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 crop growth and has amongst the highest GDP per capita in the world. Its strong scotch procedure has been due in part to its strategic geographic position on the room gateway of China and easy access to other South east Asian countries. The advent of tele gathering 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 switch been narrowing as Hong Kongs competitors touch on to transform their economies and cod laws and policies which encourage foreign trade and investment. Hong Kong whence faces an enormous challenge in maintaining its competitive edge. 2.In the onetime(prenominal) two decades, Hong Kong has undergone an economic structural budge from a manufacturing-based frugality to a service eco nomy. The operate firmament has rapidly spread out and replaced the manufacturing sphere of influence as the major economic activity in Hong Kong, and the export of work has proceed an important impetus for economic growth.

The Hong Kong Government expects the operate sphere to be the engine of prospective economic growth and has give tongue to that it will ensure that the markets for services are as give way 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 t he foreign market and indeed subject to in! ternational competition, the services sector includes some services which can only be provided domestically. such services, for example, legal and news report services, medical and dental services, in the public eye(predicate) 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 hope to get a full essay, purchase order it on our website: OrderCustomPaper.com

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