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For decades after the 1949 establishment of the People's

The economic development of Hong Kong is unusual in a variety of respects. First, industrialization was accompanied by increasing numbers of small and medium-sized enterprises (SME) rather than consolidation. In 1955, 91 percent of manufacturing establishments employed fewer than one hundred workers, a proportion that increased to 96.5 percent by 1975. Factories employing fewer than one hundred workers accounted for 42 percent of Hong Kong’s domestic exports to U.K. in 1968, amounting to HK$1.2 billion. A

Second, until the late 1960s, the government did not engage in active industrial planning. This was partly because the government was preoccupied with social spending on housing large flows of immigrants, and partly because of an ideological sympathy for free market forces. This means that Hong Kong fits outside the usual models of Asian economic development based on state-led industrialization (Japan, South Singapore, Taiwan) or domination of foreign firms (Singapore) or large firms with close relations to

While manufacturing was moved out of the colony during the 1980s and 1990s, there was a surge in the service sector. This transformation of the structure of Hong Kong’s economy from manufacturing to services was dramatic. Most remarkably it was accomplished without faltering growth rates overall, and with an average unemployment rate of only 2.5% from 1982 to 1997. Figure 2 shows that the value of manufacturing peaked in 1992 before beginning an absolute decline. In contrast, the value of commercial and f

Hong Kong’s economic and political history has been primarily determined by its geographical location. The territory of Hong Kong is comprised of two main islands (Hong Kong Island and Lantau Island) and a mainland hinterland. It thus forms a natural geographic port for Guangdong province in Southeast China. In a sense, there is considerable continuity in Hong Kong’s position in the international economy since its origins were as a commercial entrepot for regional and global trade, and this is still a r

During the period of the Eighth Five-Year Plan, the state increased its investment in infrastructure and basic industries and established new development mechanisms for these industries through reform. As a result, great strides had been made in these areas, especially in railway, highway, communication, port, and airport and power industry. According to an incomplete statistics, out of the nearly RMB 600 billion Yuan of various funds collected by the central government and local governments at all levels,

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hong kong manufacturing development percent