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Rise of Hong Kong Economy

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Hong Kong is considered one of the most developed economies of the world. Britain was depended on China for tea and in turn, Britain exported a lot of luxurious items to China. Britain started exporting Opium to China which was illegal in China. Upon defeat, China had to give up Hong Kong, which later came to be known as a colony of Britain as per the Treaty of Nanking.

In 1860 the second Opium War was fought and in 1898 an agreement was signed between Britain and China that Hong Kong and surrounding islands would be leased to Britain for a period of 99 years after which it would be returned to China. It was in the year 1978 that China announced the open door policy for Hong Kong that really gave a boost to the economy of Hong Kong. Till today China engages the one country two systems policy wherein Hong Kong has access to political freedom that is banned in China. From 1981 to 2015, Hong Kong has enjoyed an annual growth rate of almost 5 percent which is phenomenal considering market meltdowns and global recessions as well.

A number of industries have thrived in Hong Kong taking advantage of the free economy. There is a long list of companies in Hong Kong that have benefitted from the entrepreneurial environment in Hong Kong. Currently one of the most popular searches for companies across the globe wishing to set up business in Hong Kong is about phone number Hong Kong. Hong Kong attracts companies from all over the world especially those in banking and services sector.

Hong Kong under British Rule

Prior to Hong Kong coming under British rule, China considered it an important part due to its strategic location. Once under the British rule, Hong Kong economy started to change drastically. Britain started developing Hong Kong as a service sector providing services in financial and commercial sectors. Hong Kong soon saw a flurry of foreign immigrants who saw the country as a viable option to open new trading avenues. Since it was no longer controlled by China and Britain saw it as an important colony, traders were more than welcome.

The British control provided the traders with a sense of security and the Hong Kong company list saw a surge of shipbuilding and financial companies. Britain began treating Hong Kong as a strategic colony as it was geographically still a part of China and helped Britain add wealth to its vast empire. If there was ever a Hong Kong business directory in those times it would be full of financial establishments and merchant companies. Under the British rule, Hong Kong economy started taking a path that was extremely diversified from the Chinese economy.

Sugar refining, ice factories etc were introduced to Hong Kong. This continued to attract foreign settlers to Hong Kong. In
1859 there were 85000 Chinese and around 1600 foreign nationals. This was seen as a move from the traditional Chinese community which did not seem welcoming of foreigners.

Hong Kong during the Post War Industrialization

Hong Kong was earlier dependent on China for a lot of its trading activities. However, as China slowly cut itself out from the international economy in the 1950s, Hong Kong increasingly began to look elsewhere for its survival. During this era, the industrialization was at its peak. With businesses and companies increasingly using machines for manufacturing there was a flurry of activities in Hong Kong’s industrial sectors. Many companies started using Hong Kong telephone number to communicate with the world. The influx of foreigners continued and it was in part responsible for new industries cropping up and flourishing in Hong Kong.

The 1950s were witness to a sudden surge in textile, electronics, and plastics among others. Hong Kong is a natural port many of the merchants began manufacturing goods and products that could be exported to all parts of the world. Many parts of the world were under the British Empire and this helped Hong Kong trade with them without much hassle.

One of the best examples is the textile industry which flourished by exporting selected clothes to the various parts of the world. Businessmen in Hong Kong were quick to grasp the demand in various parts and manufactured woolens for Europeans, silk, and cotton for South East Asia, cheap outfits for Africa and trendy clothes for the United States. This meant that the Gross Domestic product saw a steep rise during this period.

Hong Kong in the 1980s

During the 1970s the economic growth rate reached 8.9% with the industrial boom still in its infancy stage. A number of industries mushroomed in the island owing to the free market economy advocated by the government. Many foreign merchants formed companies and registered a Hong Kong local number. The financial and services sectors also saw new avenues open up offering employment opportunities to its ever increasing population. The Hong Kong and Shanghai Bank now boasted of branches outside Hong Kong as well.

Similarly, a lot of financial institutions procured a Hong Kong phone number to establish communication to different parts of the world. The 1980s, however, saw a slightly sluggish period where the average annual growth stood at 7.4 % and the per capita income at USD 5000.

Hong Kong was by now inching towards a reacquisition by China at the end of its 99-year lease agreement with Britain. Though the People’s Republic of China had adopted a communist regime it had promised to allow Hong Kong its free market economy and not impose any restrictions on it. In the 1978 People’s Republic of China announced an open door policy that let Hong Kong re-establish its connection with the mainland.

The rise of the Per Capita Income to 38123 USD

The Open Door Policy literally opened the doors for Hong Kong As is reforged its trade ties with China, Hong Kong increasingly became the country’s primary financial and commercial services provider. China offered cheaper labor and soon Hong Kong’s businessmen started to move their labor-intensive activities to China to take advantage of it. Hong Kong gradually shifted from being a manufacturing base to a service-driven economy. This was one of the main reasons behind Hong Kong’s economic growth.

China itself saw an economic boom during the 1990s-2000s and this was the main reason for the growth of Hong Kong as well. Almost one-quarter of Hong Kong’s economy was dependent on China and as such the prominent growth in Chinese economy meant that Hong Kong too grew in stature. One of the biggest reasons for the enormous growth in the per capita income to 38123 USD was the continued free economic market that Hong Kong offered. China kept its promise of keeping Hong Kong a free economic market after it was formally reintegrated as part of China.

With the introduction of mobile numbers an increasing number of foreign merchants set up businesses in Hong Kong with a Hong Kong mobile number. The biggest advantage this offered was the ease to deal with China which was still not that receptive to foreign trade in the early 1990s. Although Hong Kong is now formally a part of China, its Gross Domestic Product is almost one-fourth of China making it an important region for China.


Ease of Business in Hong Kong.

Hong Kong currently enjoys an undisputed reign as the world’s freest economy for 22 years. There is a number of industries that have flourished in Hong Kong due to this. Also, Hong Kong is one of the most visited destinations for tourists in South East Asia. This has led to a large influx of foreign tourist companies that are vying to get Hong Kong Phone number for its operations.

Companies in China have also realized the potential of operating out of Hong Kong as it is more liberal as compared to the stricter laws in China. For Eg for tourists, the visa for Hong Kong is free on arrival while for China they have to apply before entering China. A large number of Chinese tour operators now are forging alliances with tourist companies in Hong Kong or opening their own branches.

Many of the companies are also opting for a Hong Kong VOIP number to ease its operations. Also, Hong Kong with its British influence is more accepting towards English as a medium of communication as opposed to China. This is another of the reasons why Hong Kong has galloped to being a favorite destination for foreign investors. An increasing number of companies now provide the Hong Kong DID number to its ever-growing list of buyers.

Hong Kong city enjoys a fair bit of leverage as compared to China when it comes to the implementation of policies and regulations, this is helping the business community grow in Hong Kong.

 

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