18.
16
It has
in particular, the existence of a free port and a
free trade policy has been the bedrock of Hong
Hong Kong's
economy. This has ensured that all sectors of the economy
are subject to, and have to adapt to, the forces of the
world market and that, consequently, its resources are used
in the most efficient and most productive ways.
helped to ensure
faster rate of economic growth and
higher standards of living than would have been the case
with a less market orientated policy. A recent study of
developing countries, using World Bank figures, has shown
that capital
capital has been invested more efficiently in Hong
Kong in terms of the resulting increase in production than
anywhere else. None of the other economies studied had
been required to adjust SO completely, or so rapidly, to
changes in world market forces.
19.
Closely connected with the free port and essential
for it to operate effectively is the free movement of
money. The Hong Kong dollar is freely convertible into all
other currencies. There are no restrictions on the inward
or outward movement of funds and no exchange controls.
20.
A number of other long-standing government
policies have also been important for the development of
Hong Kong's economy. The government does not interfere
unnecessarily with the conduct of private business.
Businessmen are free to conduct their affairs as they like
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