2017年Q4香港国际收支平衡、国际投资头寸及对外债务统计.pdf

0 7;E7. UBalance of Payments International Investment Position and External Debt Statistics of Hong Kong 2017 K 4 Fourth Quarter 2017 0 $9A A U Census and Statistics Department Hong Kong Special Administrative Region 0 7;E7. UBalance of Payments International Investment Position and External Debt Statistics of Hong Kong 2017 K 4 Fourth Quarter 2017 I JY_d j A U 8 q 7;E US gj0 XX8 38 q10 ej (852) 3903 6979 Fj (852) 2116 0278 (852) 2116 0721 e j bopcenstatd.gov.hk Enquiries about this publication can be directed to : Balance of Payments Branch (1) Trade and Industry Tower Sub-office Census and Statistics Department Address : 10/F, Trade and Industry Tower, 3 Concorde Road, Kowloon, Hong Kong Tel. : (852) 3903 6979 Fax : (852) 2116 0278 or (852) 2116 0721 E-mail : bopcenstatd.gov.hk A U c g Website of the Census and Statistics Department censtatd.gov.hk 20183H Published in March 2018 I J% h1HThis publication is available in download version only CONTENTS目錄頁數 Page3710表 7表 6表 8141826表 1表 3II.Table 1Table 7Table 8Table 3表 2 Table 2表 5Table 6統計表國際收支平衡國際收支平衡經常賬戶資本及金融賬戶按界別劃分的投資流量淨值國際投資頭寸按概括組成部分劃分的國際投資頭寸（期末頭寸）按標準組成部分劃分的國際投資頭寸（期末頭寸）對外債務對外債務（期末頭寸）Statistical TablesBalance of PaymentsBalance of PaymentsCurrent accountCapital and financial accountNet investment flows by sectorInternational Investment PositionInternational Investment Position by broad component (position as at end of period)International Investment Position by standard component (position as at end of period)External Debt (position as at end of period)External Debt概況I. General ObservationsI.國際收支平衡國際投資頭寸對外債務Balance of PaymentsInternational Investment PositionExternal DebtII.Table 5表 4 Table 4經季節性調整的經常賬戶 Seasonally adjusted current account - 2836384246與對上季度比較的變動百分率 Percentage changes over the preceding quarter- 1 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong Fourth Quarter 2017Census and Statistics Department, Hong Kong Special Administrative Region香港國際收支平衡、國際投資頭寸及對外債務統計 2017年第4季香港特別行政區 政府統計處52525253統計圖經常賬戶流量淨值經常賬戶差額相對本地生產總值的比率金融賬戶（非儲備性質）流量淨值整體的國際收支相對本地生產總值的比率國際投資頭寸（期末頭寸）註釋ChartsNet flows of current accountCurrent account balance as a ratio to GDPNet flows of financial account (non-reserve)Overall Balance of Payments as a ratio to GDPInternational Investment Position (position as at end of period)External Debt (position as at end of period)Explanatory Notes圖 1圖 2圖 3圖 4圖 5圖 6Chart 1Chart 6Chart 4Chart 3Chart 2Chart 5對外債務（期末頭寸）53III.IV.III.IV.5354- 2 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong Fourth Quarter 2017Census and Statistics Department, Hong Kong Special Administrative Region香港國際收支平衡、國際投資頭寸及對外債務統計 2017年第4季香港特別行政區 政府統計處I. 概況 I. General Observations 國際收支平衡 Balance of Payments (BoP) 整體狀況（表1） Overall situation (Table 1) 1.1 香港於 2017 年第 4 季錄得 735 億元的國際收支盈餘（相對本地生產總值的比率為 10.2%），而2017 年第 3 季則錄得 556 億元的盈餘（相對本地生產總值的比率為 8.2%）。儲備資產於 2017 年第 4季相應地有同等數額（ 735 億元）的增加。 1.1 Hong Kong recorded a BoP surplus of $73.5 billion (as a ratio of 10.2% to GDP) in the fourth quarter of 2017, compared with a surplus of $55.6 billion(as a ratio of 8.2% to GDP) in the third quarter of 2017. Reserve assets correspondingly increased by the same amount ($73.5 billion) in the fourth quarter of 2017. 1.2 2017 年全年的國際收支錄得 2,505 億元盈餘（相對本地生產總值的比率為 9.4%） ，而 2016 年則錄得 89 億元盈餘（相對本地生產總值的比率為0.4%）。 1.2 For 2017 as a whole, there was a BoP surplus of $250.5 billion (as a ratio of 9.4% to GDP), compared witha surplus of $8.9 billion (as a ratio of 0.4% to GDP) in 2016. 經常賬戶（表2及3） Current account (Tables 2 and 3) 1.3 與上年同期比較， 2017 年第 4 季的經常賬戶錄得 152 億元盈餘（相對本地生產總值的比率為2.1%），而 2016 年同季則錄得 235 億元的盈餘（相對本地生產總值的比率為 3.5%）。經常賬戶盈餘的減少主要是由於貨物貿易赤字增加，而服務貿易盈餘增加和初次收入淨流入增加則抵銷了部分經常賬戶盈餘的減幅。 1.3 On a year-on-year comparison, the current account recorded a surplus of $15.2 billion (as a ratio of 2.1% to GDP) in the fourth quarter of 2017, compared with a surplus of $23.5 billion (as a ratio of 3.5% to GDP)in the same quarter of 2016. The decrease in the current account surplus was mainly due to an increase in thegoods deficit, partly offset by an increase in the services surplus and an increase in the net inflow of primary income. (a) 貨物和服務貿易 (a) Goods and services 1.4 貨物貿易赤字由 2016 年第 4 季的 213 億元增加至 2017 年同季的 461 億元，這是由於貨物進口的升幅相對貨物出口的升幅較大。同期，服務貿易盈餘由 2016 年第 4 季的 457 億元增加至 2017 年同季的 542 億元，這是由於服務輸出的升幅相對服務輸入的升幅較大。 2017 年第 4 季的整體貨物和服務貿易差額錄得 80 億元的盈餘，而 2016 年同季則錄得243 億元的盈餘。 1.4 The goods deficit increased to $46.1 billion in the fourth quarter of 2017, compared with the $21.3 billion in the same quarter of 2016. This was due to a larger increase in imports of goods relative to that in respect of exports of goods. Over the same period, the services surplus increased to $54.2 billion in the fourth quarter of 2017, compared with the $45.7 billion in the same quarter of 2016. This was due to a larger increase in exports of services relative to that in respect of imports of services.The overall balance on goods and services recorded asurplus of $8.0 billion in the fourth quarter of 2017, compared with a surplus of $24.3 billion in the same quarter of 2016. (b) 初次收入 (b) Primary income 1.5 2017 年第 4 季的初次收入流入和流出分別為3,442 億元和 3,319 億元，從而產生 123 億元淨流入，而 2016 年同季則錄得 45 億元淨流入。 1.5 The primary income inflow and outflowamounted to $344.2 billion and $331.9 billionrespectively, thus yielding a net inflow of $12.3 billion in the fourth quarter of 2017, compared with a net inflow of $4.5 billion in the same quarter of 2016. - 3 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong Fourth Quarter 2017Census and Statistics Department, Hong Kong Special Administrative Region香港國際收支平衡、國際投資頭寸及對外債務統計 2017年第4季香港特別行政區 政府統計處(c) 二次收入 (c) Secondary income 1.6 2017 年第 4 季的二次收入流入和流出分別為33 億元和 85 億元，令該季錄得 52 億元淨流出，而2016 年同季則錄得 54 億元淨流出。 1.6 The secondary income inflow and outflow amounted to $3.3 billion and $8.5 billion respectively, resulting in a net outflow of $5.2 billion in the fourthquarter of 2017, compared with a net outflow of $5.4 billion in the same quarter of 2016. 1.7 2017 年全年的經常賬戶盈餘為 1,118 億元（相對本地生產總值的比率為 4.2%） ，較 2016 年的987 億元盈餘（相對本地生產總值的比率為 4.0%）為多，盈餘的增加主要是由於初次收入淨流入增加和服務貿易盈餘增加，而貨物貿易赤字增加則抵銷了部分經常賬戶盈餘的升幅。 1.7 For 2017 as a whole, the current account surplus was $111.8 billion (as a ratio of 4.2% to GDP), greater than that of $98.7 billion (as a ratio of 4.0% to GDP) in 2016, mainly due to an increase in the net inflow of primary income and an increase in the services surplus, partly offset by an increase in the goods deficit. 經季節性調整數列 Seasonally adjusted series 1.8 按經季節性調整數字作相連季度比較， 2017年第 4 季的經常賬戶貸方和借方較 2017 年第 3 季分別上升 1.8%和 2.9%。 1.8 On a seasonally adjusted quarter-to-quarter comparison basis, the current account credit and the current account debit in the fourth quarter of 2017increased by 1.8% and 2.9% respectively from the thirdquarter of 2017. 資本及金融賬戶（表4及5） Capital and financial account (Tables 4 and 5) 資本賬戶 Capital account 1.9 2017 年第 4 季的資本賬戶錄得 4 億元的淨流出，而 2017 年第 3 季則錄得 1 億元的淨流出。 1.9 In the fourth quarter of 2017, a net outflow of $0.4 billion was recorded in the capital account,compared with a net outflow of $0.1 billion in the third quarter of 2017. 1.10 2017 年全年的資本賬戶錄得 6 億元的淨流出，而 2016 年則錄得 4 億元淨流出。 1.10 For 2017 as a whole, a net outflow of $0.6 billionwas recorded in the capital account, compared with a net outflow of $0.4 billion in 2016. 金融賬戶 Financial account 1.11 2017 年第 4 季屬非儲備性質的金融資產錄得418 億元的整體淨流入 （相對本地生產總值的比率為5.8%），而 2017 年第 3 季則錄得 338 億元的整體淨流出（相對本地生產總值的比率為 5.0%）。 2017 年第 4 季錄得整體淨流入，是由於直接投資淨流入和金融衍生工具現金結算所引致的淨流入，而證券投資淨流出和其他投資淨流出則抵銷了部分的整體淨流入。 1.11 An overall net inflow of financial non-reserve assets amounting to $41.8 billion (as a ratio of 5.8% to GDP) was recorded in the fourth quarter of 2017, as against an overall net outflow of $33.8 billion (as a ratio of 5.0% to GDP) in the third quarter of 2017. The overall net inflow recorded in the fourth quarter of 2017was the result of a net inflow of direct investment and a net inflow due to the cash settlement of financial derivatives, partly offset by a net outflow of portfolioinvestment and a net outflow of other investment. - 4 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong Fourth Quarter 2017Census and Statistics Department, Hong Kong Special Administrative Region香港國際收支平衡、國際投資頭寸及對外債務統計 2017年第4季香港特別行政區 政府統計處1.12 2017 年全年屬非儲備性質的金融資產錄得961 億元的整體淨流入 （相對本地生產總值的比率為3.6%） ，而 2016 年則錄得 919 億元的整體淨流出 （相對本地生產總值的比率為 3.7%）。 2017 年全年錄得整體淨流入，是由於直接投資淨流入、證券投資淨流入和金融衍生工具現金結算所引致的淨流入，而其他投資淨流出則抵銷了部分的整體淨流入。 1.12 An overall net inflow of financial non-reserve assets amounting to $96.1 billion (as a ratio of 3.6% to GDP) was recorded in 2017, as against an overall net outflow of $91.9 billion (as a ratio of 3.7% to GDP) in 2016. The overall net inflow recorded in 2017 was theresult of a net inflow of direct investment, a net inflow of portfolio investment and a net inflow due to the cash settlement of financial derivatives, partly offset by a net outflow of other investment. (a) 直接投資 (a) Direct investment 1.13 2017 年第 4 季直接投資資產及負債分別增加2,137 億元及 3,356 億元，令直接投資錄得 1,218 億元淨流入 ， 而 2017 年第 3 季則錄得 132 億元淨流入 。1.13 Direct investment assets and liabilities increased by $213.7 billion and $335.6 billion respectively in the fourth quarter of 2017, resulting in a net direct investment inflow of $121.8 billion, compared with a net inflow of $13.2 billion in the third quarter of 2017. 1.14 2017 年全年直接投資資產和負債分別增加7,861 億元和 9,536 億元，令直接投資錄得 1,675 億元淨流入，而 2016 年則錄得 4,478 億元淨流入。 1.14 For 2017 as a whole, direct investment assets and liabilities increased by $786.1 billion and $953.6 billion respectively, resulting in a net direct investment inflow of$167.5 billion, compared with a net inflow of $447.8 billion in 2016. (b) 證券投資 (b) Portfolio investment 1.15 2017 年第 4 季證券投資資產和負債分別增加637 億元和 500 億元，令證券投資錄得 137 億元淨流出，而 2017 年第 3 季則錄得 135 億元淨流出。證券投資資產增加主要是由於香港銀行界別的居民增持非本地的短期債務證券及香港居民增持了非本地的股權和投資基金份額，而香港居民減持了非本地的長期債務證券則抵銷了部分的增幅。另一方面，證券投資負債增加主要是由於非本地居民增持了香港的股權和投資基金份額及香港的長期債務證券。1.15 Portfolio investment assets and liabilitiesincreased by $63.7 billion and $50.0 billion respectivelyin the fourth quarter of 2017, resulting in a net portfolio investment outflow amounting to $13.7 billion, comparedwith a net outflow of $13.5 billion in the third quarter of 2017. The increase in portfolio investment assets was mainly due to the increased holdings of non-resident short-term debt securities by Hong Kong residents of the banking sector and the increased holdings of non-resident equity and investment fund shares by Hong Kong residents, partly offset by the decreased holdings of non-resident long-term debt securities by Hong Kong residents. On the other hand, the increase in portfolio investment liabilities was mainly attributable to the increased holdings of resident equity and investment fund shares and resident long-term debt securities by non-residents. - 5 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong Fourth Quarter 2017Census and Statistics Department, Hong Kong Special Administrative Region香港國際收支平衡、國際投資頭寸及對外債務統計 2017年第4季香港特別行政區 政府統計處1.16 2017 年全年證券投資資產減少 232 億 元，而負債則增加 2,819 億元，令證券投資錄得 3,050 億元淨流入，而 2016 年則錄得 4,696 億元淨流出。證券投資資產減少主要是由於香港銀行界別的居民減持了非本地的債務證券及香港其他界別的居民減持了非本地的長期債務證券，而香港居民增持非本地的股權和投資基金份額則抵銷了部分的減幅。另一方面，證券投資負債增加主要是由於非本地居民增持了香港的債務證券及香港的股權和投資基金份額。 1.16 In 2017, portfolio investment assets decreased by $23.2 billion while liabilities increased by $281.9 billion, resulting in a net inflow of $305.0 billion, as against a net outflow of $469.6 billion in 2016. The decrease in portfolio investment assets was mainly due to the decreased holdings of non-resident debt securities by Hong Kong residents of the banking sector and the decreased holdings of non-resident long-term debt securities by Hong Kong residents of other sectors, partly offset by the increased holdings of non-resident equity and investment fund shares by Hong Kong residents. On the other hand, the increase in portfolio investmentliabilities was mainly attributable to the increasedholdings of resident debt securities and resident equity and investment fund shares by non-residents. (c) 金融衍生工具 (c) Financial derivatives 1.17 2017 年第 4 季錄得 197 億元因金融衍生工具現金結算所引致的淨流入，而 2017 年第 3 季則錄得110 億元淨流入。 1.17 A net inflow of $19.7 billion due to the cash settlement of financial derivatives was recorded in thefourth quarter of 2017, compared with a net inflow of $11.0 billion in the third quarter of 2017. 1.18 2017 年全年錄得 396 億元因金融衍生工具現金結算所引致的淨流入，而 2016 年則錄得 363 億元淨流入。 1.18 In 2017, a net inflow of $39.6 billion due to the cash settlement of financial derivatives was recorded, compared with a net inflow of $36.3 billion in 2016. (d) 其他投資 (d) Other investment 1.19 2017 年第 4 季其他投資資產和負債分別增加4,646 億元和 3,786億元。合併計算， 2017 年第 4 季其他投資錄得 860 億元淨流出，而 2017 年第 3 季則錄得 446 億元淨流出。其他投資資產增加主要是由於香港居民擁有的貨幣和存款增加及香港居民擁有的貸款增加，而香港居民擁有的其他資產減少則抵銷了部分的增幅。另一方面，其他投資負債增加主要是由於香港銀行界別欠非本地居民的貨幣和存款增加。 1.19 Other investment assets and liabilities increased by $464.6 billion and $378.6 billion respectively in the fourth quarter of 2017. Taken together, there was a net other investment outflow of $86.0 billion in the fourthquarter of 2017, compared with a net outflow of $44.6 billion in the third quarter of 2017. The increasein other investment assets was mainly due to the increase in currency and deposits owned by Hong Kong residentsand the increase in loans owned by Hong Kong residents, partly offset by the decrease in other assets owned by Hong Kong residents. On the other hand, the increase in other investment liabilities was mainly due to the increasein currency and deposits owed to non-residents by the local banking sector. - 6 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong Fourth Quarter 2017Census and Statistics Department, Hong Kong Special Administrative Region香港國際收支平衡、國際投資頭寸及對外債務統計 2017年第4季香港特別行政區 政府統計處