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The Future of Hong Kongs Economy According to the May 5 edition of the Hong Kong Standard the future Chief Executive of Hong Kong may be committed to the development of Hong Kong as a high-technology manufacturing center the Special Administrative Region SAR government will provide the funding for hi-tech ventures and even the Chinese government is designating Hong Kong and Shenzhen as the next Silicon Valley The Future of Hong Kongs Economy These aspirations offer a romantic vision fitting for an historic moment They are also misinformed and misguided If significant resources were devoted to this approach they would have to come from the taxpayers pocket and the consequence could be an end to the low-tax environment in which small business has thrived Hong Kongs Economy The purpose of this paper therefore is to add a dose of realism to the presented in the Hong Kong article To be blunt Hong Kong does not need high-technology manufacturing and if it did the territorys economic system would be unable to implement such a radical change of direction According to the another Hong Kong Standard article on May11 Hong Kongs way the economists who argue for the hi-tech manufacturing route to the future have failed to understand the role of structural change and technological development in Hong Kongs economic growth They have missed the real nature of the citys superlative economic achievement and they are advocating a strategy which has little prospect of success This may seem contraries amid the current enthusiasm for new technology but the evidence supports it and this paper will try to explain why My experience living in Hong Kong has taught me that Hong Kong currently lags behind other East Asian countries like Japan and Taiwan in respect to technological progress The Governor of Hong Kong thinks that Hong Kong needs to catch up technologically with these other East Asian countries Taiwan South Korea and especially Singapore are
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