Hong Kong has 10 percent of the world market, which is second to Italy as the world's largest exporter of clothing. In recent year, many Hong Kong manufacturers have established their plants in China and other neighboring countries to take advantage of the low land costs and labor costs. As a result, employment is gradually shifting from the manufacturing to the services sector. Sevices sector accounted for 69 percent of Hong Kong's GDP and employed 71 percent of workforce in 1994. Hong Kong now ranks as the world's fifth- largest trading nation.
Tourism is the second-largest source of foreign exchange.
It has more visitors every year than it has inhabitants. Because of its low tax rates and unrestricted flow of foreign currency, For the last ten years Hong Kong has been the world's fourth most important financial and business center, just behind New York, London, and Tokyo. It is also responsible for maintaining a register of professional accountants, conducting accountancy examinations jointly with the Chartered Association of Certified Accountants of the United Kingdom. Its Statements of Standard Accounting Practice comply in all material respects with the applicable IASC statements. Hong Kong has an Asian colonial accounting system, which is closely related to the Anglo and Nordic groupings.