Module 5 - Major Economic Activities in Hong Kong

Question 1

Hong Kong is a free market 【 A】 economy system. Its economic miracle is largely attributed to the adoption of a 【 B】economic policy.

Answer 1

【A】 capitalist
【B】 laissez-faire

Question 2

According to the survey conducted by the Census and Statistics Department, the four key industries of Hong Kong include 【 A】, 【 B】, trading and 【 C】, and producer and 【 D】. They have been the driving force of Hong Kong’s economic growth, providing impetus to the growth of other sectors and creating employment.

Answer 2

【A】 financial services
【B】 tourism
【 C】 logistics
【D】 professional services
(A and B are interchangeable)

Question 3

Hong Kong is a 【 A】 port, and it does not levy any Customs tariffs on imports and exports. Excise duties are levied only on four types of dutiable commodities, namely 【 B】, 【 C】, hydrocarbon oil and methyl alcohol.

Answer 3

【A】 free
【 B】 liquors
【C】 tobacco
(B and C are interchangeable)

Question 4

In 2023, more than 【 A】 % of Hong Kong people have been employed in the service sectors.

Answer 4

【A】 80

Question 5

Since the Mainland and Hong Kong signed the “Mainland and Hong Kong Closer Economic Partnership Arrangement” (CEPA), the tourism industry has benefited from a series of liberalization measures such as allowing Mainland China’s residents to visit Hong Kong in an 【 A】, allowing Hong Kong permanent residents with 【 B】 citizenship to obtain the Mainland’s 【 C】 and outbound tour escort pass, and Mainland group tour visitors to Taiwan only need to hold a valid endorsement to transit or stop over in Hong Kong for up to seven days.

Answer 5

【A】 individual capacity
【B】 Chinese
【C】 tourist guide pass

Question 6

Since the elimination of all duties on imported wine in 2008, Hong Kong has quickly become Asia’s “【A】”.

Answer 6

【A】Wine Capital

Question 7

Hong Kong is the world’s largest offshore 【 A】 business hub and has the world’s largest offshore pool of liquidity in that currency.

Answer 7

【A】 RMB

think of currency

Question 8

The Statutory Minimum Wage comes into force on 1 May 2011 and with effect from 1 May 2023, the Statutory Minimum Wage rate is revised to HK$【 A】 per hour

Answer 8

【A】 40

Question 9

The 【 A】 and the 【 B】 are Hong Kong’s largest markets for domestic exports.

Answer 9

• Mainland
• USA

Question 10

【A】, 【 B】, 【 C】 and their electrical parts were the principal commodities re-exported from Hong Kong. This was followed by re-exports of 【 D】, sound recording and reproducing apparatus and equipment.

Answer 10

【A】 Electrical machinery
【B】 apparatus
【C】 appliances
【D】 telecommunications
(A - C are interchangeable)

Question 11

The main destinations of Hong Kong’s re-exports are 【 A】,【 B】and 【 C】.

Answer 11

• China / the Mainland
• America / the US
• India

Question 12

The 【 A】 enterprises, which account for over 【 B】 % of the total number of business units and about 【 C】 % of private sector employment in Hong Kong, are an important force in promoting local economic development.

Answer 12

【A】 small and medium (SME)
【B】 98
【 C】 44

Question 13

The charging of 【 A】 tax in Hong Kong is based on the 【 B】concept. This means that all income arising in or derived from Hong Kong from an office, employment, or any pension is assessable irrespective of whether tax on that income has been paid in other jurisdictions.

Answer 13

【A】 salaries
【 B】 territorial

Question 14

According to the Inland Revenue Ordinance of Hong Kong, a year of assessment runs from 1 April to 31 March of the following year. The three direct taxes in Hong Kong are 【 A】, 【 B】 and 【 C】.

Answer 14

• salaries tax
• property tax
• profits tax

Question 15

The financial industry is one of the pillar industries of Hong Kong. Financial services mainly include 【 A】 , 【 B】 , 【 C】and 【 D】 sectors.

Answer 15

• banking
• securities and futures
• insurance
• fund management

Question 16

Employees and employers covered by the Mandatory Provident Fund (MPF) System must make regular mandatory contributions calculated at 【 A】 % of the employee’s relevant income to an MPF scheme, subject to the minimum and maximum relevant income levels.

Answer 16

【A】 5

Question 17

Under the Mandatory Provident Fund (MPF) Schemes Ordinance, except for exempt persons, employees (【 A】 or 【 B】 ) and 【 C】 persons who are at least 18 but under 65 years of age are required to join an MPF scheme.

Answer 17

【A】 regular
【 B】 casual
【C】 self-employed
(A and B are interchangeable)

Question 18

According to the Hong Kong Census and Statistics Department, the median monthly domestic household income for 2023 was about HK$ 【 A】 .

Answer 18

【A】 30,000

Question 19

The Central Government places great importance on Hong Kong, and the National 12th Five-Year Plan announced in 2011 has endorsed this by mapping out Beijing’s backing for Hong Kong as an international financial, 【 A】 and shipping centre and its development into an international asset management and offshore 【 B】 business centre, as well as a 【 C】 goods inventory management and regional distribution centre.

Answer 19

【A】 trading
【B】 Renminbi / RMB
【C】 high-value

Question 20

Hong Kong maintains a three-tier system of deposit-taking institutions, namely 【 A】, 【 B】 and 【 C】. They are collectively known as authorized institutions.

Answer 20

【A】 licensed banks
【B】 restricted licence banks
【C】 deposit-taking companies

Question 21

Hong Kong’s linked exchange rate system, which has existed since 17 October 【A】, is the cornerstone of Hong Kong’s financial system. Under the linked system, the Hong Kong dollar is officially linked to the US dollar at the rate of 【 B】 to 1.

Answer 21

【A】 1983
【 B】 7.8

Question 22

The Government, through the Hong Kong【 A】 Authority, has given authorization to three commercial banks to issue banknotes in Hong Kong. The note-issuing banks are The 【 B】Banking Corporation Limited, 【 C】 Bank (Hong Kong) Limited, and Bank of 【 D】 (Hong Kong) Limited

Answer 22

【A】 Monetary
【B】 Hongkong and Shanghai
【C】 Standard Chartered
【D】 China