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Comparing Singapore & Hong Kong

Comparing Singapore & Hong Kong. Singapore & Hong Kong. Area Singapore: 697 km 2 Hong Kong: 1,104 km 2 Population Singapore: 5.5 million median age 34 Hong Kong: 7.2 million median age 45. Singapore and Hong Kong. Each is separated from the mainland by a narrow waterway

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Comparing Singapore & Hong Kong

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  1. Comparing Singapore & Hong Kong

  2. Singapore & Hong Kong • Area • Singapore: 697 km2 • Hong Kong: 1,104 km2 • Population • Singapore: 5.5 million • median age 34 • Hong Kong: 7.2 million • median age 45

  3. Singapore and Hong Kong • Each is separated from the mainland by a narrow waterway • Singapore’s relationship with Malaysia has been volatile • brief merge in 1963-1965 • disputes about water delivery, islands, etc. • Hong Kong benefits from mainland China’s cheap labor and market

  4. Singapore and Hong Kong • Both are mostly ethnic Chinese societies • Singapore: 77% • Hong Kong: 94% • both had over 100 years of British rule • Singapore: 1819 - 1959 • Hong Kong: 1841 - 1997 • both were occupied by Japan • 1942 - 1945

  5. GDP (purchasing power parity) • Singapore: • Around US$332 billion • Ranked 40th in the world • per capita 7th in the world • Hong Kong: • Around US$376 billion • Ranked 35th in the world • per capita 13th in the world

  6. Singapore and Hong Kong • Both are newly industrialized economies • GDP composition: • Sector Singapore Hong Kong • agriculture 0% 0% • industry 27% 7% • service 73% 93%

  7. Singapore and Hong Kong • Exports: • Singapore: 13th in the world • Hong Kong: 11th in the world • 54% to mainland China • Imports: • Singapore: 13th in the world • Hong Kong: 9th in the world • 47% from mainland China

  8. Economic development • Singapore and Hong Kong • have achieved similar economic success • through very different economic approaches • path of economic development diverged after World War II • similar experience under British colonial rule • divergent political development after WWII • divergent economic models after 1960s

  9. Colonial legacies • Both became entry ports to mainland • both benefited from British management and technological expertise • both attracted inflow of Chinese emigrants • Chinese population in Singapore doubled in 1820s • Chinese population in Hong Kong quadrupled between the two World Wars

  10. Divergent paths after WWII • Singapore gained independence (1959) • Lee Kuan Yew’s People’s Action Party • economy grew at a slow pace in 1950s • still based on intermediary trade • boosted by the Korean War of 1950 - 1953

  11. Divergent paths after WWII • Hong Kong restructured its economy • population quadrupled 1945 - 1955 • large-scale relocation of capital, entrepreneurs, and assets from mainland China • trade embargo against mainland China after Korean War broke out actually benefited HK • relative political stability • popular political apathy

  12. Divergent development model • Singapore’s People’s Action Party • faced severe internal and external conflicts in 1960s • PAP became a elitist and paternalistic party • neo-Confucianism? • government intervention in the economy • drew up a state development plan

  13. Singapore’s development 1960s • New institutions • Economic Development Board • promote industrial development • Housing and Development Board • develop industrial estates • Development Bank of Singapore • provide industrial financing • Jurong Town Corporation • acquire, develop, and manage development sites

  14. Singapore’s development 1960s • Restructured from trading port to manufacturing base • government intervention to attract foreign investment • in labor market • in providing public housing • in improving educational facilities • in developing a social security system

  15. Singapore’s development 1960s • produced phenomenal economic growth • achieved full employment by early 1970s • ventured into high-tech, capital-intensive industries and high value-added services

  16. Hong Kong’s development • Hong Kong also enjoyed phenomenal economic success • rapid expansion in manufacturing in 1960s • industrial diversification in 1970s

  17. Hong Kong’s development • government’s laissez-faire principle • reactive, selective, & reluctant intervention • development of public housing • provide lower-middle-income families with access to home ownership • social expenditure & community development • development of human resources • intervention to maintain competitiveness

  18. Convergence since 1980s? • Singapore reconsidered its development strategy • economy diversified from manufacturing to financial and professional services • aims to surpass Hong Kong as an international center of finance & business HQ • government relaxed intervention in economy • free capital flows and foreign investment even after Asian Financial Crisis of 1997

  19. Convergence since 1980s? • Hong Kong government moved in the opposite direction • became more interventionist • to cope with the political uncertainty during the negotiations between PRC and UK • intervened in stock and currency market • has linked HK$ to US$ since 1983

  20. Convergence after crisis?

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