The Economic Development of HK Flashcards
Economic structure
Composition of an economy (income employment) by different industries
Economic restructuring
the shift/ change of economic structure from one type of industry to another
Important stages of economic development in HK
Entrepot
Industrial city
Serive (finance) economy
What was HK before 1842?
What are its economic activities? 4
Fishing village
Fish catching, rice growing, raising animals, quarrying
Major economic activities of an entrepot
Goods shipped via HK
Major industries in industrialized HK:
Textiles, clothing, plastic
Features of light industry 6
Light & Small products Numerous processing industries Required some technology and skills Could be produced in small-scaled factories Labour intensive Export-oriented
Factors of HK changing from entrepot to an industrial city 3
Instability in Mainland China
Lack of demand for entrepot trade
Favorable policies of the British Colonial Government
Economic diversification
The extension of the economic base to other areas of industries
Economic sectors when HK is in the service economy phrase 3
Financial services, real estate-related, tourism
Factors prompting economic diversification in HK 5
Industrial relocation due to Regional competition from Taiwan, South Korea and Mainland China
Higher education level due to nine-year Compulsory Education introduced
Better living standard due to economic success
Advantages of doing businesses in HK
HK Government’s Role
Characteristics of being an international financial centre
Frequent international capital flows
Internationalization of the financial market
Free and open market
Huge variety of investment products
Sound financial and regulatory system
Financial industry as an important industry
