Hong Kong Economic Trends and Government Role
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Questions and Answers

What is the primary aim of accelerating the growth of the innovation and technology ecosystem in Hong Kong?

To develop a diversified economy and catch up with the global economic trend.

How does the establishment of the New Industrialisation Development Office assist start-ups in Hong Kong?

It provides support and resources that help start-ups navigate challenges and promote their growth.

What are the key objectives of the Greater Bay Area development?

The objectives include deepening cooperation among Guangdong, Hong Kong, and Macao, leveraging their composite advantages, and promoting coordinated regional economic development.

What is the purpose of publishing the Action Agenda for the Northern Metropolis?

<p>To deepen economic cooperation and integration with the mainland.</p> Signup and view all the answers

What is the total area of the Greater Bay Area in square kilometers?

<p>The total area is around 56,000 km².</p> Signup and view all the answers

Identify one of the 'eight centres' mentioned in the policies aimed at sustaining Hong Kong's competitiveness.

<p>International Innovation and Technology Centre.</p> Signup and view all the answers

How many people approximately live in the Greater Bay Area?

<p>The total population is over 86 million.</p> Signup and view all the answers

Explain the significance of enhancing Hong Kong's Intellectual Property Trading Centre.

<p>It provides resources that support innovation and protects the intellectual property rights of creators and innovators.</p> Signup and view all the answers

What was the GDP of the Greater Bay Area in 2020?

<p>The GDP was USD 1,668.8 billion.</p> Signup and view all the answers

Why is the Greater Bay Area considered significant in the country's development blueprint?

<p>It is seen as a key strategic planning area for innovation-driven development and reform and opening-up.</p> Signup and view all the answers

What was the GDP growth rate of Hong Kong in 2007?

<p>10%</p> Signup and view all the answers

In which year did Hong Kong experience negative GDP growth, and what was the rate?

<p>2009, -3%</p> Signup and view all the answers

What role does the Hong Kong Government play in stabilizing the economy?

<p>The government implements fiscal policies and interventions.</p> Signup and view all the answers

How does the unemployment rate relate to the economic performance of Hong Kong?

<p>Typically, a lower unemployment rate corresponds with higher economic performance.</p> Signup and view all the answers

What was the range of GDP growth rates experienced by Hong Kong between 2004 and 2017?

<p>Fluctuated between 4% and 10%.</p> Signup and view all the answers

Name one key event that significantly impacted Hong Kong's economy.

<p>SARS outbreak.</p> Signup and view all the answers

What is the future focus of Hong Kong's economic competitiveness?

<p>Developing a knowledge-based economy.</p> Signup and view all the answers

What impact did the Asian Financial Crisis have on Hong Kong's economy?

<p>It led to economic downturns and increased scrutiny on economic policies.</p> Signup and view all the answers

What is the relationship between Real GDP growth rate and economic performance?

<p>A higher Real GDP growth rate indicates better economic performance.</p> Signup and view all the answers

How does the unemployment rate relate to economic performance?

<p>A lower unemployment rate signifies better economic performance.</p> Signup and view all the answers

What key event occurred in 2003 that negatively impacted Hong Kong's economy?

<p>The outbreak of SARS occurred in 2003.</p> Signup and view all the answers

What were two major factors leading to the economic recession from 2019 to 2022?

<p>The social movement and the COVID-19 pandemic negatively affected the economy.</p> Signup and view all the answers

Why is Hong Kong's economic performance sensitive to foreign affairs?

<p>Hong Kong's economy is heavily reliant on global trade and investment.</p> Signup and view all the answers

Name one impact of economic recession on the material quality of life in Hong Kong.

<p>It leads to less business and job opportunities.</p> Signup and view all the answers

What is one way the Hong Kong government can develop the economy?

<p>By providing a favorable business environment.</p> Signup and view all the answers

What monetary and financial responsibilities does the HKSAR government hold according to Article 119?

<p>The HKSAR government is responsible for formulating monetary and financial policies, and regulating and supervising financial businesses and markets according to law.</p> Signup and view all the answers

What was the purpose of the Closer Economic Partnership Arrangement (CEPA) introduced in 2003?

<p>CEPA aimed to foster trade between Hong Kong and mainland China.</p> Signup and view all the answers

How did the Individual Visit Scheme contribute to Hong Kong's economy between 2003 and 2009?

<p>The Individual Visit Scheme allowed more mainland tourists to visit Hong Kong, boosting the local economy.</p> Signup and view all the answers

Name a policy initiated in 2021 to promote economic recovery in Hong Kong.

<p>The Consumption Voucher Scheme.</p> Signup and view all the answers

Identify one of Hong Kong's major competitors in the region.

<p>Singapore.</p> Signup and view all the answers

What is a suggestion for enhancing Hong Kong's competitiveness, according to the provided framework?

<p>The Hong Kong Government can invest in innovative technologies in order to attract global businesses and talent.</p> Signup and view all the answers

What role does environmental protection play in the HKSAR government's economic policies?

<p>The HKSAR government considers environmental protection when formulating economic policies.</p> Signup and view all the answers

What industries does the HKSAR government coordinate the development of?

<p>Manufacturing, commerce, tourism, real estate, transport, public utilities, services, agriculture, and fisheries.</p> Signup and view all the answers

Flashcards

GDP Growth Rate

The percentage change in the value of all goods and services produced in a country over a period of time.

Hong Kong's GDP Growth Rate

Hong Kong's GDP growth rate has been positive in most years since 2004, with fluctuations between 4% and 10%.

Unemployment Rate

The percentage of the labor force that is unemployed and actively seeking work.

Real GDP Percentage Change

The change in the value of goods and services produced, adjusted for inflation.

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Economic Performance

The overall health and state of a country's economy.

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Relationship Between Unemployment Rate and GDP Growth

Generally, a lower unemployment rate is associated with a higher GDP growth rate.

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Relationship Between Real GDP Percentage Change and Economic Performance

A positive real GDP percentage change indicates strong economic performance, while a negative change suggests a weakening economy.

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What affects Hong Kong's economic performance?

Various factors, including unemployment rate, real GDP percentage change, and external events like global economic crises or natural disasters.

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CEPA

The Closer Economic Partnership Arrangement, a trade agreement fostering economic ties between Hong Kong and mainland China.

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Individual Visit Scheme

A policy allowing mainland residents to visit Hong Kong individually, boosting tourism.

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Consumption Voucher Scheme

A government program providing financial assistance to Hong Kong residents to stimulate spending and boost the economy.

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Enhance competitiveness

Improving Hong Kong's ability to compete effectively in the global market by making it more attractive to businesses and investors.

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Sustain economic growth

Maintaining a steady increase in Hong Kong's economic output over time, ensuring long-term prosperity.

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Major competitors

Other economies or regions that Hong Kong must compete with for businesses, investment, and talent.

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Topic sentence

A sentence that introduces the main point of a suggestion, outlining the stakeholder, proposed solution, and intended outcome.

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Stakeholder

The entity making the suggestion, such as the Hong Kong Government.

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Positively Related

Economic performance improves as Real GDP growth rate increases.

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Negatively Related

Economic performance improves as the unemployment rate decreases.

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Economic Recession

A significant decline in economic activity characterized by a decrease in Real GDP, rising unemployment, and reduced consumer spending.

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Financial Tsunami (2008-09)

A global financial crisis triggered by the collapse of the U.S. housing market, leading to a worldwide recession.

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Hong Kong's Economy and Foreign Affairs

Hong Kong's economic performance is heavily influenced by global events and international relations due to its status as an international financial center.

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Economic Recession Impact on Quality of Life

Recession negatively impacts material and non-material aspects of life. It leads to decreased job opportunities, reduced purchasing power, increased unemployment, stress, and family disputes due to financial strain.

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Stabilize the Economy

The government's role in maintaining economic stability through measures like financial regulations and fiscal policies to minimize economic fluctuations.

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Develop the Economy

Government initiatives that encourage economic growth, including setting development directions, creating a favorable business environment, and fostering talent.

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HK's Economic Competitiveness

Hong Kong's ability to compete economically with other regions in the world, measured by factors like productivity, innovation, and business environment.

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Innovation and Technology (I&T) Ecosystem

A network of interconnected elements, including companies, research institutions, and government support, that promote the development and application of new technologies.

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Northern Metropolis

A new development zone in Hong Kong, focused on innovation, technology, and closer integration with Shenzhen and the Greater Bay Area.

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"Eight Centres"

Strategic areas of expertise that Hong Kong aims to develop, including international innovation, technology, and legal services, as outlined in China's 14th Five-Year Plan.

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Deepening Economic Cooperation

Strengthening economic ties and collaboration between Hong Kong and the mainland, particularly in areas like trade, investment, and infrastructure.

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Greater Bay Area

A region encompassing Hong Kong, Macao, and nine cities in Guangdong Province, aiming to become a world-class economic hub.

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Composite Advantages

The combined strengths of the three regions (Hong Kong, Macao, Guangdong) that make up the Greater Bay Area, such as finance, technology, and manufacturing.

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Why is the Greater Bay Area important?

It's a key strategic plan for China's development, focusing on innovation and economic growth while fostering deeper cooperation between Hong Kong, Macao, and Guangdong.

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Key Objectives of the Greater Bay Area

To promote deeper cooperation among the three regions, leverage their strengths, integrate their economies, and achieve coordinated development.

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Ideal for living, working, and travelling?

The Greater Bay Area aims to become an international-class region, offering a high quality of life, attractive job opportunities, and seamless travel experiences.

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Study Notes

Hong Kong Economic Ups and Downs

  • Hong Kong's economic performance has fluctuated throughout the years
  • Economic growth has not been consistent, with periods of positive growth alternating with slower or negative growth.
  • Key events affecting Hong Kong's economy include the 1997 financial crisis, the 2003 SARS outbreak, the 2008-09 financial tsunami, and the 2019-2022 social unrest and COVID-19 pandemic.

Role of Government

  • The Hong Kong government plays a role in stabilizing and developing the economy
  • The government sets up a comprehensive financial regulatory framework.
  • The government carries out fiscal policies to support the economy.
  • The government directs economic development by creating a favorable business environment.
  • Key policies include the Consumption Voucher Scheme, the Closer Economic Partnership Arrangement (CEPA), and the Individual Visit Scheme.

Economic Performance

  • Hong Kong has recorded periods of strong positive GDP growth, reaching over 10% in 2007.
  • Unemployment rates and the percentage change in Real GDP are related to economic performance.
  • Higher GDP growth generally corresponds to better economic performance; lower unemployment rates also correlate to better economic performance.

Competitiveness and Future Growth

  • Hong Kong strives to enhance competitiveness and sustain economic growth.
  • The study highlights Hong Kong's competitiveness relative to Singapore based on affordability, lifestyle, and other factors.
  • Policies like promoting innovation and technology, as well as economic cooperation with mainland China, aim at strengthening Hong Kong's economic position in the future.
  • The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is a key strategic initiative for economic development.

Transportation Infrastructure

  • The Hong Kong section of the XRL (Express Rail Link) connects to the mainland high-speed rail network.
  • The HZMB (Hong Kong-Zhuhai-Macao Bridge) facilitates travel and trade between Hong Kong, Zhuhai and Macao.
  • These infrastructure projects reduce travel times and facilitate economic activity.

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Hong Kong Economic Ups & Downs (F.2 Life & Society) PDF

Description

This quiz explores the fluctuations in Hong Kong's economy over the years, detailing significant events that have impacted economic performance. It also examines the government's role in stabilizing the economy through various policies and strategies. Test your knowledge of these critical economic concepts and historical occurrences.

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