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On The Logic Of The Economic Integration Of Hong Kong Into The Greater China Economy, Hoi Cheung Cheung
On The Logic Of The Economic Integration Of Hong Kong Into The Greater China Economy, Hoi Cheung Cheung
CAPS Working Paper Series
Hong Kong has encountered an economic downturn since the outbreak of the Asian Financial Crisis in 1997. It was a result of the lack of long-term preparation for adjustment to changes in the industrial structure. Without a foundation to upgrade its industrial structure from labour-intensive manufacturing to mid and high-tech industry, Hong Kong could only transit its industrial structure directly from the secondary sector to the tertiary sector – financial services, trading and logistics, and related services. Nonetheless, due to the keen competition in terms of cost advantages from the neighbouring economies, mainly those regional economies in the Pearl River …