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Hong Kong’s Business and Financial Hub Development: Factors, Challenges, and Policy Implications
2017-02-06 11:59:00

IGI | Inside Global Issues

Working Paper No. 201705 
February 4, 2017

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Hong Kong’s Business and Financial Hub Development:

Factors, Challenges, and Policy Implications

Chunding LI, Yan DONG and Hang JIN

 

Abstract

This chapter comprehensively analyzes how Hong Kong developed to be a business and financial center, and its experience and implications. We come through the development history of Hong Kong to get a general idea of its development process. Key factors for Hong Kong’s success include innovation and technology policies, industry promotion policies, free trade and free capital flow business environment, liberal and noninterventionist policy, well-established legal system, low taxation system, sophisticated physical infrastructure, educated workforce and professional talent, and close economic relations with mainland China. Innovation and industry policies are the most important factors. Hong Kong still faces challenges such as regional competition, changing trade mode, and comparatively slow economic growth. The main lessons learned from Hong Kong’s development include innovation-led growth mechanism, free market environment, a sound legal system, and effective regulation policies. We discuss policy implications in the last part of the chapter.
Keywords: Hong Kong, Business Center, Financial Center
JEL Classification: G15, F23, G10

 

1. Introduction

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2. Profile of Hong Kong’s Business and Financial Hub

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3. Hong Kong Financial Sector’s Development History

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4. Key Factors for Success

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5. Challenges Regarding Continued Success

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6. Key Lessons Learned

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7. Policy Implications

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