Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024)

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The Impact of Globalization on Hong Kong’s Economic Development: Challenges and Opportunities

Authors
Jerry Xie1, *
1Shun Tak Fraternal Association Leung Kau Kui College, Hong Kong SAR, China
*Corresponding author. Email: xiejerry2021@lkkc.edu.hk
Corresponding Author
Jerry Xie
Available Online 24 February 2025.
DOI
10.2991/978-94-6463-652-9_4How to use a DOI?
Keywords
City economy; Economic development; City development; Globalization
Abstract

This paper examines the impact of globalization on the economic development of Hong Kong, focusing on the dual aspects of opportunities and challenges it presents. The research is set against the backdrop of Hong Kong’s transformation into a global financial hub, heavily influenced by its integration into the global economy. The study employs a case study approach to analyze how globalization has shaped Hong Kong’s economy, emphasizing its reliance on the service sector while neglecting other industries like manufacturing and agriculture. The findings reveal that while globalization has accelerated Hong Kong’s growth and established it as a financial center, it has also exacerbated issues such as income inequality, housing affordability, and economic instability due to overdependence on external factors. The paper concludes that for Hong Kong to maintain its economic development and remain competitive globally, it must diversify its economy, enhance government intervention in market regulation, and strengthen cooperation with mainland Chinese cities. These measures are essential to mitigate the adverse effects of globalization and ensure long-term economic stability.

Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024)
Series
Advances in Economics, Business and Management Research
Publication Date
24 February 2025
ISBN
978-94-6463-652-9
ISSN
2352-5428
DOI
10.2991/978-94-6463-652-9_4How to use a DOI?
Copyright
© 2025 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Jerry Xie
PY  - 2025
DA  - 2025/02/24
TI  - The Impact of Globalization on Hong Kong’s Economic Development: Challenges and Opportunities
BT  - Proceedings of the International Workshop on Navigating the Digital Business Frontier for Sustainable Financial Innovation (ICDEBA 2024)
PB  - Atlantis Press
SP  - 28
EP  - 36
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-652-9_4
DO  - 10.2991/978-94-6463-652-9_4
ID  - Xie2025
ER  -