Hong kong s economic and political history has been primarily determined by its geographical location. The economy of hong kong is a highly developed freemarket economy characterised by low. Often ignored and misunderstood in relation to national security, the economy has been taken for granted for years, but its. East asiasoutheast asia hong kong the world factbook. Hong kong economic growth the economy should recover in h2 this year on a favorable base effect, gradually healing business confidence and some support from fiscal stimulus. List of books and articles about hong kong economy. Mar 25, 2020 1968 flu pandemic, also called hong kong flu pandemic of 1968 or hong kong flu of 1968, global outbreak of influenza that originated in china in july 1968 and lasted until 196970. Hong kong university press thanks xu bing for writing the. Hong kong has been one of the fastest growing east asian economies since the end of the second world war. The importance of the financial sector for the hong kong economy see table.
Explore the cathay pacific experienceincluding our premium lounges and other travel classesor book a flight with us, through the links below. According to the census and statistics department, the median. Sep 30, 2019 protesters and police clashed in hong kong for a second straight day on sunday, throwing the semiautonomous chinese territorys business and shopping belt into chaos and sparking fears of more. In contrast, the optimistic outlook, which has a number of parts, maintains that. Cia world fact book all values, unless otherwise stated, are in us dollars.
Indeed, the average annual real growth rate was only 4. He was a british diplomat for years, including a posting as consulgeneral in chongqing 200407, and five years in hong kong 19962001. In 2006, the value of initial public offerings ipo conducted in hong kong was second highest in the world after london. Hong kong has substantial foreign exchange reserves, a fully convertible and stable currency, and a simple, lowtax system. Search the worlds most comprehensive index of fulltext books. The direct effect comes from the actual money spent by tourists at a destination. Hong kongs economic and political history has been primarily determined by its geographical location.
Hong kongs coronavirus response adds fuel to protests east. Hong kong housing problem from the 1950s to the present. The economic impact of tourism is both direct and indirect. Premium economy flight classes cathay pacific airways. Hong kong continues on the path of greater economic integration with the mainland. Suep through the hyread ebookplatform, comprising chinese books that are mainly published in hong kong, covering children books for paired reading, literature and fiction, as well as books on business and economics, household knowledge, social sciences, technology and medicines, language learning, education. British airways is offering winter sale to parents and students of academic asia. Wong, offers an indepth analysis of how mainland china and hong kong, under the one country, two systems formula, deal with the legal and policy issues raised by crossborder crime. He is a coauthor of the global economic effect of asian currency devaluationsinstitute for international economics, 1998. Jeffrey wasserstrom, uc irvine how long will hong kongs protests last. It is similar to a professional sport as it comprises establishment of league and ranking tables.
Hong kong s housing shortage and tiny flats are notorious problems in a city that is known for the stark contrast between its extraordinary wealth and the poor living conditions of a large section of its population hong kong has asias largest wealth gap, with the 10 richest individuals owning half of the entire economy. Hong kong, singapore top list of most free economies as us. Travellers can literally land and start exploring without much advance planning. Financial secretary paul chan says city is now more reliant on tourism, which has been severely hammered by health crisis, on top of ongoing civil unrest. Industrial economics and industrial policy of hong kong. Innovation and technology have been particularly weak. Hong kong has the least equal distribution of wealth among all sizeable political economies in the world. The territory of hong kong is comprised of two main islands hong kong island and lantau island and a mainland hinterland. A closeup look at the struggle for democracy in hong kong. The report contains hong kong facts, including hong kongs population, gdp, business, trade, inflation and more. The main parties are the prodemocracy democratic party, the probusiness liberal party, and the beijingoriented democratic alliance for the betterment of hong kong. A collection offered by sino united electronic publishing ltd. Hong kong economy news including annual budget, mpf pensions, retail and transport.
The fraser institute in canada, has also consistently ranked hong kong number one in the world in terms of economic freedom in 2015. As the hong kong economy is undergoing rapid changes, establishing closer links with the mainland and striving to remain competitive in the world economy, the study of economics is highly relevant and applicable to reallife situations. Coronavirus impact on hong kong economy could be more. Below are just some of the ways hong kong behaves like an independent country. The report stated that hong kongs core competence has been diminishing. This volume provides an overview of all aspects of hong kong english in a style designed for undergraduates and general readers. Sep 04, 2019 the principle of one country, two systems allows for the coexistence of socialism and capitalism under one country, which is mainland china. This syllabus on advanced level economics is designed for use in hong kong secondary schools at secondary 7. The heritage foundation states, the trade regime remains one of the worlds most. You can find out more about our organisation, its structure, management and more, here. This book measures the gpi of hong kong and singapore from 1968 to 2010.
Hong kong s future economic development, including the global economic situation, mainland hong kong integration, economic restructuring, productivity changes, immigration, aging, etc. The issue of potential wealth redistribution is salient in hong kong because economic assets in this polity, more. An analysis of the hong kong economy after the financial. Economic policy hong kong has long been well known for its marketdriven economic policy. Hong kong protests ramp up ahead of chinas national day. Tim summers is a lecturer in the centre for china studies at the chinese university of hong kong and a senior consulting fellow on the asiapacific programme at chatham house, based in hong kong. Hong kong was overtaken the first time by shenzhen and became number two, after ranking number one for 12 consecutive years. Antipathy towards the government remains high, and disruptive demonstrations are likely to erupt again in late 2020, around the time of legislative election. Hong kong university press thanks xu bing for writing the presss name in his square word calligraphy for the covers of its books. Yet, it should improve alongside gradual stabilization of the mainland economy. By the late 20th century, hong kong was the seventh largest port in the world and second only to new york and rotterdam in terms of container throughput. Moreover, the international institute for management.
This book examines the role of the mediaunderstood as an integrated system composed of both conventional media institutions and digital media platformsin the formation and dynamics of the umbrella movement in hong kong in 2014. It finds that for both countries, economic output as measured by the gdp has grown more than welfare as measured by the gpi, but important differences are also found. Hong kong economy gdp, inflation, cpi and interest rate. The newsjournal is also available to some air passengers. Hong kong 20 years after the handover springerlink. China center for international economic exchanges and the chinese university of hong kong alicia garciaherrero, k.
The open textbooks service will be interrupted during the maintenance period. The study of economics helps students develop essential skills for learning to learn. The lower and middleincome segments of the population increasingly find housing unaffordable. There is still room for economic expansion in hong kong. Report on promotion of esports development in hong kong. This book provides a comprehensive guide to the competition regimes of china, hong kong and taiwan. Free and competitive economy in 2017, hong kong was ranked the worlds freest economy by the usbased heritage foundation for the 23rd consecutive year. By looking at the economic performance since the 1980s, this book focuses on analysing the. For hong kongs protesters, their citys unique identity is. The conference explored the economic element of national power. Contemporary hong kong politics governance in the post1997 era edited by lam waiman, percy luentim lui, wilson wong and ian holliday aprelimp. The outbreak was the third influenza pandemic to occur in the 20th century. Political development in hong kong this book is a study on the political development of hong kong in the last two decades, with special emphasis on the development after the sovereignty handover in 1997. Hong kong on the brink last year, but by the time the book published in february, a different pair of questions had taken their place.
As a former british colony, hong kong used english as the language of government, law and education in the early days of colonial rule. Mccauley1953 currently serves the bank for international settlements asian and paci. The government will, however, ensure that the right conditions are in place for the proper and efficient functioning of markets. Neil monnery on hong kong and the architect of prosperity. Political development in hong kong hong kong university. Monnery describes the policies that cowperthwaite championed and the role they played in the evolution of hong kongs economy. The coronavirus outbreak in wuhan, china took place in the backdrop of widespread and intense political protests, fed by antigovernment sentiment, since june 2019. Try searching on jstor for other items related to this book. Please note that system maintenance will be carried out as follows. An analysis of the hong kong economy after the financial crisis cao hongliu school of management, guangdong university of technology, guangdong, p.
Hong kong s official tourism guide includes tourist information on attractions, events, shopping and dining, vacation holiday packages, street maps, virtual tours and travel planning itineraries to experience hong kong s unique international living culture. Chinese developments are placed in the context of the adoption of competition regimes by developing and transitional states worldwide and also in relation to the influence of transnational organisations on transitional states to adopt marketbased economic strategies. Online shopping for hong kong history books in the books store. The temporary shock has its largest impact on china and hong kong sar, as expected. The mainlands colonisation of the hong kong economy. Excess liquidity, low interest rates and a tight housing supply have caused hong kong property prices to rise rapidly. Drafting and promulgation of the basic law and hong kongs. Hong kong, special administrative region of china, located to the east of the pearl river estuary on the south coast of china. The transfer of sovereignty over hong kong, commonly known as the handover of hong kong or simply the handover, also the return in mainland china and hong kong, occurred at midnight at the start of 1 july 1997, when the united kingdom ended administration for the colony of hong kong and returned control of the territory to china. This book examines the sociopolitical conflicts which have arisen since hong kongs return to china and confronts the fundamental problems in the design of the one country, two systems octs model. The prolonged postasian financial crisis economic recession in hong kong requires a new analysis.
By looking at the economic performance since the 1980s, this book. The coronavirus pandemic will prevent a rebound in hong kong s economy in 2020, following a fullyear recession in 2019 amid longrunning protests. Available in both hong kong and macau, the newspaper mainly focuses on economic news and other related, usually political issues. Hong kong s open economy has left it exposed to the global economic situation. Hong kong, singapore top list of most free economies as us languishes. Learn more about hong kongs economy in the index of economic freedom. Democracy in hong kong council on foreign relations. Competition policy and law in china, hong kong and taiwan by. The hong kong government has sought to position hong kong as a regional hub for chinas belt and road initiative and a key node of the guangdong hong kong macau greater. About hong kong tourism board hong kong tourism board. But in business its a different story as mainland chinese companies consume ever bigger chunks of the citys economy. But todays crisis has roots in deeper divides with the mainland that date back generations. It is a vibrant cultural and financial center of chinese society.
Posthandover, the colony of hong kong became the hong kong special administrative region sar and for official purposes is a part of china. Hong kongs enormous importance to china, in economic, strategic and political. I grew used to being asked these two questions while working on vigil. The role of the auditors in providing credibility is even more important in a society like hong kong, which relies heavily on its reputation as an international centre for finance and business. In terms of both value added and number of employment, the trading and logistics industry is the largest among the four main economic pillars in hong kong. Hong kong chart book gradual improvement in the making the real gdp grew by 0. Overall, the book demonstrates that the compradors played a key role in the formation and development of hong kongs economy and society, that they were active participants, not just passive servants of western companies. Economics books hong kong online bookstore shopinhk.
Academic asia hong kong educational consultant hong kong. The one country, two systems principle an epochmaking concept one country, two systems is a fundamental state policy formulated by deng xiaoping to accomplish the peaceful reuni. Overview hong kong has very few legal barriers to entry in the domestic market. Hong kong airlines hong kong to worldwide air tickets. Free and competitive economy in 2016, hong kong was ranked the worlds freest economy by the usbased heritage foundation for the 22nd consecutive year. Hong kong was a british possession for decades until it rejoined china in 1997. Economic impacts of tourism open textbooks for hong kong.
Hong kong airlines offers online competitive air fares for traveling from and to hong kong. It is also the biggest supplier of imports for hong kong. An emerging sector esports is a short form for electronic sports, referring to computer games played in a competitive setting structured into leagues. Economy hong kong is a free port, a bustling trade center, and a shopping and banking emporiumone of the greatest trading and transshipment centers in east asia. The future of hong kong became pressing in the early 1980s, as the. We would like to show you a description here but the site wont allow us. The market mechanism has served hong kong well and is the best way to respond effectively in a fastchanging age. It covers a two6 year course leading to the advanced level examination in economics provided by the hong kong examinations authority. When a tourist pays a motel owner usd 100 for a twonight stay, the usd 100 has a direct economic impact. This primarily reflects the larger role of the service sector in hong kong, the larger share of impacted industries within the. The district council election in november, widely regarded as a proxy referendum over the protest movements demands, saw the prodemocrats achieved their biggest landslide victory in hong kong s history. In this book, we will provide an introduction on hong kong s industrial policy, starting with the relevant economic theories, following by case studies of selected cities and different types of industrial polices implemented in hong kong, and concluding by a brief discussion about hong kong s economic.
With its ideal location in fastgrowing asia and riding on the opportunities brought by the mainland economy, the hong kong special administrative region has developed into an international business, trade and financial hub, as well as a renowned tourist city, providing high valueadded and knowledgeintensive services to the globalised world. Will big gatherings in hong kong start up again once people stop. To many hong kong people, the performance of the hong kong government went downhill after hong kong became a special administrative. Furthermore, with the establishment of an embargo on. But, for all intents and purposes, it is allowed to operate as an independent country. Economy and premium economy class are available for outbound travel till 31 may 2020.
Hong kong economy, politics and gdp growth summary the. Hong kong economy beijing has struggled to tame hong kong politically. The profitability of the banking sector in hong kong pdf. The city is safe and organized, public transportation efficient and inexpensive. Trading and logistics accounted for 22% of the citys gdp and provided some 727,500 jobs in 2017. The hong kong tourism board hktb is a governmentsubvented body tasked to market and promote hong kong as a travel destination worldwide and to enhance visitors experience once they arrive. It grounds the analysis into the broad background of the rise of protest politics in hong kong since the early.
The syllabus content is divided into ten topics under two main parts, part i on. Oct 08, 2018 neil monnery, author of architect of prosperity, talks with econtalk host russ roberts about his booka biography of john cowperthwaite, the man often credited with the economic success of hong kong. Hong kong is a modern city and one of the easiest places to get around. Nov 14, 2019 hong kongs protests have dominated headlines for months. In 2009, hong kong s real economic growth fell by 2. Crossborder crime between hong kong and china, authored by professor kam c. Hong kong chart book gradual improvement in the making. Hong kong government recognizes that the growing inequality between the rich and the poor poses a major challenge but so far has been ineffective solving the problem. Kwok, liu xiangdong, tim summers and zhang yansheng euchina economic relations to 2025 building a common future september 2017. Chinas own economic advance since the late 1970s then helped transform hong kong from a manufacturing to a servicesled economy. The adoption and practice of economic freedom have been major pillars in its economic. In this book, we will provide an introduction on hong kongs industrial policy.
The office directory at the 88storey international finance centre is evidence of the growing mainland footprint in the city. According to hong kong s trade and industry department, mainland china is hong kong s main destination for domestic exports 44. Quote and book online air tickets to and from major cities in mainland china including beijing, shanghai, chengdu, chongqing, hangzhou, haikou, sanya, harbin, kunming, changsha. Hong kong is a full member of world trade organization. Hong kong has not been able to restructure its economy along with the pearl river deltas.
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