Elements of Hong Kong’s economic development

Hong Kong’s economy is more biased. Like most developed regions or countries in the world, it outsources the traditional processing industry to other regions on the existing basis, and only charges high-end materials such as patent fees. Only in some cutting-edge technology or core areas that can not be leaked, it is processed and produced in this region to maintain the scientific and technological status of this region.

Among the current economic composition, the largest contribution to the local area is due to the financial industry. Although the growth rate has not been great in recent years, the amount of growth has also greatly improved behind the huge economic aggregate. The developed financial industry has created countless employment populations and corresponding derivative industries, supplying fresh blood for local development.

After the financial crisis in 2008, Xiangjiang and its surrounding areas are all seeking new ways of economic transformation, gradually moving their development centers closer to the high-tech industry, and relevant institutions have introduced relevant management strategies to promote economic transformation. However, in terms of the actual situation and the importance of Hong Kong’s geographical location, it will not change as an important economic center of the world for a long period of time.

Changes in Hong Kong’s economy

The history generally assumes that Hong Kong entered a period of high economic reversal after entering the period of colonial rule. Prior to this, due to its small size, its ability to trade in China had never shown itself. It has always been in the period of agricultural civilization under feudal society, mostly fishing. Health.
During colonial rule, the local economy must be subdivided. Although there has been some progress under the capital trade in the early days, there has never been a huge change in the quality of life for the basic masses of the lower middle class.

The most far-reaching effect is the long-term war, including the period of the Anti-Japanese War and the period of the Civil War of the Kuomintang and the Communist Party. Due to the uncertainties manifested by the war and the post-war financial reorganization, a large number of wealthy capitalists in Shanghai flooded into the Xiangjiang River Basin, which led to the rapid expansion of local capital and the expansion of various industries. This is a period of rapid growth in local financial reform.

Since the return of Hong Kong in 1997 and China’s accession to the WTO, as one of the few trading ports on the mainland at that time, Xiangjiang became the region with the largest capital flow through Asia.

Until now, the local area is pursuing new development paths. The intention is to increase the local development speed in the high-tech field through the current economic level.

Hong Kong compared with Shanghai, Shenzhen and other places

In terms of economic aggregate, many inland cities have surpassed Hong Kong, and Shenzhen and Shanghai are developing rapidly. Relying on the further liberalization of its own environment and the influence of political and economic factors, per capita income has increased substantially, catching up directly with Xiangjiang’s income level.
But this does not mean that the local economic status of Xiangjiang will be replaced. Instead, as the trade in the inland areas gradually opens, the status of the Pearl of the Orient Economic Center will be further stabilized. The excellent business environment and the influence of the current situation, the region still occupies the most important position of China’s foreign trade.

It is inevitable that part of the funds will flow directly into the inland. However, considering the current political system, the basic advantages of the two sides are not equal. Under today’s complex international situation, conservative analysis will still enter the market from the Xiangjiang River Basin.

The relationship between Hong Kong and Shenzhen is more like complementarity, relying on financial support and natural resources. Both parties obtain the most favorable conditions for their own development and safeguard their own interests.

Development of Hong Kong’s financial industry

 Benefiting from the stability of the financial industry, the status of Hong Kong’s financial industry has never been shaken. When the major financial crises swept the world, although some industries and listed companies were affected, but due to the perfect mechanism of their own construction, although the highly liberalized economy inevitably conducts losses, the lossable part is more through the nepotism. The composition of the local indigenous bourgeoisie linked by the effect has not changed much.

At this point, it can be seen that the strategic layout of the local macroeconomic regulation and control, although highly liberalized, has achieved the ultimate in crisis management.

In addition, among the important stock indexes, the region is also a relatively stable market for stock indexes in the Asia-Pacific region, gradually getting rid of the influence of regional stocks in other regions, and further reflecting the integrity of its own stocks.

Many of the above factors are one of the reasons for the development of the local financial industry. In the face of the turmoil caused by the global epidemic in 2020, the reform of the global financial market is imminent. As an important economic center in the world, maintaining its own sound system for the next overall change Has an irreplaceable role.

Hong Kong Financial Status

Considering its current status, Hong Kong’s financial status is slightly different from China and the world.

For the world: one of the most important economic regions, it has played a positive and effective role in the global population movement. It is one of the economic indicators in the Asia-Pacific region and has a directional role in maintaining the economic stability of the nearby regions. The role of promotion among the effects of the integration of world economies is clear. It is also one of the important pilots of economic reform.

For China: China ’s important port cities are quite different from the Chinese main body in terms of basic system. Under the current social system, it effectively compensates for capital flows in the mainland, and also opens up channels for Chinese main body foreign trade to help The Mainland has completed economic construction.

But for both of them in common, both the mainland and the world have played an irreplaceable role in the corresponding types of economies. The impact on the integration of its own economy is huge. Hong Kong’s economic construction is also inextricably linked to the two.

The next focus of Hong Kong economy

Over time, the “economic wall” between Hong Kong and the Mainland cannot be truly abolished, but the gap will also narrow. In order to increase the economic growth rate, it is necessary to open up the situation in the matter industry and maintain its own economic status.

In the specific economic construction of the next generation, local enterprises and some personnel turned their attention to the next generation of high-tech industries.

Due to the influence of some local real estate industries, in the overall economic changes, the high-tech industry has not made great progress after 1997, but has turned more to the development of the real economy.

The competition for scientific and technological talents is intensifying, and technological property rights have become an important factor in supporting economic growth in developed countries. As a developed region, the Hong Kong region must provide opinions on technological innovation if it wants to maintain its position. This is an important factor for whether it can obtain technological status under the heavy development of the financial industry.

Hong Kong Trade Exchange Target

Although Hong Kong has completed economic transformation in the overall economic field, it is still one of the important measures for the local income generation for the soft industry. Trade objects are the main direction of exports.

At present, more than half of the local trade is still supplied to the mainland. The industries involved are mostly concentrated in industries where the basic processing consumption is not particularly large. In the mainland, clothing, some jewelry and paper products are mainly made in Xiangjiang.

In addition, in the soft processing industry, the local is an important exporting country, and the products are exported to various places, including Europe, America, Japan, Southeast Asia and other places.
However, for the current overall trade, although there are still some local factories in the local areas where the industry is upgrading, the production pressure is also very urgent.

Therefore, changing the origin has become a local innovation. Nowadays, heavy industry is gradually being eliminated, and most of the remaining companies are enterprises with certain competitiveness.

Hong Kong Times Development and Challenges

Unlike other fast-growing small-economy countries, although Hong Kong leads the overall financial industry by a large margin, in terms of economic effects, the growth rate has slowed down. This is in line with the fact that the society has developed a highly material civilization. meets the.

The second point is slow progress in the expansion of its own resources and land. Although reclamation and land reclamation have achieved certain results, they cannot shake the estimation of the macro land area, and resources cannot be truly self-sufficient.

But after all, it is an era of global economic integration, and overall change is not a realistic requirement. In today’s era, strict self-discipline, safeguarding self-interests and making achievements in some areas can stabilize the status in an integrated economy.
This also requires maintenance by various regions to ensure the normal and steady operation of each region, maintain the existing economic division of labor, and ensure orderly global production development.

Hong Kong’s economic characteristics

For today’s Hong Kong economy, the financial industry is still the largest local contribution industry. In the short term, transforming the financial industry is an unrealistic idea. At the same time, in other pillar industries, the possibility of changes in the short term is too great. In the challenges of the next era, the development of high-tech will be the top priority of local development.

And other industries will exist for a long time in the transitional form, and may even survive with the local economic construction and become a symbol of local culture. This is the unique fast-paced life.

From the perspective of international status, although different voices are weakening the importance of local economic status, the change in actual views is not too exaggerated. The system and economic status recognized by Western capital cannot be adopted by other regions in a short time. Weakening can only be due to the similarity of functional imitation. In most cases, Hong Kong capital can play a more important role in maintaining order and is one of the rulers of the industry.


Leave a comment

Your email address will not be published. Required fields are marked *