HK Economy- Highlight
23 May 2018
Forty years after China adopted its opening-up policy and 20 years after the handover, many believe that the importance of Hong Kong to the mainland has dwindled, while Hong Kong’s dependence on the mainland is absolute. The economic interdependence between the two places has suffered a number of ups and downs over the years. Hong Kong, as the mainland’s most market-oriented and internationalised city, has a unique and important role to play in the country’s reform and opening-up process.
The slowing of China’s economic growth has affected small and medium-sized companies as well as large companies. For instance, leading auto parts companies have to constantly improve their corporate systems and enhance their R&D capabilities, while optimising their supply chain structure to cope with the market challenges.
Hong Kong's testing and certification industry has grown substantially since the 1980s. In 2016, the industry comprised of 770 establishments, most of which were private laboratories, employing a total of 18,000 people. Hong Kong is well positioned to act as an independent third party to provide quality certification and product testing services for mainland enterprises to boost the confidence of overseas and local buyers.