Competitiveness of the Hong Kong economy
Document Type
Journal article
Source Publication
China Economic Review
Publication Date
9-1-2009
Volume
20
Issue
3
First Page
573
Last Page
586
Keywords
Competitiveness, Dynamic shift shares, Productivity, Unit labour cost
Abstract
Our assessment of the competitiveness of the Hong Kong economy from various perspectives indicates that the overall competitiveness of Hong Kong economy has been improving during the past several years. However, from a longer term historical perspective, there are still a number of areas in which Hong Kong's competitiveness has been eroded relative to her main competitors in East Asia, especially in export sector. On the aggregate level, although Hong Kong's total factor productivity (TFP) growth rate is amongst the best performers in East Asia in the recent years, it has been adversely affected by the continuing relocation of Hong Kong's manufacturing production to the Mainland China. On sectorial levels, Hong Kong's competitiveness deteriorated in several important categories of goods and service exports. Overall, our study shows that the Hong Kong economy still maintains its resilience to outside shocks, nevertheless it needs to explore new areas to fuel its future growth.
DOI
10.1016/j.chieco.2009.04.005
Print ISSN
1043951X
E-ISSN
18737781
Publisher Statement
Copyright © 2009 Elsevier Inc
Access to external full text or publisher's version may require subscription.
Full-text Version
Publisher’s Version
Language
English
Recommended Citation
Li, H., Wei, X., & Xie, D. (2009). Competitiveness of the Hong Kong economy. China Economic Review, 20(3), 573-586. doi: 10.1016/j.chieco.2009.04.005