Hong Kong Is Known For Their Small And Free Economy System

These effective strategies helped Hong Kong overcome the financial crisis. All these facts fully demonstrated that China is a responsible big country. After the Asia financial crisis, the importance of China's economy has been brought into focus; China's neighboring countries have begun to recognize the influence of the Renminbi.

In 2008, the Global Financial Crisis broke out; both the American economy and the economy in the West suffered a hard blow. However, a big economy system in the East emerged unexpectedly. China is now able to challenge the America’s decades-long dominant position in economic area. Started during the middle of 1990s, China’s manufacturing industry developed rapidly that billions of exports were floating out, and China was given the title of “the world’s factory”(BBC). By the end of 2010, China with a GDP of $5.8 trillion, surpassed Japan’s GDP of $5.48 trillion, became the world’s second largest economy system (BBC). China also exceeded Japan became America’s largest foreign securities holder. Since then, China has been seen as the US’s

policies. Over the years, Hong Kong has been considered the “door to China”, meaning that

This ability to maintain strong economic growth was able to counter the political outfall and depletion of legitimacy to the government (Pei, 1994). Today, China is one of the few countries that has been able to survive the recent democratization and is now a mix of Soviet era totalitarianism and state driven capitalism (Kopstein, Lichbach, and Hanson, 2014). While it is still a communist nation, in the rural countryside there are competitive elections that some believe could spread, and once the economic development eventually slows and structural changes at that time could spurn political participation and increase the demand for democracy. It is still easy to see the regime in China, although the economy continues to grow, little regulations make for hard and dangerous working conditions for many, including children, and those who don’t end up in labor the labor sector go through a restrictive school system where only the best and brightest advance adding to the inequality (Han, Xu, personal interview, 2016).

The century during which Hong Kong was a British Colony produced significant changes. In the 1950s, Hong Kong became one of the Four Asian Tiger Economies with rapid industrialization and booming businesses. Hong Kong developed a political and economic system modeled off of the British and was known for its advanced infrastructure and status as a financial hub. As a whole, Hong Kong was better off than China, which created resentment among Hong Kong citizens when Hong Kong was transferred to China in 1997 because there was the possibility of poorer Chinese

China is one of the biggest, most powerful and influential countries on the planet, both economically and politicly. It is world’s most populous country and ranking second when it comes to GDP, with approximately 9 trillion dollars annually, according to the world bank. Over the last almost 70 years it has been ruled by the communist party in a one party communist system. The democratic values and traditions which people from the western world have become used with and take for granted, such as the right to vote, are not present in China and for many of its people this is an idea, which seems out of this world. The rule and power of the communist party are absolute, since it does not even attempt to simulate “holding

Politics and economic development are integral factors. The Chinese politics has been instrumental in fueling the economic development of this country. The political system has limited the western culture an aspect that has direct influence on the country’s economy. The political system restricts the democratic space for her citizens. Arguably, this restriction has been beneficial to the country because many people tend to strive towards building their lives. Additionally, a number of political changes such as accommodation of the capitalistic view have led to more than

The population of Hong Kong is one that is split by a fairly large age gap. This age gap is accentuated by those who grew up under British rule and those who were born in the age past that, where China took over the region as a ‘Special Administrative Region.’[Davis, 3/29/15, p.209] This social dynamic has, in recent times, created a strange barrier and string of protests over Democracy in the country. These issues are accentuated by the extreme population density of the region, with over seven million people living in an area nearly three times as small as Rhode Island.

In consequence this exposes the institutional challenges that confront the ‘state capitalism’ model of China, including attempts to both maintain and broaden the Party-state’s level of control. In consequence, the future prospects of VIEs in China are dependent upon the way in which Chinese policy-makers decide to respond to these institutional challenges.

Due to the gap in ideological and material conditions between Hong Kong and mainland China, the perception on identity and issues of nationalism/patriotism between many Hong Kong’s Chinese people and the Chinese government are different (Tsu, 2014).

Nowadays, Hong Kong becomes one of the “Asia Four Tigers” with the Republic of Korea, Singapore and Taiwan (John Page, 1994). Also, Hong Kong ranked 39 in the world according to GDP (The World Bank, 2015). In this report, I would like to introduce the Hong Kong’s current economy, reflection on the role and contributions of different sectors. Also, discuss the strategic priorities for policy makers to generate strong and sustainable economic development for Hong Kong in the next 20 years.

At a little more than 420 square miles, Hong Kong is comprised of more than 200 islands, with terrains that vary from flat lowland to steep mountains. Its population numbers more than 7 million people, with 95 percent being of Chinese descent. (USATODAY) The official language includes English and the Cantonese dialect of Chinese. Ten percent of Hong Kong’s population is Christian, while the remaining 90 percent practice Taoism, Buddhism, and other religions. (USATODAY) But, in a very long bout of history, Hong Kong as we know it today endured a struggle in their region before that wintry January morning in 1841, when British marines scrambled ashore and hoisted the Union flag on the western part of Hong Kong Island, claiming it for the British Crown. (lonelyplanet)

Hong Kong,as one of the world's leading international financial centres,it has a major capitalist service economy characterized by low taxation and free trade. It is known of the world's most services-oriented economy, with services sectors accounting for more than 90% of GDP.

It is a beautiful country located on a small area of 1,063 square miles and population of about 7.4 million people as per census of 2016. In the year of 1960, Hong Kong had a population of 3.1 million. In the period of 57 years population of Hong Kong grew almost 2.5 times, yet, this country has no problem in keeping a pretty low unemployment rate. The seasonally adjusted unemployment rate for January of 2017 was at 3.3 percent. It held the same level as in two previous months. At the same time, the underemployment rate decreased from 1.4% to 1.3%. Hong Kong continues to be an economic success mainly because government stays out of its citizens ' life. Hong Kong 's government keeps business taxes low ( currently at 16.5% for

The uniqueness of Hong Kong in terms of geographical, social and political structure is fascinating to study. Ceded to the greatest imperial power of the 19th century, Britain, the transition of a mostly uninhabited barren island to a financial powerhouse with over 7 million inhabitants provides interesting insight into a city built on entrepot trade, laissez-fair capitalism and modern economic social programs that keep society functioning at a high level. This was not always the case, for much of its colonial history; Hong Kong was a haven for smuggling, economic piracy and exploitation for the impoverished Chinese immigrants who settled there.