The chinese university of hong kong f, cheng yu tung building, 12 chak cheung street, shatin, hong kong understanding chinaus trade war. Severe acute respiratory syndrome sars reached hong kong in march 2003. Hong kong politics in the transition period from 1984 to 1997. But from the outset the new colony prospered, its early growth owing much to the energy and resourcefulness of opium traders, who soon diversified in more respectable directions. Hong kong is a highly efficient international metropolis with a high level of development in commerce and industry. In short, hong kong s prehandover economy allowed for relatively unfettered, fast access to marketsand this state of affairs. Our article, a brief history of hong kong cinema to 1988 film studios and personalities states that in 19, the american, benjamin brosky and li minwei cofounded hks first film studio, huamei chineseamerican. Per capita gdp in hong kong nearly doubled during the same period, registering an average annual growth rate of 3. The book concludes with a chapter on the eclipse of cantopop by mandapop mandarin popular music, and an analysis of the relevance of cantopop to hong kong people in the age of a dominant china. Economic policy hong kong has long been well known for its marketled.
Relations the hong kong special administrative region hksar. Before the advent of sars in hong kong, the nearby guangdong province in mainland china had experienced an intense outbreak of the atypical pneumonia later termed sars. Hong kongs rich history, with its interesting tales of marauding pirates, powerful clans and european traders, has helped carve out its future as asias world city. Hong konga success story foundation for economic education.
It is a vibrant cultural and financial center of chinese society. In 1842 a barren island was reluctantly ceded by china to an unenthusiastic britain. During the decade from 1997 to 2006, services sector in the hong kong economy has gained greater prominence. Since the handover, hong kong has been scrutinized from many cornersfrom political activists, to journalists, to economists, to diplomats, to its neighbors and statist competitors. There has been relatively little government intervention in the colonys affairs. Location hong kong s position, at the southeastern tip of china and in the heart of rapidly developing east asia, gives it.
Dec 07, 2019 hong kong has a free market economy, highly dependent on international trade and finance the value of goods and services trade, including the sizable share of reexports, is about four times gdp. Hong kong s industry was founded in the textile sector in the 1950s before gradually diversifying in the 1960s to clothing, electronics, plastics and other laborintensive production mainly for export. Hong kong, special administrative region of china, located to the east of the pearl river estuary on the south coast of china. The qing dynasty ceded hong kong to the british empire in 1842 through the treaty of nanjing, ending the first opium war. Economic impact of sars in hong kong economic impact of sars. We look forward to ample opportunities in maritime and transport as hong kong prepares to play its role in the visionary. After pointing out the problems of the freemarket explanation and the authoritarian state explanation, this article turns. Hong kong economic growth the economy will likely contract this year at the steepest rate since the height of the asian financial crisis in 1998, as the effects of domestic containment measures and weaker growth in mainland china will weigh on activity. China clamps down hong kong burning issues free pdf. The economy evolved from being an entrepot trading centre for china during the immediate postwar period into an export oriented light manufacturing industrial.
Hong kong in transition economic transformation in the eighties overview the hong kong economy has demonstrated a remarkable capacity to adapt to external change during the past 50 years. Hong kong s economy has a prevailing competitive edge in various aspects, including a low and simple tax regime, free and open trade policies, a just and equitable. Yes, capitalism and a free market made hong kong rich. In the dying days of 1941 the colony fell to japanese attack. Hong kong is the only part of china where the 1989 events are marked. The hong kong economy 20 years on economics tutor2u. Before the advent of sars in hong kong, the nearby guangdong province in mainland china had experienced an intense outbreak of.
Fill in the following table to describe their characteristics. Hong kong police were captured on video ignoring repeated requests for assistance, and leaving the scene. The transfer of sovereignty over hong kong, commonly known as the handover of hong kong or simply the handover, also the return in mainland china and hong kong, occurred at midnight at the start of 1 july 1997, when the united kingdom ended administration for the colony of hong kong and returned control of the territory to china. An analysis of the hong kong economy after the financial crisis. When it was a colony, hong kong was administered by a governor, who was appointed by and represented the monarch of the united kingdom, directed the government, served as the commander in chief, and presided over the two main organs of government, the executive council and the legislative council.
Causes, economic impact, and the worstcase scenario terence taileung chong and xiaoyang li working paper no. Hong kong has traditionally been a gateway to the vast chinese hinterland. Thats despite the city coming under increasing political pressure from beijing in. Hong kong was a british possession for decades until it rejoined china in 1997. According to the census and statistics department, the median. Hong kong market profiles data and profiles hktdc research. Hong kong s open economy has left it exposed to the global economic situation. Meetings, incentives, conventions and exhibitions mice. To pursue the sustainable disclosure, the chief executive introduced an environmental reporting initiative in the 1998 policy address. History in the very long scale of history, hong kong as we know it today has existed for a mere blink of an eye.
Richard wong professor of economics and dean faculty of business and economics the. The contribution of the services sector to gdp increased from 85. Factory hong kong, 2015 depicts the crucial role played by local manufacturing industry in hong kongs miraculous economic expansion from the early postwar years to 1980s. But hong kong s economic power has diminished significantly relative to the mainlandits gdp fell from 16 percent. This change has already been reflected in the share of contribution of the services sector to the local gdp. Although hong kong s economic importance to the prc has diminished as mainland cities develop, it continues to be the prcs major international financial and business center and, as. The economy of hong kong is a highly developed freemarket economy characterised by low taxation, almost free port trade and wellestablished international financial market. China clamps down hong kong burning issues free pdf one country, two systems one country, two systems is a constitutional principle describing the governance of hong kong and macau since they became regions of china in 1997 and 1999, respectively. Standards of living, including education and healthcare, saw substantial improvement. Hong kong s housing shortage and tiny flats are notorious problems in a city that is known for the stark contrast between its extraordinary wealth and the poor living conditions of a large section of its population hong kong has asias largest wealth gap, with the 10 richest individuals owning half of the entire economy.
Jun 24, 2019 1970s hong kong is established as an asian tiger one of the regions economic powerhouses with a thriving economy based on hightechnology industries. The economic success of hong kong insights from a worldsystem perspective alvin y. The workers who came to hong kong during this period were predominantly men in search of jobs. A free economy hong kong has for the 15th consecutive year retained its rating as the freest economy in the world in the 2009 index of economic freedom published by the heritage foundation.
An analysis of the hong kong economy after the financial crisis cao hongliu school of management, guangdong university of technology, guangdong, p. External links to other internet sites should not be construed as an endorsement of the. Under hong kong s constitutional document, the basic law, the existing economic, legal and social systems will be maintained for 50 years. A concise history is not only a brief history of cantonese pop songs, but also of hong kong culture. Jao wrote that one of the reasons the emergence of hong kong. Lam department of politics and public administration, university of hong kong, hong kong abstract singapore and hong kong are very different and yet very similar in many respects. Its strategic location has allowed it to play an important economic role for hundreds of years.
Textiles were particularly strong, aided by continued immigration from china. This achievement has been one of private enterprise operating within a free market economy. Can you find out the background information or history about the event. History of hong kong lonely planet travel information. Hong kong was promised a high degree of autonomy and the retention of its capitalist system. Hong kong s economic history has formed the country and economy it is now. Hong kong is a special administrative region of china, following a distinctively liberal economic model due to its history within the british empire. To understand the longstanding feud that keeps hongkongers and mainland chinese from getting along, you need to first understand the basics of hong kongs modern history. As the economy expanded, workers from the mainland streamed into hong kong. Hong kong thereafter slid into gentle decline, as shanghai became the focus of foreignled economic expansion in china. In the period from 1842 to 1949 the population flow between hong kong and china was unrestricted except during the war years. This page provides hong kong gdp growth rate actual values, historical data, forecast, chart, statistics, economic calendar and news.
Is capitalism and a free market system the reason why hong. Hong kong dragon boat carnival, hong kong cyclothon, hong kong wine and dine festival and tai hang fire dragon dance as asias celebrated branded events55. In 1979, former president of the hong kong economic association and author y. But hong kongs economic power has diminished significantly relative to the mainlandits gdp fell from 16 percent. By the late 20th century, hong kong was the seventh largest port in the world and second only to new york and rotterdam in terms of container throughput. Looking at hong kong s history more closely reveals a more complex system, vulnerable to bargaining between big business and the state. Jul 27, 2019 at midnight on july 1, 1997, hong kong reverts back to chinese rule in a ceremony attended by british prime minister tony blair, prince charles of wales, chinese president jiang zemin, and u. A political and economic history of uganda, 19622002.
Gdp per capita, which was still relatively low in 1960, started to rise. It would be governed by hong kong people, keep its own currency and be in charge of its own reserves. The story of hong kong is one of the most important in human history. A stylised version of hong kong s postwar economic success is that the colony thrived originally on the principles of free trade as an entrepot for chinese trade with the west.
In the late 1970s and early 1980s, there was a great deal of discussion about the future of hong kong and the lease of the new territories. This paper aims to present some observations on the third economic transformation of hong kong and examine the. Hong kongs economic and political history has been primarily determined by its geographical location. The report contains hong kong facts, including hong kong s population, gdp, business, trade, inflation and more.
Nov 12, 2019 hong kong is a part of china, but it has a unique history that affects the way people from hong kong also known as hongkongers interact with and perceive the mainland today. The cato institute in the united states, in conjunction with more than 75 economic institutes worldwide, also ranks hong kong as the worlds freest economy. Eleven members of the 25strong prodemocracy group had been banned from the mainland for 16 years. The economic history and the economy of hong kong chinese civilization. Democracy in hong kong council on foreign relations. Hong kongs recent economic growth is one of the outstanding success stories in the far east today. In 1993, former us president bill clinton established the practice of an annual apec economic leaders meeting to provide greater strategic vision and direction for cooperation in the. Between 1989 and 1992, apec met as an informal senior official and ministeriallevel dialogue. Although hong kong was not created until the mid19th century the story starts much earlier with the development of the distinctive features of chinese civilization. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
Choose a particular conference and meeting held last year in hong kong. A number of civic groups, academics, and legal experts in hong kong suggested ways whereby a settlement could be negotiated, but the main purpose of this chapter is to study the attitudes of the hong kong people on the territorys future through studying. With its ideal location in fastgrowing asia and riding on the opportunities brought by the mainland economy, the hong kong special administrative region has developed into an international business, trade and financial hub, as well as a renowned tourist city, providing high valueadded and knowledgeintensive services to the globalised world. The hksar enjoys a high degree of autonomy except in defence and foreign affairs. Hong kong has a free market economy, highly dependent on international trade and finance the value of goods and services trade, including the sizable share of reexports, is about four times gdp. The territory of hong kong is comprised of two main islands hong kong island and lantau island and a mainland hinterland. The first segment of hong kong s economic history was under early british rule from the 1840s to the 1940s. Chapter changes in social policy in hong kong since. Hong kong housing problem from the 1950s to the present. Hong kong economy gdp, inflation, cpi and interest rate. Since im from hong kong and understand a bit about the economic situation there, ill focus on hong kong as an example as to what i mean. But there was a lot going on in the region before that wintry morning in 1841 when a contingent of british marines clambered ashore and planted the union flag on the western part of hong kong island, claiming it for the british crown. Hong kong is a full member of world trade organization. It is our hope that not only will anthropologists find this compilation useful, but also anyone who is interested in understanding more about hong kong will find this a handy reference.
Relations the hong kong special administrative region hksar, or hong kong is a city located off the southern coast of guangdong province, peoples republic of china prc or china. Why hong kong needs autonomy to remain a global financial hub. Hong kong sevens, hong kong arts month, hong kong open and hong kong tennis open to continue to 54be held in hong kong to cultivate established homegrown events e. The case of hong kong alan siu associate professor school of economics and finance the university of hong kong k. The economic pragmatism origin of social policy in hong kong is not a special feature of hong kong. More than 90% of hong kongs population is ethnically chinese. Hong kong s history truly started from the time when the british gained control of it from the chinese. The economic development of hong kong is unusual in a variety of respects. The aim of this bibliography is to facilitate research on hong kong by categorizing selected academic publications on the culture and society of hong kong. This means that hong kong has outperformed the world economy as well as those of the organisation for economic cooperation and development. Hong kong, grumbled palmerston, will never be a mart of trade. Economic development of hong kong over the past 40 years.
A further slowdown of hinas economy in 2019, with a government target of 6. An analysis of the hong kong economy after the financial. Until then, hong kong was simply a port city of china. Hong kong and singapore two of the four asian tigers have followed very different paths to development. Learn more about hong kong s economy in the index of economic freedom. Britain also won the second opium war, forcing the qing empire to cede kowloon in 1860, while leasing the new territories for 99 years from 1898. Handover in hong kong final stanford graduate school of. The region of hong ko ng has been inhabited since the old stone age, later becoming part of the chinese empire with its loose incorporation into the qin dynasty 221206 bc.
One country, two systems is the political doctrine under which china permitted the former colony to maintain its political and economic independence within the peoples republic for 50 years. In an annual ranking of the index of economic freedom, hong kong has come out on top for the 25th year in a row. Sep 04, 2019 the centurylong separation between mainland china and hong kong created political and economic gaps that cannot be easily bridged. Of the 299 sars patients from hong kong who died, 191 were 65 years or older, and 158 of these cases had a history of chronic disease table 2. In 2009, hong kong s real economic growth fell by 2. While hong kong s external trade and inbound tourist arrival figures in 2018. So university of hawaii at manoa this article studies the origins and development of the economic success of hong kong. Its currency, called the hong kong dollar, is legally issued by three major international commercial. Starting out as a farming fishing village and salt production site, it became an important free port and eventually a major international financial centre the qing dynasty ce ded hong kong to the british empire in 1842. About hong kong about hong kong described as a barren rock some 150 years ago, hong kong is a worldclass financial, trading and business centre today and, indeed, a great world city.