In actual fact, when it comes to the most excellent of all Asian destinations, two destinations routinely come to the mind- Singapore and Hong Kong. They are the famous economic hubs in Asia, thanks to their physically preferential locations. The city states have been the magnetism of the continent for a long time. Boasting well-built historical and financial backgrounds, Singapore and Hong Kong are two of the most excellent Asian cities in their own rights.
The purposefully urbanized cities have been attracting populace, not only from its adjacent countries, but also from the far west. There are apparent reasons for the arrival that the cities are experiencing in the current time. It’s only regular tourists; Singapore and Hong Kong are being measured as well-liked immigration destinations for entrepreneurs, business people and experts. Before you make whichever of the two as you’re your immigration targets, just let us make you recognizable with a few aspects.
Overview of Honk Kong and Singapore:
Having been divisions of the British colonization, Singapore and Hong Kong went forward as Asian commercial centers in the nineteenth century. They provide the British as free ports, only to turn out to be two prospering economies in today’s circumstance. Continuing the inheritance of British colonization until it hit the 1970s, the city states’ financial system was only trade and export based. It was with the onset of the 70s, Singapore and Hong Kong go into service-based industry, with the sectors like finance, communications, transportation and visiting the attractions. It did not take extended for the cities to evolve as diversified economies.
A more widespread thing between Singapore and Hong Kong is that both are purposefully located, making them the perfect harbor ports for doing business and export. No wonder, why both economies are getting wealthy contributions from overseas trade. They are some of the economies in the world whose overseas trade outdoes their Gross Domestic Product.
Economies of Hong Kong and Singapore:
Singapore and Hong Kong are alike in a lot of things- the only feature that makes them different is the financial system. These city states are committed to sure doctrines when it comes to the economic policies they show off. Even though, both the economies are export-and-trade-led, they differ in their economic performances. So, how do they be different? Initially, in spite of having export-based economies, Singapore and Hong Kong remain to different set of policies. While the government in Singapore has to play a significant role in its financial system, it is still committed to free trade policy. Ever since its division from Malaysia in the year 1965, the city has relied on export-oriented industrialization, electronics and manufacturing being some of the niche sectors.
Conversely, Hong Kong’s free trade policy is free from the government’s intervention. Yes, the city state’s economic system is based on the rule of ‘positive non-interventionism’. The government is fine with the big role of private sector over its financial system.
Albeit both Singapore and Hong Kong obey to free trade policy, the situation in latter is more practical. There are almost no differences made between foreign and Hong Kong’s local firms expect some responsive areas. The Special Administrative Region of the People’s Republic of China is known for its supple wage structure and simplest tax structure. Allegedly, Hong Kong boasts the lowest tax rates when it comes to industrial economies in the world. Having been a particular Administrative Region, the city state has independent set of legislative regulations and self regulating labor market, which are dissimilar from China.
The outcome is that regardless of having economies based on export and free-trade strategy, Singapore and Hong Kong are different in certain aspects. In addition, similarities lie in a variety of aspects, including a slow speed of population growth; and then being the economies whose generally foreign trade surpasses their Gross Domestic Income, in addition to strong climb in standards of living.
Making a choice between Singapore and Hong Kong:
Both Singapore and Hong Kong have come into view as world-class immigration destinations, and if we are to put them to assessment, anyone would certainly get confused. Comparing these two cities is a tricky task, since both have a standing of being outstanding in their own rights. They are some of the preferential Asian immigration destinations, for clear reasons. Be it ethnically or technologically, they are superior. With varied culture and business-friendly environment, they have been attracting people from crossways the world, which were given the chance to business enterprise into their prosperous economies.
People from Asia and Western countries similar are flocking to Singapore and Hong Kong, for these city states offer outstanding service opportunities and first-rate standards of living. The intense population in both the places is a consequence of the rising number of immigrants who are making Singapore and Hong Kong their enduring or temporary home.
Our suggestion to people who are interested in immigrating to an Asian target is to do your homework which is of comparing Singapore and Hong Kong. Both might have certain pros and cons- the selection should entirely be yours as to where you desire to immigrate.