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Confidence is important in crisis slow and painful

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Unformatted text preview: ange Rate System No capital controls, linked rate can avoid huge fluctuation of currency. Confidence is important in crisis. Slow and painful adjustment to regain competitiveness. Financial Centre: stable and open economy can attract the Chinese enterprises to raise fund. Knowledge-based economy HK has no alternative but to become a knowledge-based economy from manual economy. However, HK lags in skills & in education relative to Singapore, Taiwan, & S. Korea. HK’s technological base is weak. HK still has many assets: economic freedom, strong legal system, free information flow, clean government, simple taxation system, & stringent & transparent regulatory system. HK is still gateway of China, which is the world’s fastest growing economy. HK is still one of the world’s busiest container port and also airport for international cargo. Four Pillar Industries In the 2002/03 Budget Speech, the Government identified financial services, trading and logistics, tourism, and producer and professional services as the Four Pillar Industries in the Hong Kong economy. They have been the driv...
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