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Competitiveness of the Hong Kong economy

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  • Li, Hongyi
  • Wei, Xiangdong
  • Xie, Danyang

Abstract

Our assessment of the competitiveness of the Hong Kong economy from various perspectives indicates that the overall competitiveness of Hong Kong economy has been improving during the past several years. However, from a longer term historical perspective, there are still a number of areas in which Hong Kong’s competitiveness has been eroded relative to her main competitors in East Asia, especially in export sector. On the aggregate level, although Hong Kong’s Total Factor Productivity (TFP) growth rate is amongst the best performers in East Asia in the recent years, it has been adversely affected by the continuing relocation of Hong Kong’s manufacturing production to the Mainland China. On sectorial levels, although Hong Kong’s unit labour costs started to decline since 2000 comparing to her Asian competitors, the unit labour cost-based real effective exchange rate continues to appreciate against her major trade partners. Furthermore, Hong Kong’s competitiveness deteriorated in several important categories of goods and service exports. Overall, our study shows that the Hong Kong economy still maintains its resilience to outside shocks, nevertheless it needs to explore new areas to fuel its future growth.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 37345.

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Date of creation: 30 Jan 2007
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Handle: RePEc:pra:mprapa:37345

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Keywords: Competitiveness; Productivity; Unit labour cost; Dynamic shift shares;

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  1. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April.
  2. Alwyn Young, 1992. "A Tale of Two Cities: Factor Accumulation and Technical Change in Hong Kong and Singapore," NBER Chapters, in: NBER Macroeconomics Annual 1992, Volume 7, pages 13-64 National Bureau of Economic Research, Inc.
  3. Susan M. Collins & Barry P. Bosworth, 1996. "Economic Growth in East Asia: Accumulation versus Assimilation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(2), pages 135-204.
  4. Wang, Yan & Yao, Yudong, 2003. "Sources of China's economic growth 1952-1999: incorporating human capital accumulation," China Economic Review, Elsevier, vol. 14(1), pages 32-52.
  5. Peter Klenow & Andrés Rodríguez-Clare, 1997. "The Neoclassical Revival in Growth Economics: Has It Gone Too Far?," NBER Chapters, in: NBER Macroeconomics Annual 1997, Volume 12, pages 73-114 National Bureau of Economic Research, Inc.
  6. Kim Jong-Il & Lau Lawrence J., 1994. "The Sources of Economic Growth of the East Asian Newly Industrialized Countries," Journal of the Japanese and International Economies, Elsevier, vol. 8(3), pages 235-271, September.
  7. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August.
  8. Chang-Tai Hsieh, 2002. "What Explains the Industrial Revolution in East Asia? Evidence From the Factor Markets," American Economic Review, American Economic Association, vol. 92(3), pages 502-526, June.
  9. Veloso, Fernando A. & Ferreira, Pedro Cavalcanti Gomes & Pessoa, Samuel de Abreu, 2004. "On The Tyranny of Numbers: East Asian Miracles in World Perspective," Economics Working Papers (Ensaios Economicos da EPGE) 569, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  10. Nazrul Islam & Erbiao Dai & Hiroshi Sakamoto, 2006. "Role of TFP in China's Growth ," Asian Economic Journal, East Asian Economic Association, vol. 20(2), pages 127-159, 06.
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Cited by:
  1. Boon Lee, 2011. "Distribution Trade Sector Output and Productivity Performance: A Case Study of Singapore and Hong Kong 2001-2008," School of Economics and Finance Discussion Papers and Working Papers Series 270, School of Economics and Finance, Queensland University of Technology.

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