Gerald Ruano Marroquin
Economics
Slogett

Hong Kong: A Market System

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. China has renewed its support for state-owned enterprises in sectors considered important to "economic security," but keeping Hong Kong a “free-Market system". Hong Kong is a free market because it has entrepreneurship, competition between business, and limited government

One reason why Hong Kong is a market system is because of entrepreneurship. “A fee of $100 per session” – the Feng Shui Master says. He can predict the future of all animals, including insects.”(blume). Ngan is an example of entrepreneur because is trying out a new business and he is his own boss unlike in communist china where he wouldn’t eve be able to open his shop. Blume also states “Ngan is a rare example of someone who is attempting to extend his principals to the world”(blume). This is another example because Ngan is trying to expand his business out of Hong Kong and into the world. Alan Ngan demonstrates that Hong Kong is a market system by opening a small business in a shopping center and trying to expand his business to the world like the entrepreneur of Apple or Nike which stared out small like Ngan.

Another reason why Hong Kong is a market system is competition between big businesses such as the tutors in Hong Kong. “If you want to be top tutor, it definitely helps if you are young and attractive. Students look at your appearance ,” said Kelly Mok ,26, a “ Tutor Queen” , at King’s Glory, one of China's biggest tutorial establishments”(Shamra). This is the perfect example of competition because the tutors are competing to be the best by changing their look to get higher ranked among the tutors. “Richard Eng from Beacon Collage is often credited for being the first “Star Tutor”. He got his idea to dress like rock star after he saw his sister in an advertisement, tutors often change to please what the students want to see unlike a regular school where all the teachers look the same and aren’t exciting”(Shamra) Moreover , the presence of competition shows free enterprise by showing that the tutors institution can change their looks ,the way of teaching and even the tutors themselves to get better ways or people so the institution can rise higher than others