853 950,458 980,816 1,010,715對有聯繫企業的債務負債 186,114 212,490 215,676 195,501 188,987 198,748對直接投資者的債務負債 736,459 744,436 754,177 754,957 791,829 811,967

對外債務負債總額 4,063,267 4,403,673 4,834,481 5,547,670 5,415,849 5,380,542

註釋： ... 數值不顯著 (少於一千萬港元)。

- 43 -

百萬港元

HK$ million

2008 2008 2009 2009 2009 2009

第三季第四季第一季第二季第三季第四季

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

12,095 13,096 12,538 12,252 11,014 10,903 General Government 0 0 0 0 0 0 Short-term0 0 0 0 0 0 Money market instruments0 0 0 0 0 0 Loans0 0 0 0 0 0 Trade credits0 0 0 0 0 0 Other debt liabilities


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

27,676 4,645 3,902 4,203 2,144 2,332 Monetary Authority23,704 377 357 399 453 369 Short-term

... ... ... ... ... ... Money market instruments23,503 0 0 0 0 0 Loans

0 0 0 0 0 0 Currency and deposits201 377 357 399 453 369 Other debt liabilities


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

3,835,364 3,754,926 3,697,820 3,611,234 3,721,045 3,863,242 Banks3,757,726 3,670,777 3,622,434 3,540,211 3,643,995 3,788,913 Short-term


3,654,323 3,581,908 3,540,039 3,457,276 3,564,817 3,728,191 Currency and deposits39,271 38,679 39,628 42,295 41,356 31,168 Other debt liabilities77,638 84,149 75,386 71,023 77,050 74,329 Long-term36,653 35,388 33,006 34,561 36,123 38,164 Bonds and notes34,388 45,076 39,246 33,414 38,033 33,866 Loans


456,710 361,037 297,148 291,541 332,109 296,260 Other Sectors257,190 124,717 144,914 126,693 133,106 124,000 Short-term

2,195 1,777 1,521 1,273 1,503 2,185 Money market instruments43,218 18,484 52,455 24,476 15,403 12,521 Loans10,968 5,410 8,954 4,257 9,549 6,768 Currency and deposits57,653 50,979 42,746 54,614 63,364 59,516 Trade credits

143,156 48,068 39,238 42,073 43,288 43,010 Other debt liabilities199,520 236,320 152,234 164,848 199,003 172,260 Long-term

40,666 33,668 30,965 30,030 33,812 34,835 Bonds and notes134,903 172,487 101,750 116,162 146,304 115,951 Loans

1,349 847 553 339 648 386 Trade credits22,603 29,319 18,966 18,317 18,239 21,087 Other debt liabilities

1,017,910 1,008,095 952,794 972,683 1,043,654 1,046,866 Direct investment: Inter-company lending207,703 200,379 221,770 209,680 231,896 233,393 Debt liabilities to affiliated enterprises810,207 807,716 731,024 763,003 811,758 813,473 Debt liabilities to direct investors

5,349,755 5,141,800 4,964,201 4,891,912 5,109,966 5,219,603 Gross External Debt

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

- 44 -

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

(Position as at end of period)

概括組成部分 2000 2001 2002 2003 2004

資產 8,899,295 8,350,623 8,032,744 9,202,313 10,698,713

在外地的直接投資 3,027,809 2,749,237 2,412,932 2,636,697 3,133,649

有價證券投資 1,394,320 1,603,059 1,903,241 2,599,922 3,116,312

金融衍生工具 131,063 136,672 175,616 154,065 174,450

其他投資 3,507,266 2,994,734 2,668,150 2,892,522 3,313,841

儲備資產 838,839 866,922 872,805 919,107 960,461

負債 7,169,749 6,282,662 5,355,376 6,142,480 7,396,940

在香港的直接投資 3,550,840 3,269,653 2,622,298 2,960,358 3,521,862

有價證券投資 1,194,477 912,493 729,456 972,770 1,206,935

金融衍生工具 97,582 94,022 165,305 152,141 164,302

其他投資 2,326,849 2,006,494 1,838,316 2,057,212 2,503,841

國際投資頭寸淨值 (1) 1,729,547 2,067,961 2,677,368 3,059,833 3,301,773

直接投資 -523,031 -520,416 -209,366 -323,661 -388,212

有價證券投資 199,843 690,566 1,173,785 1,627,152 1,909,377

金融衍生工具 33,481 42,650 10,310 1,924 10,147

其他投資 1,180,416 988,240 829,834 835,310 810,001

儲備資產 838,839 866,922 872,805 919,107 960,461

註釋： (1) 國際投資頭寸淨值是對外金融資產總值與對外金融負債總值之差。

- 45 -

百萬港元

HK$ million

2005 2006 2007 2008 Broad Component

11,588,312 14,998,700 21,194,093 17,521,261 Assets

3,653,905 5,264,523 7,888,993 5,906,175 Direct investment abroad

3,384,731 4,513,498 6,074,091 4,318,241 Portfolio investment


3,452,781 4,009,463 5,666,708 5,206,823 Other investment

963,608 1,036,011 1,190,682 1,414,710 Reserve assets

8,182,176 10,968,982 17,420,503 12,694,589 Liabilities

4,056,259 5,771,914 9,186,549 6,325,837 Direct investment in Hong Kong




3,406,136 4,029,717 3,773,590 4,826,672 Net International Investment Position (1)

-402,355 -507,391 -1,297,556 -419,662 Direct investment


713 16,866 119,783 102,663 Financial derivatives

842,783 989,487 1,412,615 1,192,622 Other investment

963,608 1,036,011 1,190,682 1,414,710 Reserve assets

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

- 46 -

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


標準組成部分 2000 2001 2002 2003 2004

資產 8,899,295 8,350,623 8,032,744 9,202,313 10,698,713

在外地的直接投資 3,027,809 2,749,237 2,412,932 2,636,697 3,133,649

股本資本和再投資收益 2,472,154 2,204,771 1,902,813 2,145,818 2,411,148

對有聯繫企業的申索 2,472,154 2,204,771 1,902,813 2,145,818 2,411,148

對有聯繫企業的負債 … … … … …

其他資本 555,654 544,466 510,120 490,879 722,501

對有聯繫企業的申索 735,820 776,439 751,768 740,660 885,240

對有聯繫企業的負債 -180,165 -231,973 -241,648 -249,781 -162,738

有價證券投資 1,394,320 1,603,059 1,903,241 2,599,922 3,116,312

股本證券 688,581 737,717 746,434 1,186,426 1,552,246

銀行 548 512 536 2,069 9,034

其他界別 688,033 737,205 745,897 1,184,356 1,543,211

債務證券 705,739 865,342 1,156,808 1,413,497 1,564,066

中長期債券 524,023 669,585 963,268 1,196,251 1,317,507

銀行 327,111 459,213 663,758 762,279 788,550

其他界別 196,912 210,372 299,510 433,972 528,957

貨幣市場工具 181,716 195,757 193,540 217,245 246,559

銀行 164,918 167,265 166,653 185,601 212,526

其他界別 16,799 28,493 26,887 31,644 34,033

金融衍生工具 131,063 136,672 175,616 154,065 174,450

銀行 123,152 128,498 159,643 128,999 136,819

其他界別 7,911 8,174 15,972 25,066 37,631

其他投資 3,507,266 2,994,734 2,668,150 2,892,522 3,313,841

貿易信貸 31,434 45,785 56,749 68,754 68,756

貸款 648,886 450,881 405,848 384,627 420,880

銀行 599,188 357,827 356,229 333,959 358,766

其他界別 49,699 93,054 49,619 50,668 62,113

貨幣和存款 2,782,776 2,451,964 2,167,916 2,391,461 2,776,209

銀行 2,455,796 2,115,542 1,785,819 1,983,476 2,272,054

其他界別 326,980 336,422 382,097 407,985 504,156

其他資產 44,169 46,103 37,636 47,680 47,997

銀行 10,066 9,180 8,883 8,688 16,791

其他界別 34,103 36,923 28,753 38,992 31,206

儲備資產 838,839 866,922 872,805 919,107 960,461

- 47 -

百萬港元

HK$ million


11,588,312 14,998,700 21,194,093 17,521,261 Assets

3,653,905 5,264,523 7,888,993 5,906,175 Direct investment abroad

2,913,057 4,363,725 6,945,061 4,927,383 Equity capital and reinvested earnings

2,913,057 4,363,725 6,945,061 4,927,383 Claims on affiliated enterprises

… … … … Liabilities to affiliated enterprises

740,847 900,798 943,932 978,793 Other capital

945,218 1,083,944 1,139,433 1,179,171 Claims on affiliated enterprises

-204,371 -183,146 -195,501 -200,379 Liabilities to affiliated enterprises


1,766,398 2,634,772 4,014,215 2,132,764 Equity securities

22,346 24,851 40,216 16,081 Banks

1,744,051 2,609,920 3,973,998 2,116,683 Other sectors

1,618,333 1,878,727 2,059,876 2,185,478 Debt securities

1,357,576 1,471,835 1,601,900 1,531,218 Bonds and notes

834,127 921,636 962,107 959,084 Banks

523,449 550,199 639,792 572,134 Other sectors

260,757 406,892 457,976 654,260 Money market instruments

210,750 353,143 414,193 572,807 Banks

50,006 53,749 43,784 81,453 Other sectors


100,277 131,839 263,752 611,710 Banks

33,010 43,365 109,867 63,601 Other sectors


75,978 87,174 117,319 102,323 Trade credits

427,729 462,295 845,696 858,917 Loans

361,443 400,906 674,143 759,376 Banks

66,286 61,389 171,554 99,541 Other sectors

2,881,742 3,375,255 4,493,799 4,131,673 Currency and deposits

2,337,120 2,782,857 3,697,976 3,360,842 Banks

544,622 592,398 795,823 770,831 Other sectors

67,333 84,739 209,894 113,909 Other assets

20,656 37,693 43,268 43,765 Banks

46,677 47,046 166,626 70,145 Other sectors

963,608 1,036,011 1,190,682 1,414,710 Reserve assets


- 48 -

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


標準組成部分 2000 2001 2002 2003 2004

負債 7,169,749 6,282,662 5,355,376 6,142,480 7,396,940

在香港的直接投資 3,550,840 3,269,653 2,622,298 2,960,358 3,521,862

股本資本和再投資收益 3,134,592 2,765,016 2,173,538 2,566,608 3,051,960

對直接投資者的申索 … … … … …

對直接投資者的負債 3,134,592 2,765,016 2,173,538 2,566,608 3,051,960

其他資本 416,248 504,637 448,760 393,750 469,901

對直接投資者的申索 -104,029 -97,324 -95,128 -117,904 -115,107

對直接投資者的負債 520,277 601,961 543,888 511,654 585,008

有價證券投資 1,194,477 912,493 729,456 972,770 1,206,935

股本證券 1,076,454 801,787 618,299 898,083 1,114,762

銀行 63,165 50,031 44,774 64,644 65,910

其他界別 1,013,290 751,756 573,525 833,439 1,048,852

債務證券 118,023 110,706 111,158 74,687 92,173

中長期債券 74,948 63,038 81,403 49,962 66,042

銀行 27,719 23,242 35,647 20,188 29,290

其他界別 47,229 39,796 45,756 29,775 36,752

貨幣市場工具 43,075 47,668 29,754 24,725 26,131

銀行 21,168 24,936 24,606 22,392 24,230

其他界別 21,907 22,731 5,148 2,332 1,901

金融衍生工具 97,582 94,022 165,305 152,141 164,302

銀行 92,904 90,240 159,395 132,046 141,864

其他界別 4,678 3,783 5,910 20,094 22,438

其他投資 2,326,849 2,006,494 1,838,316 2,057,212 2,503,841

貿易信貸 16,539 23,524 30,535 45,190 46,289

貸款 271,329 269,070 172,043 169,520 161,571

銀行 152,272 105,292 53,166 43,579 49,652

其他界別 119,057 163,778 118,877 125,940 111,918

貨幣和存款 2,021,862 1,693,371 1,604,658 1,789,747 2,245,429

銀行 2,019,923 1,693,037 1,603,733 1,788,935 2,244,175

其他界別 1,939 334 925 813 1,254

其他負債 17,119 20,530 31,081 52,755 50,551

銀行 3,018 4,194 5,332 7,072 11,102

其他界別 14,102 16,335 25,749 45,683 39,449

國際投資頭寸淨值 (1) 1,729,547 2,067,961 2,677,368 3,059,833 3,301,773

註釋： (1) 國際投資頭寸淨值是對外金融資產總值與對外金融負債總值之差。

… 數值不顯著 (少於一千萬港元)。

- 49 -

百萬港元

HK$ million


8,182,176 10,968,982 17,420,503 12,694,589 Liabilities

4,056,259 5,771,914 9,186,549 6,325,837 Direct investment in Hong Kong

3,544,341 5,149,029 8,556,763 5,695,245 Equity capital and reinvested earnings

… … … … Claims on direct investors

3,544,341 5,149,029 8,556,763 5,695,245 Liabilities to direct investors

511,918 622,885 629,787 630,592 Other capital

-113,905 -97,175 -125,170 -177,124 Claims on direct investors

625,823 720,059 754,957 807,716 Liabilities to direct investors


1,299,073 1,927,068 3,382,906 1,662,400 Equity securities

52,039 86,180 130,864 56,377 Banks

1,247,034 1,840,888 3,252,042 1,606,023 Other sectors

84,271 91,686 343,118 119,504 Debt securities

58,288 60,914 146,080 86,421 Bonds and notes

34,605 27,912 38,033 35,388 Banks

23,683 33,002 108,047 51,032 Other sectors

25,983 30,772 197,038 33,084 Money market instruments

24,065 28,217 194,186 31,307 Banks

1,918 2,555 2,852 1,777 Other sectors


109,939 128,021 224,512 543,187 Banks

22,636 30,317 29,323 29,460 Other sectors


51,002 46,783 59,994 51,826 Trade credits

232,482 302,142 326,469 254,929 Loans

36,451 29,532 39,715 63,959 Banks

196,031 272,610 286,754 190,971 Other sectors

2,239,300 2,590,304 3,627,966 3,587,318 Currency and deposits

2,237,604 2,584,612 3,618,897 3,581,908 Banks

1,696 5,692 9,069 5,410 Other sectors

87,214 80,747 239,664 120,128 Other liabilities

13,624 21,874 38,905 42,364 Banks

73,590 58,873 200,759 77,764 Other sectors

3,406,136 4,029,717 3,773,590 4,826,672 Net International Investment Position (1)

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

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

- 50 -

圖 1 經常帳流動淨值

Chart 1 Net Flows of the Current Account

十億港元

HK$ billion

圖 2 經常帳差額相當本地生產總值百分比

Chart 2 Current Account Balance as Percentage to GDP

百分比

Percentage

圖 3 資本及金融流動淨值

Chart 3 Net Capital and Financial Flows

十億港元

HK$ billion

-80

-60

-40

-20

0

20

40

60

80

100

120

Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009

貨物

Goods

服務

Services

收益

Income

經常轉移

Current Transfers

經常帳差額

Current Account Balance

0

5

10

15

20

25

2002 2003 2004 2005 2006 2007 2008 2009

-300

-250

-200

-150

-100

-50

0

50

100

150

200

250

Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009

資本及金融帳差額

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

儲備資產

Reserve Assets

資本及金融帳差額

Capital and Financial Account Balance

- 51 -

圖 4 金融 (非儲備性質) 流動淨值

Chart 4 Net Financial (Non-reserve) Flows

十億港元

HK$ billion

圖 5 對外債務

Chart 5 External Debt

十億港元

HK$ billion

圖 6 國際投資頭寸

Chart 6 International Investment Position

十億港元

HK$ billion

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009

政府機構

General Government

金融當局

Monetary Authority

銀行

Bank

其他界別

Other Sectors

直接投資: 公司間借貸

Direct Investment: Inter-company Lending數列5

-450-400-350-300-250-200-150-100

-500

50100150200250300350400450

Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009

直接投資

Direct Investment

有價證券投資

Portfolio Investment

金融衍生工具

Financial Derivatives

其他投資

Other Investment

金融帳差額

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

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

2000 2001 2002 2003 2004 2005 2006 2007 2008

資產

Assets

負債

Liabilities

國際投資頭寸淨值

Net International Investment Position

- 52 -

- 53 -

註釋 Explanatory Notes

概念及定義 Concepts and Definitions

1. 國際收支平衡表是有系統地載錄，在指定

期間內，某經濟體系與世界各地的各類經濟交易的

統計表。完整的國際收支平衡表包括以下兩個主要

核算帳：（甲）經常帳；及（乙）資本及金融帳。

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

2. 國際投資頭寸是在一特定時點上一個經濟

體系的對外金融資產及負債存量的資產負債表。國

際投資頭寸中的資產意指本地居民以指定投資工

具方式所擁有對非本地居民有商業和交易價值的

申索，而負債則指本地居民對非本地居民在這方面

所要承擔的欠債。

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

3. 對外債務負債總額是指在任何一個時點

上，一個經濟體系的本地居民對非本地居民尚未償

還且屬非或有的實際現有負債數額，而負債人須於

將來償還本金及／或利息。

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

4. 對外債務並不包括或有的負債。或有的負

債是指那些因作出承諾而會在發生某些清楚界定

的情況時可能出現的責任。一項負債要被包括於對

外債務內必須是實際存在且尚未償還的。債務包括

逾期未還的本金及利息。在一般情況下於將來提供

經濟價值的承諾並不足以構成申索，直至及除非發

生了項目擁有權的轉換、服務的提供或收益的待

付。

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

5. 國際收支平衡表的金融帳是量度在一段期

間內對外金融資產及負債的交易，而國際投資頭寸

報表則反映在期末這些資產和負債的水平。前者是

一個流動的概念，而後者則是存量的概念。

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

6. 同樣是以存量為主的概念，一個經濟體系

的對外債務是該經濟體系的國際投資頭寸報表中

非股本負債項目的總和。根據國際定義，欠非本地

居民的股票及其他的股本參與，以及欠非本地居民

的金融衍生工具，由於不需付本金或利息，所以均

不包括於對外債務內。但因逾期結算金融衍生工具

而產生未償還的債項，則與其他逾期債項一樣，因

終需付款而被視為債務負債。

6. Being also mainly a stock concept, ED of an economy is the sum of the non-equity liability components of the IIP statement of the economy. According to international definition, shares and other equity participation, and financial derivatives that are owed to non-residents are excluded from ED as they do not require the payment of principal or interest. Nonetheless, an overdue obligation to settle a financial derivatives contract would, like any arrears, be a debt liability because a payment is required.

- 54 -

7. 資產和負債的交易是影響這些資產和負債

的存量的其中一個因素。此外，當一個經濟體系的

對外金融資產和負債存量折算為當地貨幣時，價格

變動、匯率變動、以至其他調整，也會對其價值產

生影響。價格變動和匯率變動是會影響各組成部分

的價值，例如股本證券及債務證券。價格變動反映

在統計期內持有該類證券的資產損益。根據國際統

計標準，其他調整包括重新分類（如在股本額達到

10%的分界線時，有價證券投資轉變為直接投資）和債權人單方面撇賬等。

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

8. 至於對外債務，在一段時間內債務存量的

變動也可能不等於期內所發生的債務流動，因前者

可能只涉及不牽涉流動的存量變動。該等變動的例

子包括：撇賬、當一實體由一機構界別轉至另一界

別所產生的債務重新分類，及市場或外力引致的其

他計價變動。

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

9. 在國際收支平衡表架構下，當擁有權出現

轉變時，交易便被記錄下來。在國際投資頭寸和對

外債務方面，則是在特定統計時點所作的記錄。

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

10. 香港國際收支平衡表和國際投資頭寸統計

數字的編製，是採用符合國際貨幣基金組織出版的

《國際收支平衡手冊（第五版）》所訂定的國際標

準。香港的對外債務統計數字則是根據以國際貨幣

基金組織為首的跨組織金融統計數據專責小組出

版的《對外債務統計數據：編製人員及數據使用者

指南》編製而成。

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

主要組成部分 Major Components

經常帳 Current Account

11. 經常帳是主要量度實質資源的流動，包括

貨物的進出口、服務的輸入及輸出、從外地應收及

應付予外地的收益，以及從外地及往外地的經常轉

移。經常帳的交易按總額記錄，反映一個經濟體系

向世界各地提供，或從世界各地獲取實質資源的情

況。以下是經常帳主要組成部分的詳細說明。

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

- 55 -

﹙甲﹚ 貨物 (a) Goods

貨物包括所有可移動的貨物，其擁有權由

本地居民轉至非本地居民（出口）及由非

本地居民轉至本地居民（進口）。貨物包括

一般商品、用作加工的物資、各種運輸工

具在港口購買的貨物、貨物修理，以及非

貨幣黃金。

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

﹙乙﹚ 服務 (b) Services

服務包括由本地居民向非本地居民（輸出）

和由非本地居民向本地居民（輸入）所提

供的服務。服務交易是按服務類別分類，

分別為運輸、旅遊、保險服務、金融服務

及其他服務。

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

運輸包括一切運輸服務（海運、空運及其

他），而當中以客運及貨運為主。

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

旅遊主要包括旅客在某經濟體系作少於一

年的旅遊時所購買的貨物和服務。

Travel includes primarily the goods and services acquired from an economy by travelers during visits of less than one year in that economy.

保險服務包括貨運保險、其他類型的直接

保險（例如人壽保險、意外保險）及分保

服務。

Insurance services cover freight insurance, other types of direct insurance (e.g. life insurance, accident insurance) and reinsurance.

金融服務包括金融中介和輔助服務，但不

包括屬人壽保險及退休金服務的人壽保險

企業及退休金基金以及本地居民與非本地

居民間所進行的其他保險服務。金融中介

服務價值是根據「參照利率」方法間接地

量度。

Financial services cover financial intermediation and auxiliary services, except those of life insurance enterprises and pension funds (which are included in life insurance and pension funding) and other insurance services that are conducted between residents and non-residents. The value of financial intermediation services is indirectly measured using the “reference rate” method.

其他服務包括通訊服務、建造服務、電腦

及資訊服務、其他商業服務（包括與貿易

有關的服務）、政府服務和個人、文化及娛

樂服務。版權及牌照費亦包括在服務組成

部分內。

Other services cover communications services, construction services, computer and information services, other business services (including trade-related services), government services, personal, cultural and recreational services. Royalties and license fees are also included in the services component.

- 56 -

﹙丙﹚ 收益 (c) Income

收益是提供生產要素而賺取的所得，包括

本地居民從非本地居民（應收收益）或非

本地居民從本地居民（應付收益）所賺取

的所得。收益組成部分主要分為僱員報酬

及投資收益，而投資收益包括了直接投資

收益、有價證券投資收益及其他投資收益。

Income consists of earnings by residents from non-residents (income receivable) and by non-residents from residents (income payable)for the provision of factors of production. Income is mainly classified into compensation of employees and investment income which includes direct investment income, portfolio investment income and other investment income.

僱員報酬是指非本地居民從香港經濟領域

內受僱及本地居民從經濟領域外受僱所賺

取的勞工收益，包括工資、薪金及其他現

金或實物報酬。

Compensation of employees refers to labour income earned by non-residents from their employment within the economic territory of Hong Kong and labour income earned by residents from their employment outside the economic territory. It comprises wages, salaries and other remuneration whether paid in cash or in kind.

直接投資收益是指本地居民在經濟領域以

外從直接投資所賺取的收益及非本地居民

在經濟領域以內從直接投資所賺取的收

益，而直接投資者對該業務擁有持久利益

及在管理經營決定上具有相當程度的影響

力或控制權。這些收益的形式包括派發紅

利的收益、應佔的未派盈利、公司間債務

的淨利息收益及租金。

Direct investment income refers to earnings of residents from their direct investment outside the economic territory and earnings of non-residents from their direct investment within the economic territory, in which direct investors have a lasting interest and a significant degree of influence or an effective voice in the management. These earnings are in the form of receipts of distributed dividends, share of undistributed profits, net interest receipts from inter-company debts and gross rentals.

有價證券投資收益是指本地居民從投資非

本地股本證券（例如股票）及債務證券（例

如中長期債券、貨幣市場工具）及非本地

居民從投資本地股本證券及債務證券所得

的收益。與直接投資者不同，有價證券投

資者在投資該等股本證券及債務證券時，

對有關企業並無持久的利益或在管理方面

的影響力。

Portfolio investment income refers to earnings of residents from investment in non-resident equity securities (e.g. stocks and shares) and debt securities (e.g. bonds and notes, money market instruments), and earnings of non-residents from investment in resident equity securities and debt securities.Different from investors making direct investment, portfolio investors in such equitysecurities and debt securities have no lasting interest or influence in the management of the companies they invest.

其他投資收益是指由本地居民從非本地居

民因其他金融申索及負債所得的利息收益

流入及本地居民向非本地居民所支付的利

息收益流出，而這些收益並不屬於直接投

資收益或有價證券投資收益。該等對非本

地居民的金融申索及負債包括非作銷售的

貸款、貨幣和存款、貿易信貸及金融租賃

等。應收及應付的利息是不包括金融中介

服務。金融中介服務價值是根據「參照利

率」方法間接地量度。

Other investment income refers to interest inflow from, and outflow to, non-residents arising from other financial claims and liabilities that are not classified as direct investment income or portfolio investment income. Examples of these claims and liabilities include non-marketable loans, currency and deposits, trade credits and financial leases. Interest income receivable and payable are net of the financial intermediation services. The value of the financial intermediation services is indirectly measured using the “reference rate” method.

- 57 -

﹙丁﹚ 經常轉移 (d) Current transfers

經常轉移是指一個經濟體系的本地居民，

在無同等經濟價值報償的情況下，對非本

地居民提供／從非本地居民接受實質及金

融資源，而該等資源在轉移後會被立刻或

短時間內消耗。經常轉移在形式上是單向

的，並在國際收支平衡表內是一項互相抵

銷的帳目。經常轉移包括職工匯款、捐款、

官方援助及退休金等。

Current transfers are transactions in which residents of an economy provide/receive real and financial resources that are likely to be consumed immediately or shortly, to/from non-residents without the receipt/provision of equivalent economic values in return. Current transfers are unilateral in nature and they are offsetting entries in the BoP account for one-sided transactions. They include workers’ remittances, donations, official assistance and pensions, etc.

資本及金融帳 Capital and Financial Account

12. 資本帳是用來量度資本轉移及非生產、非

金融資產的對外交易。

12. Capital account measures external transactions in capital transfers, and in acquisition or disposal of non-produced, non-financial assets.

13. 資本轉移是指在無經濟價值報償下，固定

資產的轉移或債務的減免。與收買或放棄固定資產

相連或作為條件的現金轉移亦屬資本轉移。資本轉

移主要是債務減免及移民轉移。移民轉移是個人因

移民而產生的兩個經濟體系之間的貨物流動及金

融項目變動之互相抵銷帳目。

13. Capital transfers are transfers of ownership of a fixed asset or the forgiveness of a liability without receiving any economic value in return. Cash transfers that are linked to, or conditional on, the acquisition or disposal of a fixed asset are also capital transfers. Capital transfers consist mainly of debt forgiveness and migrants’ transfers. Migrants’transfers are contra-entries to flows of goods and changes in financial items that arise from the migration of individuals between two economies.

14. 收買或放棄非生產、非金融資產包括非由

生產而生的有形及無形資產的對外交易。非生產、

非金融資產包括土地及地下資產、專利、版權及專

營權等。

14. Acquisition or disposal of non-produced, non-financial assets comprises transactions associated with tangible assets that are not actually produced and transactions associated with non-produced intangible assets. Non-produced, non-financial assets include land and subsoil assets, patents, copyrights and franchises, etc.

15. 金融帳記錄本地居民與非本地居民之間的

金融資產及負債交易。它顯示某經濟體系如何融資

以進行其對外交易。金融帳內的交易可歸類為直接

投資、有價證券投資、金融衍生工具、其他投資及

儲備資產。

15. Financial account records transactions in financial assets and liabilities between residents and non-residents. It shows how an economy’s external transactions are financed. Transactions in the financial account are classified into direct investment, portfolio investment, financial derivatives, other investment and reserve assets.

﹙甲﹚ 直接投資 (a) Direct investment

直接投資是指一個經濟體系的投資者對另

一經濟體系的企業所作的對外投資，並對

該企業擁有持久利益及在管理經營決定上

具有相當程度的影響力或控制權。在統計

上，若投資者持有某一企業 10%或以上的股權，便被視為能長期有效地影響有關企

業的管理經營決定。

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

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直接投資包括股本資本、再投資收益及其

他資本。股本資本包括所持有分行的股

本，附屬及聯營公司的股票。再投資收益

是指投資者從其附屬或聯營公司應得但未

以股息形式分發的利潤。其他資本主要涉

及公司之間短期或長期的債務交易，包括

母公司與其附屬公司、聯營公司及分行之

間的借貸。

Direct investment comprises equity capital, reinvested earnings and other capital. Equity capital means equity in branches, stock and shares in subsidiaries and associates. Reinvested earnings consist of the investors’ share of earnings of their subsidiaries or associates not distributed as dividends. Other capital mainly involves inter-company debt transactions. These include short-term or long-term borrowing and lending of funds between parent companies and their subsidiaries, associates and branches.

﹙乙﹚ 有價證券投資 (b) Portfolio investment

有價證券投資是指對非本地的股本證券及

債務證券（例如中長期債券、貨幣市場工

具）所作的投資。與直接投資者相比，有

價證券投資者在投資非本地企業所發行的

股本證券及債務證券時，對該等企業並無

持久的利益或在管理方面的影響力。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 debtsecurities (e.g. bonds and notes, money market instruments). Compared with direct investors, portfolio investors in equitysecurities and debt securities of non-resident enterprises have no lasting interest or influence in the management of the companies they invest. A holding of less than 10% equity in an enterprise is regarded as portfolio investment.

﹙丙﹚ 金融衍生工具 (c) Financial derivatives

金融衍生工具是一種與某種特定的金融工

具、指標或商品有連繫的金融工具，使特

定的金融風險本身能透過這種工具而進行

交易（包括在交易所內及場外）。金融衍生

工具包括期權類合約（如認股權證和期權）

及遠期類合約（如期貨、利率掉期、貨幣

掉期、遠期利率協議、遠期外匯合約）。

Financial derivatives are financial instruments that are linked to a specific financialinstrument or indicator or commodity, and through which specific financial risks can be traded in financial markets (including on exchanges and over-the-counter) in their own right. Financial derivatives include option-type contracts (e.g. warrant and option) and forward-type contracts (e.g. future, interest rate swap, currency swap, forward rate agreement, forward foreign exchange contract).

﹙丁﹚ 其他投資 (d) Other investment

其他投資是指直接投資、有價證券投資、

金融衍生工具及儲備資產以外對非本地居

民的其他金融申索及負債，包括非作銷售

的貸款、貨幣和存款、貿易信貸及金融租

賃等。

Other investment refers to other financial claims on and liabilities to non-residents that are not classified as direct investment, portfolio investment, financial derivatives or reserve assets, including non-marketable loans, currency and deposits, trade credits and financial leases.

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﹙戊﹚ 儲備資產 (e) Reserve assets

儲備資產是指一個經濟體系的金融當局可

直接用來支付對外收支赤字，及可用於干

預外匯市場以影響匯率從而間接調節該等

赤字的外幣資產。

Reserve assets consist of foreign currency assets that are readily available to and controlled by the monetary authority of an economy for directly financing payment imbalances and for indirectly regulating the magnitude of such imbalances through intervention in foreign exchange markets to affect the currency exchange rate of that economy.

就香港而言，由香港金融管理局管理的外

匯基金所持有並用於以上用途的外匯儲備

資產，均視為儲備資產。

In the case of Hong Kong, reserve assets cover foreign currency reserve assets of the Exchange Fund managed by the Hong Kong Monetary Authority (HKMA) serving any of the above purposes.

16. 香港的國際收支平衡表包括以上所有的主

要組成部分，而金融帳主要組成部分的頭寸則包括

在香港國際投資頭寸報表中。至於香港的對外債務

數據，是根據國際貨幣基金組織的發布數據特別準

則的要求而編製，即對外債務頭寸的發布格式必須

細分為四個不同界別（政府機構、金融當局、銀行

及其他界別），接着再以原訂期限（長期及短期）

及以工具（中長期債券、貨幣市場工具、貸款、貨

幣和存款、貿易信貸，及其他債務負債）分項。有

直接投資關係的實體之間的公司間借貸則分開列

出。長期債務是指原訂期限為多於一年或無期限的

債務，而短期債務是指即期或以一年或以下為期限

的債務。

16. All the above major components are given in the BoP account of Hong Kong, whereas positions of major components under the financial account are given in the IIP statement of Hong Kong. As regards the ED statistics of Hong Kong, the requirements stipulated in the Special Data Dissemination Standard (SDDS) of the IMF are followed, i.e. to present ED position with breakdowns by four sectors (general government, the monetary authority, banks and other sectors), followed by term of original maturity (long-and short-term), and by instrument (bonds and notes, money market instruments, loans, currency and deposits, trade credits, and other debt liabilities). Inter-company lending between entities in a direct investment relationship is separately presented.Long-term debt is defined as debt with a maturity of more than one year or with no stated maturity.Short-term debt is debt payable on demand or with a maturity of one year or less.

一個經濟體系的本地居民 Residents of an Economy

17. 編製國際收支平衡表、國際投資頭寸及對

外債務數據時，需把屬某一經濟體系的本地居民與

非本地居民區別出來。經濟體系的本地居民包括個

人及機構。概念上，若個人或機構以某經濟體系的

經濟領域為其經濟利益核心的依歸，他們便屬該經

濟體系的本地居民。某經濟體系的經濟領域，是指

該經濟體系的政府所管治的地域，而在該領域內的

人士、貨物及資本均可在地域內自由流動。

17. In compiling BoP, IIP and ED statistics, it is necessary to distinguish residents of an economy from non-residents. Residents of an economy include individuals and organisations. Conceptually, an individual or an organisation is a resident unit of an economy when its centre of economic interest is in the economic territory of the economy. The economic territory of an economy consists of the geographic territory administered by the government within which persons, goods and capital circulate freely.

18. 根據國際統計標準，以個人而言，本地居

民是指通常在該經濟體系的經濟領域居住的人

士，與其國籍無關；以機構而言，本地居民是指通

常在該領域經營業務的機構。

18. According to international statistical standards, for individuals, residents refer to those who normally stay in the economic territory of the economy, irrespective of their nationality; and for organisations, residents refer to those which ordinarily operate in the economic territory.

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19. 於一九九七年七月一日，香港成為中華人

民共和國的特別行政區。在本報告中就一九九七

年七月或以後的統計資料而言，「香港」是指香港

特別行政區。按照「一國兩制」的方針，香港是

一個單獨的經濟領域。而香港特別行政區與中國

內地之間的所有經濟交易均視作對外交易，並包

括在香港國際收支平衡、國際投資頭寸及對外債

務數據內。

19. On 1 July 1997, Hong Kong became a Special Administrative Region of the People’s Republic of China. In respect of statistics in this report, “Hong Kong” stands for the Hong Kong Special Administrative Region (HKSAR) with effect from July 1997. Under the principle of “one country, two systems”, Hong Kong is a separate economic territory. Data on transactions with the mainland of China are treated as external transactions and are included in the BoP, IIP and ED statistics of Hong Kong.

編製國際收支平衡表採用的複式記帳制 Double-entry Accounting System for BoP

20. 編製國際收支平衡表須採用複式記帳制，

當中所載的每項交易均由相反符號而價值相等的

兩項帳目（貸方及借方）作記錄，用以反映交易

的提供方和接收方。例如某一個經濟體系的本地

居民售貨物予非本地居民（即出口）而收取外匯，

該對外交易所產生的兩項國際收支平衡帳目為：

貨物出口（貸方）及對非本地居民金融申索的增

加（借方）。

20. The compilation of a BoP account follows a double-entry accounting system where every external transaction is presented by two entries, a credit and a debit, with exact equal values but in opposite sign. The two BoP entries are used to denote the giving and receiving sides of external transactions. For example, if a resident of an economy sells goods to a non-resident (i.e. exports) and receives foreign currency in return, the two related BoP entries are: goods exported (a credit) and an increase in financial claim on non-resident (a debit).

21. 編製國際收支平衡表所採用的複式記帳核

算常規摘錄如下：

21. The double-entry accounting conventions used for compiling a BoP account are summarised in the following table:

貸方（＋）借方（－） Credit（＋） Debit（－）貨物和服務的出口

貨物和服務的進口

Exports of goods and services

Imports of goods and services

從外地來的應收收益

支付外地的應付收益

Income receivable from abroad

Income payable abroad

從外地來的轉移往外地的轉移 Transfers from abroad

Transfers to abroad

對外負債的增加對外負債的減少 Increases in external liabilities

Decreases in external liabilities

對外資產的減少對外資產的增加 Decreases in external assets

Increases in external assets

22. 原則上，所有貸方和借方帳目的淨總和應

相等於零。但實際上，由於資料須透過很多不同

的來源搜集，貸方和借方帳目之間可能基於多種

原因而出現差異，且某些交易可能沒有準確地量

度或甚至遺漏。為了令貸方和借方帳目的總和相

等，便須加進一個餘額項目，以反映平衡表的「淨

誤差及遺漏」。

22. In principle, the net sum of credit and debit entries is zero. In practice, as the data are collected from many sources, discrepancies between the entries may occur for various reasons. Some transactions may even not be measured accurately or omitted. Equality between the sum of credit and debit entries is brought about by the inclusion of a balancing item which reflects net errors and omissions.

- 61 -

資料來源 Data Sources

23. 編製國際收支平衡表的資料來源，包括商品

貿易統計、對商業企業／機構及住戶的各類統計調

查、各政府部門及其他組織的行政資料，並輔以其他

來源所得的資料。國際投資頭寸及對外債務數據所需

的資料主要是從「對外申索、負債及收益統計調查」

中搜集。

23. The data sources used for compiling BoP account include merchandise trade statistics, various surveys on business enterprises/establishments and households, and administrative data from government departments and other organisations, supplemented by data from other sources. The data required for compiling IIP and ED statistics are mainly collected from Survey of External Claims, Liabilities and Income (SECLI).

經常帳 Current Account

貨物 Goods

24. 一般商品和非貨幣黃金的數據，可從根據進

出口商呈交的貿易報關資料而編製的商品貿易統計

數據中獲得。未經記錄流出香港的黃金，亦根據其他

資料來源作出估值，並加入出口貨值內，以反映國際

收支平衡表內的實際流出。

24. Data on general merchandise and non-monetary gold are obtained from merchandise trade statistics which are compiled on the basis of trade declarations submitted by importers and exporters. Unrecorded outflow of gold from Hong Kong is also estimated based on external sources of information and this is added to the export values to reflect the real outflow in the BoP account.

25. 根據「進口貿易保險費及運費統計調查」所

得的數據，進口貨值便能由以到岸價計算兌換為以離

岸價計算。而「涉及外發中國內地加工貿易統計調查」

則是編製用作加工的貨物統計數據的資料來源。

25. Value of imports on f.o.b. basis is converted from c.i.f. basis using data obtained from Survey on Insurance and Freight Costs for Import Trade. Data source for compiling statistics on goods for processing is based on Survey on Trade involving Outward Processing in the mainland of China.

服務 Services

26. 服務貿易統計資料基本上是從「服務輸入及

輸出按年統計調查」搜集，並以其他按年／按季經濟

統計調查、「綜合住戶統計調查」及行政紀錄補充。

26. Statistics on trade in services are primarily collected from Annual Survey of Imports and Exports of Services, supplemented by data obtained from other annual/quarterly economic surveys, General Household Survey and administrative records.

收益 Income

27. 在一九九八年之前，收益流動統計資料是來

自「對外要素收益流動統計調查」。一九九八年及之

後的資料，主要是透過「對外申索、負債及收益統計

調查」搜集，並以其他來源的資料作補充。

27. Statistics on income flows are obtained from Survey of External Factor Income Flows for reference years prior to 1998. Those for reference years 1998 and onwards are mainly compiled from SECLI, supplemented with other data sources.

經常轉移 Current Transfers

28. 經常轉移的編製使用了行政紀錄及數據模式

的資料。數據模式中的參數主要是從一些主要的機構

及行政紀錄搜集而得。至於政府部門的轉移數據是從

政府帳目紀錄中獲得。

28. Administrative records and data models are used for the compilation of current transfers. The input parameters for the data models are mainly derived from information collected from some prominent organisations and administrative returns.As for transfers of the government sector, data are obtained from government accounting records.

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資本帳 Capital Account

資本轉移 Capital Transfers

29. 資本轉移的編製是運用數據模式和官方紀錄

的資料。數據模式中的參數主要是從行政紀錄及主要

機構所搜集的資料中獲得。與編製經常轉移的方法相

近，一些設定的參數會適當地加入數據模式中。至於

政府部門的轉移數據則是從政府帳目紀錄中獲得。

29. Data models and official records are used for the compilation of capital transfers. The input parameters for the data models are mainly derived from information collected from administrative returns and prominent organisations. Similar to the compilation of current transfers, input assumptions are used as appropriate. As for the transfers of the government sector, data are obtained from government accounting records.

金融帳 Financial Account

非儲備性質的金融資產 Financial Non-Reserve Assets

30. 除提供收益流動統計數據外，「對外申索、負

債及收益統計調查」可提供大部分屬非儲備性質的金

融資產的對外交易及頭寸數據，即直接投資、有價證

券投資、金融衍生工具和其他投資。

30. Apart from statistics on income flows, SECLI also provides data on external transactions and positions of financial non-reserve assets, viz. direct investment, portfolio investment, financial derivatives and other investment.

直接投資 Direct Investment

31. 填報「對外申索、負債及收益統計調查」的

直接投資數據是以一個香港企業集團為單位。由於整

個企業集團的有關數據一般均可以從其綜合會計帳

內獲取，所以香港母公司被指定為代表整個香港企業

集團填報有關直接投資數據的公司。

31. A Hong Kong enterprise group (HKEG) is taken as the unit for data reporting on direct investment in SECLI. The Hong Kong parent company of a HKEG is designated as the target company for reporting data for the enterprise group as a whole since relevant data can normally be found in the consolidated accounts of an enterprise group.

32. 「對外申索、負債及收益統計調查」只涵蓋

有對外交易的香港企業。於香港境外有直接投資，但

沒有成立註冊公司的個人投資者，並不包括在該統計

調查之內。

32. As SECLI covers enterprises in Hong Kong that are engaged in external transactions, individuals making direct investment outside Hong Kong, but not operating under a registered firm, are not covered by SECLI.

33. 由於香港與中國內地有緊密的經濟聯繫，通

常有部分香港個人投資者於中國內地作直接投資，而

沒有在香港成立公司。有關的直接投資流動是透過其

他來源的資料作出估算，以補足「對外申索、負債及

收益統計調查」沒有涵蓋的對外交易及頭寸。

33. Given the close economic links between Hong Kong and the mainland of China, it is common that some Hong Kong individuals have made direct investment in the mainland of China without setting up companies in Hong Kong. To account for such external transactions not covered by SECLI, other data sources are used to derive estimates on the flows and positions of the corresponding direct investment.

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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 theyinvest 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.

國際收支平衡表的修訂及公布辦法 Revision and Publication Schedule of BoP

37. 按季及按年的國際收支平衡表及對外債務統

計數字的初步估算，在統計期結束後三個月內公布。

這些數字於得到更詳盡及更新的資料後將作出修

訂，並在該統計年度結束後隨後的十二月公布。

37. Preliminary figures for quarterly and annual BoP and ED statistics are released within three months after the reference period. The figures are then revised upon the availability of more or updated dataand released in December after the reference year.

38. 按年的國際投資頭寸的初步數字，在統計年

度結束後約五個月公布。這些數字於得到更詳盡及更

新的資料後將作出修訂，並在該統計年度結束後隨後

的十二月公布。

38. Preliminary figures for annual IIP are released about five months after the reference year. The figures are then revised upon the availability of moreor updated data and released in December after thereference year.

39. 本刊物內發布的二零零九年四季及全年的國

際收支及對外債務統計數字只屬初步估算，數字將會

根據上述辦法作出修訂。

39. In this report, BoP and ED statistics for thefour quarters and whole year of 2009 are only preliminary. They are subject to revision accordingto the schedules mentioned above.

有關刊物 Further References

40. 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：

40. For more details of the concept and compilation method of BoP statistics, please refer to the publication of 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

- 64 -

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

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

網站 Website

用戶可以在政府統計處網站

(www.censtatd.gov.hk/products_and_services/ products/publications/index_tc.jsp) 免費下載

統計刊物。

Users may download statistical publications free of charge on the website of the Census and Statistics D e p a r t m e n t ( w w w . c e n s t a t d . g o v . h k / products_and_services/products/publications/ index.jsp).

政府統計處部分刊物備有印刷版，於政府新聞

處的政府書店網站 (www.bookstore.gov.hk)有售。

Some publications of the Census and Statistics Department are available in print versions and are offered for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).

郵購服務 Mail Order Service

本處部分刊物附有郵購表格，供訂購或按期訂

閱刊物的印刷版。請填妥郵購表格，連同所需

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

(www.censtatd.gov.hk/products_and_services/ other_services/provision_of_stat/mail_ordering_ of_publications/index_tc.jsp)。

A mail order form for ordering or subscribing to print versions of publications is available in some of the Department’s publications. The completed form should be sent back together with a cheque or bank draft covering all necessary cost and postage. The order form is also available for downloading o n t h e w e b s i t e o f t h e D e p a r t m e n t (www.censtatd.gov.hk/products_and_services/ other_services/provision_of_stat/mail_ordering_ of_publications/index.jsp).

銷售中心 Sales Centre

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，並即時提取。刊物

出版組的地址是：

Print versions of publications and CD-ROM products are available for purchase and collection on the spot at the Publications Unit of the Census and Statistics Department at the following address :

香港灣仔港灣道十二號灣仔政府大樓十九樓電話：(852) 2582 3025 圖文傳真：(852) 2827 1708

19/F Wanchai Tower 12 Harbour Road, Wan Chai, Hong Kong

Tel. : (852) 2582 3025 Fax : (852) 2827 1708

該組並設有閱讀區，讓使用者翻閱陳列的統計

處各類的刊物。閱讀區也備有統計處編製的宣

傳／教育單張和小冊子，歡迎索閱。

The Unit also provides a reading area where users may browse through various publications of the Department on display. Publicity/educational leaflets and pamphlets of the Department are also available for collection.

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