-
Before 1950, Hong Kong's economy was dominated by entrepot trade. Since 1950s, Hong Kong has been industrialized, with industrial exports accounting for 8 1% of the total exports in 1970, which indicates that Hong Kong has changed from a simple entrepot to an industrialized city and achieved its first economic transformation.
In the early 1970s, Hong Kong pursued the policy of economic diversification. Finance, real estate, trade and tourism in Hong Kong have developed rapidly. Especially since 1980s, mainland factors have become the most important external factors to promote Hong Kong's economic development. Most of Hong Kong's manufacturing industries moved to the mainland, and various service industries developed at a high speed, realizing the second economic transformation from manufacturing industries to service industries.
-
Today, Hong Kong has developed into an international trade, finance and shipping center in the Asia-Pacific region. In 2000, Hong Kong's GDP reached 1, 276,5438+0.7 billion Hong Kong dollars, and its total trade reached 3,230.7 billion Hong Kong dollars, making it the tenth largest trading entity in the world, with container throughput reaching 1, 865,438+00 TEU, ranking first in the world. There are 0/54 banks/KLOC, and the number of foreign banks ranks third in the world. At the end of 2000, the total market value of Hong Kong's stock market reached HK$ 4,862.5 billion, ranking ninth in the world. The daily turnover of the foreign exchange market reached $79 billion, ranking seventh in the world; By the end of 2000, foreign exchange reserves reached US$ 654.38+007.5 billion, ranking third in the world. Advantages of Hong Kong's economic development Hong Kong's advantages lie in its convenient business environment, complete legal system, free trade policy and information flow, fair and open competition, convenient financial network and communication infrastructure network. In addition, Hong Kong has huge fiscal reserves and foreign exchange reserves, a freely convertible and stable currency, and a simple tax system with low tax rate, which has made Hong Kong one of the more competitive regions.