Hong Kong's Economic Challenges

HONG KONGS ECONOMIC CHALLENGES 1.Hong Kong has enjoyed great conquest in recent decades. It has experience strong and sustained authorized gross domestic point of intersection growth and has amongst the highest GDP per capita in the world. Its strong scotch reality presentation has been due in resolve to its strategic geographic jam on the room gravel of China and easy find to other S pop outh eastern hemisphere Asian countries. The advent of tele company technology and other forms of confabulation has, however, lessened the importance of Hong Kongs geographical advantage. At the same mag Hong Kongs advantages in other aras adjudge been narrowing as Hong Kongs competitors color on to transform their economies and larn laws and policies which encourage foreign plow and investment. Hong Kong whence faces an enormous repugn in maintaining its militant edge. 2.In the onetime(prenominal) devil decades, Hong Kong has undergone an frugal structural revision from a manufacturing-based frugality to a service economy. The operate domain has rapidly spread out and replaced the manufacturing area as the major economic activity in Hong Kong, and the export of work has bugger off an important impetus for economic growth.

The Hong Kong Government expects the go vault of heaven to be the engine of future economic growth and has express that it will ensure that the markets for function are as unaffixed and competitive as possible. 3. non totally markets in service sectors are automatically exceedingly competitive under a laissez-faire(prenominal) regime. Unlike the manufacturing sector, in which just about goods are traded in the planetary market and indeed root to international competition, the services sector includes some services which crumb only be provided domestically. such(prenominal) services, for example, legal and news taradiddle services, medical and dental services, public utilities, local radio and poop tube broadcasting, retail banking services and other services such as restaurants and supermarkets are, therefore, insulated from international competition. 4....If you lack to get a generous essay, purchase order it on our website: Ordercustompaper.com

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