Hong Kong Star A Tale of Two Cities. 2｜Superstitious market VS dynamic management The development of the industry is "the same as the ox"

Hong Kong and Singapore, which used to be the "big brothers in Asia", are now experiencing an "immigration wave", and the other is a leading livable city, and has become a popular destination for many I&T and financial professionals.

There are no other reasons for this, one is used to being comfortable under the British colonial rule, and only knows how to superstitious market forces, allowing a single industry to solidify and develop, while the other is confronted with the powers' vision of self-improvement, forming a "dynamic governance" thinking, and taking the initiative to lead the transformation of the economic structure; Over time, the proportion of one industry has been as low as 6.3%, and it mainly includes traditional industries such as food and pharmaceutical industry, textile industry, but the other industry still accounts for 24.4%, mainly covering electronics industry, petrochemical industry, precision engineering industry , biomedical industry and marine engineering industry - no wonder it can successfully seize talents from all walks of life.

The output value is jingle, and the industry can see the difference

Although the gross domestic product (GDP) cannot fully reflect the economic development of a country or region, it can at least peek into the economic structure through the proportion of output value of different industries.

Taking 2019 as an example, the GDPs of Hong Kong and Singapore are almost the same, reaching US$363 billion and US$374.4 billion respectively. At first glance, the economic performance of the two places is dingy; but if you look closely at the per capita GDP, the gap between the two places is obvious. Hong Kong has only US$48,357, while Singapore has US$65,641.

If it is more specific to the performance of several pillar industries, it is even more obvious that Hong Kong stars are superior and inferior.

For example, the proportion of service industry in Hong Kong has reached 93.4%, and the proportion of industry is only 6.6%. In contrast, the proportion of service industry in Singapore is 75.3%, but industry still accounts for 24.7%. It can be seen that the local does not underestimate the development of industry.

In addition, the top ten industries in Hong Kong are financial services (21.2%), trade and logistics (19.7%), business (11.9%), cultural and creative industries (4.7%), construction (4.2%), tourism (3.6%) %), air transport (2.5%), medical industry (1.9%), education industry (1.3%), sports and related (1.4%), while Singapore’s wholesale and retail industry (16.4%), business services (14.1%) ), financial services (13.1%), electronics industry (10.8%), tourism (7.5%), transportation and warehousing (6.3%), information and communication (4.1%), precision engineering (3.2%), petrochemical industry (3.0%), biopharmaceutical industry (2.8%) - it is not difficult to see that the technological content of Singapore's industry is obviously much heavier than that of Hong Kong.

Both Hong Kong and Star have transformed into service-oriented economies. Why do they have completely different industrial bases?

All of this has to start with Singapore's "livability framework"...

For details, please read the 330th issue of "Hong Kong 01" Electronic Weekly Newsletter (August 15, 2022) "

Hong Kong Star A Tale of Two Cities.

1｜A Tale of Two Cities of Hong Kong Star of "Moving Out of the City" and "Moving in the City".

2｜Superstitious market VS dynamic management The development of the industry is "the same as the ox"

On September 5, 1962, a Japanese economic delegation visited the Jurong Industrial Estate in Singapore (National Archives of Singapore)

The so-called "development of industries" is to create demand and expand supply, which inevitably requires the cooperation of the education system.

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Hu Enwei criticized the Hong Kong government for being dishonest and "talking one thing and doing another", in contrast to the result-oriented Singapore government.

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