Instead, the over-budget and behind-schedule project has turned into a symbol of the deteriorating political and economic relationship between Beijing and Hong Kong. It could be a foretaste of the profound difficulties that lie ahead for the global financial centre. To smooth rail departures, the Hong Kong government is planning to place Chinese border police inside Kowloon station, much like French police conduct checks on outgoing Eurostar passengers at St Pancras terminus in London. The case of the booksellers has crystallised anger over growing interference by Beijing.
Send email to admin eh. It thus forms a natural geographic port for Guangdong province in Southeast China. From a relatively unpopulated territory at the beginning of the nineteenth century, Hong Kong grew to become one of the most important international financial centers in the world.
Hong Kong also underwent a rapid and successful process of industrialization from the s that captured the imagination of economists and historians in the s and s.
Hong Kong from to After being ceded by China to the British under the Treaty of Nanking inthe colony of Hong Kong quickly became a regional center for financial and commercial services based particularly around the Hongkong and Shanghai Bank and merchant companies such as Jardine Matheson.
In there were only Chinese inhabitants of Hong Kong and a handful of foreigners, but by the Chinese community was over 85, supplemented by about foreigners.
The economy was closely linked to commercial activity, dominated by shipping, banking and merchant companies. Gradually there was increasing diversification to services and retail outlets to meet the needs of the local population, and also shipbuilding and maintenance linked to the presence of the British naval and merchant shipping.
There was some industrial expansion in the nineteenth century; notably sugar refining, cement and ice factories among the foreign sector, alongside smaller-scale local workshop manufactures.
The mainland territory of Hong Kong was ceded to British rule by two further treaties in this period; Kowloon in and the New Territories in Hong Kong was profoundly affected by the disastrous events in Mainland China in the inter-war period. After overthrow of the dynastic system inthe Kuomintang KMT took a decade to pull together a republican nation-state.
FromChina descended into the Sino-Japanese War. However, problems on the mainland also diverted business and entrepreneurs from Shanghai and other cities to the relative safety and stability of the British colonial port of Hong Kong.
Nevertheless, Hong Kong was vital to the international economic links that the PRC continued in order to pursue industrialization and support grain imports. In turn, cheap food helped to restrain rises in the cost of living in Hong Kong thus helping to keep wages low during the period of labor-intensive industrialization.
The industrialization of Hong Kong is usually dated from the embargoes of the s. However, as seen above, industry emerged in the nineteenth century and it began to expand in the interwar period.
Nevertheless, industrialization accelerated after with the inflow of refugees, entrepreneurs and capital fleeing the civil war on the mainland. The most prominent example is immigrants from Shanghai who created the cotton spinning industry in the colony.
The economic development of Hong Kong is unusual in a variety of respects. First, industrialization was accompanied by increasing numbers of small and medium-sized enterprises SME rather than consolidation.
In91 percent of manufacturing establishments employed fewer than one hundred workers, a proportion that increased to At the end ofSMEs still amounted to 98 percent of enterprises, providing 60 percent of total private employment. Second, until the late s, the government did not engage in active industrial planning.
This was partly because the government was preoccupied with social spending on housing large flows of immigrants, and partly because of an ideological sympathy for free market forces.
This means that Hong Kong fits outside the usual models of Asian economic development based on state-led industrialization Japan, South Korea, Singapore, Taiwan or domination of foreign firms Singapore or large firms with close relations to the state Japan, South Korea.
Low taxes, lax employment laws, absence of government debt, and free trade are all pillars of the Hong Kong experience of economic development. In fact, of course, the reality was very different from the myth of complete laissez-faire. New industrial towns were built to house immigrants, provide employment and aid industry.
The government also pursued an ambitious public education program, creating overnew primary school places between and HONG KONG'S THIRD ECONOMIC TRANSFORMATION AND THE DEVELOPMENT OF INNOVATION AND TECHNOLOGY Purpose 1.
This paper aims to present some observations on the third economic transformation of Hong Kong and examine the development of innovation and technology in Hong Kong and its strategic planning implications on Hong Kong's long term development. Economic restructuring allows markets to expand in size and capacity from regional to national to international scopes.
Altogether, these institutional arrangements buttressed by improved technology reflect the interconnectedness and internationalization of firms and economic processes.
Economic History of Hong Kong. Catherine R. Schenk, University of Glasgow. Hong Kong’s economic and political history has been primarily determined by its geographical location.
On the edge of Hong Kong’s Victoria Harbour, workers are building a cavernous station that will be the terminus for one of the most expensive high-speedrail links ever constructed. The $11bn. Inequality in Hong Kong: Trends and Explanations Simon X.
B. ZHAO and L. ZHANG Hong Kong. Although economic restructuring may be seen as positive in terms of economic efficiency and growth, it must not be overlooked that it has had ECONOMIC GROWTH AND . Hong Kong’s industry was founded in the textile sector in the s before gradually diversifying in the s to clothing, electronics, plastics and other labor-intensive production mainly for export.
The economic development of Hong Kong is unusual in a variety of respects.