Hong Kong Economy
Work in abroad sounds like an adventure to many people. However, job search in Hong Kong requires more than just the just the obvious Hong Kong CV or Hong Kong resume with Hong Kong cover letter writing and translation, it requires thorough preparation. You have to show that you are flexible, culturally sensitive, able to adapt to new circumstances and cultures, and that you possess some commitment and motivation (for the job, not the location!). You will face problems that probably did not even come to your mind when you decided to seek work in Hong Kong.
Do not take too lightly the influence a work in Hong Kong can have on the effect of your adventure! For instance, you will experience the different immigration rules and practices, strange job application procedures, unfamiliar job candidate selection criteria and out of the ordinary management culture.
Hong Kong is a Special Administrative Region (SAR) of the People's Republic of China (PRC). Over the past few years, Hong Kong has become increasingly integrated with China through trade, tourism and financial links.
Most visits to Hong Kong are trouble-free but you should be aware of the risk of indiscriminate terrorist attacks, which could be against Western interests and civilian targets, including places frequented by foreigners like restaurants, hotels, clubs and shopping areas. In recent years, the Hong Kong authorities have carried out a number of investigations and operations against terrorist networks.
You should exercise a high level of security awareness and monitor local news broadcasts and consular messages. Ensure that your travel documents and visas are current and valid and secured in a safe place. Carry a photocopy of your travel documents in lieu of the originals. Maintain a low profile, vary times and routes of travel, and exercise caution while driving. Making local contacts quickly and seeking support from other expatriates will greatly increase your comfort and safety.
Hong Kong economy - overview:
Due to its location, free port status, well-developed infrastructure and low taxation, the city continues to be a regional investment hub and financial center.
Hong Kong is known as one of Asia's “Little Tiger” economies, ranking alongside Singapore, Taiwan and South Korea. Hong Kong is a sophisticated banking and financial center with a free-trade economy and excellent infrastructure. The government intervenes very little in Hong Kong's economy, and it is highly
dependent on international trade. Its major investment and trade ties, of course, are with China.
Hong Kong's economy moves away from manufacturing and is now services-based. Hong Kong's manufacturing industry moved to the mainland during the last decade. The region is a major corporate and banking centre as well as a conduit for China's burgeoning exports. Its deepwater port is one of the world's busiest. Hong Kong is also one of the world's largest trading economies, characterized by free trade, low taxation and minimum government intervention.
Companies based in Hong Kong employ millions of workers in the neighboring Chinese province of Guangdong.
Labor force - by occupation: manufacturing: 4%, construction: 2.7%, wholesale and retail trade, restaurants and hotels: 40.9%, financing, insurance and real estate: 12.5%, transport and communications: 9.9%, community and social services: 16.9%.
Unemployment rate: 3.3% (2012 est.), 3.4% (2011 est.)
Natural resources: outstanding deep-water harbor, feldspar
There is an absence of foreign exchange controls in Hong Kong. The Hong Kong dollar (HK $) as the local currency - is freely convertible.
Banknotes come in denominations of:
- $10, green or purple (paper or plastic)
- $20, dark blue or light blue (old or new)
- $50, purple or green (old or new)
- $100, red
- $500, brown
- $1000, gold
The coins come in units of
- $10, in bronze/silver, circular
- $5, in silver, circular, thicker
- $2, in silver, wavy-circular
- $1, in silver, circular, thinner
- 50¢, in bronze, circular, larger
- 20¢, in bronze, wavy-circular
- 10¢, in bronze, circular, smaller
Credit/Debit Cards and ATMs: All major credit and debit cards are widely accepted in major provincial cities in designated establishments. Credit cards are often unlikely accepted away from the major cities.
Traveler’s Checks: To avoid additional exchange rate charges, travelers are advised to take traveler’s checks in US Dollars.
Exchange rates: Hong Kong dollars (HKD) per US dollar - 7.7564 (2012 est.), 7.784 (2011 est.), 7.77 (2010 est.), 7.75 (2009), 7.751 (2008)
Inflation rate (consumer prices): 4.1% (2012 est.), 5.3% (2011 est.)
Other Hong Kong Economy Info
To be successful in your Hong Kong job search and getting jobs you want, you need prepare Hong Kong cover letter and Hong Kong CV which you must email instantly to the prospective employers selected during job search in Hong Kong.
When you receive an invitation to the Hong Kong job interview, you may apply for the Hong Kong visa and Hong Kong work permit. Then prepare yourself for Hong Kong job interview and take a look at Hong Kong dress code because how you dress is the one of the most important attribute in being hired.
Good luck with the Hong Kong economy info.