Hong Kong's Hotel industry—the post-hand-over blues

Hong Kong's tourism industry collapsed around July 1997, shortly after the hand over to Chinese rule. When the Asian financial crisis hit, Hong Kong's investments in neighboring countries suffered. Thereafter the Heng Seng Index dropped 55 percent. Throughout the last quarter of 1997 Hong Kong's economic inhibitors—unemployment, business failures, and negative GDP—all pointed to a recession. Among Hong Kong's hotels, more than 1,750 jobs were lost from December 1997 to March 1998, and average room rates dropped below 1991 levels. Hong Kong's tourism crisis can be traced to: an imbalance between room supply and demand (caused by the inflated demand for office space), unfair hotel pricing to take advantage of Japanese tourists, ineffective national promotional campaigns, airline woes, and food-borne illnesses that scared away visitors. Economic recovery is likely to take several years, and is dependent on the recovery of the rest of the region's countries. In June 1998 Hong Kong produced an economic-stimulus package to stem the tide of decreasing land values and stimulate the money supply. Hoteliers can help by working together to ensure pricing stability. Coordination is also needed between the Hong Kong Tourist Association and the rest of the industry to set goals and objectives. Hospitality education and training need to focus on the current needs of the industry and on how to compete in the new market.     

The impact of China's WTO accession on Hong Kong textiles,clothing and its supporting industries

China's accession to the WTO and the ‘Agreement on Textiles and Clothing’ (ATC) which gradually ban the use of quota, will have profound impacts on the textile industry in China. This article attempts to examine such impacts on all textile firms of Hong Kong origin. It briefly examines the impact of WTO on the textile industries in general, the participation of Hong Kong based firms in China's textiles industry, and the competitors from foreign countries. It examines in detail the practice of obtaining Hong Kong quota for textile products that are made in the Mainland by Hong Kong firms. The article argues that there are positive and negative effects of China–s WTO accession for all textile firms of Hong Kong origin. It concludes that the shifting of the targeted market to high-end, high-value-added is the only way of survival for the textile firms of Hong Kong.     

Dirt of whitewashing: re-conceptualising debtors’ obligations in Chinese business by transplanting bankruptcy law to early British Hong Kong (1860s–1880s)

This article, drawing on a wide range of archived materials, and using one of the earliest sets of English business law imported to Hong Kong – the Bankruptcy Ordinance of 1864 – as a case study, argues that the transplantation of the English bankruptcy regime into early colonial Hong Kong was contrary to the business interests of both the European and Chinese communities and wrongfully displaced the traditional Chinese business norms and practices that had contributed to the health of the colonial economy prior to the regime's introduction. This article constitutes one of the first empirical studies to place English business law and its widely acknowledged contribution to the economy of early colonial Hong Kong under scrutiny. From the perspective of the relationship between English law and former British colonies’ development of business modernity, the findings presented herein contradict the readily accepted notion that English business law provided a solid legal infrastructure upon which colonial Hong Kong's prosperity and economic growth were built and call for more nuanced studies of the positive role of Chinese legal traditions in Hong Kong's development of business modernity in its early colonial period.     

Hong Kong after 1997: The question of sovereignty

Ever since British-Chinese negotiations over the return of Hong Kong began in 1982, there has been a dialogue of the deaf about Hong Kong's future, Overholt provides a thorough overview of the historical, political economic, social and legal issues regarding Hong Kong's transition and of China's self-interest in Hong Kong's major functions as an airlock, entrepot, financial center, regional headquarters and manufacturer. Through his careful discussion of the foreseeable problems, Overholt reaches the conclusion that hong Kong is “useful pretty much the way it is” to China and doesn't see China disturbing the balance.     

Business and the rule of law in Hong Kong

Hong Kong's fair efficient legal system is the bedrock of its economic success. The practice of Western law underpins Hong Kong's entire free, market by providing a level playing field, due process, protection of property right and legal contracts. Mr. Lee, the Democratric Party of Hong Kong, warns of the potential harmful impact of Chinese sovereignty in Hong Kong after 1997, particularly through corruption and nepotism.     

Hong Kong's development: prospects and possibilities

Hong Kong's economic emergence, development and current situation have been examined and analysed from a variery of perspectives, and its adaptative systems, entrepreneurship and human resources have been outlined in detail. A number of points and themes have emerged and these have implications for Hong Kong's prospects and possibilities. First, Hong Kong's internationally impressive economic record is under threat. Second, some of the factors and structures seen as growth inducing in the past are now viewed as inhibiting. Third, there is a need to develop alternative means of competing, which include production and human resource upgrading.     

Hong Kong as a complex adaptive system

In this contribution, the post-war economic development of Hong Kong is considered from a complexity theory perspective. It is argued that over the last 50 years Hong Kong has displayed many of the signature qualities of a complex adaptive system in its transformation from dusty entrepot port to the secondwealthiest Asian economy. Insights from theories of complexity are used to shed light on a range of empirical phenomena. In contrast with the orthodox laissez faire account of Hong Kong's ascendancy, a complexity based explanation can be used to account for the presence of endogenously induced systemic disruptions and does not discount the role of external intervention in those areas of the economy prone to escalating feedback.     

Executive opinions on Hong Kong: Point and counterpoint: The future looks bright for China and Hong Kong

The biggest debate about the future of Hong Kong is poised on whether China wil honor the 1984 Sino-British Joint Declaration or whether it will introduce corruption and over-regulation into Hong Kong's well-functioning Western economy. Fong,an appointee of the Hong Kong government, and Wilson, a longtime resident and employee of Western companies with offices in Hong Kong, briefly tackle both sides of the issue.     

The demand for business and management education in Hong Kong beyond 1997

In this contribution, the future market of business and management education in Hong Kong is investigated, bearing in mind that Hong Kong reverted to Chinese sovereignty. Hong Kong is expected to continue its prosperity, but the emigration of large numbers of Hong Kong professionals wanting to secure a safety net by acquiring a foreign passport has further created demands for better and more business and management education in an attempt to develop more professional managers. The study starts by discussing the current state of the Hong Kong economy and the phenomenon of the ‘brain drain’. In addition, it analyses a survey of the current state of business and management education in Hong Kong so that a market need can be identified to match economic growth. Finally, the study suggests a future research direction for Hong Kong's business and management education.     

Enter the dragon: Hong Kong's growing role in world finance

Hong Kong currently plays a crucial role in world finance, yet will it maintain its economic power under Chinese rule? Important in Hong Kong's current and future role are its stock market, the maintenance of a stable exchange rate, the maintenance of a stable exchange rate, the development of its capital and debt markets, the Basic Law that guarantees that the financial sector will remain intact after 1997 and a smooth financial synthesis between Hong Kong and China. Li describes the integral role of the Hong Kong government in these tasks and discusses his optimism for the future.     

Trends in international business thought and literature: One country,two currencies? Hong Kong's exchange-rate regime after 1997

A key factor in assessing the future of the Hong Kong dollar is whether China would, after 1997, take the drastic step of abolishing the Hong Kong dollar in favor of the Renminbi (RMB) as legal tender. While this possibility should not be discounted, our view is that a merger of the two currencies would only occur in the distant future when the RMB becomes fully convertible. This study argues that the status quo of the HK$-US$ link would be preserved at least until the turn of the century. A combination of factors, including the overriding need to maintain confidence and stability in Hong Kong, which is crucial for a smooth transition of sovereignty; the weak relationship between either imported or domestic-generated inflation and the exchange rate link; and the misconception that Hong Kong's export competitiveness has been undermined by an overvalued Hong Kong dollar would help to support the argument that other alternative regimes for the Hong Kong dollar exchange rate would not be feasible in the short run. These alternative regimes include changing to a floating rate     

Managing human resources in Hong Kong: 1997 and beyond

Financial transition is not Hong Kong's only concern after 1997. This paper examines issues that senior human resource management executives must address as Hong Kong's deadline approaches. Within Hong Kong's particular political context, Farh, Leung and Tse identify the major social and economic trends that directly affect the management of heman resources and discuss the key implications of these trends with regard to personnel planning, recruitment and selection, training and compensation.     

Introduction: Globalization and the Workplace in Pacific Asia

Hong Kong's economic successes are evident. As ever, the interpretation of this phenomenon at the level of politics, culture, human capital and business organization is less obvious, though a familiar list of the ‘usual suspects’ of ‘explanations’ has emerged. Hong Kong now faces new and renewed challenges which are linked to shifts in the industrial structure, emerging market demands and the interconnected upgrading of both production and human resources, in addition to the implications of reunification. Key themes of national competitiveness, deindustrialization and the upgrading of production facilities and human resources are all shown to be important, but also multi-layered and hazy concepts.     

The role of entrepÔt trade in the choice of a nominal anchor for Hong Kong

This paper adds a new perspective to the literature of monetary standard by establishing a link between re-exports and the choice of nominal anchor. The model developed is applied to address the controversy over the US dollar versus the renminbi as the nominal anchor for Hong Kong, in the context of its considerable amount of entrepÔt trade with the US and China. It is found that the distinct trade structure of the US-Hong Kong-China triangle significantly reduces Hong Kong's opportunity cost of choosing between the two currencies, its nominal anchor.     

From entrepot to entrepot via merchant manufacturing: adaptive mechanisms,organizational capabilities and the structure of the Hong Kong economy

The economy of Hong Kong has developed a mix of adaptation mechanisms which has yielded spectacular performance. In one part of the mix, small Chinese family businesses provide an ‘entrepreneurial’ adaptation mechanism which reacts quickly to price signals. Elsewhere ‘peak organizations’ with deep hierarchies have coordinated activities which involve scale and scope. This has led to the development of a particular and restricted set of organizational capabilities which are ill suited to the ‘technological upgrading’ strategies that are frequently recommended for Hong Kong manufacturing. It is unlikely that such upgrading will take place, or that Hong Kong will become a technological development centre for manufacturing industry in the People's Republic of China.     

金融科技背景下香港产业发展路径研究

在世界金融科技发展的背景下,香港作为世界三大金融中心之一,要想实现行业升级,需要解决自身经济结构的不合理性。从香港目前的发展状况来看,将金融科技高度融入到现有的支柱产业是关键所在。本文从香港前几次的行业转型升级历程入手,指出了之前香港产业结构升级的特点,分析了在新兴金融科技背景下,香港再次进行经济转型的必要性及趋势,由此探究出香港由金融中心演变为金融科技中心需要进行区域间的经济协作、强化政府宏观调控、加强技术创新并引入新兴技术以及推动科技产业集群化的路径选择。     

证券市场选择是否影响公司业绩与价值?--来自中国房地产行业的经验证据

企业在不同资本市场之间的选择往往是上市过程中一个重要决策。上市地点是否会影响其后续业绩表现以及价值？文章基于中国内地房地产企业数据的研究发现,在中国香港上市的企业比在中国内地上市的企业经营业绩更优,而两者在股市价值上并无显著差别。另外,在(中国)香港上市的房地产企业中,国有企业股市价值低于非国有企业;而在中国内地上市的房地产企业中,国有企业股市价值高于非国有企业。研究结果说明,证券市场完善的监管有利于降低代理人问题,提高企业经营业绩。     

出口贸易方式结构与产业结构实证分析——基于上海、香港的比较

基于2000年至2010年上海、香港主要的出口贸易方式,实证分析出口贸易方式对产业结构的影响,从实证结果中发现,香港的贸易方式结构对产业结构调整作用明显,上海则反之。其中,转口贸易促进了香港第三产业的发展;一般贸易则提高的第二产业的比重,但降低了第三产业的比重;加工贸易对两地产业结构的影响有限。     

香港工业政策变迁的理论分析——兼论对珠江三角洲地区工业政策转变的启示

目前,世界经济正处于后工业经济向知识经济转型的重要时期。在这一关键时期,如何最大程度地发挥工业在国民经济中的作用,对各国的经济发展与产业转型都具有决定性的影响,而工业经济的发展在很大程度上取决于一国工业政策的方向和内容。本文以20世纪80年代以来香港工业政策的变迁为例,探讨了工业政策在香港经济转型中的静态和动态影响,并通过对香港工业政策变迁经验的探讨,对我国珠江三角洲地区工业政策的未来发展方向和重心提出自己的几点看法。