Trade, industrial restructuring, and development in Hong Kong
In just about 40 years, Hong Kong has, against all odds, developed from a relatively obscure entrepot into a thriving industrial and financial economy of world renown. While such a complete metamorphosis constitutes an intriguing story, what of its future? Challenges of creeping, if not steadily proliferating, mercantilist forces and changing international division of labor aside, the capitalist city-economy of Hong Kong is now facing the problem of changing governance. The future of Hong Kong and its post-1997 destiny as a free-market economy hang in the balance.
Focusing on relationships concerning trade in manufactures, industrial restructuring and economic development and enforced by a rich source of data, this book offers an in-depth examination of the evolution and characteristics of Hong Kong's postwar economy. This book presents a historical and comparative perspective, and analyzes the symbiotic connection with South China in the light of China's open-door policy since the late 1970s, as well as providing a thoughtful assessment of its current turning-point.
Despite its emphasis on the economy of Hong Kong this book has a broader objective: to contribute to the debate on alternative paths to growth and industrial restructuring in the context of a limited dirigisme, a debate particularly relevant not only to academics in the realm of development economics but also to government economists and other officials concerned with looking for growth lessons and development strategies.
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Growth Experience and Structural Changes
External Orientation and Patterns of Trade
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activities banking basic capital cent of Hong China Chinese city economy comparative advantage competitive concerns cost countries decades decline demand dirigisme diversification early economic development economic growth electronics employment enterprises entrepot entrepot trade establishments export-orientated external factor financial centre free market HKCSD HKID Hong Kong dollar Hong Kong economy Hong Kong government Hong Kong's domestic Hong Kong's export Hong Kong's industrial Hong Kong's manufacturing important income increase industrial development industrial restructuring industrialisation international trade investment Japan Kong's domestic exports labour force labour market labour-intensive largest LDCs less major manufacturing sector ment million nomic output overall overseas percentage shares period plastics political population positive non-interventionism post-war proportion re-exports relative role Singapore Sino-British Sino-British Joint Declaration South Korea SSEs structure of Hong subcontracting Taiwan theory tion value added wages West Germany workers