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

HK$ million   1998 1999 1999 1999 1999 1999 Standard Components     1st Qtr 2nd Qtr 3rd Qtr 4th Qtr               Current Account(1) 22,474 72,026 9,907 9,637 27,327 25,156       Credit(2) 1,990,437 1,998,315 431,891 481,430 534,361 550,635       Debit(2) -1,967,963 -1,926,289 -421,983 -471,793 -507,034 -525,479                  Goods -60,667 -24,501 -8,761 -7,431 -1,068 -7,241          Credit 1,361,885 1,355,529 286,213 326,978 368,964 373,374          Debit -1,422,552 -1,380,030 -294,974 -334,409 -370,032 -380,615                  Services 66,743 80,660 12,836 16,884 21,596 29,344          Credit 260,654 270,376 60,247 62,018 71,781 76,330          Debit -193,911 -189,716 -47,411 -45,134 -50,185 -46,986       Transportation services, credit 87,840 88,378 19,766 21,167 23,335 24,110       Transportation services, debit -50,434 -47,162 -10,423 -11,753 -12,994 -11,991       Travel, credit 55,250 52,986 12,946 12,284 12,835 14,921       Travel, debit -104,461 -102,189 -28,212 -24,366 -26,339 -23,272       Other services, credit 117,564 129,012 27,535 28,567 35,611 37,299       Other services, debit -39,017 -40,365 -8,776 -9,015 -10,853 -11,722                  Factor income 28,762 27,276 8,616 2,923 9,716 6,021          Credit 362,719 366,919 84,046 91,069 92,244 99,560          Debit -333,957 -339,642 -75,429 -88,146 -82,528 -93,539                     Investment income, credit 362,356 366,807 83,997 91,046 92,225 99,539                        Direct investment income 124,999 133,369 26,600 32,695 33,388 40,686             Dividends and distributed branch profits 66,679 62,110 7,500 13,574 9,159 31,877             Reinvested earnings and                undistributed branch profits 51,919 62,774 16,931 17,447 22,131 6,265             Income on debt (interest) 6,402 8,486 2,169 1,675 2,098 2,544                        Portfolio investment income 74,444 91,035 22,592 24,315 23,761 20,367             Income on equity 15,351 24,463 5,954 7,527 7,708 3,274             Income on bonds and notes 52,985 59,919 14,961 15,337 14,453 15,168             Income on money market instruments 6,109 6,652 1,677 1,450 1,600 1,925                        Other investment income 162,913 142,403 34,805 34,036 35,076 38,486                     Investment income, debit -333,594 -339,530 -75,380 -88,123 -82,509 -93,518                        Direct investment income -136,350 -204,108 -38,508 -51,761 -51,868 -61,971             Dividends and distributed branch profits -85,101 -94,843 -14,593 -27,302 -11,789 -41,159             Reinvested earnings and                undistributed branch profits -44,702 -100,167 -21,492 -21,910 -37,824 -18,941             Income on debt (interest) -6,548 -9,099 -2,424 -2,549 -2,256 -1,870                        Portfolio investment income -24,696 -26,583 -5,092 -8,510 -4,424 -8,557             Income on equity -17,591 -19,961 -3,350 -6,823 -2,847 -6,941             Income on bonds and notes -4,949 -4,324 -1,187 -1,243 -1,075 -819             Income on money market instruments -2,156 -2,298 -555 -443 -502 -798                        Other investment income -172,548 -108,839 -31,780 -27,852 -26,217 -22,990                     Compensation of employees, credit 363 112 49 23 19 21       Compensation of employees, debit -363 -112 -49 -23 -19 -21                  Current transfers -12,364 -11,409 -2,784 -2,740 -2,917 -2,968          Credit 5,179 5,492 1,385 1,365 1,372 1,371             General government 0 0 0 0 0 0             Other sectors 5,179 5,492 1,385 1,365 1,372 1,371          Debit -17,543 -16,901 -4,169 -4,105 -4,288 -4,339             General government -1,280 -1,286 -319 -320 -322 -324             Other sectors -16,263 -15,615 -3,849 -3,785 -3,966 -4,015

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.