Hong Kong Economy Week 2.pdf - DIGS052 Hong Kong Economy...

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DIGS052 Hong Kong Economy Week 2
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Lecture Overview Chinese Economic Reforms Impact of Chinese economic reforms on Hong Kong Closer Economic Partnership Agreement (CEPA)
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What are economic reforms? “reform” = to make changes; to improve; to make better; to correct; to refine; to mend Economic reform: policies that aim to improve the economy
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Deng Xiaoping 1904-1997 Deng Xiaoping was the “paramount leader” of China from 1978 to 1989 Credited with developing China into one of the fastest growing economies in the world and raising the standard of living for Chinese citizens
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Deng Xiaoping’s Impact on China’s GDP China’s GDP increased substantially from 1979 “ Poverty is not socialism. To get rich is glorious” – Deng Xiaoping
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Differences between Capitalist and Socialist Economies Basis of Difference Capitalist Economy Socialist Economy Beliefs Competition brings out the best in people Cooperation is the best way for people to coexist Wealth (How do people earn their income) Everyone works for their own wealth some people are richer than others Everyone works and equally shares the wealth (regardless of how hard you work) Resources Ownership Privately owned resources can be owned by individuals State owned resources are owned by the government
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Differences between Capitalist and Socialist Economies Basis of Difference Capitalist Economy Socialist Economy Market Scenario (How the market works) Everyone faces the same market conditions Government owned resources are protected and have more benefits Employee’s Motivation (How motivated workers are) High the harder you work, the more you will get Low regardless of how hard you work, you will receive the same as everyone else Government interference (how much the government is involved) Only in certain situations (i.e. if laws have been broken) Fully involved (making rules about how things should be done)
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Expanding economies are usually a result of capitalist ideals.
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  • Fall '16
  • amy

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