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over US$1,100 per annum.
This growth represents
a genuine and substantial advance in living standards: in real terms, the gross domestic product has been increasing in recent years, on average, at something of the order of 74% per annum, and this is equivalent to about 5% per annum per head of the population.
Economic Development
4.
Hong Kong's economy today differs vastly from
that of the late 1940's and early 1950's not only by virtue of its sheer size, but also in terms of its structure. Hong Kong's strategic geographical position and natural harbour facilities had for long made it a centre
world, on the other.
for the trade between China and the surrounding region, on the one hand, and the rest of the Hong Kong's early growth and emergence in recent times as a major financial and commercial centre owed much to this trade, but that is another story which I shall not be dealing with today. In any case, Singapore would hardly be an appropriate venue. Rather surprisingly, re-exports
still represent as much as 24% by value of total exports but, in marked contrast to the position two decades ago, Hong Kong's economy is now largely based on the export of manufactured products which qualify for Hong Kong certificates of origin. The manufacturing work force is now half as large again as it was just ten years or so ago and its growth has been far more rapid than that of the
working population as a whole.
Today manufacturing industry,
/which.....
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