Economic Restructuring and the Remaking of the Hong Kong-Guangdong Nexus
Economic Restructuring and the Remaking of the Hong Kong-Guangdong Nexus
The economic dynamism since the late 1980s of the south China manufacturing region has been founded on a regional history of tenacious social and economic ties between two societies adopting opposing systems of political economy—a colony of Britain claimed by some as the haven of laissez-faire capitalism and its neighboring Chinese province ruled by one of the world's largest socialist states. These connections have survived more than a century of political changes and international transfers of sovereignty. The change in China's strategy of national economic development from self-reliance to an emphasis on active absorption of foreign investment coincided with the emergence of bottlenecks in Hong Kong's economy, particularly the shortage of cheap labor for its labor-intensive export production. It was east-west commerce in that period that made Canton (today's Guangzhou) and Hong Kong the bones of contention between the Chinese and foreign interests led by the British.
Keywords: China, Britain, capitalism, sovereignty, foreign investment, bottlenecks, Hong Kong, economy, labor, Guangzhou
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