hong kong history (the change)

The economic change after the WWII was the change from the simple economy of an entreport and of the light industries to the developed economy of highly effective financial and knowledged-based in nature.

Before the occupation of HK by the Japanese troops, HK government engaged already in the infrastructure work as well as the set up of the Exchange Fund (1935), so that the modern industrialization was already in progress. After the WWII, the government was busy in the redevelopment. However, there were more than 500,000 Chinese migrated from mainland China due to the Civil War in China. The officials in HK faced great challenge of reallocating the resources for these refugees. Thus, the implementation of modern industrialization had to be slowed down. The 1950s saw the government engaging in the provision of public housing to the Chinese living in the huts everywhere.

In 1951, the war in Korea led to the embrago imposed by the U.S.A. against China, so that hongkongers had to face the difficult time of no export and import from and out HK. We had to change from the status of entreport to another economy. Afterwards, the hongkongers used the plenty of human resources (refugees) to develop the labour-intensive industries. We utilitize the cheap labour costs to export many economic goods to the America and Europe. The 1960s saw the flourishment of light industries (e.g. the plastic flowers) and the gradually shift from the agriculture to the modern industries.

In the 1970s, we had to face the oil crisis and the gobal economic recession, but we had successfully developed the modern industrialization and we then developed the financial industries. Therefore, we could endure the attack from the economic downturn in the world. After the mid-1970s, our economy became mature and we are labelled one of the little dragons in Asia.

In the 1980s, our economic reached climax as the light industries and the third industries still flourished. Also, the adoption of the Open Door policy of China led to the tide of foreigners to make businesses in China. They had to set up offices in HK first before extending their businesses in China. Thus, HK was benefitted from the change of economic policy in China. Also, we saw the Chinese in HK gradually combined the old British industries.

In the 1990s, we saw the continuation of flourishment of HK's economy but the secondary industries were outweighted by the third industries, especially the fincancial industries.