Economic Development of Hong Kong

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Questions and Answers

What is the primary factor contributing to the decline in the labour force participation rate in Hong Kong?

Increase in the female population

Natural population growth

Continuing ageing trend in the population (correct)

Government policies

What is the percentage of employed population in the labour force in Hong Kong in 1997?

90.5%

97.5%

99.5%

98.7% (correct)

What is the reason for the high unemployment rate among young people in Hong Kong?

Limited job opportunities

Lack of work experience (correct)

Low demand for labour

High education level

What is the labour force population rate of female in Hong Kong compared to male?

Lower than male Signup and view all the answers

What is the trend of the labour force participation rate in Hong Kong from 1986 to 2019?

Gradually decreased Signup and view all the answers

What is the result of good economic performance on the labour market in Hong Kong?

Increase in labour demand Signup and view all the answers

What is the definition of the labour force in Hong Kong?

Aged 15 and over, having working ability or working for payment or profit Signup and view all the answers

What is the calculation formula for the employment rate in Hong Kong?

Employed population / labour force * 100% Signup and view all the answers

What was the main reason for Hong Kong's economy to focus on manufacturing since 1950?

The embargo on China by European countries and the United States Signup and view all the answers

What type of workers were required in the development of manufacturing industry in Hong Kong since 1950?

Low-skilled and hard-working workers Signup and view all the answers

What led to the shift of Hong Kong's economy from manufacturing to service industry in the early 1980s?

High production costs in Hong Kong Signup and view all the answers

What is a characteristic of the labour force in the fields of transport, catering and storage since 1980?

Work experience and communication skills are more important Signup and view all the answers

What is the current direction of Hong Kong's economy since 1997?

From a service economy to a knowledge economy Signup and view all the answers

What is the main focus of the government's efforts in promoting economic development since 1997?

Development of high value-added economic activities Signup and view all the answers

What is the term for people who are willing and able to engage in economic activities?

Economically active population Signup and view all the answers

What is the characteristic of people who are economically inactive?

They have no intention or ability to participate in economic activities Signup and view all the answers

Study Notes

Transformation of Labour Demand in Hong Kong

Late 1940s: Large influx of Mainlanders into Hong Kong due to the Chinese Civil War, providing adequate capital and labour.
Before 1950: Hong Kong was an entrepot trade centre.
1950: Outbreak of the Korean War led to an embargo on China by European countries and the US, badly hitting Hong Kong's entrepot trade, leading to the first economic restructuring.

First Economic Restructuring

Since 1950: Hong Kong's economy focused on manufacturing, with a large number of low-skilled and hard-working workers, not requiring high education and skills.

Second Economic Restructuring

Early 1980s: High production costs in Hong Kong led to a shift from manufacturing to the service industry, with a need for talents in finance, accounting, business administration, trade, and law, requiring higher education and skills.

Labour Demand in Hong Kong

Since 1980: Labour demand increased in transport, catering, and storage, with work experience and communication skills being more important.

Third Economic Restructuring

Since 1997: Hong Kong transformed from a service economy to a knowledge economy, promoting high-value-added economic activities, innovation, and technology industry, and the Four Pillar Industries.

Labour Force in Hong Kong

Economically active population: People aged 15 and over, willing and able to engage in economic activities, including employed and unemployed.
Economically inactive population: People aged less than 15, or those who have no intention or ability to participate in economic activities, such as homemakers and retirees.

Labour Force Participation Rate

Labour force participation rate: Proportion of labour force in the population aged 15 and over, calculated by labour force ÷ all people aged 15 or over × 100%.
Situation in HK: Labour force increased from 3.23 million (1997) to 3.97 million (2019), with a gradual decrease in participation rate from 65.1% (1986) to 60.6% (2019), affected by the changing population structure, including ageing and increase in female population.

Employment Rate and Unemployment Rate

Employment rate: Percentage of employed population in the labour force, calculated by employed population ÷ labour force × 100%.
Unemployment rate: Percentage of unemployed population in the labour force, calculated by unemployed population ÷ labour force × 100%.
Situation in HK: Employment rate was 98.7% (1997) during economic prosperity, while unemployment rate is closely related to economic performance, with good economic performance leading to decreased unemployment rate and vice versa.

Characteristics of Employed and Unemployed Population

Employed population: Aged 15 and over, working for payment or profit, having formal jobs, such as self-employed persons, employers, employees, and apprentices.
Unemployed population: Aged 15 and over, having working ability, not currently engaged in any work for payment or profit, and seeking jobs.

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Description

This quiz covers the transformation of labor demand in Hong Kong, from the late 1940s to 1950, including the impact of the Chinese Civil War and the Korean War on the economy.