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Full-Text Articles in Economics
The Economic Challenges For The New Chinese Leadership, Yue Ma, Ping Wang
The Economic Challenges For The New Chinese Leadership, Yue Ma, Ping Wang
CAPS Working Paper Series
"The Impact of China's Accession to the WTO" 中國入世後的初步分析
This paper will first review the early concerns about China's entry to the WTO. Then we will evaluate the preliminary impact of the WTO membership on the Chinese economy, which turned out to be better than expected. We also discuss the current international debate on the Chinese currency renminbi revaluation and suggest that a gradual improvement of the current Chinese rigid exchange rate system will be inevitable.
Finally we will explore the potential problems and challenges to both economies of mainland China and Hong Kong in the future. We argue that …
Structural Transformation And Economic Growth In Hong Kong : Another Look At Young's "A Tale Of Two Cities", Hiroyuki Imai
Structural Transformation And Economic Growth In Hong Kong : Another Look At Young's "A Tale Of Two Cities", Hiroyuki Imai
CAPS Working Paper Series
Young (A Tale of Two Cities, 1992 and the Tyranny of Numbers, 1995) demonstrated, based on the data from the 1960s to the 1980s, that the total factor productivity (TFP) growth since the mid-1980s owed much to the establishment of the cross-border division of labor in which Hong Kong relocated manufacturing to the Mainland and provided support and entrepot trade services in the form of service exports. Nevertheless, growth since the 1980s came largely from the declining manufacturing sector. The expanding services sector’s TFP growth, whether tradable or not, has been low. Hong Kong’s annual TFP growth rate dropped below …
The Rise And Fall Of The Hk Economy, Lok Sang Ho
The Rise And Fall Of The Hk Economy, Lok Sang Ho
CAPS Working Paper Series
In this Chapter, I want to make a simple hypothesis. Hong Kong under the SAR Government had departed from the long-held recipe of success. The economic decline witnessed till the time of writing was the direct and immediate result of misguided government intervention, particularly in the property market. The nine-point rescue package announced on June 221998, however, showed that the SAR government might have learnt the lesson. In the absence of a full-hearted reversion to the old wisdom of positive nonintervention, however, the Hong Kong economy would continue to decline, and Hong Kong would lose its importance in the global …