Ch 2: Hong Kong’s Economy and Industrial Structure

Learning Objectives

• Analyze the economic transformations of Hong Kong.

• Identify the characteristics of Hong Kong’s economy.

• Describe the development of the manufacturing sector of Hong Kong.

• Analyze various sectors of tertiary production in Hong Kong.

Entrepot

• A port where goods are received for

distribution.

Entrepreneur

• A person who starts and operates a

business.

Trade embargo

• A ban on trading with a country or region.

Export-oriented

• The majority of the products are sold in overseas markets and the industries produce what the consumers in overseas markets want.

Primary production

• It comprises agriculture, fisheries, mining

and quarrying.

Secondary production

• It comprises manufacturing, construction and

the supply of electricity, gas and water.

Tertiary production

• Tertiary production comprises the service sector:– Wholesale, retail and import/export trades,

restaurants and hotels– Transport, storage and communications– Financing, insurance, real estate and business

services– Community, social and personal services, and

ownership of premises

Import

• Imports include goods brought into a region

for domestic use or for subsequent re-

exportation.

Domestic exports

• They refer to the goods transmitted abroad.

Re-export

• They refer to goods which have been previously imported into a region which are then transmitted abroad without undergoing any manufacturing process.