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Post-1945 Economic Developments in Hong Kong

Post-1945 Economic Developments in Hong Kong. Tam Sze Wah (15) Cheng Chek See ( 3 ) Li Jing Nam (10) Yip Chiu Yee ( 21). Introduction. After the Japanese Occupation, Britain ruled HK again Law and order were restored

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Post-1945 Economic Developments in Hong Kong

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  1. Post-1945 Economic Developments in Hong Kong Tam Sze Wah (15) Cheng Chek See ( 3 ) Li Jing Nam (10) Yip Chiu Yee ( 21)

  2. Introduction • After the Japanese Occupation, Britain ruled HK again • Law and order were restored • The economy recovered • Both its exports and imports grew • Became an entrepot for China trade

  3. Hong Kong’ s economy changed from : an entrepot a manufacturing centre

  4. Factor: the Chinese Civil War • China’s political conditions were very unstable • mainlanders moved to HK • bought with their capitals and technology • willing to work for low wages • helped HK grow into an industrial centre

  5. Factor: the Korean War • Chinese volunteers helped North Korea against South Korea • To stop the development of Communism, The US asked the UN put an embargo on the China • HK’s economy was adversely affected.

  6. Development of industries • HK started to develop such labour-intensive industries e.g. 1950s: textiles, wigs, plastics, toys, 1960s: electronics, clocks and watches

  7. Hong Kong’ s economy changed from : a manufacturing centre International Financial Centre

  8. Difficulties: Competition from Singapore, Taiwan and South Korea • Produced the same kinds of goods as those of HK • Highly developed their industries • Their export volumes exceeded Hong Kong.

  9. Difficulties: Rising wages and land prices • Production costs rose • Local goods were less competitive than those of Singapore, South Korea and Taiwan

  10. Difficulties: Restrictions on trade • The US and Europe did not let HK export its goods freely in order to protect their industries • e.g. They placed quotas for HK’s cloth export

  11. Method to overcome the problem • Implemented3 diversification plans: - Industry diversification - economic structure diversification - market diversification • Finance, trade and real estates developed rapidly • Hong Kong developed into an international financial centre in the early 1980s

  12. Changes in the economy • No foreign exchange control • Low profits tax and no capital gains tax. • Close to China • Has a sound law system • Hong Kong’s time zone lies is between those of London and New York

  13. The current situation of HK • good financial system • efficient services • huge transactions took place in HK’s financial markets • the financial markets rank high among the top markets of the world.

  14. Hong Kong’ s economy development : an entrepot a manufacturing centre International Financial Centre

  15. The End .. ..

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