The Economic Boom of Hong Kong Continues After British Handover

Hong Kong

After my plane lands in Hong Kong, I catch a taxi from the airport.  The driver talking very fast asks for my destination then stomps on the gas and takes off barely allowing me time to close the passenger door. He then proceeds to continue with his conversation on his portable phone apparently with his stock broker discussing stocks that he wants to buy and sell. His speech is very rapid and his tone is authoritative in a combination of Chinese and English. Just another day in Hong Kong where the people do not live just to survive, but they work very hard to prosper.

Hong Kong

Hong Kong

Hong Kong is about making money and making it very quickly. Time is money and because of the extreme competition and limited space on the island the residents are mentally sharp as nails and make every second and movement count. There are very few time wasters, day dreamers and slackers here. The society is an extremely efficient, finely tuned money making colossal machine. A time and motion engineer would be amazed at the mental focus and get the things done in the most productive and economically fashion way possible attitude of the Hong Kong people.

Hong Kong

Hong Kong

In 1997 the British after controlling and helping to facilitate the amazing growth of Hong Kong handed back the territory to the Chinese. The watchful eye of the British was over and the Chinese took back their long awaited claim to Hong Kong. At the time, there were some worldwide hesitancy and concern that the Chinese government may clamp down and rain on the long standing economic parade, but as these two statistics illustrate Hong Kong is continuing to steamroll forward economically since the 1997 handover to the Chinese Government.

  1. According to Heritage.org Hong Kong has the highest economic freedom score of all the countries in the world. That score is 90.1 as of 2013!  As one can see by this statistic the Chinese have basically taken a step back and allowed the financial train to keep humming along.
  2. Theodora.com a fantastic site displaying 30 years of CIA factbook data states the 1994 estimated GDP for Hong Kong as $136 Billion.
  1. The CIA factbook estimated the GDP for 2013 at $381 Billion. There has been a tremendous increase in the GDP of Hong Kong during the period since the British handover to the Chinese.

The entrepreneurial people of Hong Kong have also been able to capitalize on the amazing mainland China rocket like growth. Relationships and an understanding of the culture and how to do business with mainland China has given the quick witted Hong Kong businessperson an edge in trading with the mainland Chinese over outsiders. Further, the banking sector also has remained very strong since the 1997 turnover. According to the Hong Kong Monetary Authority 76 out of 100 of the largest banks in the world have locations in Hong Kong. The limited amount of land on the island also makes property scarce and very valuable. The financial sector, global corporate offices space needs and the wealth of the people living in Hong Kong also put upward pressure on real estate values. In conclusion, the 1997 turnover of Hong Kong from the British to the Chinese has not affected the continued economic growth of the island and the Chinese have essentially not only allowed Hong Kong to continue its extraordinary economic growth, but have also encouraged the economy to prosper.

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