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| Alienation and Transformation of Hong Kong’s Economy under the Free Market Economy System |
| SUN Jun |
| Business School, Huaihai Institute of Technology, Lianyungang, Jiangsu, 222005 |
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Abstract Due to historical reason and support of a fully-fledged legal system and free economic system, Hong Kong has become the most important window of China's economic exchange and trade with foreign countries. Hong Kong’s fast economic growth has bolstered its role as a global trade and financial center. With the deepening of China’s open-door policy and reform, Hong Kong has lost its advantages. When the economy enters a period of stagnation, a large number of hidden economic problems and contradictions begin to surface, and economic alienation becomes an obvious problem. The major problems facing Hong Kong include sharp contraction in industry, industry solidification, employment exclusion, the widening income gap, and the skyrocketing housing prices. Given the above, to pursue economic transformation and progress, Hong Kong has to give a full play to the “active” government and promote the implementation of policies. The paths for economic transformation involve the following points: promoting cross-regional collaboration in industries; increasing support from the government for innovation and underlining orientation and guidance; redefining Hong Kong’s role and promoting the re-integration between Hong Kong’s economy and that of mainland; making best of the opportunities presented by “One Belt One Road” initiative to consolidate and better play its role as a global center.
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Received: 08 January 2017
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2017, Vol. 34 
