LS

• International Financial Centre

  • stock market ( gain money )
  • 1970s
  • financial sector
• Industrial city

  • factories ( watches, trousers, dolls etc. )
  • after Second World War and Chinese Civil War
• Entrepot

  • start from 1850s
  • re-export
  • can leave and enter HK freely
• Fishing Village

  • fishing and farming
  • first human activities
• Knowledge-based economy

  • knowledge and human resources
  • people’s intelligence, creativity and adaptability
• Timeline

  Fishing village -> Entrepot -> Industrial city -> International financial centre -> Knowledge-based economy
• Financial services industry

  -> It is an industry which manages financial products and services. Through various financial activities, the financial services help to transfer capital from its owners to those who need it.
• Four pillar industries in HK

  • Financial services industry
  • Tourism industry
  • Trading and logistics industry
  • Professional services industry ( Lawyers, accountant, doctors, professors scientists etc. )
• Financial activites in HK

  1. Banking services 

  • accepting deposits + providing loans 

  1. Securities trading 

  • Raises funds by issuing various types of securities ( stocks, bonds, mutual funds ) 
  • Only listed companies can issue stock to the public
  • run or expand their business
  • investors earn a return by trading these securities
  • stockholders + bondholders earn dividends and interest

  1. Insurance business 

  • provide various types of insurance products 
  • Insurance companies earn a return by investing them in different ways like investing in the stock market 
• International financial centre

  -> International financial centre is a place for the flow and transfer of capital around the world

  -> houses a large number of financial institutions and related services industries

  -> financial institutions can frequently engage in financial activities with other financial institutions around the world
• Economic freedom and free trade policy

  -> HK pursued a positive non-intervention policy in the past. It has now adopted a ‘big market, small government policy‘

  -> has a free trade policy with no foreign exchange controls

  -> capital is allowed to flow in and out freely
• Well-developed telecommunication facilities

  -> HK has one of the most advanced telecommunication facilities in the world.

  -> allows businessmen receive international news related to financial services and make financial transfers easily
• Good location

  -> HK is in a different time zone with major financial markets

  -> work non-stop one by one
• Attractive tax system

  -> simple and tax rate low

  -> attracted to set business in HK because enjoy advantages
• Good education system

  -> a city with well-developed education system

  -> provides lots of young talents with sufficient knowledge and good language skills

  -> can work in the financial services industry
• Average salaries of workers

  • average salaries obtained by workers
  • increase -> economy becomes better / improved
• Gross Domestic Products

  • total market value of all the goods and services produced by a country / region in a certain period ( like a year )
  • increase -> economy becomes better / improved
• Unemployment rate

  • percentage of the unemployed population in labour force
  • increase -> economy worsens / becomes worse
• Timeline events

  Asian financial crisis -> SARS outbreak -> Individual Visit Scheme -> Financial Tsunami ( 1997, 2003, 2008 )
• Social enterprise

  • a business to achieve specific social objectives ( providing services / products needed by the community, creating employment and training opportunities for the socially disadvantaged, protecting the environment, funding its other social services through profits earned etc. )
• The rise of female labour force

  • HK focus on developing knowledge-based activities
  • puts more emphasis on education lvl and knowledge usage of labour than manual work
  • increasing education lvl of female and changing family concepts
• Knowledge-based economy

  • refers to the use of knowledge and information for economic benefits
• Examples of knowledge-based professions

  • information and communication technology
  • biotechnology
  • art and culture
  • new and high-tech industry
  • creative industry
• Focus in knowledge-based economy

  • Human resources and talents
• Qualities required

  • Intelligence, creativity, innovation, learn continously, adaptability
• Impacts on labour market

  • simple tasks -> replaced by the use of info and communication technology
  • tasks are repetitive
  • programme doesn't need to be complicated and machines will not feel bored + can work non-stop
• Jobs may be disappearing

  • driver, waitress, cleaning staff / cleaner
• Qualities needed

  • empathy
  • creativity / innovation ability
  • personal judgement
  • human interaction
  • emotional support
• Jobs less likely to disappear

  • lawyer, teacher, psychologists, doctors, therapist
• Group of age 25-54

  • young and capable of work
  • major labour force in the society with high productivity
• Age group 55+

  • may not be young people taking care of the elderly
  • earn a living themselves
  • retirement age in HK postponed to 65 yrs old
  • people are healthier than before + have more energy to work
• The right against discrimination 

  No matter if a child is rich/poor, male/female, disabled/of any race/sexuality -> shouldn’t be treated unfairly 
• The right against violence 

  
  

  Governments should protect children from mental, physical, and emotional abuse and neglect. This includes forms of discipline, which should be age-appropriate and for the child's best interests and development.
• The right to express

  
  

  Children have the right to share, learn, and express themselves in any way they choose, with respect for the freedom, rights, and reputation of others.
• Access to information and mass media 

  
  

  Children should have access to children's books, radio, newspapers, television, or Internet to learn about things important to their own health and well-being.
• Right to leisure, play and culture

  Kids have the right to a variety of recreational activities, but also to have time just to relax and play.
• The right to receive education

  All children have the right to go to school and learn, regardless of who they are, where they live or how much money their family has.
• Responsibilities of a citizen:

  • observe/obey/abide by the law
  • pay taxes
  • respect other people's right's
  • participate in public affairs
• Personal factor

  • includes the age, income and education level of a citizen, which would change the rights and responsibilities a citizen exercises or has to fulfil
• Political factor

  • refers to the government policies affecting people's responsibilities, rights and freedoms