استراتژی اقتصادی برای هنگ کنگ SAR: شواهدی از بهره وری و تجزیه و تحلیل هزینه

By using a growth accounting framework for the period 1980–2000, this paper estimates Hong Kong's total factor productivity and unit labor cost of twenty industries classified into three economic sectors of tradable goods, tradable services and non-tradable services. The results show that Hong Kong's total factor productivity has fallen in the 1990s. The competitiveness of the three sectors of tradable goods, tradable services and non-tradable services has increased, remained unchanged and declined, respectively in the last two decades. Policy recommendation for Hong Kong will be to aim for a supply-drive strategy so as to broaden the economic base.

After becoming a British colony in 1842, Hong Kong became an important trading and re-export hub. Over the years, Hong Kong had acted as a “shelter” receiving a large number of natives fleeing from Mainland China in pursuit of political stability and economic opportunities. Hong Kong's economic openness and desire to attain economic security enabled Hong Kong to supply goods and services to the rest of the world. The rise in income and demand was the result of the successful outcome of the supply-driven economic strategy.

The author is indebted to the referees, Manoranjan Dutta, Francis Lui and Hiroyuki Imai for their comments on the earlier draft, participants in the Hong Kong Economic Association biannual conference in December 2002 and Eric Kwok for his research assistance. Funding support from the APEC Study Center and the Research Center for International Economics of the City University of Hong Kong is gratefully acknowledged. The author is responsible for all remaining errors.