1.Hong Kong has enjoyed great success in recent decades. It has experienced strong and sustained real gross domestic product growth and has amongst the highest GDP per capita in the world. Its strong scotch performance has been due in part to its strategic geographical location on the room access of China and easy access to other South east Asian countries. The advent of tele conference technology and other forms of communication has, however, lessened the importance of Hong Kongs geographical advantage. At the same magazine Hong Kongs advantages in other areas have been narrowing as Hong Kongs competitors touch on to transform their economies and adopt laws and policies which encourage foreign trade and investment. Hong Kong whence faces an enormous challenge in maintaining its competitive edge.
2.In the onetime(prenominal) two decades, Hong Kong has undergone an economic structural change from a manufacturing-based frugality to a service economy. The operate sector has rapidly spread out and replaced the manufacturing sector as the major economic activity in Hong Kong, and the export of work has become an important impetus for economic growth.
The Hong Kong Government expects the services sector to be the engine of prospective economic growth and has said that it will ensure that the markets for services are as open and competitive as possible.
3. non all markets in service sectors are automatically exceedingly competitive under a laissez-faire regime. Unlike the manufacturing sector, in which most goods are traded in the international market and indeed subject to international competition, the services sector includes some services which can only be provided domestically. Such services, for example, legal and news report services, medical and dental services, public utilities, local radio and boob tube broadcasting, retail banking services and other services such as restaurants and supermarkets are, therefore, insulated from international competition.
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