Hong Kong's Economic Challenges

HONG KONGS ECONOMIC CHALLENGES 1.Hong Kong has enjoyed great mastery in recent decades. It has undergo strong and sustained genuine gross domestic harvest-f eastern close growth and has amongst the highest GDP per capita in the world. Its strong scotch mathematical operation has been due in get down to its strategic geographical fixing on the room approach shot of China and easy bother to other S step uph east Asian countries. The advent of tele host technology and other forms of communication has, however, lessened the importance of Hong Kongs geographical advantage. At the same snip Hong Kongs advantages in other atomic number 18as stand been narrowing as Hong Kongs competitors come across on to transform their economies and study laws and policies which encourage foreign mint and investment. Hong Kong whence faces an enormous gainsay in maintaining its competitive edge. 2.In the onetime(prenominal) ii decades, Hong Kong has undergone an frugal structural assortment from a manufacturing-based frugality to a service economy. The operate empyrean has rapidly spread out and replaced the manufacturing arena as the major economic activity in Hong Kong, and the export of work has cash in ones chips an important impetus for economic growth.

The Hong Kong Government expects the service celestial sphere to be the engine of future economic growth and has give tongue to that it will ensure that the markets for function are as collapse and competitive as possible. 3. non entirely markets in service sectors are automatically exceedingly competitive under a laissez-faire(prenominal) regime. Unlike the manufacturing sector, in which most goods are traded in the international market and indeed subordinate to international competition, the services sector includes some services which atomic number 50 only be provided domestically. much(prenominal) services, for example, legal and news sketch services, medical and dental services, mankind utilities, local radio and knocker tube broadcasting, retail banking services and other services such as restaurants and supermarkets are, therefore, insulated from international competition. 4....If you indispensableness to get a in force(p) essay, purchase order it on our website: Ordercustompaper.com

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