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Encyclopedia > Economy of Hong Kong

Image:Hkecon.jpg Image File history File links Drawn by Jerry Crimson Mann 13:37, 24 Jun 2005 (UTC). ...

Economy of Hong Kong

    Identity
        Hong Kong Dollar
          Banknotes
          Coins
        Monetary Authority
        Four Asian Tigers
ISO 4217 Code HKD User(s) Hong Kong Inflation 2. ... HSBC and Government series. ... Hong Kong coins The Hong Kong coinage, including $10, $5, $2, $1, 50 cents, 20 cents and 10 cents, is issued by Hong Kong Monetary Authority on behalf of the Hong Kong Special Administrative Region Government. ... The Hong Kong Monetary Authority (Traditional Chinese: ) or HKMA (金管局) is Hong Kongs central banking institution. ... Korean name Hangul: Skyline of Central, Hong Kongs financial centre, over Victoria Harbour (viewed from Tsim Sha Tsui, Kowloon, Hong Kong) Seoul, the capital of South Korea The skyline of Singapores Central Business District (CBD) at dawn. ...

    Resources
        Employment   Transport
        Tourism          Postal
        Agri/Aqua       Ports
This page gives detailed information on the employment situation in Hong Kong. ... Several tourists looking at the night view of the Victoria Harbour at Tsim Sha Tsui, Hong Kong. ... Outlook of the General Post Office in Central, built 1976. ... Agriculture and Aquaculture in Hong Kong are considered sunset industries. ... The Port of Hong Kong has always been a key factor in the development and prosperity of Hong Kong, which is strategically located on the Far East trade routes and is in the geographical centre of the now fast-developing Asia-Pacific Basin. ...

    Companies
        Stock Exchange  GEM
        Companies listed on HKSE
This is a list of companies from Hong Kong. ... Growth Enterprise Market (Traditional Chinese: ) is a stock market set up by Stock Exchange of Hong Kong for growth companies that do not fulfill the requirements of profitability or track record. ... Companies listed on the Hong Kong Stock Exchange. ...

Other Hong Kong topics
Culture - Education
Geography - History - Politics
Hong Kong Portal

The Economy of Hong Kong is widely believed, and some argue incorrectly, to be the most economically free in the world. It has often been cited by economists such as Milton Friedman and the Cato Institute as an example of the benefits of laissez-faire capitalism. While the government, both under British and PRC rule, has occasionally intervened in the economy, the free market policy of Positive non-interventionism espoused by former financial secretary John James Cowperthwaite still largely drives economic policy today. It has ranked as the world's freest economy in the Index of Economic Freedom for 13 consecutive years, since the inception of the index in 1995[1][2]. It also places first in the Economic Freedom of the World Report. The culture of Hong Kong can best be described as a foundation that began with China, and then leaned West for much of the 20th century under constructive British colonialism. ... The history of Hong Kong began as a coastal island geographically located in southern China. ... Other Hong Kong topics Culture - Economy Education - Geography - History Hong Kong Portal Politics of Hong Kong takes place in a framework of a political system dominated by China, an own legislature, the Chief Executive as the head of government, and of a pluriform multi-party system. ... Alan Greenspan, former chairman, United States Federal Reserve. ... Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... The Cato Institute is a libertarian think tank headquartered in Washington, D.C. The Institutes stated mission is to broaden the parameters of public policy debate to allow consideration of the traditional American principles of limited government, individual liberty, free markets, and peace by striving to achieve greater involvement... Laissez-faire capitalism is, roughly stated, the doctrine that the free market functions to the greatest good when left unfettered and unregulated by government. ... For the Chinese civilization, see China. ... Positive non-interventionism is the economic policy of Hong Kong rasied by Charles Philip Haddon-Cave in 1980 (or by John James Cowperthwaite in 1971). ... Sir John James Cowperthwaite KBE CMG 郭伯偉爵士, April 25, 1916 – January 21, 2006) was Financial Secretary of Hong Kong from 1961 to 1971. ... Map of Economic Freedom released by the Heritage Foundation. ...


However, critics of the view of Hong Kong as a laissez-faire capitalist state point out several flaws in this view of this region's economy. It is argued that the government has intervened to create economic institutions such as the Hong Kong Stock Market and has been involved in massive public works and extensive social welfare spending. All land in Hong Kong is owned by the government and leased to private users. By restricting the sale of land leases, the Hong Kong government keeps the price of land at what some would say are artifically high prices and this allows the government to support public spending with a low tax rate.[1] ...

Contents

Macro-economic trend

No official GDP was measured by the government until 1971. Any GDP formed prior to this period was based on international trade statistics that came after 1971[3]. This is a chart of trend of real gross domestic product of Hong Kong at constant market prices [2] by the International Monetary Fund with figures in millions of Hong Kong Dollars. In 2006, Hong Kong's GDP (PPP) ranked as the 38th highest in the world at US$263.1 billion. Its (PPP) GDP per capita ranked as the 6th highest at US$38,127.[4] PPP is an abbreviation for: In real estate: prepayment penalty, a penalty paid when property is sold before an agreed-upon date. ... The United States dollar is the official currency of the United States. ... PPP is an abbreviation for: In real estate: prepayment penalty, a penalty paid when property is sold before an agreed-upon date. ...

Year Real GDP Average Annual Growth Rate within 5 previous years
1980 437,580
1985 574,710 5.60%
1990 845,515 8.03%
1995 1,110,086 5.60%
2000 1,314,789 3.44%
2005 1,623,479 4.31%
2008 1,920,722 6.67%

History

The ever rising landscape is a reflection of the growing economy
The ever rising landscape is a reflection of the growing economy

The very center of Hong Kong's economic freedom comes from the government's hands-off policy. This model was developed in Hong Kong and Taiwan as a response to analyzing the cultural revolution effect in China. The Maoist era forecasted the production of steel, and the inability to produce led to the immediate collapse of the economy[5]. Hong Kong's model allowed for the flexibility and renovation of any given industry in a very short time. Because of this, a 1994 World Bank report stated that Hong Kong's GDP per capita grew in real terms at an annual rate of 6.5% from 1965 to 1989. This consistent growth percentage over a span of almost 25 years is remarkable for any economic analysis[6]. By 1990 Hong Kong's per capita income officially surpassed that of the ruling United Kingdom[7]. Image File history File links Size of this preview: 800 × 408 pixel Image in higher resolution (1178 × 601 pixel, file size: 720 KB, MIME type: image/jpeg) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Economy of Hong... Image File history File links Size of this preview: 800 × 408 pixel Image in higher resolution (1178 × 601 pixel, file size: 720 KB, MIME type: image/jpeg) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Economy of Hong... Positive non-interventionism is the economic policy of Hong Kong rasied by Charles Philip Haddon-Cave in 1980 (or by John James Cowperthwaite in 1971). ... This article is about the Peoples Republic of China. ... Maoism or Mao Zedong Thought (Chinese: 毛澤東思想, pinyin: Máo Zédōng Sīxiǎng), also called Marxism-Leninism–Mao Zedong Thought or Marxism-Leninism-Maoism (MLM), is a variant of communism derived from the teachings of Mao Zedong (1893&#8211... For other uses, see Steel (disambiguation). ... World Bank Group logo The World Bank Group (WBG) is a family of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and eliminating poverty. ... The per capita income for a group of people may be defined as their total personal income, divided by the total population. ...


After a slump caused by the regionwide Asian financial crisis that began in 1997, Hong Kong's economy had been on the rebound. Real GDP growth was 4% in 1999 and reached double digits in the first half of 2000. However, the dot-com bubble in the second half of 2000, the 9/11 terrorist attacks upon the United States in 2001 and the SARS outbreak in 2003 had severely damaged the economy of Hong Kong. In 2004 and 2005, real GDP grew by 8.6% and 7.5% respectively. The Asian financial crisis was a financial crisis that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ... The dot-com bubble was a speculative bubble covering roughly 1995–2001 during which stock markets in Western nations saw their value increase rapidly from growth in the new Internet sector and related fields. ... The date that commonly refers to the attacks on United States citizens on September 11, 2001 (see the September 11, 2001 Attacks). ... The following is a timeline of severe acute respiratory syndrome (SARS). ...


The unemployment rate increased from 2.2% to 6.3% due to the Asian financial crisis. After peaking at 7.9% in 2003, the unemployment rate eased back to 4.8% in 2006. In August 1998, the government intervened in the stock, futures, and currency markets to fend off "manipulators." The banking sector remains solid, and the government is committed to the US-Hong Kong linked exchange rate. A linked exchange rate system is a type of exchange rate regime to link the exchange rate of a currency to another. ...


Resources

Hong Kong has little arable land and few natural resources within its borders, and must therefore import most of its food and raw materials. Hong Kong is the world's 11th largest trading entity,[8] with the total value of imports and exports exceeding its gross domestic product. As of 2006, there are 114 countries that maintain consulates in Hong Kong, more than any other city in the world. Much of Hong Kong's exports consists of re-exports, which are products made outside of the territory, especially in mainland China, and distributed through Hong Kong. Even before the transfer of sovereignty to the People's Republic of China, Hong Kong has established extensive trade and investment ties with mainland China. The territory's autonomous status enables it to serve as a point of entry for investments and resources flowing into the mainland. This article is about GDP in the context of economics. ... 2006 is a common year starting on Sunday of the Gregorian calendar. ... This is a list of countries with consulates in Hong Kong. ... The rule of Napoleon Bonaparte after his coup detat in France had conducted the manners of French governmant under dictatorship and in a consulate. ... This article is being considered for deletion in accordance with Wikipedias deletion policy. ... ... The transfer of the sovereignty of Hong Kong from the United Kingdom to China, often referred to as The Handover, occurred on July 1, 1997. ...


Transformation

Hong Kong's economy has transformed and re-adapted itself to different periods of time.

Period Dominating Sector Description
Colonial Hong Kong Trade In 1895 Hong Kong's trading port was 4th largest in the world[9]. The economy revolved around international trading.
1950s to 1960s Industrial & Manufacturing Textile manufacturing in particular, dominated all other sector, serving as the backbone for the entire economy[7][10].
1970s to 1980s Financial The financial industry was responsible for the largest growth period in the economic history of Hong Kong[7].
1990s to 2006 Service In recent years the service sector has accounts for 85% of the GDP. The major components of Hong Kong's service trade are shipping, civil aviation, tourism, and various financial services. One of the most distinguished characteristics of commerce in Hong Kong is that out of 500,000 establishments, 98% of local firms employ less than 50 people and the majority has less than 10 full-time staff members[11]. Most notable event for the period is the Asian Financial crisis.
2007 to Present Financial Service By 2006 Chinese companies have raised about $84 billion in IPO. According to Ernst & Young, the city generated 17% of the total capital raised worldwide during the first 11 months of 2006. Hong Kong must manage the enormous pools of money the PRC has amassed via huge trading surpluses.[12][13] Hong Kong has a safe finance infrastructure that makes it ideal for investments.

The following table demonstrates which periods in the past exhibited some of the largest growth margins[7]. Flag of colonial Hong Kong, a Blue Ensign with the colonys coat of arms. ... 1950s in Hong Kong began after the Japanese rule ended in 1945 with sovereignty returning to the British. ... Hong Kongs development in the 1960s are most notably at industries. ... For other uses, see Textile (disambiguation). ... In the 1970s, Hong Kong underwent many changes that were to shape the future of the city. ... [[1980s injkfsld;js;dlkjgfksldjg s;djfsa;ljfsaljfawsde recognized internationally for its politics, entertainment and skyrocketing real estate prices. ... The 1990s in Hong Kong was defined by the 1984 Sino-British Joint Declaration, a statement that paved the way for a series of changes that would facilitate the transfer of sovereignty from the United Kingdom to the Peoples Republic of China (PRC). ... 2000s in Hong Kong began a new millennium under the Peoples Republic of China (PRC). ... The East Asian Financial Crisis was a period of economic unrest that started in July 1997 in Thailand and South Korea with the financial collapse of Kia, and affected currencies, stock markets, and other asset prices in several Asian countries, many considered Four Asian Tigers. ... 2000s in Hong Kong began a new millennium under the Peoples Republic of China (PRC). ... In financial markets, an initial public offering (IPO) is the first sale of a companys common shares to public investors. ... Ernst & Young is one of the largest professional services firms in the world, and one of the Big Four auditors, along with PricewaterhouseCoopers (PwC), Deloitte Touche Tohmatsu (Deloitte) and KPMG. Ernst & Young is a global organization consisting of many member firms. ... For the Chinese civilization, see China. ... The balance of trade encompasses the activity of exports and imports, like the work of this cargo ship going through the Panama Canal. ...

Start Period End Period Growth Percentage
1948 1950 28.78%
1950 1955 3.41%
1955 1960 11.98%
1960 1964 16.35%
1964 1966 18.20%
1966 1970 15.10%
1970 1975 22.47%
1975 1980 39.04%
1980 1985 18.70%
1985 1990 21.86%
1990 1991 15.34%
1991 1992 15.82%

Present

Since the new millennium the wealth gap continues to widen in Hong Kong. The gini coefficient is used to measure discrepancies between the rich and poor. As of 2006 Hong Kong's measurement is at 53.3, which means the difference between the rich and poor is far greater than that of the PRC.[14] Many of the financial tycoons also oppose universal suffrage, since the large number of poor would vote for populists who promise costly social programs.[15] Graphical representation of the Gini coefficient The Gini coefficient is a measure of inequality of income distribution or inequality of wealth distribution. ... For the Chinese civilization, see China. ... Elections Part of the Politics series Politics Portal This box:      Universal suffrage (also general suffrage or common suffrage) consists of the extension of the right to vote to all adults, without distinction as to race, sex, belief, intelligence, or economic or social status. ... Populism is a political ideology or rhetorical style that holds that the common person is oppressed by the elite in society, which exists only to serve its own interests, and therefore, the instruments of the State need to be grasped from this self-serving elite and instead used for the...


Future

Since the 1997 handover Hong Kong's economic future became far more exposed to the challenges of economic globalization competition directly from mainland China. Shanghai in particular has a geographical advantage, and a municipal government that is capable of turning the city into China's main economic center by as early as 2010. The target is to allow Shanghai to catch up to New York by 2040-2050[16], with the eventual projection that China will be Asia's most prosperous economy by 2040[17]. Until then, Hong Kong is expected to have higher overall economic figures yearly. Hong Kong's principal trading partners remain to be China, United States, Japan, Taiwan, Germany, Singapore, and South Korea. The transfer of the sovereignty of Hong Kong from the United Kingdom to China, often referred to as The Handover, occurred on July 1, 1997. ... The rise of technology has allowed our environment to be characterized as a global one. ... For other uses, see Shanghai (disambiguation). ... This article is about the state. ...


Currency

Hong Kong Currency
Hong Kong Currency
Main article: Hong Kong dollar

The currency used in Hong Kong is the Hong Kong dollar. Since 1983, it has been pegged at a fixed exchange rate to the United States dollar due to the event of Black Saturday. The currency allows trade within a range between 7.75 and 7.85 Hong Kong dollars to one United States dollar. The government's fiscal year is from April 1 to March 31 of the next year. Image File history File links Size of this preview: 800 × 572 pixel Image in higher resolution (1418 × 1014 pixel, file size: 490 KB, MIME type: image/jpeg) 10 dollars of Hong Kong between other (mostly Polish) banknotes and coins in public money-box File links The following pages on the... Image File history File links Size of this preview: 800 × 572 pixel Image in higher resolution (1418 × 1014 pixel, file size: 490 KB, MIME type: image/jpeg) 10 dollars of Hong Kong between other (mostly Polish) banknotes and coins in public money-box File links The following pages on the... ISO 4217 Code HKD User(s) Hong Kong Inflation 2. ... ISO 4217 Code HKD User(s) Hong Kong Inflation 2. ... A fixed exchange rate, sometimes (less commonly) called a pegged exchange rate, is a type of exchange rate regime wherein a currencys value is matched to the value of another single currency or to a basket of other currencies, or to another measure of value, such as gold. ... USD redirects here. ... Black Saturday (September 24, 1983) is the name given to the crisis when Hong Kong dollar was at an all time low exchange rate. ... is the 91st day of the year (92nd in leap years) in the Gregorian calendar. ... is the 90th day of the year (91st in leap years) in the Gregorian calendar. ...

Exchange rate to US $1 Period
HKD $7.802 First-half 2007
HKD $7.769 2006
HKD $7.778 2005
HKD $7.779 2004
HKD $7.788 2003
HKD $7.800 2002
HKD $7.804 2001
HKD $7.799 2000
HKD $7.765 1999
HKD $7.747 1998
HKD $7.744 1997

USD redirects here. ...

Real Estate

Lai King Estate, one of many housing structures
Lai King Estate, one of many housing structures

Culturally speaking, the city view is a draw and marketing point. Hong Kong has always had an imbalance of supply and demand where the population far outstrips the available land. Almost 7 million people live on about 1,104 square kilometres (426 mi²) of space. In the high-end market, the Peak is ranked the 3rd most expensive city in the world in 2007 with a square foot per unit pricing of US $2,008 behind London and Monaco[18]. The classification of Hong Kong as a "free economy" also means anyone with money can buy real estate property. Many foreigners have invested heavily in the territory, making real estate one of the biggest contributors to economic statistics. The land is essentially rented from the government under a lease, even if one owns the property. Prior to 1997, lease terms were 75, 99 or 999 years. As of Hong Kong's return to China, new grants last for 50 years[18]. Image File history File links Metadata Size of this preview: 800 × 600 pixelsFull resolution (1280 × 960 pixel, file size: 669 KB, MIME type: image/jpeg) 葵涌道, Kwai Chung Road & 明景樓, Ming King House, 荔景邨, Lai King Estate, 下葵涌, Ha Kwai Chung, 香港, Hong Kong. ... Image File history File links Metadata Size of this preview: 800 × 600 pixelsFull resolution (1280 × 960 pixel, file size: 669 KB, MIME type: image/jpeg) 葵涌道, Kwai Chung Road & 明景樓, Ming King House, 荔景邨, Lai King Estate, 下葵涌, Ha Kwai Chung, 香港, Hong Kong. ... The supply and demand model describes how prices vary as a result of a balance between product availability at each price (supply) and the desires of those with purchasing power at each price (demand). ... Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of SI unit of surface area square metre, one of the SI derived units. ... For other places with the same name, see Victoria Peak (disambiguation). ... A square foot is by definition the area enclosed by a square with sides each 1 foot long. ... USD redirects here. ... This article is about the capital of England and the United Kingdom. ...


Stock exchange

Main article: Hong Kong Stock Exchange

The Hong Kong Stock Exchange is the 6th largest in the world, with a market capitalization of about US$2.97 trillion. In 2006, the value of initial public offerings conducted in Hong Kong was second highest in the world after London[19]. The rival stock exchange of the future is expected to be the Shanghai Stock Exchange. As of 2006, Hong Kong Exchange and Clearing Limited (HKEX) has an average daily turnover of 33.4 billion dollars, which is 12 times that of Shanghai[19]. The Hong Kong Stock Exchange (traditional Chinese: , also 港交所; abbreviated as HKEX; SEHK: 0388) is the stock exchange of Hong Kong. ... The Hong Kong Stock Exchange (traditional Chinese: , also 港交所; abbreviated as HKEX; SEHK: 0388) is the stock exchange of Hong Kong. ... This is a list of stock exchanges. ... Market capitalization, or market cap, is a measurement of corporate or economic size equal to the stock price times the number of shares outstanding of a public company. ... USD redirects here. ... “IPO” redirects here. ... This article is about the capital of England and the United Kingdom. ... The Shanghai Stock Exchange (SSE) (Simplified Chinese: ; Traditional Chinese: ; pinyin: ) is a Chinese stock exchange based in the city of Shanghai, with a market capitalization of nearly US$2. ...


Other economic indicators

The economy functions well into the night
The economy functions well into the night

Image File history File linksMetadata Download high-resolution version (1600x1200, 485 KB) Fa Yuen Street or Sport Shoes Street, Hong Kong. ... Image File history File linksMetadata Download high-resolution version (1600x1200, 485 KB) Fa Yuen Street or Sport Shoes Street, Hong Kong. ...

Population

  • Population below poverty line: 4% (2005)
  • Inflation rate (consumer prices): 0.9% (2005 est.)
  • Unemployment rate: 4.2% (2007 est.)[20]
  • Labour Force Participation Rate by sex (2006)[21]
    • Male: 71.0%
    • Female: 52.6%
  • Labour Force Participation Rate by age group (2006)[22]
    • Age 15-24: 42.9%
    • Age 25-44: 84.8%
    • Age 45-64: 65.1%
    • Age 65 and over: 5.8%

GDP

  • GDP (nominal) - US$189 billion (2006 actual)
  • GDP - real growth rate: 6.9% (2006)
  • GDP - per capita: US$27,565 (2006))
  • GDP - composition by sector: (2005 est.)
    • Agriculture: 0.1%
    • Industry: 9.2%
    • Services: 90.6%

Labour

The average work week is 47 hrs
The average work week is 47 hrs
  • Average Work Week: 47 hours per week[23]
  • Labour force - by sector: (2006 est)[24]
    • Agriculture and fishing: 0.3%
    • Mining and quarrying: 0.05%
    • Manufacturing: 5.1%
    • Electricity, gas and water: 0.4%
    • Construction: 8.0%
    • Wholesale and retail trades: 10.5%
    • Import and export trade: 16.4%
    • Restaurants and hotels: 7.1%
    • Transport and storage: 9.4%
    • Communications: 1.1%
    • Financial services: 5.3%
    • Real estate and business services: 10.1%
    • Public administration: 3.7%
    • Education and health services: 7.6%
    • Personal services: 9.0%
    • Recreational, other community and social services: 5.9%

Image File history File linksMetadata Size of this preview: 800 × 600 pixel Image in higher resolution (1280 × 960 pixel, file size: 679 KB, MIME type: image/jpeg) zh:渣甸街渣甸街, Jardines Bazaar. ... Image File history File linksMetadata Size of this preview: 800 × 600 pixel Image in higher resolution (1280 × 960 pixel, file size: 679 KB, MIME type: image/jpeg) zh:渣甸街渣甸街, Jardines Bazaar. ...

Budget

  • Operating Revenues: HK$211.61 billion (US$$27.24 billion, FY 2006-07 actual)
    • of which, direct taxes: HK$118.1 billion
    • of which, other recurrent revenue: HK$116.3 billion
  • Capital Revenue: HK$53.8 billion
  • = Government Revenue HK$265.41 billion
  • Operating Expenditures: HK$195.75 billion (US$$25.20 billion, FY 2006-07 actual)
  • Capital Expenditures: HK$31.57 billion
  • = Government Expenditures: HK$227.32 billion
  • Subventions and other public sector spending: HK$18.25 billion
  • = Public Expenditure: HK$245.57 billion
  • Foreign Currency Reserve Assets: $972.32 billion (December 2005 est.)
  • Total assets of the Exchange Fund including the Foreign Currency Reserve Assets: $1068.9 billion (December 2005)

Trade and investment

  • Exports: $316.8 billion f.o.b., including re-exports (2006)[20]
    • Exports - partners: Mainland China 43%, Japan 12%, Taiwan 8%, US 7%, South Korea 5%, Singapore 3% (2000)
    • Exports - commodities: clothing, textiles, footwear, electrical appliances, watches and clocks, toys, plastics, precious stones
  • Imports: $334.6 billion (2006)
    • Imports - partners: Mainland China 41%, Japan 13%, US 8%, Taiwan 7%, South Korea 5%, Singapore 4% (1998)
    • Imports - commodities: foodstuffs, transport equipment, raw materials, semimanufactures, petroleum; a large share is re-exported
  • Debt - external: $72.04 billion (2005)

The word commodity has a different meaning in business than in Marxian political economy. ...

See also

Hong Kong Portal

Image File history File links This is a lossless scalable vector image. ... The Mainland and Hong Kong Closer Economic Partnership Arrangement (Chinese: 內地與香港關於建立更緊密經貿關係的安排), or Closer Economic Partnership Arrangement (CEPA ; Chinese: 更緊密經貿關係), is an economic agreement between the Government of the Hong Kong Special Administrative Region of the Peoples Republic of China and the Central Peoples Government of the Peoples Republic of... The Individual Visit Scheme (Chinese: 自由行 (Mandarin Pinyin: zì yóu xíng; Cantonese IPA: ) in Hong Kong and Macau; 个人游 (Pinyin: gè rén yóu) in Mainland China) was begun on July 28, 2003, to allow travelers from Mainland China to visit Hong Kong and Macau on an individual basis. ... Positive non-interventionism is the economic policy of Hong Kong rasied by Charles Philip Haddon-Cave in 1980 (or by John James Cowperthwaite in 1971). ... The Hongs (Chinese: è¡Œ) were major business houses in Hong Kong with significant influence on patterns of consumerism, trades, manufacturing and other key areas of the economy. ... Taiwans quick industrialization and rapid growth during the latter half of the twentieth century, has been called the Taiwan Miracle (台灣奇蹟 or 臺灣奇蹟, Tongyong Pinyin: ,Hanyu Pinyin: táiwān qíjì) or Taiwan Economic Miracle. As it has developed alongside Singapore, South Korea and Hong Kong, the ROC is known...

External links

Milton Friedman (July 31, 1912 – November 16, 2006) was an American Nobel Laureate economist and public intellectual. ... Nicholas Vardy is editor of The Global Guru, a weekly e-letter with over 70,000 subscribers, Global Stock Investor, as well as Global Bull Market Alert, a weekly trading service, published by Washington DC based Eagle Publishing. ...

References

  1. ^ 2007 Index of Economic Freedom. Heritage Foundation.
  2. ^ Summary Economic Freedom Rating 2004 (Economic Freedom of the World - Annual report 2006 on page 13 or 9 of 23) (English). The Fraser Institute, Canada. Retrieved on 2007-01-08.
  3. ^ Schenk, Catherine Ruth. [2001] (2001). Hong Kong as an International Financial Centre: Emergence and Development, 1945-1965. United Kingdom: Routledge. ISBN 0415205832
  4. ^ "IMF Database 2007", The World Factbook, United States Central Intelligence Agency, last updated 2007-02-08. Retrieved on 2007-02-24.
  5. ^ Tang Tsou. [1986] (1986). The Cultural Revolution and Post-Mao Reforms: A Historical Perspective. University of Chicago Press. ISBN 0226815145
  6. ^ Rowley, Chris. Fitzgerald, Robert. [2000] (2000) Managed in Hong Kong: Adaptive Systems, Entrepreneurship and Human Resources. United Kingdom: Routledge Publishing. ISBN 0714650269
  7. ^ a b c d Yu Tony Fu-Lai. [1997] (1997) Entrepreneurship and Economic Development of Hong Kong. United Kingdom: Routledge. ISBN 0415162408
  8. ^ "About Hong Kong", Government Information Centre
  9. ^ Barber, Nicola. [2004] (2004) Hong Kong. Gareth Stevens Publishing. ISBN 0836851986
  10. ^ Buckley, Roger. [1997] (1997). Hong Kong: The Road to 1997 By Roger Buckley. Cambridge University Press. ISBN 0521469791
  11. ^ Tan, P Felix. Corbett, Scott. Wong Yuk-Yong. [1999] (1999). Information Technology Diffusion in the Asia Pacific: Perspectives on Policy, Electronic Commerce. Idea Group Publishing. ISBN 1878289489.
  12. ^ Msnbc. "Reinventing Hong Kong." Ten years after the change-over, Hong Kong is positioning itself to become Asia's New York City. Retrieved on 2007-07-06.
  13. ^ Msnbc. "Reinventing Hong Kong." Ten years after the change-over, Hong Kong is positioning itself to become Asia's New York City. Retrieved on 2007-07-06.
  14. ^ Msnbc. "Hong Kong's wealth gap widens since handover." HK wealth gap widens. Retrieved on 2007-07-06.
  15. ^ Msnbc. "Reinventing Hong Kong." Ten years after the change-over, Hong Kong is positioning itself to become Asia's New York City. Retrieved on 2007-07-06.
  16. ^ Richardson, Harry W. Bae, Chang-Hee C. [2005] (2005) Globalization and Urban Development: Advances in Spatial Science. ISBN 3540223622
  17. ^ Burgess, Rod. Jenks, Michael. [2001] (2001) Compact Cities: Sustainable Urban Forms for Developing Countries. United Kingdom: Spon Press. ISBN 0419251308
  18. ^ Cite error 8; No text given.
  19. ^ a b Hong Kong surpasses New York in IPOs, International Herald Tribune, 2006-12-25. Retrieved 2007-1-20.
  20. ^ a b TdcTrade. "TdcTrade.com." Economic and Trade info on Hong Kong. Retrieved on 2007-03-14.
  21. ^ Hong Kong census. "Census labour data." LFPR. Retrieved on 2007-03-14.
  22. ^ Hong Kong census. "Census labour data." LFPR. Retrieved on 2007-03-14.
  23. ^ Steers, Richard. [1999] (1999). Made in Korea: Chung Ju Yung and the Rise of Hyundai. United Kingdom: Routledge. ISBN 0415920507
  24. ^ Hong Kong census. "Census labour data pdf." Labour. Retrieved on 2007-03-14.

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EH.Net Encyclopedia: Economic History of Hong Kong (824 words)
Hong Kong’s economic and political history has been primarily determined by its geographical location.  The territory of Hong Kong is comprised of two main islands (Hong Kong Island and Lantau Island) and a mainland hinterland.
Hong Kong was profoundly affected by the disastrous events in Mainland China in the inter-war period.
The economic development of Hong Kong is unusual in a variety of respects.  First, industrialization was accompanied by increasing numbers of small and medium-sized enterprises (SME) rather than consolidation.  In 1955, 91 percent of manufacturing establishments employed fewer than one hundred workers, a proportion that increased to 96.5 percent by 1975.
Hong Kong: Map, History and Much More from Answers.com (5941 words)
Hong Kong is on the eastern side of the Pearl River Delta on the southeastern coast of China, facing the South China Sea in the south, and bordering Guangdong Province in the north.
The liberation of Hong Kong in 1945 was celebrated at the Cenotaph in Victoria with the raising of the Union Flag and the Flag of the Republic of China.
Hong Kong is 60 kilometres (37 miles) east of Macau, on the opposite side of the Pearl River Delta and borders the city of Shenzhen in Guangdong Province.
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