Hong Kong has a free market economy highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is more than four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown, but its increasing integration with China helped it recover from the downturn more quickly than many observers anticipated. Hong Kong over the past few years has become increasingly integrated with China through trade, tourism, and financial links. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese Renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets. The mainland has long been Hong Kong's largest trading partner, accounting for nearly half of Hong Kong's exports by value. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 17.7 million in 2009, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. About 40% of the firms listed on the Hong Kong Stock Exchange are now mainland Chinese companies. These firms account for 60% of the Exchange's market capitalization and over 70% of turnover. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly and in 2009 accounted for more than 90% of the territory's GDP. Hong Kong's natural resources are limited, and food and raw materials must be imported. GDP growth averaged a strong 4% from 1989 to 2008. Hong Kong's GDP fell in 2009 as a result of the global financial crisis, but a recovery began in third quarter 2009. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983....  More..