Lessons of East Asia: Hong Kong. A Unique Case of Development

摘要

During 1961-81, economic growth was faster in Hong Kong than in any other Asian country. Political uncertainties led to a slowdown in the 1980s but the increase in GDP still averaged more than 6 percent per year. Unemployment was eliminated by the end of the 1950s and the territory now suffers from a labor shortage. Initially, economic expansion was driven by the growth of labor-intensive manufactured exports, and textiles in particular. Hong Kong's development strategy is notable for three main features: an open economy, small government and non-intervention. Government has seen its primary role as providing public services and infrastructure and guaranteeing a stable macroeconomic environment. There is no central bank in Hong Kong and, for the most part, monetary policy has been used to maintain a fixed exchange rate rather than as a tool of demand management. There has been little attempt by the state to guide the direction of Hong Kong's industrial development. (Copyright (c) 1993 The International Bank for Reconstruction and Development/The World Bank.)