2018年Q1香港国际收支平衡、国际投资头寸及对外债务统计.pdf

香港國際收支平衡 國際投資頭寸及對外債務統計 Balance of Payments International Investment Position and External Debt Statistics of Hong Kong 2018 第 1 季 First Quarter 2018 香港特別政區 政府統計處 Census 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 Balance of Payments International Investment Position and External Debt Statistics of Hong Kong 2018 第 1 季 First Quarter 2018 有關本刊物的查詢，請絡： 政府統計處 工業貿大分處 國際收支平衡統計科（一） 地址：香港九協調道 3 號工業貿大 10 電話： (852) 3903 6979 圖文傳真： (852) 2116 0278 或 (852) 2116 0721 電郵： 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 政府統計處網站 Website of the Census and Statistics Department censtatd.gov.hk 2018 6 月出版 Published in June 2018 本刊物只備有下載版 This publication is available in download version only CONTENTS目錄頁數 Page368表 7表 6表 8121624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 - 2634364044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 First Quarter 2018Census 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 2018年第1季香港特別行政區 政府統計處50505051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）51III.IV.III.IV.5152- 2 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong First Quarter 2018Census 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 2018年第1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 2018 年第 1 季錄得 738 億元的國際收支盈餘（相對本地生產總值的比率為 10.7%），而2017 年第 4 季則錄得 735 億元的盈餘（相對本地生產總值的比率為 10.2%）。儲備資產於 2018 年第 1季相應地有同等數額（ 738 億元）的增加。 1.1 Hong Kong recorded a BoP surplus of $73.8billion (as a ratio of 10.7% to GDP) in the first quarter of 2018, compared with a surplus of $73.5 billion (as a ratio of 10.2% to GDP) in the fourth quarter of 2017. Reserve assets correspondingly increased by the same amount ($73.8 billion) in the first quarter of 2018. 經常賬戶（表2及3） Current account (Tables 2 and 3) 1.2 與上年同期比較， 2018 年第 1 季的經常賬戶錄得 163 億元盈餘（相對本地生產總值的比率為2.4%），而 2017 年同季則錄得 202 億元的盈餘（相對本地生產總值的比率為 3.2%）。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。 1.2 On a year-on-year comparison, the current account recorded a surplus of $16.3 billion (as a ratio of 2.4% to GDP) in the first quarter of 2018, compared witha surplus of $20.2 billion (as a ratio of 3.2% to GDP) in the same quarter of 2017. 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 1.3 貨物貿易赤字由 2017 年第 1 季的 566 億元增加至 2018 年同季的 769 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 2017 年第 1 季的 618 億元增加至 2018 年同季的 745 億元，這是由於服務輸出的升幅相對服務輸入的升幅較大。 2018 年第 1 季的整體貨物和服務貿易差額錄得 24 億元的赤字，而 2017 年同季則錄得53 億元的盈餘。 1.3 The goods deficit increased to $76.9 billion in the first quarter of 2018, compared with the $56.6 billion in the same quarter of 2017. 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 $74.5 billion in the first quarter of 2018, compared with the $61.8 billion in the same quarter of 2017. 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 adeficit of $2.4 billion in the first quarter of 2018, as against a surplus of $5.3 billion in the same quarter of2017. (b) 初次收入 (b) Primary income 1.4 2018 年第 1 季的初次收入流入和流出分別為3,496 億元和 3,254 億元，從而產生 242 億元淨流入，而 2017 年同季則錄得 198 億元淨流入。 1.4 The primary income inflow and outflowamounted to $349.6 billion and $325.4 billionrespectively, thus yielding a net inflow of $24.2 billion in the first quarter of 2018, compared with a net inflow of $19.8 billion in the same quarter of 2017. - 3 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong First Quarter 2018Census 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 2018年第1季香港特別行政區 政府統計處(c) 二次收入 (c) Secondary income 1.5 2018 年第 1 季的二次收入流入和流出分別為31 億元和 86 億元，令該季錄得 56 億元淨流出，而2017 年同季則錄得 49 億元淨流出。 1.5 The secondary income inflow and outflow amounted to $3.1 billion and $8.6 billion respectively, resulting in a net outflow of $5.6 billion in the firstquarter of 2018, compared with a net outflow of $4.9 billion in the same quarter of 2017. 經季節性調整數列 Seasonally adjusted series 1.6 按經季節性調整數字作相連季度比較， 2018年第 1 季的經常賬戶貸方和借方較 2017 年第 4 季分別上升 4.8%和 4.6%。 1.6 On a seasonally adjusted quarter-to-quarter comparison basis, the current account credit and the current account debit in the first quarter of 2018 increased by 4.8% and 4.6% respectively from the fourth quarter 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 1.7 2018 年第 1 季的資本賬戶錄得 1 億元的淨流出，而 2017 年第 4 季則錄得 4 億元的淨流出。 1.7 In the first quarter of 2018, a net outflow of $0.1billion was recorded in the capital account, compared with a net outflow of $0.4 billion in the fourth quarter of 2017. 金融賬戶 Financial account 1.8 2018 年第 1 季屬非儲備性質的金融資產錄得293 億元的整體淨流入 （相對本地生產總值的比率為4.3%），而 2017 年第 4 季則錄得 418 億元的整體淨流入（相對本地生產總值的比率為 5.8%）。 2018 年第 1 季錄得整體淨流入，是由於其他投資淨流入，而證券投資淨流出、直接投資淨流出和金融衍生工具現金結算所引致的淨流出則抵銷了部分的整體淨流入。 1.8 An overall net inflow of financial non-reserve assets amounting to $29.3 billion (as a ratio of 4.3% to GDP) was recorded in the first quarter of 2018, compared with an overall net inflow of $41.8 billion (as a ratio of 5.8% to GDP) in the fourth quarter of 2017. The overall net inflow recorded in the first quarter of 2018 was theresult of a net inflow of other investment, partly offset bya net outflow of portfolio investment, a net outflow of direct investment and a net outflow due to the cash settlement of financial derivatives. (a) 直接投資 (a) Direct investment 1.9 2018 年第 1 季直接投資資產及負債分別增加1,918 億元及 1,721 億元，令直接投資錄得 197 億元淨 流 出，而 2017 年第 4 季則錄得 1,218 億元淨流入。1.9 Direct investment assets and liabilities increased by $191.8 billion and $172.1 billion respectively in the first quarter of 2018, resulting in a net direct investment outflow of $19.7 billion, as against a net inflow of $121.8 billion in the fourth quarter of 2017. - 4 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong First Quarter 2018Census 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 2018年第1季香港特別行政區 政府統計處(b) 證券投資 (b) Portfolio investment 1.10 2018 年第 1 季證券投資資產增加 2,092 億元 ， 而負債則減少 365億元 ， 令證券投資錄得 2,457 億元淨流出 ， 而 2017 年第 4 季則錄得 137 億元淨流出 。證券投資資產增加主要是由於香港居民增持非本地的債務證券及非本地的股權和投資基金份額。另一方面，證券投資負債減少主要是由於非本地居民減持了香港的股權和投資基金份額，而非本地居民增持了香港其他界別的債務證券則抵銷了部份的減幅。 1.10 Portfolio investment assets increased by $209.2 billion while liabilities decreased by $36.5 billion in the first quarter of 2018, resulting in a net portfolio investment outflow amounting to $245.7 billion, compared with a net outflow of $13.7 billion in the fourthquarter of 2017. The increase in portfolio investment assets was mainly due to the increased holdings of non-resident debt securities and non-resident equity and investment fund shares by Hong Kong residents. On the other hand, the decrease in portfolio investment liabilities was mainly attributable to the decreased holdings of resident equity and investment fund shares by non-residents, partly offset by the increased holdings of resident debt securities of other sectors by non-residents.(c) 金融衍生工具 (c) Financial derivatives 1.11 2018 年第 1 季錄得 38 億元因金融衍生工具現金結算所引致的淨流出，而 2017 年第 4 季則錄得197 億元淨流入。 1.11 A net outflow of $3.8 billion due to the cash settlement of financial derivatives was recorded in thefirst quarter of 2018, as against a net inflow of $19.7 billion in the fourth quarter of 2017. (d) 其他投資 (d) Other investment 1.12 2018 年第 1 季其他投資資產和負債分別增加772 億元和 3,757億元。合併計算， 2018 年第 1 季其他投資錄得 2,985 億元淨流入，而 2017 年第 4 季則錄得 860 億元淨流出。其他投資資產增加主要是由於香港銀行界別的居民擁有的貸款增加及香港其他界別的居民擁有的貨幣和存款增加，而香港銀行界別的居民擁有的貨幣和存款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。 1.12 Other investment assets and liabilities increased by $77.2 billion and $375.7 billion respectively in the first quarter of 2018. Taken together, there was a net other investment inflow of $298.5 billion in the firstquarter of 2018, as against a net outflow of $86.0 billion in the fourth quarter of 2017. The increase in other investment assets was mainly due to the increase in loans owned by Hong Kong residents of the banking sector andthe increase in currency and deposits owned by Hong Kong residents of other sectors, partly offset by thedecrease in currency and deposits owned by Hong Kong residents of the banking sector. On the other hand, the increase in other investment liabilities was mainly due to the increase in currency and deposits owed to non-residents by the local banking sector. (e) 儲備資產 (e) Reserve assets 1.13 2018 年第 1 季儲備資產增加 738 億元，而2017 年第 4 季則增加 735 億元。 1.13 In the first quarter of 2018, reserve assets increased by $73.8 billion, compared with an increase of $73.5 billion in the fourth quarter of 2017. - 5 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong First Quarter 2018Census 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 2018年第1季香港特別行政區 政府統計處國際投資頭寸 International Investment Position (IIP) 整體狀況（表 6 及 7） Overall situation (Tables 6 and 7) 1.14 在 2018 年第 1 季季末，香港的對外金融資產和負債總值分別為 436,236 億元和 319,898 億元。從對外金融資產扣除對外金融負債後，香港是淨債權的經濟體。在 2018 年第 1 季季末，香港的對外金融資產淨值達 116,338 億元 （相對本地生產總值的比率為 428%） ，而 2017 年第 4 季季末則為 108,937 億元（相對本地生產總值的比率為 409%）。 1.14 At the end of the first quarter of 2018, Hong Kongs external financial assets and liabilities amounted to $43,623.6 billion and $31,989.8 billion respectively. After netting out the external financial liabilities from the external financial assets, Hong Kong was a net creditor. Hong Kongs net external financial assets amounted to $11,633.8 billion (as a ratio of 428% to GDP) at the end of the first quarter of 2018, compared with $10,893.7 billion (as a ratio of 409% to GDP) at the end of the fourth quarter of 2017. 1.15 在 2018 年第 1 季季末，香港的對外金融資產和負債相對本地生產總值的比率保持在很高的水平，分別為 16.0 倍和 11.8 倍，反映香港是高度外向型的經濟體，亦是區內擁有龐大跨境投資的主要金融中心。 1.15 The ratios of both Hong Kongs external financial assets and liabilities to GDP at the end of the first quarter of 2018 remained at a very high level, at 16.0 times and 11.8 times 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. 對外金融資產 External financial assets 1.16 在 2018 年第 1 季季末，香港的對外金融資產總值為 436,236 億元。直接投資為最大的組成部分，佔對外金融資產總值的 36.9%（ 161,177 億元）。這反映香港在世界各地，尤其是中國內地，作為主要直接投資者的地位。這數字也反映香港企業普遍在離岸金融中心，如英屬維爾京群島和開曼群島，設立無業務經營的公司，以轉移直接投資資金返回香港或往其他地方。 1.16 Hong Kongs external financial assets amounted to $43,623.6 billion at the end of the first quarter of 2018. Direct investment was the largest component, accounting for 36.9% ($16,117.7 billion) of the total value. This reflected the position of Hong Kong as a major direct investor in other economies of the world, notably in the mainland of China. It also reflected the common practice of setting up non-operating companies in offshore financial centres such as the British Virgin Islands and the Cayman Islands by Hong Kong enterprises for channelling direct investment funds back to Hong Kong or to other places. 1.17 證券投資是香港對外金融資產的第二大投資組成部分，佔 2018 年第 1 季季末總值的 31.8%（ 138,718 億元）。在證券投資資產當中， 68.8%為股權和投資基金份額，而其餘則為債務證券。 1.17 Portfolio investment formed the second largest investment component of Hong Kongs external financial assets, accounting for 31.8% ($13,871.8 billion) of the total value at the end of the first quarter of 2018. Within portfolio investment assets, 68.8% was equity and investment fund shares while the remaining was debt securities. 1.18 在 2018 年第 1 季季末，香港對外金融資產總值的 21.8%為其他投資，達 95,116 億元。在其他投資資產當中， 71.6%為貨幣和存款。 1.18 At the end of the first quarter of 2018, 21.8% of Hong Kongs external financial assets was in the form of other investment, amounting to $9,511.6 billion. Within other investment assets, 71.6% was currency and deposits. - 6 -Balance of Payments, International Investment Position andExternal Debt Statistics of Hong Kong First Quarter 2018Census 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 2018年第1季香港特別行政區 政府統計處