|
ADVERTISEMENT
|
|
|
Hong Kong Vacation Trips
FREE Travel Brochures
Cambodia - Travel Brochure for FREE!
Hongkong - Travel Brochure for FREE!
Hong Kong - Travel Brochure for FREE!
India - Travel Brochure for FREE!
Indonesia - Travel Brochure for FREE!
Japan - Travel Brochure for FREE!
Hong Kong Economy
Hong Kong is one of the world's leading financial centers. Its highly developed capitalist economy has been ranked the freest in the world by the Index of Economic Freedom for 15 consecutive years. It is an important centre for international finance and trade, with one of the greatest concentration of corporate headquarters in the Asia-Pacific region, and is known as one of the Four Asian Tigers for its high growth rates and rapid development between the 1960s and 1990s. In addition, Hong Kong's gross domestic product, between 1961 and 1997, has grown 180 times larger than the former while per capita GDP rose by 87 times.
The Hong Kong Stock Exchange is the sixth largest in the world, with a market capitalisation of US$2.97 trillion as at October 2007. In 2009, Hong Kong raised 22 percent of worldwide IPO capital, making it the largest centre of initial public offerings in the world. Hong Kong's currency is the Hong Kong dollar, which has been pegged to the U.S. dollar since 1983.
The Government of Hong Kong plays a passive role in the financial industry, mostly leaving the direction of the economy to market forces and the private sector. Under the official policy of "positive non-interventionism", Hong Kong is often cited as an example of laissez-faire capitalism. Following the Second World War, Hong Kong industrialised rapidly as a manufacturing centre driven by exports, and then underwent a rapid transition to a service-based economy in the 1980s.
Hong Kong matured to become a financial centre in the 1990s, but was greatly affected by the Asian financial crisis in 1998, and again in 2003 by the SARS outbreak. A revival of external and domestic demand has led to a strong recovery, as cost decreases strengthened the competitiveness of Hong Kong exports and a long deflationary period ended.
The territory has little arable land and few natural resources, so it imports most of its food and raw materials. Hong Kong is the world's eleventh largest trading entity, with the total value of imports and exports exceeding its gross domestic product. Hong Kong is the world's largest re-export centre. Much of Hong Kong's exports consist of re-exports, which are products made outside of the territory, especially in mainland China, and distributed via Hong Kong. Even before the transfer of sovereignty, Hong Kong had established extensive trade and investment ties with the mainland, and now enables it to serve as a point of entry for investment flowing into the mainland. At the end of 2007, there were 3.46 million people employed full-time, with the unemployment rate averaging 4.1%, the fourth straight year of decline. Hong Kong's economy is dominated by the service sector, which accounts for over 90% of its GDP, while industry now constitutes just 9%. Inflation was at 2% in 2007, and Hong Kong's largest export markets are mainland China, the United States, and Japan.
As of 2009, Hong Kong is the fifth most expensive city for expatriates, behind Tokyo, Osaka, Moscow, and Geneva. In 2008, Hong Kong was ranked sixth, and in 2007, it was ranked fifth. In 2009, Hong Kong was ranked third in the Ease of Doing Business Index.
Island Trips Hong Kong also showcase a unique blend of travel and leisure photos and stories, updates, events and announcements about roads, shopping malls, hotels, bed and breakfast, restaurants, groceries and more. Not just a travel guide but one-of-a-kind discovery of people and places.
|
