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Hong Kong Economy

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BUSINESS
October 13, 1994
The British colony has long been a thriving free market economy, which has prompted some worries about how the pending takeove by China will impact on one of Asia's largest economies. Under an agreement signed with the British in 1984, the colony in 1997 reverts to Beijing control after 99 years of British rule. THE ECONOMY: With limited national resources, Hong Kong depends on imports for virtually all of its requirements, including raw materials, food and other consumer goods and fuel.
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WORLD
August 12, 2007 | Ching-Ching Ni, Times Staff Writer
hong kong -- Liu Jinling felt like a criminal when she crossed the border from mainland China into Hong Kong. She tried to hide the bulge in her belly by wearing a loose-fitting blouse. She carried a big purse close to her body. The Hong Kong immigration official stared at her for a long time, considered her tourist visa, and asked whom she was coming to see. Her heart raced when he stamped her documents and finally handed them back. "I knew he was suspicious," Liu said.
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BUSINESS
November 28, 1998 | RONE TEMPEST, TIMES STAFF WRITER
Hong Kong's recessionary economy suffered its worst-ever quarterly contraction Friday, shrinking 7% from the same period last year, as officials gloomily predicted at least two more quarters of negative growth before a rebound is likely. "As for next year, I do not feel optimistic about economic numbers for the first two quarters," said Hong Kong Financial Secretary Donald Tsang. "It is not clear that we have bottomed out or that we are close to bottoming out."
BUSINESS
May 22, 2006 | From Bloomberg News
Todd Prado blames Hong Kong's air pollution for his decision to move to Singapore at the end of this year. He keeps his job as head of Asian trading for Janus Capital Management, and his children, ages 9 months and 3 years, keep their health. "I like Hong Kong -- it's a great city, very dynamic," said Prado, who was recruited from Fidelity Investments in Tokyo six years ago. "But the fact that my kids and I have to strap on a gas mask every time we go outside is appalling."
BUSINESS
October 12, 1995
In the mid-19th Century, Hong Kong was home only to a small population of fishermen and pirates. British imperialists surveying the region quickly noted the island's commercial and strategic significance, and in an 1898 accord, leased Hong Kong and the surrounding islands from China for 99 years. As 1997 rapidly approaches, the nearly six million citizens of Hong Kong--base for 700 multinational companies, the profitable Hongkong & Shanghai Banking Corp.
NEWS
November 11, 1991 | DAVID HOLLEY and SAM JAMESON, TIMES STAFF WRITERS
Six years ago, Chen Zhanhong the tailor made eight to 10 pieces of clothing a day as he pedaled a foot-powered sewing machine on the sidewalk. He earned $100 a month. Today, Chen, 35, rules over five factories, four shops and 500 employees, with sales last year of $2 million. He casually predicts that by the end of this decade, sales for One Plus One Clothes-Making Ltd. will reach $100 million.
NEWS
September 21, 1998 | RONE TEMPEST, TIMES STAFF WRITER
Proof of Hong Kong's depressed mood these days was displayed in the gloomy collections presented by young designers at the recent semiannual fashion show here. One designer, Joseph Li, said his dark, spare creations were inspired by America's Great Depression. Another, Kaming Ng, sent one of his male models down the runway wearing a dark suit slashed open in the back, symbolizing "tough times."
BUSINESS
April 21, 2003 | Margaret Wong, Associated Press
Amy Kok placed discount prices on everything in her clothing store -- not just the fashionable inventory but also the mirrors on the walls and the whirring electric fans cooling the room. Kok turned on the fans after shutting off the expensive air conditioning, and one already had a "sold" sign on it. In just a few days, the SARS crisis in Hong Kong had ruined her business of 10 years.
BUSINESS
August 26, 2000 | TYLER MARSHALL, TIMES STAFF WRITER
The Hong Kong recovery continued at a robust double-digit pace in the second quarter, the government reported Friday, but analysts said economic growth here and across the region is slowing to a more sustainable pace. The 10.8% annualized rise in gross domestic product was notably weaker than the previous quarter's 14.3%.
OPINION
July 5, 2003
What made Hong Kong a robust financial capital of Asia during its rule by Britain was its comparative openness and transparency, along with a Western-style rule of law. But a heavy-handed national security law, sought by its masters in Beijing, is triggering outrage and fear among residents of the former colony. It threatens to kill the goose that lays golden eggs for China -- the dynamic and influential Hong Kong economy.
BUSINESS
April 21, 2003 | Margaret Wong, Associated Press
Amy Kok placed discount prices on everything in her clothing store -- not just the fashionable inventory but also the mirrors on the walls and the whirring electric fans cooling the room. Kok turned on the fans after shutting off the expensive air conditioning, and one already had a "sold" sign on it. In just a few days, the SARS crisis in Hong Kong had ruined her business of 10 years.
NEWS
August 19, 2001 | TYLER MARSHALL, TIMES STAFF WRITER
It should be a perfect fit: the know-how and wealth of world-wise Hong Kong, harnessed to develop China's poor, remote and seemingly boundless western areas. Encouraged by Beijing to take a look at China's "wild west," Hong Kong Chief Secretary Donald Tsang in May put together an impressive delegation of about 150 prominent business leaders, then accompanied them on a 10-day swing through the vast region.
BUSINESS
August 26, 2000 | TYLER MARSHALL, TIMES STAFF WRITER
The Hong Kong recovery continued at a robust double-digit pace in the second quarter, the government reported Friday, but analysts said economic growth here and across the region is slowing to a more sustainable pace. The 10.8% annualized rise in gross domestic product was notably weaker than the previous quarter's 14.3%.
NEWS
July 16, 2000 | EVELYN IRITANI, TIMES STAFF WRITER
Emboldened by the legend of Silicon Valley, Hong Kong is creating dot-coms, setting up venture capital funds and scouring the region for cash-hungry start-ups. But unlike America, where unknown engineers and programmers transformed themselves into a new corporate elite in classic rags-to-riches fashion, Internet development here is being led by familiar faces--the same families that earned their billions turning this tiny rock outcropping into a wealthy gateway to modern China.
BUSINESS
August 28, 1999 | Associated Press
Hong Kong's economy grew at an annual rate of 0.5% in the second quarter, pulling out of a severe and lengthy recession that brought record unemployment and sharply falling prices to the once-booming financial center. The government report of a modest rise in the territory's gross domestic product, the inflation-adjusted measure of all goods and services produced for the three months ended June 30, surpassed expectations.
BUSINESS
August 28, 1999 | Associated Press
Hong Kong's economy grew at an annual rate of 0.5% in the second quarter, pulling out of a severe and lengthy recession that brought record unemployment and sharply falling prices to the once-booming financial center. The government report of a modest rise in the territory's gross domestic product, the inflation-adjusted measure of all goods and services produced for the three months ended June 30, surpassed expectations.
BUSINESS
November 25, 1991 | From Times Staff and Wire Reports
Continuing Economic Growth Seen: Hong Kong's economy continued to grow steadily in the third quarter, spurred by rising re-exports, but inflation is likely to remain in double digits for the rest of the year, a government economist said. K. Y. Tang said the forecast gross domestic product growth rate in real terms remained unchanged at 4%, as did the forecast inflation rate of 12%. For the third quarter, the GDP growth rate was probably in the region of 3.5% to 4%, against an estimated 3.
BUSINESS
March 16, 1999 | Associated Press
Unemployment has climbed to 6% as Hong Kong struggles through recession, the government said in a report that offered a continued gloomy outlook for the near term. The rate for the three months ended in February is the highest since the government started keeping its current form of employment statistics in 1982. About 206,000 people were unemployed, compared with 202,700 in the three-month period that ended in January, when unemployment stood at 5.8%. Hong Kong's joblessness had stood at 2.
BUSINESS
March 3, 1999 | E. SCOTT RECKARD and RONE TEMPEST, TIMES STAFF WRITERS
Walt Disney Co. has agreed in principle to build a small Disneyland-style theme park on Hong Kong's Lantau Island at a site with room to expand, Hong Kong's financial secretary confirmed early today. As now envisioned, the park would initially attract 5 million visitors a year--a fraction of the number that flock to Disney's Magic Kingdom-style parks in Tokyo, Orlando, Paris and Anaheim.
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