Hong Kong's Economic Challenges

HONG KONGS ECONOMIC CHALLENGES 1.Hong Kong has enjoyed great success in recent decades. It has go through strong and sustained real gross domestic harvest-festival growth and has amongst the highest GDP per capita in the world. Its strong scotch act has been due in part to its strategic geographic localization on the room get to of China and easy access to other South east Asian countries. The advent of tele group technology and other forms of communication has, however, lessened the importance of Hong Kongs geographical advantage. At the same magazine Hong Kongs advantages in other aras expect been narrowing as Hong Kongs competitors touch on to transform their economies and dupe laws and policies which encourage foreign trade and investment. Hong Kong whence faces an enormous quarrel in maintaining its competitive edge. 2.In the onetime(prenominal) two decades, Hong Kong has undergone an economic structural castrate from a manufacturing-based frugality to a ser vice economy. The operate welkin has rapidly spread out and replaced the manufacturing orbit as the study economic activity in Hong Kong, and the export of work has do an important impetus for economic growth.

The Hong Kong Government expects the run sphere of influence to be the engine of prospective economic growth and has say that it will ensure that the markets for services are as brusk and competitive as possible. 3. non all markets in service sectors are automatically exceedingly competitive under a capitalistic regime. Unlike the manufacturing sector, in which most goods are traded in the trans national market and indeed subject to inter! national competition, the services sector includes some services which can only be provided domestically. such(prenominal) services, for example, legal and news report services, medical and dental services, public utilities, local radio and boob tube broadcasting, retail banking services and other services such as restaurants and supermarkets are, therefore, insulated from international competition. 4....If you privation to get a full essay, purchase order it on our website: BestEssayCheap.com

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