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Hong kong economic development
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On 1 July 1997, there was the transfer of sovereignty over Hong Kong from the United Kingdom to the Republic of China, which officially ended the 156 years of British colonial administration.1
The city-State is one of the two special administrative regions of the Republic of China along with Macau.
According to the principle of "one country, two systems", Hong Kong has a different political system from Mainland China, although its constitutive document, the Hong Kong Basic Law, states that the region enjoys a high degree of autonomy in all areas except for foreign relationships and military defense.
Today, Hong Kong continues to be a leader as a global financial center, but faces uncertainty over its future due to the growing economy of Mainland China, which may lead the latter to absorb Hong Kong when its independence should be discussed in 2047 (term of “one country, two system” policy).2
ECONOMIC ENVIRONMENT
Hong Kong’s economy is dynamic and deeply tied to international trade as well for the international banking sector.
Its economic system is one of the least regulated in the world and is, in fact, considered a tax haven.
The city-State has limited quantities of natural resources, both agricultural products and raw materials. Hence, the importance of air freight activities as they supply all sorts of goods in order to meet the national demand for commodities.
Hong Kong has excellent economic and trade ties with the Republic of China, especially since both signed the Closer Economic Partnership Arrangement (CEPA) in 2003, a free trade agreement that enhanced the collaboration between the two Countries and that facilitates the release of further liberalization measures. A perfect incentive that attracted many...
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...//www.aci.aero/Data-Centre/Monthly-Traffic-Data/International-Freight-Traffic/Monthly )
9- http://www.hongkongairport.com/eng/pdf/business/statistics/2013e.pdf
10- http://www.hongkongairport.com/eng/pdf/business/about-the-airport/air-cargo/AirCargo_brochure.pdf PDF
11- http://hkia3way.blob.core.windows.net/pdf/en/TR_24May_Eng_Full.pdf
12- (http://centreforaviation.com/analysis/freight-volumes-dropping-quite-dramatically-tofrom-hong-kong-reflecting-global-freight-trends-59064)
13- ( http://www.customs.gov.hk/en/cargo_clearance/clearance/examination/index.html)
14- http://www.hactl.com/en-US/About-Hactl/Milestones.aspx#.U2-cMfl5N54
15- ( http://www.cathaypacificcargo.com/en-us/aboutcathaypacificcargo.aspx)
16- : http://www.threerunwaysystem.com/en/Growth/Economic_contribution.aspx
17- http://www.hongkongairport.com/eng/business/airport-authority/NDIA.html)
Secondly, the existence of merchant may maintain the stability in border areas (South-East). And the oversea trade is also an extremely part of the tribute system that can display China’s powerfulness. Lastly,the author calls for lax of business environment and tax policy with the expectation of trade
China's continuing impact on the world economy lands in developed countries that include Hong Kong, Europe, Japan, and Australia have no choice but to deal with the very real potential of a decline in export activities. However, what offsets these negative are lower commodity and oil prices, along with lower interest rates, which provide hope of a boost in the global financial world.
Hong Kong Reading - "The Book of the Year" Through imperialism, British rule encouraged industrialization and modernization which led to visible growth in the economy as the city is described as a trade center and important in manufacturing and banking, which suggests that the industries and businesses prospered. Additionally, the fear of Chinese rule suggests that businesses operated better under British rule, which shows how imperialism improved the lives of the people of Hong Kong compared to the government before imperial rule. The way that citizens of Hong Kong left the colony before it was returned to China further highlights the different effects of British rule and Chinese rule on the people, suggesting that British rule was preferred by the citizens of Hong Kong which is why they left rather than live under Chinese rule. This implies that the colonized people considered Great Britain’s imperialist rule to be better than the government before which was Chinese. This demonstrates that imperialism improved the lives of the colonized people because it helped the economy grow and prosper.
Before 1997, Hong Kong was being the colony of the United Kingdom, politics in Hong Kong is different from the mainland China and it is unique from other countries. After 1997, the sovereignty of Hong Kong is regressed to China, then the Hong Kong politics was under the foundation of ‘One Country Two systems’ and it is regulated by the Basic Law of Hong Kong.
National economics are often adversarial in nature, a global contest where countries seek to gain advantage over their neighbors, all in the name of wealth and gain. America is no stranger to the game; the U.S. has been the world’s economic leader for the better part of a century. China, however, is the leading contender for the economic top-spot (), and America continues playing directly into China’s hand. America’s current trading posture with China is drastically skewed in China’s favor; if America is going to preserve its position as the leading economic power, existing U.S.-Chinese trading agreements will need to be revised, and additional regulations must be introduced to promote balanced dealing.
Hong Kong has always remained a very unique city, one which is said to have ‘a Western past, an Eastern future’. Since its colonisation by the British in the 1860s, it has maintained to a very large extent its Chinese identity and its connection to its Motherland, while at the same time, has frequent contact with the Western world, politically, economically, and culturally. Hong Kong’s unique position has made the city a vibrant international metropolis that acts as a bridge between East and West. Yet after it was returned to China in 1997, this former British colony has been constantly reassessing its British past, struggling to find its new position and redefining its identity.
Despite the fact that recent reports have shown that the Chinese currency is currently facing descending pressures, it is, however, likely to improve in the future because of the enhanced terms of trade, current account surplus that is growing, and high net saving. Another reason that will make the Chinese RMB to do well in the future it is because the currency has solid fundamentals and the economy of the country is significantly increasing at a higher rate than the GDP rates. Due to the growing Chinese economy to being the second largest economy, the Chinese currency yuan has been acknowledged by the International Monetary Fund (IMF) as a major global
Zhang, Jianhong, Arjen van Witteloostuijn, and J. Paul Elhorst. "China's Politics and Bilateral Trade Linkages." Asian Journal of Political Science 19.1 (2011): 25-47. Academic Search Premier. Web. 13 Dec. 2013.
In the past two decades, transportation cost of cargo has decreased that has aided in improving productivity and economic growth. Nonetheless, the operations of the market forces and the rising cost of fuel as well as environmental concerns impact on the cost of transporting goods from one place to another. Subsequently, the high cost of moving goods will be felt throughout the economy affecting enter...
Whereas China ushered in the 21st Century as member of the World Trade Organization (WTO) and as an economic power, Japan entered the Asian Century with a stagnant economy. And as China transforms its economy into a ‘socialist market economy’ it is held that the attendant social, economic, and political transformations necessitate that its state controlled IRs system is decentralized and more so, it should be converge with international best practice IR sta...
By 1971, the Cultural Revolution in China had ended in failure and conditions in Hong Kong calmed,” Gloria Lannom states, yet it took a while for Hong Kong to rebuild its economic standings because of this fact.
The transportation & logistics industry is a form of industry that keeps people and products on the move, it includes airlines and airports, shipping companies, logistics service providers and other transportation companies. That’s why it is considered the backbone of modern global supply chains. In a place like the Kingdom of Saudi Arabia that has diverse geography with a dry desert and great temperature extremes and a large area of about 2.1 million square km, a transportation & logistics industry is a necessity. Imagine you need to move from one city to another (of course it will be so hard to cross large areas of empty deserts) you have only two options to transfer from one to another city; the first option is to drive and the second option is to fly and ship your car via a car transport carrier. The harsh climate in Saudi Arabia makes people to prefer using the second option, this cause the market of transport market to enlarge. Albassami International Group is one of the biggest companies established to satisfy those needs. It is considered one of the biggest companies specialized in vehicle transportation in the Middle East. The philosophy of the company is to serve the needs of the clients over the span of thirty two years, throughout which they constantly had an eye to the future by evaluating the most appropriate ways in which to make transporting clients’ vehicles via the best and safest answer. They operate round the clock to serve clients at all times.
Before 1997, the Britain Colonial Government governs Hong Kong, and thus the social policy was also established by it. Yet, there was an important event happened to Hong Kong in 1997, which is the change of sovereignty. In this short essay, the development of social welfare in Hong Kong before 1997, as well as the main factors will be examined.
China’s economical strength comes from its international trades as the economy has grown to a rate of 10.3% in 2010. It has become the world’s largest exporter in the global economy. In the area of trade, three major strengths of China are 1) it is the single most important challenge for the European Union (EU) trade policy, 2) China is the second trade partner behind the U.S., and 3) it is the EU’s biggest source of imports by far with the dramatic increase in the EU-China trades over the recent years. The EU exports of goods to China were 113.1 billion Euros and in imports was 281.9 billion Euros in 2010. The service exports were 18 billion Euros and in imports were 13 billion Euros in 2009. China has also established trades with Australia. Recently, the two countries have been cooperating and assisting each other in industries such as agriculture, energy and minerals as they continue their free trade agreements (Jia Qinglin).
During the twentieth century, the world began to develop the idea of economic trade. Beginning in the 1960’s, the four Asian Tigers, Hong Kong, Singapore, South Korea and Taiwan, demonstrated that a global economy, which was fueled by an import and export system with other countries, allowed the economy of the home country itself to flourish. Th...