THERE ARE MANY similarities between Hong Kong and Singapore. They have both enjoyed high rates of economic growth over the past three decades, averaging six percent a year in real terms. They have made the transition from poverty to newly industrialized economies in a relatively short time. Both started off as British colonies, with British legal and administrative systems, and made their living as trading ports serving their respective regions. Singapore has been an independent republic since 1965; Hong Kong was returned to China on July 1, 1997. While Hong Kong and Singapore are now the busiest ports in the world in terms of throughput, they have divested from their reliance on trade since the 1960s, climbed the industrial ladder, and are now important international financial centers as well.
"Speculating" or "investing" in a property market in both cities is indeed is the main course of risk-loving locals and foreignes alike. This cities are knowing lke free traders and international fiancial centers with a few restrictions on trade and capital flows, which are many times their GDP.
The economy of Singapure is a highly developed state with mixed economy.While government intervention in the market is kept at a minimum, the state controls and owns firms that comprise at least 60% of the GDP through government entities such as the sovereign wealth fund Temasek. It has an open business environment, relatively corruption-free and transparent, stable prices, and one of the highest per capita gross domestic products in the world. Its innovative yet steadfast form of economics has given it the nickname the Singapore Model. Exports, particularly in electronics and chemicals, and services provide the main source of revenue for the economy, which allows it to purchase natural resources and raw goods which it does not have. Singapore could thus be said to rely on an extended concept of entrepot trade, by purchasing raw goods and refining them for re-export, such as in the wafer fabrication industry and oil refining. Singapore also has a strategic port which makes it more competitive than many of its neighbours to carry out such entrepot activities. The Port of Singapore is the busiest in the world, surpassing Rotterdam and Hong Kong. In addition, Singapore's port infrastructure and skilled workforce, which is due to the success of the country's education policy in producing skilled workers, is also fundamental in this aspect as they provide easier access to markets for both importing and exporting, and also provide the skill(s) needed to refine imports into exports.
Year Total trade Imports Exports % Change
2000 $273 $135 $138 21%
2001 -9.4%
2002 $432 1.5%
2003 $516 $237 $279 9.6%
2004 $629 $293 $336 21.9%
2005 $716 $333 $383 14%
2006 $810 $379 $431 13.2%
Year Singapore Dollars per US$1
1981 2.0530
1985 2.1213
1990 1.7275
1995 1.4148
2000 1.7361
2005 1.6738
2008 (April) 1.3643
2009 (March) 1.5123
click here ( it will help for understanding)
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