HONG KONG

“More important to Hong Kong’s trade in today’s context, however, is clearly the three-way trade between the United States, Hong Kong and China.

“This movement of trade from China through Hong Kong and from outside to China, again through Hong Kong, helps account for the substantial growth still being recorded for reexports through the territory.

“Any prolonged downturn in the U.S. economy would therefore not only have a major impact on Hong Kong’s direct export trade, but also its reexport trade.”

--From Ian K. Perkin’s column in the South China Morning Post.