Ch 2: Hong Kong’s Economy and Industrial Structure

Learning Objectives Analyze the economic transformations of Hong Kong. Identify the characteristics of Hong Kong’s economy. Describe the development of the manufacturing sector of Hong Kong. Analyze various sectors of tertiary production in Hong Kong.

Entrepot A port where goods are received for distribution.

Entrepreneur A person who starts and operates a business.

Trade embargo A ban on trading with a country or region.

Export-oriented The majority of the products are sold in overseas markets and the industries produce what the consumers in overseas markets want.

Primary production It comprises agriculture, fisheries, mining and quarrying. Secondary production It comprises manufacturing, construction and the supply of electricity, gas and water.

Tertiary production Tertiary production comprises the service sector: –Wholesale, retail and import/export trades, restaurants and hotels –Transport, storage and communications –Financing, insurance, real estate and business services –Community, social and personal services, and ownership of premises

Import Imports include goods brought into a region for domestic use or for subsequent re- exportation. Domestic exports They refer to the goods transmitted abroad.

Re-export They refer to goods which have been previously imported into a region which are then transmitted abroad without undergoing any manufacturing process.