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Comparing Singapore & Hong Kong. Singapore & Hong Kong. Area Singapore: 697 km 2 Hong Kong: 1,104 km 2 Population Singapore: 5.5 million median age 34 Hong Kong: 7.2 million median age 45. Singapore and Hong Kong. Each is separated from the mainland by a narrow waterway

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Comparing Singapore & Hong Kong


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singapore hong kong
Singapore & Hong Kong
  • Area
    • Singapore: 697 km2
    • Hong Kong: 1,104 km2
  • Population
    • Singapore: 5.5 million
    • median age 34
    • Hong Kong: 7.2 million
    • median age 45
singapore and hong kong
Singapore and Hong Kong
  • Each is separated from the mainland by a narrow waterway
  • Singapore’s relationship with Malaysia has been volatile
    • brief merge in 1963-1965
    • disputes about water delivery, islands, etc.
  • Hong Kong benefits from mainland China’s cheap labor and market
singapore and hong kong5
Singapore and Hong Kong
  • Both are mostly ethnic Chinese societies
    • Singapore: 77%
    • Hong Kong: 94%
  • both had over 100 years of British rule
    • Singapore: 1819 - 1959
    • Hong Kong: 1841 - 1997
  • both were occupied by Japan
    • 1942 - 1945
gdp purchasing power parity
GDP (purchasing power parity)
  • Singapore:
    • Around US$332 billion
    • Ranked 40th in the world
    • per capita 7th in the world
  • Hong Kong:
    • Around US$376 billion
    • Ranked 35th in the world
    • per capita 13th in the world
singapore and hong kong8
Singapore and Hong Kong
  • Both are newly industrialized economies
  • GDP composition:
  • Sector Singapore Hong Kong
  • agriculture 0% 0%
  • industry 27% 7%
  • service 73% 93%
singapore and hong kong9
Singapore and Hong Kong
  • Exports:
    • Singapore: 13th in the world
    • Hong Kong: 11th in the world
      • 54% to mainland China
  • Imports:
    • Singapore: 13th in the world
    • Hong Kong: 9th in the world
      • 47% from mainland China
economic development
Economic development
  • Singapore and Hong Kong
    • have achieved similar economic success
    • through very different economic approaches
  • path of economic development diverged after World War II
    • similar experience under British colonial rule
    • divergent political development after WWII
    • divergent economic models after 1960s
colonial legacies
Colonial legacies
  • Both became entry ports to mainland
  • both benefited from British management and technological expertise
  • both attracted inflow of Chinese emigrants
    • Chinese population in Singapore doubled in 1820s
    • Chinese population in Hong Kong quadrupled between the two World Wars
divergent paths after wwii
Divergent paths after WWII
  • Singapore gained independence (1959)
    • Lee Kuan Yew’s People’s Action Party
  • economy grew at a slow pace in 1950s
    • still based on intermediary trade
    • boosted by the Korean War of 1950 - 1953
divergent paths after wwii13
Divergent paths after WWII
  • Hong Kong restructured its economy
    • population quadrupled 1945 - 1955
    • large-scale relocation of capital, entrepreneurs, and assets from mainland China
    • trade embargo against mainland China after Korean War broke out actually benefited HK
  • relative political stability
    • popular political apathy
divergent development model
Divergent development model
  • Singapore’s People’s Action Party
    • faced severe internal and external conflicts in 1960s
    • PAP became a elitist and paternalistic party
    • neo-Confucianism?
  • government intervention in the economy
    • drew up a state development plan
singapore s development 1960s
Singapore’s development 1960s
  • New institutions
    • Economic Development Board
      • promote industrial development
    • Housing and Development Board
      • develop industrial estates
    • Development Bank of Singapore
      • provide industrial financing
    • Jurong Town Corporation
      • acquire, develop, and manage development sites
singapore s development 1960s16
Singapore’s development 1960s
  • Restructured from trading port to manufacturing base
  • government intervention to attract foreign investment
    • in labor market
    • in providing public housing
    • in improving educational facilities
    • in developing a social security system
singapore s development 1960s17
Singapore’s development 1960s
  • produced phenomenal economic growth
  • achieved full employment by early 1970s
  • ventured into high-tech, capital-intensive industries and high value-added services
hong kong s development
Hong Kong’s development
  • Hong Kong also enjoyed phenomenal economic success
    • rapid expansion in manufacturing in 1960s
    • industrial diversification in 1970s
hong kong s development19
Hong Kong’s development
  • government’s laissez-faire principle
  • reactive, selective, & reluctant intervention
    • development of public housing
    • provide lower-middle-income families with access to home ownership
    • social expenditure & community development
    • development of human resources
  • intervention to maintain competitiveness
convergence since 1980s
Convergence since 1980s?
  • Singapore reconsidered its development strategy
    • economy diversified from manufacturing to financial and professional services
    • aims to surpass Hong Kong as an international center of finance & business HQ
    • government relaxed intervention in economy
    • free capital flows and foreign investment even after Asian Financial Crisis of 1997
convergence since 1980s21
Convergence since 1980s?
  • Hong Kong government moved in the opposite direction
  • became more interventionist
  • to cope with the political uncertainty during the negotiations between PRC and UK
  • intervened in stock and currency market
    • has linked HK$ to US$ since 1983