Table 2 Hong Kong's Balance of Payments Sub-account Components:   Current Account

HK$ million   1999 1999 1999 1999 2000 2000 Standard Components Annual 2nd Qtr 3rd Qtr 4th Qtr 1st Qtr 2nd Qtr Current Account(1) 81,799 11,781 30,154 27,982 10,288 12,152       Credit(2) 2,015,822 485,359 539,227 555,715 522,826 564,071       Debit(2) -1,934,023 -473,578 -509,073 -527,733 -512,538 -551,919                  Goods -24,501 -7,431 -1,068 -7,241 -19,344 -19,329          Credit 1,355,529 326,978 368,964 373,374 340,265 382,526          Debit -1,380,030 -334,409 -370,032 -380,615 -359,609 -401,855                  Services 90,433 19,028 24,423 32,170 23,754 28,172          Credit 287,883 65,947 76,647 81,410 73,324 77,635          Debit -197,450 -46,919 -52,224 -49,240 -49,570 -49,463       Transportation services, credit 93,241 22,318 24,696 25,408 23,905 26,634       Transportation services, debit -49,729 -12,350 -13,679 -12,695 -11,935 -14,132       Travel, credit 52,986 12,284 12,835 14,921 13,242 15,290       Travel, debit -102,189 -24,366 -26,339 -23,272 -25,353 -23,743       Other services, credit 141,656 31,345 39,116 41,081 36,177 35,711       Other services, debit -45,532 -10,203 -12,207 -13,272 -12,282 -11,588                  Factor income 27,276 2,923 9,716 6,021 9,226 6,378          Credit 366,919 91,069 92,244 99,560 108,264 102,759          Debit -339,642 -88,146 -82,528 -93,539 -99,038 -96,381                     Investment income, credit 366,807 91,046 92,225 99,539 108,245 102,746                        Direct investment income 133,369 32,695 33,388 40,686 45,136 41,483             Dividends and distributed branch profits 62,110 13,574 9,159 31,877 11,735 18,358             Reinvested earnings and                undistributed branch profits 62,774 17,447 22,131 6,265 31,637 21,587             Income on debt (interest) 8,486 1,675 2,098 2,544 1,764 1,538                        Portfolio investment income 91,035 24,315 23,761 20,367 23,922 23,463             Income on equity 24,463 7,527 7,708 3,274 6,474 5,126             Income on bonds and notes 59,919 15,337 14,453 15,168 15,573 16,452             Income on money market instruments 6,652 1,450 1,600 1,925 1,875 1,886                        Other investment income 142,403 34,036 35,076 38,486 39,186 37,799                     Investment income, debit -339,530 -88,123 -82,509 -93,518 -99,019 -96,368                        Direct investment income -204,108 -51,761 -51,868 -61,971 -73,771 -62,297             Dividends and distributed branch profits -94,843 -27,302 -11,789 -41,159 -26,249 -26,646             Reinvested earnings and                undistributed branch profits -100,167 -21,910 -37,824 -18,941 -45,828 -33,161             Income on debt (interest) -9,099 -2,549 -2,256 -1,870 -1,695 -2,490                        Portfolio investment income -26,583 -8,510 -4,424 -8,557 -2,989 -11,554             Income on equity -19,961 -6,823 -2,847 -6,941 -1,228 -9,976             Income on bonds and notes -4,324 -1,243 -1,075 -819 -1,284 -1,234             Income on money market instruments -2,298 -443 -502 -798 -477 -345                        Other investment income -108,839 -27,852 -26,217 -22,990 -22,259 -22,516                     Compensation of employees, credit 112 23 19 21 20 13       Compensation of employees, debit -112 -23 -19 -21 -20 -13                  Current transfers -11,409 -2,740 -2,917 -2,968 -3,347 -3,069          Credit 5,492 1,365 1,372 1,371 973 1,152             General government 0 0 0 0 0 0             Other sectors 5,492 1,365 1,372 1,371 973 1,152          Debit -16,901 -4,105 -4,288 -4,339 -4,321 -4,221             General government -1,286 -320 -322 -324 -324 -326             Other sectors -15,615 -3,785 -3,966 -4,015 -3,997 -3,895

Notes : (1) In accordance with the Balance of Payments accounting rules, a positive value for the balance figure in the current account represents a surplus whereas a negative value represents a deficit.   (2) In a Balance of Payments account, every external transaction is presented by two entries, a credit and a debit. In the current account, exports of goods and services, factor income inflows and transfers from abroad are credit entries, while imports of goods and services, factor income outflows and transfers to abroad are debit entries.