Essay on Analysis of Hong Kong Economy During Financial Crisis

3935 Words Mar 17th, 2013 16 Pages
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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
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Among them, financial services, trading, tourism and professional services are key industries in the Hong Kong economy. They have been the driving force of Hong Kong’s economic growth, providing impetus to growth of other sectors and creating employment. (1) Import and export trade .The import and export trade is the most important industries in Hong Kong’s service industry, has been playing an important role in the development of Hong Kong economy. The import and export trade produced a net output of HK$305.1 billion in 2006, representing an increase of 39% over 1997. The ratio is the highest among all service industry. In 2007, there were 98 000 import and export trading establishments in Hong Kong, with 520 000 persons. At the same time, import and export trade sector is also directly promoting the development of other industries, such as logistics, transportation, business services and other services. Hong Kong’s import and export trade, including the visible trade and invisible trade two parts. The visible trade refers to the traditional commodity trade. In 2007, the value of Hong Kong imported and exported goods was $5,556 billion, representing an increase of 9.8% compared to 2006. Hong Kong’s

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