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Spring 2000

ISSN 0890-913X

Volume 15, Number 2

Categories: Spring 2000 | Economic Systems

What Will Happen to Hong Kong?

Lawrence W. Lovik, Troy State University

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WhatWillHappentoHongKong?LawrenceW.LovikTroyStateUniversityHongKonghaslongbeenrecognizedasaprimeexampleoftheefficacyofthemarket.Althoughitbecamealeaderinmanufacturingbybeingalow-costproducer,acrucialcompetitiveedgenowheldbyHongKongisitsabilitytoquicklytransformitseconomyfrommanufacturingtoserviceswithoutcausinghighunemploymentandtorapidlygetgoodstoworldmarkets.Withinthepasttwodecadesmanufacturinghasreduceditslabormarketportionfromgreaterthan50percentto14percentwhiletheservicessectorlaborsharesclimbedfrom44percentto82percent.1SuchagilityhashelpedHongKongrapidlytransitionitsmetropolitaneconomy.ThefactthatitseconomyhasweatheredtheAsiancrisisaswellasithasisatestimonytoitseconomicstrength.Thelonger-termchallengeistomaintainitscompetitivemarketsasaSpecialAdministrativeRegion(SAR).AlthoughthesloganisAonecountry,twosystems,@thelonger-runeffectsonHongKongareunknown.ManufacturingjobshavebeencreatedasHongKongcompanieshavemovedintoChinatoavoidhigherlaborcostsandhighrentsinHongKong.Indoingso,HongKonghasprovidedbothfinancialcapitalandtechnicalexpertisewhilesimultaneouslycontainingcoststomaintaincompetitivenessintheglobalmarket.1YeungWaiHong,AFreeTradeandtheFutureofChina=sMarketEconomy:InsightsfromHongKong,@ChinaintheNewMillennium,ed.JamesA.Dorn,CatoInstitute,1998,pp.126-127.

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Metadata [hide]

Title	What Will Happen to Hong Kong?
Authors/Creators:	Lawrence W. Lovik, Troy State University
Year:	2000
Volume:	15
Number:	2
Pages:	96 - 104
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Articles

Citation:
Lovik, Lawrence W. / 2000. "What Will Happen to Hong Kong?." The Journal of Private Enterprise, 15(2): 96-104.