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Hong Kong's Economic Development and Transformation

Hong Kong's Economic Development and Transformation. KC Kwok Government Economist 29 August 2007. Recent economic performance. Rapid economic rebound after SARS. HK’s strong economic rebound. Real GDP growth: 7.7% p.a. during 2004-2006, 6.3% in H1 07

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Hong Kong's Economic Development and Transformation

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  1. Hong Kong's Economic Development and Transformation KC Kwok Government Economist 29 August 2007

  2. Recent economic performance • Rapid economic rebound after SARS

  3. HK’s strong economic rebound • Real GDP growth: 7.7% p.a. during 2004-2006, 6.3% in H1 07 • Unemployment has fallen from a high of 8.6% in 2003 to 4.1%; improvement is across-the-board • Recovery broadening to more sectors, boosting investor and consumer confidence • Inflation has remained mild

  4. HK’s macroeconomic performance is the best in the past 20 years HK is benefiting from and contributing to China’s modernization HK is the most competitive city in China HK has lost a decade and many people are still earning less than 10 years ago China needed HK in the past; HK needs China today HK is expensive and is being overtaken by other Mainland cities Is it the best of times?Or is it the worst of times?

  5. Is HK being marginalised? Or is HK in demand as never before? • A centre of excellence for China • Rule of law, global connectivity, protection of property rights, good governance, freedom of information and speech • Will China be managed in a Japanese style? Or will China be much more internationally oriented?

  6. Major highways in Guangdong province

  7. International Herald Tribune 23 June 2006.

  8. Container throughput for China ports

  9. From manufacturing to logistics

  10. Growth driver: Exports to the Mainland

  11. Offshore trade increasingly important

  12. Direct contribution of trading and logistics to GDP (%)

  13. Financial services, trading and logistics led economic growth in recent years

  14. Premier financing centre for Mainland companies * As of July 2007

  15. High-end services serving headquarters

  16. The road ahead • Continue to integrate itself further into the global economy • Many companies in HK are already global or regional companies; so are a lot of individuals • Closer economic collaboration with Mainland • Go up the value chain • Quality of institutional framework and workforce • Nurture a creativity-friendly environment

  17. Thank you

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