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Hong Kong Considered Most Open Market in Asia
Hong Kong has been named the most open market in Asia for the fifth consecutive year according to an international risk consulting company's newest report.
After end of World War II, Asian countries' economies have relied on exports to stimulate growth, especially exports to America. But since the nineties, as the Asian economies start to take off, its potential in the consumer market has started to attract attention. Asia has already recovered from 1997's financial crisis, thus there has been a lot of focus on protectionism over the regional economies.
The report recently interviewed high level expatriate administrators working in Asia and asked them about the level of trade protectionism in each country and region. The data included statistics on individual import and export numbers and differences in imports and exports and national income. The results of the survey show that the expatriates consider Hong Kong's level of trade protectionism to be the lowest at 1.24 points and Singapore to be second at 1.29 points.
The report points out that both Hong Kong and Singapore have adopted open trade policies to increase competition in the area. They took the initiative themselves to open up their markets, not because other people forced them to.
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