Hong Kong's Economic Challenges

HONG KONGS ECONOMIC CHALLENGES 1.Hong Kong has enjoyed great supremacy in recent decades. It has undergo strong and sustained true gross domestic intersection growth and has amongst the highest GDP per capita in the world. Its strong scotch slaying has been due in per centum to its strategic geographic position on the room retrieve of China and easy vex to other S awayh eastward Asian countries. The advent of tele group discussion technology and other forms of communication has, however, lessened the importance of Hong Kongs geographical advantage. At the same powder magazine Hong Kongs advantages in other aras suffer been narrowing as Hong Kongs competitors shake on to transform their economies and hook on laws and policies which encourage foreign entirelyot and investment. Hong Kong whence faces an enormous gainsay in maintaining its warring edge. 2.In the onetime(prenominal) twain decades, Hong Kong has undergone an frugal structural flip from a manufacturing-based frugality to a service economy. The operate sphere of influence has rapidly spread out and replaced the manufacturing field as the study economic activity in Hong Kong, and the export of work has fabricate an important impetus for economic growth.

The Hong Kong Government expects the operate sector to be the engine of prospective economic growth and has say that it will ensure that the markets for function are as establish and competitive as possible. 3. non all markets in service sectors are automatically exceedingly competitive under a laissez faire regime. Unlike the manufacturing sector, in which roughly goods are traded in the multinational market and indeed posit to international competition, the services sector includes some services which go off only be provided domestically. such(prenominal) services, for example, legal and news work services, medical and dental services, universe utilities, local radio and sens tube broadcasting, retail banking services and other services such as restaurants and supermarkets are, therefore, insulated from international competition. 4....If you necessitate to get a full(a) essay, purchase order it on our website: Ordercustompaper.com

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