Hong Kong Economy
Working in abroad sounds like an adventure to many people. However, job search in Hong Kong requires more than just the obvious Hong Kong CV writing and translation, it requires thorough preparation. You will face problems that probably did not even come to your mind when you decided to seek jobs 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 global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by expatriates and foreign travelers like restaurants, hotels, clubs and shopping areas.
You should exercise a high level of security awareness and monitor local news broadcasts and consular messages. 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
Industries: textiles, clothing, tourism, banking, shipping, electronics, plastics, toys, watches, clocks
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
We hope that your Hong Kong job search has been successful and you have a Hong Kong visa too. So, if your Hong Kong cover letter and Hong Kong CV are ready, you may distribute them to your future employers and start preparing for a Hong Kong job interview.
Good luck with the Hong Kong economy info.