<>a>p>This article will briefly discuss the Hong Kong Economy.
For the average tourist, you guys will probably find this information boring and I’m probably having you wonder by now why you would be interested in knowing information like this when you’re on vacation or planning one. Me on the other hand grew up in business, so numbers and terms like “economics” always catches my attention, especially when the Hong Kong economy is one of the world’s richest. Doesn’t it make you wonder and think…why…???
Anyhow, the majority of the Hong Kong economy and wealth is generated from international trade and finance. Their GDP per capita is the 7th highest globally, only a tab bit lower than the United States. But more than Switzerland and Netherlands.
The strength of the Hong Kong economy comes from a sound banking system with virtually no public debt. Hong Kong has a strong legal system, ample foreign exchange reserves, rigorous anti-corruption measures and close ties with the China. This enables Hong Kong to quickly respond to changing circumstances.
By the late 20th century, Hong Kong has the seventh largest port in the world and only second to Rotterdam and New York when measured by container throughput.
Having close ties with China as well as sharing a border enables Hong Kong to have access to an abundant supply of labor. With the supply of skilled labor force and the adoption of modern British/Western business models and technologies have ensured that opportunities for external trade, investment, and recruitment are maximized.
To ensure that the Hong Kong economy stays strong, one of the methods the government uses is to raises revenues from the sale and taxation of land. Using the revenues, the government has built roads, schools, hospitals, and other public infrastructure facilities and services. Hong Kong also operates a welfare insurance scheme. The government has done an excellent job avoiding large budget deficits; and by restraining public borrowing, credit expansion and inflation have been held in check.
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