How has the Economy in Hong Kong Evolved in the Last Decade?

Hong Kong is one of the most prominent financial and economic centers not only in the Far East but in the whole world. From the days under colonial rule to its global significance and success today, the economy in Hong Kong has undergone numerous changes and advances on a variety of fronts. While there have been challenges and upheavals along the way, Hong Kong is now well-known worldwide for its booming economy and high standard of living. Let’s take a look at how the economy in Hong Kong has evolved over the last decade.

1. Getting Rid of Poverty

The first major change to the economy of Hong Kong has been to the standard of living for citizens. Ten years ago, about 15% of households were stranded below the poverty line, but this estimate has now dropped to around 5%. This is largely due to an improvement in working opportunities, government support for those on a low income as well as improved support for entrepreneurs and businesses.

2. Increased Focus on Technology

In recent years, the economy of Hong Kong has started to focus more heavily on technology and its benefits. From remote working technology to new innovative apps, the business world has been disrupted and improved by technology to create more opportunities with less investment required. This has been beneficial for businesses, starving entrepreneurs and employees looking for more flexible working conditions.

3. Greater Investment in Infrastructure

The government in Hong Kong has recognized the need to invest in infrastructure if they want to compete with their rivals in Asia and beyond. This investment has included both public and private spends, with road networks and payment systems being greatly improved. This has allowed for smoother transportation and digital support for businesses, as well as for tourists looking to explore and access services in Hong Kong.

4. Drive for Sustainability

One other major change to emerge recently is the desire from Hong Kong to become one of the most sustainable cities in Asia, if not in the world. With new policies coming into play such as carbon neutrality plans, clean energy plans and charging taxes on vehicles that are damaging to the environment, Hong Kong is showing that it is serious about becoming not only economically strong but also responsibly constructed for generations to come.

5. Freer Financial Markets

Finally, another major benefit of the past decade has been an increase of free markets within Hong Kong. From cryptocurrency exchanges to businesses seeking angel investors, those operating within Hong Kong are now freer than ever before to operate with fewer regulations than ever before. Those businesses and investors have subsequently benefited from these changes, with booming trade and investments now becoming commonplace within Hong Kong and its traders.

In conclusion, while there have been both highs and lows over the last decade between 2010-2020, it can be seen that the economy in Hong Kong has evolved significantly over this period. From decreased poverty to free financial markets as well as improved sustainability solutions, Hong Kong is a good example for an economically strong city with plenty of opportunities for succeeding businesses. As changes continue over the next decade, it’s important to keep an eye on the economy of Hong Kong going forwards. For more information on the economy in Hong Kong you can check out this article from Investopedia.

An Insider’s Guide to Hong Kong

Hong Kong is a bustling metropolis in East Asia, nestled on the southeastern coast of China. Known as the ‘Pearl of the Orient’, Hong Kong is a melting pot of cultures, cuisines, and lifestyles. From the bustling streets of Tsim Sha Tsui to the towering skyline of Central, Hong Kong is a city that never sleeps. This insider’s guide will help you navigate some of the city’s must-visit attractions, map out the best dining hotspots, and offer some off-the-beaten-path suggestions to make your trip unforgettable.

Local Attractions

1. Victoria Peak: No visit to Hong Kong is complete without a trip to Victoria Peak. This iconic hilltop offers stunning panoramic views of the city’s skyline. Take the Peak Tram to the top and enjoy a leisurely stroll along the Peak Circle Walk.

2. Big Buddha: One of Hong Kong’s most famous landmarks, the Big Buddha sits atop Ngong Ping on Lantau Island. Visitors can climb the steps up to the Buddha or take a cable car, and explore the Po Lin Monastery at the base.

3. Star Ferry: The historic Star Ferry has been in operation for over 100 years, linking Hong Kong Island with Kowloon. Take a trip on this iconic ferry, which offers stunning views of the city’s skyline from the water.

Dining Hotspots

1. Tim Ho Wan: If you’re looking for authentic dim sum, head to Tim Ho Wan. This Michelin-starred restaurant offers some of the best dim sum in the city, at affordable prices.

2. Lung King Heen: For a truly luxurious dining experience, head to Lung King Heen, which boasts three Michelin stars. This restaurant offers an extensive menu of Cantonese cuisine, with impressive views over Victoria Harbor.

3. Gaddi’s: For classic French cuisine, head to Gaddi’s. This elegant restaurant oozes charm and sophistication, and offers a wonderful dining experience to remember.

Cultural Experiences

1. Hong Kong Museum of History: Dive deep into the city’s past at the Hong Kong Museum of History. This expansive museum tells the story of Hong Kong, from its earliest days as a fishing village to its contemporary status as a global financial hub.

2. Wong Tai Sin Temple: Hong Kong is also home to a number of important temples, including Wong Tai Sin Temple. Dedicated to the Taoist god of healing, this temple is a popular spot for locals and visitors alike.

Local History

1. The History of Hong Kong: Hong Kong has a rich and fascinating history, which shaped the city into what it is today. From its days as a British colony to its recent handover to China, there is much to explore in Hong Kong’s past.

2. The Opium War: Perhaps the most significant event in Hong Kong’s history was the Opium War, which saw the British Empire claim Hong Kong as a colony. Learn more about this pivotal moment in the city’s history and its impact on the region.

Off-The-Beaten-Path Suggestions

1. Tai O Fishing Village: Take a break from the city and head to Tai O Fishing Village on Lantau Island. This picturesque village is home to a traditional fishermen community, stilt houses, and markets.

2. Dragon’s Back Hike: For stunning views of the city’s skyline, take a hike along Dragon’s Back. This trail offers breathtaking vistas of the city, as well as the surrounding mountains and islands.

In conclusion, Hong Kong has plenty to offer for travelers seeking an authentic experience. From iconic landmarks, mouth-watering cuisine, and cultural hotspots to off-the-beaten-path attractions, Hong Kong has it all. Whatever draws you to this vibrant city, embrace it with open arms and an insatiable appetite for adventure.