Analysis of Hong Kong Economy During Financial Crisis
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Proceedings of the 7th International Conference on Innovation & Management
An Analysis of the Hong Kong Economy after the Financial Crisis
Cao Hongliu School of Management, Guangdong University of Technology, Guangdong, P.R.China, 510520 (E-mail: hongliucao@126.com)
Abstract This paper analyzes the current economic development and the status of leading industries in Hong Kong. It shows that Hong Kong economy, which is mainly comprised of the service industry in particular, facing with both opportunities and challenges after the financial crisis. Hong Kong economy has a wide range of needs in information technology, electrical and electronic technology, and manufacturing technology. Development in these areas has great significance to ensure sustained development of Hong Kong economy. Key words Hong Kong economy status; Leading industry; Service industry
1 Introduction
Hong Kong’s a small and open economy system and international financial center, its economic development face many new challenges because of the impact of the global financial crisis. Therefore, a comprehensive analysis of the Hong Kong’s economic development and their leading industry status becomes an important issue.
2 Overview of Hong Kong Economy
2.1 The services sector is a leading industry in Hong Kong From Table 1, we can see that the services industry is a leading industry of Hong Kong economy. During the decade from 1997 to 2006, services sector in the Hong Kong economy has gained greater prominence. This change has already been reflected in the share of contribution of the services sector to the local GDP. The contribution of the services sector to GDP increased from 85.9% in 1997 to 91.2% in 2006. Based on the industry definition of Hong Kong Census and Statistics Department, The services sector includes wholesale, retail and import and export trades, restaurants and hotels; transport, storage and communications; financing, insurance, real estate and business
Proceedings of the 7th International Conference on Innovation & Management
An Analysis of the Hong Kong Economy after the Financial Crisis
Cao Hongliu School of Management, Guangdong University of Technology, Guangdong, P.R.China, 510520 (E-mail: hongliucao@126.com)
Abstract This paper analyzes the current economic development and the status of leading industries in Hong Kong. It shows that Hong Kong economy, which is mainly comprised of the service industry in particular, facing with both opportunities and challenges after the financial crisis. Hong Kong economy has a wide range of needs in information technology, electrical and electronic technology, and manufacturing technology. Development in these areas has great significance to ensure sustained development of Hong Kong economy. Key words Hong Kong economy status; Leading industry; Service industry
1 Introduction
Hong Kong’s a small and open economy system and international financial center, its economic development face many new challenges because of the impact of the global financial crisis. Therefore, a comprehensive analysis of the Hong Kong’s economic development and their leading industry status becomes an important issue.
2 Overview of Hong Kong Economy
2.1 The services sector is a leading industry in Hong Kong From Table 1, we can see that the services industry is a leading industry of Hong Kong economy. During the decade from 1997 to 2006, services sector in the Hong Kong economy has gained greater prominence. This change has already been reflected in the share of contribution of the services sector to the local GDP. The contribution of the services sector to GDP increased from 85.9% in 1997 to 91.2% in 2006. Based on the industry definition of Hong Kong Census and Statistics Department, The services sector includes wholesale, retail and import and export trades, restaurants and hotels; transport, storage and communications; financing, insurance, real estate and business
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