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

Munsang College Name: ___________________________ ( ) F.2 Life & Society Class: _______________ 2024-2025 F.2 Life and Society...

Munsang College Name: ___________________________ ( ) F.2 Life & Society Class: _______________ 2024-2025 F.2 Life and Society Chapter 3 Hong Kong Economic Ups and Downs and Role of Government in Economic Development (Textbook: Topic 4 Economic performance in Hong Kong P.1-8, 14-30) Learning objectives  Understand the economic ups and downs of Hong Kong  Understand the events affecting the economic performance of Hong Kong  Identify the role of the Hong Kong Government in stabilizing and developing the economy  Discuss how Hong Kong can maintain our future economic competitiveness Key concepts: Individual Visit Global Financial Asian Financial SARS outbreak Closer Economic Scheme Tsunami Crisis Partnership Arrangement (CEPA) Externally-oriented Fiscal policies Government Sustainable economic Future Economy intervention development competitiveness Knowledge-based Greater Bay Area Economic economy and six integration new industries 1 Munsang College Name: ___________________________ ( ) F.2 Life & Society Class: _______________ 2024-2025 A. Economic Ups and Downs of Hong Kong (P.1-9) Textbook P.1 1. Describe the growth rate of GDP of Hong Kong from 2004 to 2017 Hong Kong records positive GDP growth in most years, except 2009 (-3%). The economic growth was the fastest in 2007 with the GDP growth rate at 10%. The GDP growth rate fluctuates between 4%-10%. Textbook P.5 2. What is the relationship between unemployment rate, Real GDP percentage change and the economic performance of Hong Kong? Positively-related: The higher the Real GDP growth rate, the better the economic performance Negatively-related: The lower the unemployment rate, the better the economic performance 3. What are the events / reasons leading to the economic recession in the previous 25 years? (Textbook: P.6-7) Year Events / Reasons (-ve) 1997 2003 Outbreak of SARS 2008-09 Financial Tsunami 2019-2022 Social Movement and COVID-19 pandemic 4. Why is Hong Kong economic performance greatly affected by foreign affairs and events? 2 Munsang College Name: ___________________________ ( ) F.2 Life & Society Class: _______________ 2024-2025 5. How would economic recession affect the quality of life of Hong Kong citizens? Aspects Impact Material life / Less business / job opportunities; less purchasing power / increasing unemployment rate economic QoL Non-material life / Stress level (jobless; uncertain towards the future); Family dispute (argument with family social QoL members related to financial situation) Pre-lesson: What could be done to speed up the economic recovery in times of economic recession? Who should play the important role in facilitating the economic recovery / development? --------------------------------------------------------------------- B. Role of the Hong Kong Government in stabilizing and developing the economy (Textbook P. 88-90) 1. Stabilise the economic i. Set up a comprehensive financial regulatory framework ii. Carry out suitable fiscal policies 2. Develop the economy i. Set direction for economic development ii. Provide a favourable business environment iii. Nurture talents Additional information: Role of HKSAR government in stabilizing and developing the economy as stated in the Basic Law (Article 105-119) Examples: Article 109 The Government of the Hong Kong Special Administrative Region shall provide an appropriate economic and legal environment for the maintenance of the status of Hong Kong as an international financial centre. Article 110 The monetary and financial systems of the Hong Kong Special Administrative Region shall be prescribed by law. The Government of the Hong Kong Special Administrative Region shall, on its own, formulate monetary and financial policies, safeguard the free operation of financial business and financial markets, and regulate and supervise them in accordance with law. Article 119 The Government of the Hong Kong Special Administrative Region shall formulate appropriate policies to promote and co-ordinate the development of various trades such as manufacturing, commerce, tourism, real estate, transport, public utilities, services, agriculture and fisheries, and pay regard to the protection of the environment. 3 Munsang College Name: ___________________________ ( ) F.2 Life & Society Class: _______________ 2024-2025 What has the HKSAR government done to boost the economic development of Hong Kong in times of economic recession? (Textbook P.7) Year Policies 2003 The Closer Economic Partnership Arrangement (CEPA)  fostering trade with mainland China 2003-2009 Individual Visit Scheme  mainland tourist visiting Hong Kong 2021 Consumption Voucher Scheme --------------------------------------------------------------------- C. How can Hong Kong enhance our competitiveness and sustain economic growth in the future? (Textbook P.94-104) 4 Munsang College Name: ___________________________ ( ) F.2 Life & Society Class: _______________ 2024-2025 Who are the major competitors of Hong Kong? If you were the major government official, what would you propose to enhance our competitiveness and sustain economic growth in the future? Exam Skills – Making suggestion: Topic sentence: (1) stakeholder + (2) point out the suggestion + (3) aim e.g. The Hong Kong Government can ________________________________________________________ in order to _________________________________________________________________________. Elaboration: (1) Use of sources + (2) details of the suggestion + (3)explain how the suggestion can achieve the result Make use of 6Ws (W___, W___, W___, W___, W___, H___) to enrich the elaboration 5 Munsang College Name: ___________________________ ( ) F.2 Life & Society Class: _______________ 2024-2025 Recent policies in enhancing the economic competitiveness of Hong Kong: Examples from the Policy address 2023: Policies Aim Accelerate growth of the innovation and technology To develop a diversified economy and catch up with (I&T) ecosystem by establishing the Hong Kong the global economic trend. Microelectronics Research and Development (R&D) Institute, setting up a New Industrialisation Development Office to assist start-ups. Publish the Action Agenda for the Northern To deepen the economic cooperation and integration Metropolis, including high-end professional services with the mainland. and logistics hub, I&T zone, boundary commerce and industry zone and blue and green recreation, tourism and conservation circle, that integrates deeply with the planning of Shenzhen and other Greater Bay Area cities. Enhance Hong Kong's development of “eight centres”, To consolidate the role of Hong Kong in the long- such as International Innovation and Technology term development the mainland. Centre, Regional Intellectual Property Trading Centre and Centre for International Legal and Dispute Resolution Services in the Asia-Pacific Region, as outlined in the 14th Five-Year Plan, providing impetus for sustaining our competitiveness and economic growth. Additional information about Greater Bay Area 6 Munsang College Name: ___________________________ ( ) F.2 Life & Society Class: _______________ 2024-2025 The Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area) comprises the two Special Administrative Regions of Hong Kong and Macao, and the nine municipalities of Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing in Guangdong Province. The total area is around 56 000 km2. Based on the latest figures provided by the Guangdong Province, the Hong Kong Special Administrative Region Government (SARG) and the Macao SARG, the total population in the Greater Bay Area is over 86 million and the GDP is USD 1,668.8 billion in 2020. The development of the Greater Bay Area is accorded the status of key strategic planning in the country's development blueprint, having great significance in the country's implementation of innovation-driven development and commitment to reform and opening-up. The objectives are to further deepen cooperation amongst Guangdong, Hong Kong and Macao, fully leverage the composite advantages of the three places, facilitate in-depth integration within the region, and promote coordinated regional economic development, with a view to developing an international first-class bay area ideal for living, working and travelling. 7 Munsang College Name: ___________________________ ( ) F.2 Life & Society Class: _______________ 2024-2025 8