To improve a city’s economy, firstly is to know what the challenges the city is facing. The challenges in developed cities and developing cities are very different. I am not very familiar with developing cities so in the following I would like to focus on developed cities’ economy. In developed cities such as Hong Kong and Shanghai, their economic systems have been well developed. Therefore, under globalization, the challenges for developed cities are maintaining their widespread international market, and improving their own citizens’ life. So what they need is do is to improve their competitiveness in the global market, and help their citizens and companies enjoying higher living standard. First and foremost, to improve competitiveness, cities should develop more industries and cannot rely on just one. Take Hong Kong as an example, being an international financial center, financial industry supports Hong Kong’s economic development in a leading role. So an economic crisis is enough to destroy the whole economic system. To improve Hong Kong’s competitiveness, develop creative industries in needed. Developing creative industries require creative talent. Hong Kong is a knowledge-based society; it is pluralistic and inclusive with a confluence of Eastern and Western cultures. Besides, it is a highly open and free society, where information, capital, talent and goods can move freely. It has the rule of law, providing effective protection for intellectual property. So Hong Kong is well positioned to develop cultural and creative industries. Develop creative industry not only can help Hong Kong’s economy but it can also help other industry increase creative element, improving their competitiveness, thus strengthen Hong Kong’s global trading position. UK’s experience shows that creative industries can propel the economy to a new level. It achieved average annual growth of 8% from 1997 to 2001 after its government adopted a policy to promote creative industries. UK developed creative industry 17 years ago and got great achievement. With many benefits, Hong Kong should not hesitate to develop creative industry. Related to developing creative industry, cities should do “city marketing” to improve their economy. What a city needs are skillful professionals and investment. To attract these employees and population, besides consolidating their core industries, foster a favourable social environment is essential. For instance, organize global event or competition to attract investment. Take Detroit as an example, many global companies had set their headquarters there so it brings many employees together with their family and investors. Which obviously increase the rate of employment, and also improve the economic development. Nurture and attract versatile people with multi-skills, sustain prosperity must enhance our and their quality of life. Moreover, I think infrastructures and facilities cannot be neglect in improving a cities’ economy. With convenience infrastructures and facilities, a city can easily open up new economic and trade connections to other cities. For example, Hong Kong is building Hong Kong-Zhuhai-Macau Bridge which connects three developed cities. Traders or tourists can be more convenient to travel between these three places for doing commercial works and shopping after the bridge is accomplished. Besides, Hong Kong and Guangzhou are going to build the third airport runway to alleviate the burden of takeoff of plane. But actually, if airport can manage more flight number, it can also facilitate the economic development since tourist flow will rise. In Japan, the government has built a tower called Skytree(contain hotels and aquarium) in order to recover the economy after the earthquake. In the first year, it has generated 16.6 billion HKD profit and attract 32 million tourists, which contribute a lot in saving Japan’s economy. For inner economic advancement, what the government should do is to raise citizens’ living standard. Government can provide more job opportunities by means of promoting their own city. For example, the above solution such as building infrastructures and promote local industries can create great amount of positions. Meanwhile, lengthen the retired age is also a method. With longer life expectancy, developed cities’ citizens are having more energy work efficiency than before. If they can choose to work for longer period , by no means they can earn more as they want. Besides, government can offers funding for small companies to develop their own business to improve their utensils and marketing of the firm. Which means they can run the firms more smoothly, create a better competition environment within the cities. 4925
Posted on: Sun, 09 Mar 2014 11:16:26 +0000
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