Hong Kong is a populous coastline city in China that is well known for international business. It is home to several global co-operations and companies. It is an ideal business location for any growing company with the intension to tap into Asian workforce as well as its market. The city has been awarded the title of the number one freest economy in the world in current times. This has put the city at the forefront of international businesses all over the globe.
The first and foremost reason is the free market policies. This is one of the factors that attract foreign investors to Hong Kong. It is ranked top among the freest economies in the world today. The freedom is extensive and covers multiple business areas and aspects including investments, trade and property rights. It is free from government control and hence is externally oriented and amongst the most liberal economies in the world. The open market system coupled with the free trade policies are the lifeline of the Asian city. Without the freedom that this policy guarantees, Hong Kong would be just like any other urban city in Asia.
There are several factors that fuel the success of international business in Hong Kong. Collectively they have made the city a favorite among global companies. Globalization is one of the related policies that Hong Kong has fully embraced and used to ensure its dominance in international business. It has become a beacon of success in international business in Asia and the world over. Irrespective of the type of business, any business that is set up in Hong Kong enjoys several liberties that contribute vastly to its success. Some of the benefits of free market policies and free trade include
- High growth in economic progress since there is free enterprise, free trade and free markets that is open to everyone. The economy of Hong Kong benefits immensely from this.
- All barriers to trade are abolished and removed. All businesses are not subjected to any type of tariffs or quotas
- There are no restrictions placed upon investments. This is regardless of if it’s foreign or local.
- Your nationality does not affect whatsoever your freedom on corporate or sectorial ownership
- There are no controls placed on foreign exchange
Free trade and free market policies have gone a long way in driving Hong Kong to the fore front of Asian international business. The free flow of information also allows all companies to be at a leveled plain field so competition is purely affected by market forces. This gives all companies a chance to succeed in the Asian market.