The Role of Savings and Wealth among Hong Kong Chinese
The Role of Savings and Wealth among Hong Kong Chinese
([1963] 1969)*
Hong Kong is in the middle of an industrial revolution. Before the war its economy was based on entrepôt trade. As this dwindled after the Japanese occupation more and more people turned to industry and in only fifteen years the Colony has passed through the initial stages of industrialization with which many Asian countries are still struggling and is approaching the status of a mature economy. A significant proportion of the labour absorbed by new industry is refugee labour coming to the Colony in recent years. The entrepreneurial élite includes an increasing number of Westerners and “local” Chinese previously devoting themselves to trade. Others were engaged in industry in pre-war years. Not all of Hong Kong's new entrepreneurs had been industrialists in the homeland. Some have made drastic changes in their mode of livelihood and in coming to Hong Kong, using their savings as capital and applying their skill and imagination to new ventures.
Keywords: Hong Kong, industrial revolution, entrepôt trade, industrialization, entrepreneurs, savings, capital
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