Conflicts of interest in nowadays business Essay

Conflicts of interest in nowadays business - Essay Example Primary interests include all the responsibilities a person has at work depending on his/her kind of activity. Secondary interests are personal purposes and wishes such as making career, money making, doing favors for relatives. Certainly, financial motives are the most widespread causes of conflict of interest occurrence. Actually, personal interests are natural as all the people have them; however, they can easily become obnoxious in case if their motivation becomes stronger in comparison with primary interests’ motivation. The conflict of interest may be frequently present in the dormant form, but it turns into the real conflict when the person is really strongly influenced by secondary interests. Thus, there is a notion â€Å"conflict in a conflict of interests†. It appears in case when the risk of acting following secondary interests is present. More general interpretation of conflict of interest states that it is the circumstances in which a person or a company us es the official authorities for personal advantage. Actually, only the presence of conflict of interest is not considered as bad behavior as this is natural that employees or executives do have conflict of interest sometimes. ... Really, as it was explained above, conflict of interest may be present but the fact of misdeed may be absent at the same time. Here it is essential to introduce the notion of â€Å"conflict of roles† when a person has two roles at once and they are conflicting. For example, he/she may have governmental position and may own stock at the same time. Such differing of roles sometimes can lead to misdeed and misuse. Conflicts of interests may have different forms. The first form is self-dealing conflict of interest when an individual who is working in one company has a deal with the individual from another company for his own advantage. The second form is connected to the conflict of roles when a person has two jobs and the interests of one contradict the interests of another. The next form is related to family interests when a person may give to his/her relative a desired and prestigious job or an individual may buy something from the company his relative works in. Another popular form is making presents to a person who you work with. One of the important purposes of political ethics is to regulate the conflicts of interests, because the primary task of governmental officials is to provide public service not taking into account their personal interests. â€Å"Where a  conflict  exists, it should be dealt with in a transparent and accountable way. Even the mere perception that a  conflict  of  interest  has influenced an outcome can undermine public confidence in an organization’s integrity.   Having a clear policy which details specific reporting procedures and staff who are fully aware  of  their obligations to disclose any  conflicts  of  interest are effective ways  of  ensuing that they are handled appropriately, before they give rise to

Madeleine An Autobiography Essay Example | Topics and Well Written Essays - 1250 words

Madeleine An Autobiography - Essay Example Madeleine lived in a society which would rather abhor social digresses like Madeleine than treating the cause of digression. Being a woman of the late Gilded Age, Madeleine had to suffer from the social problems such as gender discrimination, moral decay, the rapid collapse of the rural economy, etc which were directly related to industrialization and urbanization. Though the Gilded Age experienced the boom of the mechanized urban economy, it was not prepared enough to face the commotions and moral decay that the collapse of the rural decline. Women, of affluent social status, like Madeleine, could hardly bear the insult which the society inflicted upon for them for the moral digression. But the society could do little to protect them from the lust of their male counterparts. Therefore, being forced by circumstances, they choose prostitution to save their own lives.  Being raised with pure Christian teachings in an economically affluent family, Madeleine could have fairly managed a decent way of living for herself. â€Å"She was brought up in a strict heaven-and-hell belief† (Madeleine 34). Even her great-grandfather was quite well-known for his religiosity. He was â€Å"often quick to anger, she said, but he was also quick to repentance, and if he had offended relative or friend he asked his pardon and the pardon of God before he slept.† (Madeleine 45) Though Madeleine’s religious background and teaching were few of psychological strengths which could protect her from being a prostitute. But ironically her family background and religious teachings contribute to the growth of self-reproach, for her juvenile pregnancy, so strongly that she took a wrong decision to run away from Mrs. James’s house in Missouri.  Even if she could remain with her mother in her hometown, she might have received her mother’s proper attention. She needed parental support in her home. She â€Å"needed both her parents† (Madeleine 23).  

Notes on Religious Views on Life After Death Essay Example for Free

Notes on Religious Views on Life After Death Essay Question is What are we made of and what survives after death of the body. If anything survives how much of the original identity of that person survives and in what form? People try to answer this by: Believing in a superior being who has communicated a promise Gathering data about LAD near death experiences, past life memories that suggest reincarnation, the para-normal Accepting no life after death we are matter and return to matter and become part of the wider world again Exploring ideas about the nature of body and soul Some Christians believe death is the event that makes sense of our previous lives and the meaning of death itself is changed in the promise of eternal life. John Hick, it should not evoke the sickening fear with which we face what we know to be evil It is a fuller stage in the outworking of the Creators loving purpose for his children. SOURCES Revealed Knowledge The Bible, Quran, Torah etc which tell us of the events others have experienced and what they claim and to those who accept them as revealed knowledge this gives certainty. Christians believe that Jesus was and is God Incarnate, so if he promises eternal life to his followers, he must be trusted. Similarly Muslims trust the Prophet Mohammed as Allahs chosen messenger and as he has spoken of paradise, then there must be such a place. Inferential Knowledge Reasoning that the ideas expressed explain so much that they must be true even if theres no proof = a belief. Hindus do not have any promise in scripture, but they trust their God loves them and so will e god to them upon death. In neither case is there absolute proof the believer trusts that it is true. Religious views Christian Old Testament good and bad alike to go to Sheol as ghostlike individuals Job 14.7-12 Theres hope is a tree is cut down as buds can grow from the trunk but man lies down and does not rise again. However he also believes that if he has a personal relationship with God which is beyond the trials of this life he will be with God at the end. New Testament the crucifixion and resurrection of Christ is at the heart of the belief in LAD,. Jesuss promise to the good thief crucified with him This day you will be with me in paradise only appears in the Gospel of Luke indicates that he believes in the possibility of paradise for the righteous and the repentant. However the translation of paradise could also refer to a pleasant place. Jesus referred to heaven as the place where God lived Our Father which art in heaven Book of Revelations contains visions of Saints whose bloody robes have been washed clean in the blood of the lamb (Christ) in a heavenly city, the new Jerusalem. It is clear there is a heaven after death, which is separate from the last judgment, also known as the second coming, which will happen at the end of time. The term eschatalogical gap refers to the gap between whats in the bible and the precise details of the afterlife Purgatory Roman Catholics only people have to atone for sin before they can enter heaven no scriptural evidence for this idea Limbo not in current use, but Catholics used to believe the unbaptised or good people whod never heard of Jesus would go here. Protestants believed such people would go straight to hell as God would have called those to be saved. One reference in Peters letters The spirits who are in prison Reincarnation some Christians have accepted this in the past but not currently in use. Catholics in particular value appearances by Mary (Lourdes, Fatima etc) and other saints after their death as confirming an after life. Quakers religious body without creeds and so base beliefs on experience, life experience varies and therefore so do views on LAD. Three main views bit these are not fixed, all beliefs are personal. 1. The good we have done (and possibly the evil) lives on after we have gone in the lives of those affected this might be as memories or as the impact of deeds 2. Survival of the Human Spirit as a continuation of this life in a spiritual body (St Pauls term). Some also believe in reincarnation 3. Acceptance of heaven and hell as destinations after death but belief in a Loving God and redemption through Christ means hell cannot be eternal Personal conclusions about LAD are based on individual experiences of the Love of God in this life in spite of the experience of suffering. Therevada Buddists Nirvana achieved in this life, without substrate and so continuing to live in bodily form is described as a set of qualities in The Questions of King Milinda. He asks Nagasena whether he can compare it to anything in this world to help him understand. Nagasena says it cant be compared to anything, but its qualities can. E.g As a lotus is unsustained by water, so Nirvana is unsustained by all the defilements Islam God has a plan for the whole universe and all human beings At the day of judgement to whole universe will be destroyed and the dead raised to stand before him That day will be the beginning of an unending life on which every individual will be judged and rewarded by God according to their deeds. The Quran argues that life after death is vital of make sense of morality. If there is no afterlife then a belief in God is irrelevant. Hindus believe in certain heavenly states, notably Goloka, Krishnas heaven for devotees, but there is little justification in scripture. Hindus believe as a God loves his people he must be good to them when they die. The Resurrection of the Body Key Christian belief is that the individual survives as an individual. Also that the individual is judged as a individual Jesuss resurrection and ascension is the model we will follow as he was sent to show us the way, the truth and the light.. The Apostles and Nicene Creed both affirm belief in the resurrection of the dead and the life of the world to come Tey also refer to the communion of saints which refers to the Church as one body uniting those in heaven and those on earth. The point of the Creed is to reinforce belief in the face of challenges Christians believe that man can be saved as a whole, body and soul man can glorify God through his body as he is made in the image of God, the body can become a sacrifice to God and also a dwelling place of the Holy Spirit, (Corinthians 6.19-20,Do you not know that your bodies are temples of the Holy Spirit, who is in you, whom you have received from God?). Also Christ at the Last Supper gave his Body and Blood as a means of salvation, so the human body is important On the same day as jesuss resurrection Matthews gospel reports dead prophets rising from their graves indicating a bodily resurrection. Paul speaks of us dying and rising with Christ in Baptism as a spiritual experience (Romans 6.5-11) but he is clear that the body will be resurrected after death however in 1 Corinthians 15-50 he also says flesh and blood cannot inherit the kingdom of God. Irenaeus and Tertullian both interpret this to mean that flesh is resurrected for judgment and that the Spirit must be present in the flesh to enter heaven. The Creed also affirms belief in the Holy Spirit. 1 Corinthains 15.35-50 Paul is asked How are the dead raised? He uses the analogy of a seed and a bulb to show that something completely different can arise from a source. At h time there was a commonly held belief that the flesh would be resurrected the corpse Paul tried to make it clear that the body refers to the whole personality and person, both inner and outer. Through Adam we are part of the physical sphere and through Christ we are part of the spiritual sphere Christ was man and God together we are physical body and spiritual body together. Paul does not describe the spiritual body.

The Role of Computer Generated Imagery in the Movie (Film) Industry :: Expository Essays Research Papers

The Role of Computer Generated Imagery in the Film Industry Computer Generated Imagery is the special effects used in motion pictures to create a visual depiction of an illusion that can not be easily created in real life. Directors of major motion pictures have been using these technologies since the early days of the personal computer. Early on, when and special effects were in their beginning stages, it was difficult to make efficient and effective effects that are well accepted by the movie critics and the general public. An evolution of special effects and the introduction of computerized animation brought the standards for movie effects to a higher level. The development of new methods of Computer Generated Imagery for less money and more effective than in the past has allowed even fairly low budget movies to incorporate such technology. Today, movies use CGI to create special effects to replace thousands of extras, stunt people, and puppet like characters, as witnessed in the Lord of the Rings Trilogy. The evolution of special effects and Computer Generated Imagery technologies has taken the film industry to a whole new level. Computer Generated Imagery began with awkward and dull effects in the early 1980’s. The 1982 film â€Å"Tron† was a desperate attempt from Disney to jump on the CGI bandwagon and start a revolution in film making technologies (imdb.com). Although this film showed an attempt at something that had never been done before in the history of cinematics, it was weird and confusing. This broke the door down for other companies to start up and aid films in creating better and better effects that appealed to a larger market. Although the effects were not good in the early days, the general film going public was astonished by computer generated effects and flocked to the theaters to see these cheesy attempts to use basic technology that did not transfer well to the silver screen. It was not until later films like â€Å"Jurassic Park,† â€Å"Toy Story,† and â€Å"The Lord of the Rings† until CGI became a film making powerhouse and the killer application for hig h budget movies. The evolution of the 1980’s saw the pioneers of the early ages of CGI, but it was not until major revolutions in computer aided film making when the industry took a notice. Steven Spielberg’s 1993 film â€Å"Jurassic Park,† one of the first major motion pictures to use CGI on a large scale, is one of the largest grossing movies of all time (imdb.

Analysis of Hong Kong Economy During Financial Crisis

 ·808 · Proceedings of the 7th International Conference on Innovation & Management An Analysis of the Hong Kong Economy after the Financial Crisis Cao Hongliu School of Management, Guangdong University of Technology, Guangdong, P. R. China, 510520 (E-mail: [email  protected] com) Abstract This paper analyzes the current economic development and the status of leading industries in Hong Kong. It shows that Hong Kong economy, which is mainly comprised of the service industry in particular, facing with both opportunities and challenges after the financial crisis.Hong Kong economy has a wide range of needs in information technology, electrical and electronic technology, and manufacturing technology. Development in these areas has great significance to ensure sustained development of Hong Kong economy. Key words Hong Kong economy status; Leading industry; Service industry 1 Introduction Hong Kong’s a small and open economy system and international financial center, its economi c development face many new challenges because of the impact of the global financial crisis.Therefore, a comprehensive analysis of the Hong Kong’s economic development and their leading industry status becomes an important issue. 2 Overview of Hong Kong Economy 2. 1 The services sector is a leading industry in Hong Kong From Table 1, we can see that the services industry is a leading industry of Hong Kong economy. During the decade from 1997 to 2006, services sector in the Hong Kong economy has gained greater prominence. This change has already been reflected in the share of contribution of the services sector to the local GDP.The contribution of the services sector to GDP increased from 85. 9% in 1997 to 91. 2% in 2006. Based on the industry definition of Hong Kong Census and Statistics Department, The services sector includes wholesale, retail and import and export trades, restaurants and hotels; transport, storage and communications; financing, insurance, real estate and b usiness services; and community, social and personal services. Table 1 Gross Domestic Product (GDP) by Economic Activity (at Current Prices) GDP by Economic Activity(2004-2007) 2004 2005 2006 2007Economic activity Agriculture and fishing Mining and quarrying Manufacturing Electricity, gas and water Construction GDP 886 72 44455 39726 40376 ratio 0. 1 * 3. 6 3. 2 3. 2 GDP 847 100 45547 39924 38538 ratio 0. 1 * 3. 4 3 2. 9 GDP 849 93 45761 40364 38688 ratio 0. 1 * 3. 2 2. 8 2. 7 GDP 895 114 39282 39426 40154 ratio 0. 1 * 2. 5 2. 5 2. 6 Services 1119304 89. 9 1207873 90. 6 1297545 91. 2 1429293 92. 3 Note: Data is from Hong Kong Annual Digest of Statistics (2004-2008 Edition) edited by Hong Kong Census and Statistics Department. Data unit is in million terms and ratio unit is %.Besides, * represents the comparison had less than 0. 05% is in the total economy The services sector becomes the principal source of employment. The employment share of the services sector in total employment h as increased moderately over the past decade, from 79. 8% in 1997 to 86. 6% in 2007. In 2007, the services sector as a whole engaged 3. 03 million persons out of the 3. 5 million overall employments. The services sector plays a significant role in supporting the growth of our external trade. In 2007, the value of exports of services reached $652 billion, representing an average annual growth rate ofProceedings of the 7th International Conference on Innovation & Management  ·809 · 8. 6% over 1997. In 2007, merchant and other trade-related services was the most important major service group, contributing 30. 9% to the value of total exports of services. It was followed by transportation services and travel services, contributing 28. 6% and 16. 5% respectively to the value of total exports of services in 2007. In 1997, the respective percentage shares of these three major service groups in the value of total exports of services were 25. 6%, 30. % and 20. 8%. 2. 2 The structure of H ong Kong’s services industry sector Among the economic activities in the services sector, wholesale, retail and import and export trades, restaurants and hotels together contributed 27. 9% of the GDP in 2006, followed by financing, insurance, real estate and business services (25. 0%), community, social and personal services (18. 0%) and transport, storage and communications (9. 6%). Among them, financial services, trading, tourism and professional services are key industries in the Hong Kong economy.They have been the driving force of Hong Kong’s economic growth, providing impetus to growth of other sectors and creating employment. (1) Import and export trade . The import and export trade is the most important industries in Hong Kong’s service industry, has been playing an important role in the development of Hong Kong economy. The import and export trade produced a net output of HK$305. 1 billion in 2006, representing an increase of 39% over 1997. The ratio is the highest among all service industry. In 2007, there were 98 000 import and export trading establishments in Hong Kong, with 520 000 persons.At the same time, import and export trade sector is also directly promoting the development of other industries, such as logistics, transportation, business services and other services. Hong Kong’s import and export trade, including the visible trade and invisible trade two parts. The visible trade refers to the traditional commodity trade. In 2007, the value of Hong Kong imported and exported goods was $5,556 billion, representing an increase of 9. 8% compared to 2006. Hong Kong’s total exports of goods (comprising domestic exports and re-exports) in 2007 amounted to $2,688 billion, or increased by 9. % when compared with 2006. The value of imports increased by 10. 3% to $2,868 billion in 2007. With the value of total exports being less than that of imports, a merchandise trade deficit of $180 billion was recorded in 2007. In the import and export trade, the largest proportion of re-exports. This was largely attributable to the relocation of many local manufacturing activities to the mainland of China. Quite a large amount of the goods produced in the mainland of China through the outward processing arrangement were sent back to Hong Kong and re-exported to other countries/territories.During 1997 to 2007, the value of re-exports increased by 107%, while a decline of 48% was observed in the value of domestic exports. In 2007 the re-export trade to the mainland continued to grow rapidly. The invisible trade services are export and import trade of commercial services and financial services. While these services could be exported or imported by the import/export firms or companies in other sectors, most of the merchant and other trade-related services were exported or imported by import/export firms . In 2007, Hong Kong’s exports and imports of services valued at $652 billion and $322 billion respecti vely.Compared to 2006, exports and imports of services increased by 15. 4% and 11. 7% respectively. Net exports of services in 2007 amounted to $330 billion, this makes Hong Kong’s overall trade surplus of $150 billion. (2) Finance. Hong Kong is recognized as an international financial center, many multinational banks and financial institutions gathered here. The financial business is classified in detail, covering all aspects of the financial industry. Hong Kong three-tier system of deposit-taking institutions, namely licensed banks, restricted licensed banks and deposit-taking companies, known collectively as the authorized institutions.At the end of 2007, the number of authorized institutions stood at 200, comprising 142 licensed banks, 29 restricted license banks and 29 deposit-taking companies. 68 of them were incorporated in Hong Kong and 132 were incorporated outside Hong Kong. In addition, there were 79 representative offices of foreign banks coming from 27 economies/ regions. As at end December 2007, 152 of the largest 500 banks in the world had a presence in Hong Kong. The value added generated by the banking industry amounted to $136. 5 billion, or 9. 6% of Hong Kong’s Gross Domestic Product (GDP) in 2006, representing an increase of 41. % compared with 1997. The development of the banking sector also promotes the development of other financial industries. In 2007, some 2 940 establishments and about 32 400 persons were engaged in the business. These included stock and share companies; commodity futures, gold bullion and foreign exchange brokers/dealers; stock, bullion and commodity exchanges; fund management companies; investment advisory companies; and firms providing other various financial services. The financial markets and asset management industry generated value added of about $59. billion, contributing to 4. 1% of Hong Kong’s GDP in 2006.  ·810 · Proceedings of the 7th International Conference on Innovation & Managem ent Hong Kong is also the Securities and Exchange Center and an important place for the mainland enterprises to raise funds. At the end of 2007, 1 048 companies were listed on the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEx), with a total market capitalization of $20,536 billion. Despite an increase of only 7. 5% in the number of listed companies, market capitalization was observed to rise 55. 0% over 2006.Since July 1993 when the first Chinese state owned company was listed on the HKEx through issuance of H shares, the role of Hong Kong as a major fund-raising centre for the mainland of China had become increasingly important. By the end of 2007, there were 146 H shares listed on the HKEx, with market capitalization of $5,080 billion. In addition, there were also 93 â€Å"Red Chips† companies and 200 private enterprises listed on HKEx. Hong Kong is one of the most active and liberal debt markets and a leading asset management centre in Asia. (3) Tourism . In 2007, 51 900 persons were engaged in industries closely related o tourism, such as hotels and travel agents and 315 300 persons in industries partly related to tourism such as restaurants, retailers, transport operators and other service providers serving visitors. In terms of economic contribution, inbound tourism and outbound tourism together generated $45. 3 billion value added and 176 300 job opportunities in 2006, or 3. 2% of total GDP and 5. 2% of total employment of Hong Kong respectively. The number of incoming visitors in 2007 reached 28. 2 million, increased by 11. 6% as compared with 25. 3 million in 2006 and set the highest record for visitor arrivals in history.The mainland of China remained the major source market of visitors to Hong Kong since 1994. Visitor arrivals from the mainland of China reached 15. 5 million in 2007, accounted for 55. 0% of the total visitor arrivals, followed by South and Southeast Asia (10. 3%) and Taiwan (7. 9%). In addition, Hong Kong i s Asia’s major trade exhibition and business conference center. A total of 218 conventions and 78 exhibitions with international participation were held in Hong Kong in 2006. (4) Professional service . The professional service is Hong Kong’s fourth-largest service industry.The professional services industry generated $40 billion of value added, or 2. 8% of Hong Kong’s Gross Domestic Product (GDP), in 2006 and provided job opportunities for about 106 000 persons in 2007. In 2007, there were about 13 500 professional services establishments, including 3 900 accounting, auditing and bookkeeping firms, 1 800 solicitor and barrister firms, 3 300 architectural, surveying and engineering firms and some 4 500 management consultant firms. The business receipts of professional services industry increased by 10. 7% in 2007 over a year earlier.The development of professional services industry over the past decade was quite remarkable. Number of establishments and persons en gaged increased by 35% and 23% respectively between 1997 and 2007. During the same period, the total number of registered professionals also increased remarkably, with certified public accountants increasing at the fastest rate of 7. 3% per year on average. 2. 3 Manufacturing company is the support for the Hong Kong service industry In this paper, the Hong Kong Manufacturing Company refers specifically to the Hong Kong manufacturing companies in the mainland.The rapid expansion of Hong Kong’s service industries in the past two decades benefited from the development of the Hong Kong Manufacturing Company and the sub-contracting business model. In the late 80’s, under the pressure of high land prices, high rents, high labor costs, a large number of Hong Kong manufacturers shifted their production to the Mainland, where the land and labor costs were relatively low, in particular the Pearl River Delta in Guangdong Province. And because of the changes in the business, many original manufacturing companies become the service company.These companies transferred their manufacturing factories to the Mainland, and kept the headquarters and other high value-added services such as marketing, order processing, material procurement, design, packaging, logistics business in Hong Kong. This business model is known as â€Å"shop in front and factory in back† mode. At the same time, in order to adapt to the changes in international markets and increase exports, many traditional trading companies, set up manufacturing factories in mainland, and formed a sub-contracting operation mode.In the sub-contractors mode, products manufactured in the mainland branch companies, headquarters in Hong Kong focused its efforts on trade, market and management. This mode of operation combined the mainland companies’ low-cost production advantage and the Hong Kong trading companies’ familiar with the international market advantage together, promoted the expediti ons of business of Hong Kong trade companies and improved their production efficiency. This production mode provided a strong support to the development of Hong Kong’s service industry.The financial crisis press great operating pressure to the Hong Kong Manufacturing Company. Mostly concentrated in the Pearl River Delta region, the types of these companies are sound equipment, electrical appliances, toys, clothing, footwear and other labor-intensive industries. The development of these enterprises is based on low labor and land inputs, production technology is very low. With the Proceedings of the 7th International Conference on Innovation & Management  ·811 · labor, land costs rising substantially in the Pearl River Delta region, the ompetitive advantages of the Hong Kong Manufacturing Company decreased a lot in recent years. Under the impact of the financial crisis, there has an obvious drop in experts of these labor-intensive consumer goods. Many Hong Kong Manufacturin g Companies face the problem of orders reduction, profit decline, and even bankruptcy. 3 Hong Kong’s Economic Problems under the Global Financial Crisis Table 2 1997-2007 Business Receipts Indices 1997 2002 2003 2004 2005 2006 2007 Wholesale/Retail Import and export trade Restaurants Hotels Transport Storage Communications Banking Financing (except banking) Insurance 24. 4 107. 2 104. 7 99 61. 7 157. 1 127. 1 84. 1 79. 8 38. 2 88. 3 75. 5 94. 9 73. 1 68. 8 81. 1 96. 6 86. 4 56 59. 2 85. 8 80. 4 85. 7 58. 8 69. 1 77. 4 94. 3 86. 4 65. 7 70. 5 93. 8 90. 5 94. 3 81. 9 85 90. 6 95. 1 90. 2 87. 5 86. 2 100 100 100 100 100 100 100 100 100 100 100 100 100 100 107. 4 110. 2 109. 5 113. 7 110. 6 110. 2 100. 8 119. 5 147. 9 121. 3 99. 6 119. 6 114 109. 7 120. 6 119. 1 124. 2 131. 1 122. 6 127. 8 110. 8 165. 3 249. 7 156. 2 139. 3 135. 4 135. 4 117. 1 Real estate 135. 6 71. 5 75. 9 86. 2 Business 119. 7 87. 88. 1 95. 3 services Tourism 91. 5 75. 5 70 88. 5 Computer and 53. 1 63. 7 67. 3 81. 1 information services Note: Data is from Hong Kong Annual Digest of Statistics(2008 Edition) Statistics Department. Table 3 2005 edited by Hong Kong Census and 2005-2008 the variation ratio of Business Receipts Indices 2006 2007 2007 3 quarter 9 15. 1 8. 2 15. 4 15. 7 11. 7 11. 7 9. 7 47. 7 99. 6 42. 1 27. 7 2007 4 quarter 15. 5 17. 7 7. 6 14. 8 16. 5 14. 8 10. 3 16. 2 45 82. 9 35. 4 69. 5 2008 1 quarter 9. 6 17. 5 13. 2 16 9. 9 15. 9 10. 7 11. 2 6. 32. 8 11. 7 14. 5 2008 2 quarter Wholesale/Retail Import and export trade Restaurants Hotels Transport Storage Communications Banking Financing (except banking) Insurance Real estate Business services 5. 6 6. 8 10. 6 6 22. 1 17. 8 10. 4 5. 1 10. 9 14. 3 16 16 7. 9 7. 3 10. 2 9. 5 13. 7 10. 6 10. 2 0. 8 19. 5 47. 9 21. 3 -0. 4 10. 4 12. 8 8 13. 4 15. 2 10. 8 16 10 38. 3 68. 8 28. 8 39. 8 14. 1 14. 4 14. 6 15. 3 9. 6 11 3. 5 13. 5 -6. 8 4. 7 8. 3 10 Tourism 4. 9 19. 6 13. 2 11. 8 14 11. 5 10. 3 Computer and 12. 9 14 18. 7 18. 9 25. 4 14. 14 information services Note: Data is from Hong Kong Annual Digest of Statistics (2008 Edition) edited by Hong Kong Census and Statistics Department.  ·812 · Proceedings of the 7th International Conference on Innovation & Management Table 2 shows the revenue changes of the Hong Kong’s service industry from the 1997 Asian financial crisis. In the 1997 Asian financial crisis and the subsequent 2003 epidemic of SARS, Hong Kong’s service industry was particularly hard hit. Until 2006, the industry revenue was generally restored to the level of 97. Finance, insurance, transport, trade and other business incurred the largest loss.In February 2007, the U. S. sub-loan crisis happened, and the Lehman bank filed for bankruptcy in September 2008. The U. S. financial crisis intensified and developed into a global financial crisis. From the second half of 2008, the global financial crisis began to influence Hong Kong economy. This performance is particularly evident in the service industry. Hong Kong’s financial industry has been most affected. From Table 3 it can be seen that Banking and financial services industries are in the most affected after the financial crisis. There is a rapid decline in industry revenue.In the second quarter of 2008, banking industry even has the first negative growth since the past few years. At the end of the third quarter, because a lot of major financial institutions in the United States had been threatened with a bankruptcy, the global financial crisis became even more serious. The panic selling appeared in many countries’ stock market, Hong Kong was no exception. Hong Kong’s Hang Seng index plummeted by 15% in September, and fall 22% in October. The normal operation of Hong Kong’s capital markets has been seriously affected.The growth of other financial related industries, such as insurance, real estate and business services, had a slowed down significantly from the beginning of the second quarter of 2008. Import and export trade and related industries sectors have been affected in different degrees. The merchandise exports slowed down in the third quarter and only had a small increase. Even so, this was the worst performance since the first quarter of 2002. With the increase of global financial crisis, exports to other markets also had different degrees of slowing down.As a result, the growth of related industries, such as business service, trade service, transportation and storage service also slowed down slightly. Exports of services had maintained a steady increase in the financial crisis, but the growth rate was also smaller than the second quarter. The growth of tourism also had signs of deceleration and affect the growth of related industry, such as transportation, hotels, catering services, the number of visitors from long distance market decrease a lot, particularly the tourists from Europe and the United States.To face the challenge of financial crisis, the SAR Government has been actively responding well to prevent the spread of financial risks. From the beginning of the sub-loan crisis in the United States, in order to ensure stability of the financial system, the Hong Kong Monetary Authority introduced a number of measures to alleviate the pressure on banks and provide necessary assistance to the banks. Securities and Futures Commission and the Insurance Supervisory Commission also had made action to strengthen the protection of investors and policyholders.At the same time, most Hong Kong’s local financial institutions’ participation in directly investment to the US sub-loan is limited in small scale. The local banking system remains steadily without be directly effected by the sub-loan crisis. Benefit from the economic development of the Mainland, Hong Kong’s service industries is also faced with new opportunities in the global financial crisis. For example, supported by the growth of trade in the Mainland, of fshore trade growth was still significant.Although 2008 is the â€Å"Olympic Year†, but the mainland tourists to Hong Kong remained a high-speed growth. In the third quarter of 2008, the Mainland tourists to Hong Kong wad still higher than last year, an increase of 9. 4%. Individual Visit Scheme is one of the bright spots; the visitors in accordance with this scheme had a further rise in the third quarter, the ratio wad 14. 5%. These factors effectively guaranteed the smooth operation of Hong Kong’s service industries. At the same time, the ten naturalization industry plan in the mainland had already been introduced.The mainland accelerated the pace of industrial upgrading and began to support the development of high-tech industry. These policies provide a good environment for the Hong Kong companies in mainland to upgrade their technological level and achieve their own industrial upgrading. Based on the above analysis, the challenges faced by Hong Kong’s econom ic in the financial crisis can be summarized into the following three aspects: (1)financial sector’s profits decline a lot, related sector’s services business reduces. 2) The trade and service market in Western countries shrink. 3 Hong Kong Company in mainland operates difficultly. Hong Kong economy is facing the opportunity for: the steady development of the Mainland economy and the acceleration of the industrial upgrading. Therefore, in order to face the challenge of the financial crisis, it is important for Hong Kong service companies to expand business in the Mainland, and to Hong Kong companies in mainland to enhance the productivity. Proceedings of the 7th International Conference on Innovation & Management  ·813 · 4 ConclusionsThrough the above analysis, this paper can be drawn the following conclusions: (1) The a major problem of Hong Kong economy is decline in financial sector profits and trade volume with Western developed countries. (2)The expansion of d emand of the Mainland market is the most important opportunity for Hong Kong’s economic development. (3) Hong Kong economy has great demands for information technology, electrical and electronic technologies, manufacturing technology. To ensure sustainable development of Hong Kong economy, it is very important to promote scientific and technological development. References [1] Yang Xue.The Analysis of the Scientific and Technological Needs Based on Micro-macro System[J]. Social Science Frontier, 2008, (10): 241(In Chinese) [2] Guo Kasha, Wang Wenlong. Science and Technology Needs Analysis of Chinese High-Tech Industry[J]. Economic Review, 2004, (8):198(In Chinese) [3] Wu Jiapei, Wang Changsheng. Science and Technology Needs Analysis of the New Road to Industrialization[J]. Science & Technology and Economy, 2005, (4): 4(In Chinese) [4] Li Jianhua, Cheng Baoying, Yang Xue. Analysis on Demand of Science and Technology Effected by Informatization During New Industrialization[J]. Information Science, 2004, (8): 903(In Chinese) Analysis of Hong Kong Economy During Financial Crisis  ·808 · Proceedings of the 7th International Conference on Innovation & Management An Analysis of the Hong Kong Economy after the Financial Crisis Cao Hongliu School of Management, Guangdong University of Technology, Guangdong, P. R. China, 510520 (E-mail: [email  protected] com) Abstract This paper analyzes the current economic development and the status of leading industries in Hong Kong. It shows that Hong Kong economy, which is mainly comprised of the service industry in particular, facing with both opportunities and challenges after the financial crisis.Hong Kong economy has a wide range of needs in information technology, electrical and electronic technology, and manufacturing technology. Development in these areas has great significance to ensure sustained development of Hong Kong economy. Key words Hong Kong economy status; Leading industry; Service industry 1 Introduction Hong Kong’s a small and open economy system and international financial center, its economi c development face many new challenges because of the impact of the global financial crisis.Therefore, a comprehensive analysis of the Hong Kong’s economic development and their leading industry status becomes an important issue. 2 Overview of Hong Kong Economy 2. 1 The services sector is a leading industry in Hong Kong From Table 1, we can see that the services industry is a leading industry of Hong Kong economy. During the decade from 1997 to 2006, services sector in the Hong Kong economy has gained greater prominence. This change has already been reflected in the share of contribution of the services sector to the local GDP.The contribution of the services sector to GDP increased from 85. 9% in 1997 to 91. 2% in 2006. Based on the industry definition of Hong Kong Census and Statistics Department, The services sector includes wholesale, retail and import and export trades, restaurants and hotels; transport, storage and communications; financing, insurance, real estate and b usiness services; and community, social and personal services. Table 1 Gross Domestic Product (GDP) by Economic Activity (at Current Prices) GDP by Economic Activity(2004-2007) 2004 2005 2006 2007Economic activity Agriculture and fishing Mining and quarrying Manufacturing Electricity, gas and water Construction GDP 886 72 44455 39726 40376 ratio 0. 1 * 3. 6 3. 2 3. 2 GDP 847 100 45547 39924 38538 ratio 0. 1 * 3. 4 3 2. 9 GDP 849 93 45761 40364 38688 ratio 0. 1 * 3. 2 2. 8 2. 7 GDP 895 114 39282 39426 40154 ratio 0. 1 * 2. 5 2. 5 2. 6 Services 1119304 89. 9 1207873 90. 6 1297545 91. 2 1429293 92. 3 Note: Data is from Hong Kong Annual Digest of Statistics (2004-2008 Edition) edited by Hong Kong Census and Statistics Department. Data unit is in million terms and ratio unit is %.Besides, * represents the comparison had less than 0. 05% is in the total economy The services sector becomes the principal source of employment. The employment share of the services sector in total employment h as increased moderately over the past decade, from 79. 8% in 1997 to 86. 6% in 2007. In 2007, the services sector as a whole engaged 3. 03 million persons out of the 3. 5 million overall employments. The services sector plays a significant role in supporting the growth of our external trade. In 2007, the value of exports of services reached $652 billion, representing an average annual growth rate ofProceedings of the 7th International Conference on Innovation & Management  ·809 · 8. 6% over 1997. In 2007, merchant and other trade-related services was the most important major service group, contributing 30. 9% to the value of total exports of services. It was followed by transportation services and travel services, contributing 28. 6% and 16. 5% respectively to the value of total exports of services in 2007. In 1997, the respective percentage shares of these three major service groups in the value of total exports of services were 25. 6%, 30. % and 20. 8%. 2. 2 The structure of H ong Kong’s services industry sector Among the economic activities in the services sector, wholesale, retail and import and export trades, restaurants and hotels together contributed 27. 9% of the GDP in 2006, followed by financing, insurance, real estate and business services (25. 0%), community, social and personal services (18. 0%) and transport, storage and communications (9. 6%). Among them, financial services, trading, tourism and professional services are key industries in the Hong Kong economy.They have been the driving force of Hong Kong’s economic growth, providing impetus to growth of other sectors and creating employment. (1) Import and export trade . The import and export trade is the most important industries in Hong Kong’s service industry, has been playing an important role in the development of Hong Kong economy. The import and export trade produced a net output of HK$305. 1 billion in 2006, representing an increase of 39% over 1997. The ratio is the highest among all service industry. In 2007, there were 98 000 import and export trading establishments in Hong Kong, with 520 000 persons.At the same time, import and export trade sector is also directly promoting the development of other industries, such as logistics, transportation, business services and other services. Hong Kong’s import and export trade, including the visible trade and invisible trade two parts. The visible trade refers to the traditional commodity trade. In 2007, the value of Hong Kong imported and exported goods was $5,556 billion, representing an increase of 9. 8% compared to 2006. Hong Kong’s total exports of goods (comprising domestic exports and re-exports) in 2007 amounted to $2,688 billion, or increased by 9. % when compared with 2006. The value of imports increased by 10. 3% to $2,868 billion in 2007. With the value of total exports being less than that of imports, a merchandise trade deficit of $180 billion was recorded in 2007. In the import and export trade, the largest proportion of re-exports. This was largely attributable to the relocation of many local manufacturing activities to the mainland of China. Quite a large amount of the goods produced in the mainland of China through the outward processing arrangement were sent back to Hong Kong and re-exported to other countries/territories.During 1997 to 2007, the value of re-exports increased by 107%, while a decline of 48% was observed in the value of domestic exports. In 2007 the re-export trade to the mainland continued to grow rapidly. The invisible trade services are export and import trade of commercial services and financial services. While these services could be exported or imported by the import/export firms or companies in other sectors, most of the merchant and other trade-related services were exported or imported by import/export firms . In 2007, Hong Kong’s exports and imports of services valued at $652 billion and $322 billion respecti vely.Compared to 2006, exports and imports of services increased by 15. 4% and 11. 7% respectively. Net exports of services in 2007 amounted to $330 billion, this makes Hong Kong’s overall trade surplus of $150 billion. (2) Finance. Hong Kong is recognized as an international financial center, many multinational banks and financial institutions gathered here. The financial business is classified in detail, covering all aspects of the financial industry. Hong Kong three-tier system of deposit-taking institutions, namely licensed banks, restricted licensed banks and deposit-taking companies, known collectively as the authorized institutions.At the end of 2007, the number of authorized institutions stood at 200, comprising 142 licensed banks, 29 restricted license banks and 29 deposit-taking companies. 68 of them were incorporated in Hong Kong and 132 were incorporated outside Hong Kong. In addition, there were 79 representative offices of foreign banks coming from 27 economies/ regions. As at end December 2007, 152 of the largest 500 banks in the world had a presence in Hong Kong. The value added generated by the banking industry amounted to $136. 5 billion, or 9. 6% of Hong Kong’s Gross Domestic Product (GDP) in 2006, representing an increase of 41. % compared with 1997. The development of the banking sector also promotes the development of other financial industries. In 2007, some 2 940 establishments and about 32 400 persons were engaged in the business. These included stock and share companies; commodity futures, gold bullion and foreign exchange brokers/dealers; stock, bullion and commodity exchanges; fund management companies; investment advisory companies; and firms providing other various financial services. The financial markets and asset management industry generated value added of about $59. billion, contributing to 4. 1% of Hong Kong’s GDP in 2006.  ·810 · Proceedings of the 7th International Conference on Innovation & Managem ent Hong Kong is also the Securities and Exchange Center and an important place for the mainland enterprises to raise funds. At the end of 2007, 1 048 companies were listed on the Main Board of the Hong Kong Exchanges and Clearing Limited (HKEx), with a total market capitalization of $20,536 billion. Despite an increase of only 7. 5% in the number of listed companies, market capitalization was observed to rise 55. 0% over 2006.Since July 1993 when the first Chinese state owned company was listed on the HKEx through issuance of H shares, the role of Hong Kong as a major fund-raising centre for the mainland of China had become increasingly important. By the end of 2007, there were 146 H shares listed on the HKEx, with market capitalization of $5,080 billion. In addition, there were also 93 â€Å"Red Chips† companies and 200 private enterprises listed on HKEx. Hong Kong is one of the most active and liberal debt markets and a leading asset management centre in Asia. (3) Tourism . In 2007, 51 900 persons were engaged in industries closely related o tourism, such as hotels and travel agents and 315 300 persons in industries partly related to tourism such as restaurants, retailers, transport operators and other service providers serving visitors. In terms of economic contribution, inbound tourism and outbound tourism together generated $45. 3 billion value added and 176 300 job opportunities in 2006, or 3. 2% of total GDP and 5. 2% of total employment of Hong Kong respectively. The number of incoming visitors in 2007 reached 28. 2 million, increased by 11. 6% as compared with 25. 3 million in 2006 and set the highest record for visitor arrivals in history.The mainland of China remained the major source market of visitors to Hong Kong since 1994. Visitor arrivals from the mainland of China reached 15. 5 million in 2007, accounted for 55. 0% of the total visitor arrivals, followed by South and Southeast Asia (10. 3%) and Taiwan (7. 9%). In addition, Hong Kong i s Asia’s major trade exhibition and business conference center. A total of 218 conventions and 78 exhibitions with international participation were held in Hong Kong in 2006. (4) Professional service . The professional service is Hong Kong’s fourth-largest service industry.The professional services industry generated $40 billion of value added, or 2. 8% of Hong Kong’s Gross Domestic Product (GDP), in 2006 and provided job opportunities for about 106 000 persons in 2007. In 2007, there were about 13 500 professional services establishments, including 3 900 accounting, auditing and bookkeeping firms, 1 800 solicitor and barrister firms, 3 300 architectural, surveying and engineering firms and some 4 500 management consultant firms. The business receipts of professional services industry increased by 10. 7% in 2007 over a year earlier.The development of professional services industry over the past decade was quite remarkable. Number of establishments and persons en gaged increased by 35% and 23% respectively between 1997 and 2007. During the same period, the total number of registered professionals also increased remarkably, with certified public accountants increasing at the fastest rate of 7. 3% per year on average. 2. 3 Manufacturing company is the support for the Hong Kong service industry In this paper, the Hong Kong Manufacturing Company refers specifically to the Hong Kong manufacturing companies in the mainland.The rapid expansion of Hong Kong’s service industries in the past two decades benefited from the development of the Hong Kong Manufacturing Company and the sub-contracting business model. In the late 80’s, under the pressure of high land prices, high rents, high labor costs, a large number of Hong Kong manufacturers shifted their production to the Mainland, where the land and labor costs were relatively low, in particular the Pearl River Delta in Guangdong Province. And because of the changes in the business, many original manufacturing companies become the service company.These companies transferred their manufacturing factories to the Mainland, and kept the headquarters and other high value-added services such as marketing, order processing, material procurement, design, packaging, logistics business in Hong Kong. This business model is known as â€Å"shop in front and factory in back† mode. At the same time, in order to adapt to the changes in international markets and increase exports, many traditional trading companies, set up manufacturing factories in mainland, and formed a sub-contracting operation mode.In the sub-contractors mode, products manufactured in the mainland branch companies, headquarters in Hong Kong focused its efforts on trade, market and management. This mode of operation combined the mainland companies’ low-cost production advantage and the Hong Kong trading companies’ familiar with the international market advantage together, promoted the expediti ons of business of Hong Kong trade companies and improved their production efficiency. This production mode provided a strong support to the development of Hong Kong’s service industry.The financial crisis press great operating pressure to the Hong Kong Manufacturing Company. Mostly concentrated in the Pearl River Delta region, the types of these companies are sound equipment, electrical appliances, toys, clothing, footwear and other labor-intensive industries. The development of these enterprises is based on low labor and land inputs, production technology is very low. With the Proceedings of the 7th International Conference on Innovation & Management  ·811 · labor, land costs rising substantially in the Pearl River Delta region, the ompetitive advantages of the Hong Kong Manufacturing Company decreased a lot in recent years. Under the impact of the financial crisis, there has an obvious drop in experts of these labor-intensive consumer goods. Many Hong Kong Manufacturin g Companies face the problem of orders reduction, profit decline, and even bankruptcy. 3 Hong Kong’s Economic Problems under the Global Financial Crisis Table 2 1997-2007 Business Receipts Indices 1997 2002 2003 2004 2005 2006 2007 Wholesale/Retail Import and export trade Restaurants Hotels Transport Storage Communications Banking Financing (except banking) Insurance 24. 4 107. 2 104. 7 99 61. 7 157. 1 127. 1 84. 1 79. 8 38. 2 88. 3 75. 5 94. 9 73. 1 68. 8 81. 1 96. 6 86. 4 56 59. 2 85. 8 80. 4 85. 7 58. 8 69. 1 77. 4 94. 3 86. 4 65. 7 70. 5 93. 8 90. 5 94. 3 81. 9 85 90. 6 95. 1 90. 2 87. 5 86. 2 100 100 100 100 100 100 100 100 100 100 100 100 100 100 107. 4 110. 2 109. 5 113. 7 110. 6 110. 2 100. 8 119. 5 147. 9 121. 3 99. 6 119. 6 114 109. 7 120. 6 119. 1 124. 2 131. 1 122. 6 127. 8 110. 8 165. 3 249. 7 156. 2 139. 3 135. 4 135. 4 117. 1 Real estate 135. 6 71. 5 75. 9 86. 2 Business 119. 7 87. 88. 1 95. 3 services Tourism 91. 5 75. 5 70 88. 5 Computer and 53. 1 63. 7 67. 3 81. 1 information services Note: Data is from Hong Kong Annual Digest of Statistics(2008 Edition) Statistics Department. Table 3 2005 edited by Hong Kong Census and 2005-2008 the variation ratio of Business Receipts Indices 2006 2007 2007 3 quarter 9 15. 1 8. 2 15. 4 15. 7 11. 7 11. 7 9. 7 47. 7 99. 6 42. 1 27. 7 2007 4 quarter 15. 5 17. 7 7. 6 14. 8 16. 5 14. 8 10. 3 16. 2 45 82. 9 35. 4 69. 5 2008 1 quarter 9. 6 17. 5 13. 2 16 9. 9 15. 9 10. 7 11. 2 6. 32. 8 11. 7 14. 5 2008 2 quarter Wholesale/Retail Import and export trade Restaurants Hotels Transport Storage Communications Banking Financing (except banking) Insurance Real estate Business services 5. 6 6. 8 10. 6 6 22. 1 17. 8 10. 4 5. 1 10. 9 14. 3 16 16 7. 9 7. 3 10. 2 9. 5 13. 7 10. 6 10. 2 0. 8 19. 5 47. 9 21. 3 -0. 4 10. 4 12. 8 8 13. 4 15. 2 10. 8 16 10 38. 3 68. 8 28. 8 39. 8 14. 1 14. 4 14. 6 15. 3 9. 6 11 3. 5 13. 5 -6. 8 4. 7 8. 3 10 Tourism 4. 9 19. 6 13. 2 11. 8 14 11. 5 10. 3 Computer and 12. 9 14 18. 7 18. 9 25. 4 14. 14 information services Note: Data is from Hong Kong Annual Digest of Statistics (2008 Edition) edited by Hong Kong Census and Statistics Department.  ·812 · Proceedings of the 7th International Conference on Innovation & Management Table 2 shows the revenue changes of the Hong Kong’s service industry from the 1997 Asian financial crisis. In the 1997 Asian financial crisis and the subsequent 2003 epidemic of SARS, Hong Kong’s service industry was particularly hard hit. Until 2006, the industry revenue was generally restored to the level of 97. Finance, insurance, transport, trade and other business incurred the largest loss.In February 2007, the U. S. sub-loan crisis happened, and the Lehman bank filed for bankruptcy in September 2008. The U. S. financial crisis intensified and developed into a global financial crisis. From the second half of 2008, the global financial crisis began to influence Hong Kong economy. This performance is particularly evident in the service industry. Hong Kong’s financial industry has been most affected. From Table 3 it can be seen that Banking and financial services industries are in the most affected after the financial crisis. There is a rapid decline in industry revenue.In the second quarter of 2008, banking industry even has the first negative growth since the past few years. At the end of the third quarter, because a lot of major financial institutions in the United States had been threatened with a bankruptcy, the global financial crisis became even more serious. The panic selling appeared in many countries’ stock market, Hong Kong was no exception. Hong Kong’s Hang Seng index plummeted by 15% in September, and fall 22% in October. The normal operation of Hong Kong’s capital markets has been seriously affected.The growth of other financial related industries, such as insurance, real estate and business services, had a slowed down significantly from the beginning of the second quarter of 2008. Import and export trade and related industries sectors have been affected in different degrees. The merchandise exports slowed down in the third quarter and only had a small increase. Even so, this was the worst performance since the first quarter of 2002. With the increase of global financial crisis, exports to other markets also had different degrees of slowing down.As a result, the growth of related industries, such as business service, trade service, transportation and storage service also slowed down slightly. Exports of services had maintained a steady increase in the financial crisis, but the growth rate was also smaller than the second quarter. The growth of tourism also had signs of deceleration and affect the growth of related industry, such as transportation, hotels, catering services, the number of visitors from long distance market decrease a lot, particularly the tourists from Europe and the United States.To face the challenge of financial crisis, the SAR Government has been actively responding well to prevent the spread of financial risks. From the beginning of the sub-loan crisis in the United States, in order to ensure stability of the financial system, the Hong Kong Monetary Authority introduced a number of measures to alleviate the pressure on banks and provide necessary assistance to the banks. Securities and Futures Commission and the Insurance Supervisory Commission also had made action to strengthen the protection of investors and policyholders.At the same time, most Hong Kong’s local financial institutions’ participation in directly investment to the US sub-loan is limited in small scale. The local banking system remains steadily without be directly effected by the sub-loan crisis. Benefit from the economic development of the Mainland, Hong Kong’s service industries is also faced with new opportunities in the global financial crisis. For example, supported by the growth of trade in the Mainland, of fshore trade growth was still significant.Although 2008 is the â€Å"Olympic Year†, but the mainland tourists to Hong Kong remained a high-speed growth. In the third quarter of 2008, the Mainland tourists to Hong Kong wad still higher than last year, an increase of 9. 4%. Individual Visit Scheme is one of the bright spots; the visitors in accordance with this scheme had a further rise in the third quarter, the ratio wad 14. 5%. These factors effectively guaranteed the smooth operation of Hong Kong’s service industries. At the same time, the ten naturalization industry plan in the mainland had already been introduced.The mainland accelerated the pace of industrial upgrading and began to support the development of high-tech industry. These policies provide a good environment for the Hong Kong companies in mainland to upgrade their technological level and achieve their own industrial upgrading. Based on the above analysis, the challenges faced by Hong Kong’s econom ic in the financial crisis can be summarized into the following three aspects: (1)financial sector’s profits decline a lot, related sector’s services business reduces. 2) The trade and service market in Western countries shrink. 3 Hong Kong Company in mainland operates difficultly. Hong Kong economy is facing the opportunity for: the steady development of the Mainland economy and the acceleration of the industrial upgrading. Therefore, in order to face the challenge of the financial crisis, it is important for Hong Kong service companies to expand business in the Mainland, and to Hong Kong companies in mainland to enhance the productivity. Proceedings of the 7th International Conference on Innovation & Management  ·813 · 4 ConclusionsThrough the above analysis, this paper can be drawn the following conclusions: (1) The a major problem of Hong Kong economy is decline in financial sector profits and trade volume with Western developed countries. (2)The expansion of d emand of the Mainland market is the most important opportunity for Hong Kong’s economic development. (3) Hong Kong economy has great demands for information technology, electrical and electronic technologies, manufacturing technology. To ensure sustainable development of Hong Kong economy, it is very important to promote scientific and technological development. References [1] Yang Xue.The Analysis of the Scientific and Technological Needs Based on Micro-macro System[J]. Social Science Frontier, 2008, (10): 241(In Chinese) [2] Guo Kasha, Wang Wenlong. Science and Technology Needs Analysis of Chinese High-Tech Industry[J]. Economic Review, 2004, (8):198(In Chinese) [3] Wu Jiapei, Wang Changsheng. Science and Technology Needs Analysis of the New Road to Industrialization[J]. Science & Technology and Economy, 2005, (4): 4(In Chinese) [4] Li Jianhua, Cheng Baoying, Yang Xue. Analysis on Demand of Science and Technology Effected by Informatization During New Industrialization[J]. Information Science, 2004, (8): 903(In Chinese)

Ideal Types of Authorities

SOC 1301-01 Ideal Types of Authorities According to Max Weber, there are three kinds of authority: the legal rational authority, the charismatic authority and the traditional authority. President Nixon, Adolf Hitler and Moroccan Monarch Hassan II were all great leaders. However, the source of their powerful domination and their political leadership differ from one to another. In fact, considering a â€Å"Weberian† classification, we will consider Nixon as a legal rational leader, Hitler as a charismatic leader and Hassan II as a traditional leader.In this paper, we will try to emphasize the characteristics of each one of them based on their domestic or foreign policies. And then we will see their resemblance and similarities. Richard Milhous Nixon was sworn in as president on November 5, 1968 with only five hundred fifty thousand votes more than the Democratic candidate, and Vice-President under Johnson administration, Hubert Humphrey. (Strober & Strober, 2003) According to We ber: â€Å"Rulership is seen to rest on legal authority. As citizens of constitutional governments we assent to authority because its powers are based on procedures and institutions which have been legally enacted. (Whimster, 2004) Nixon is a legal rational leader since his authority is tied to the American government that is a rational and bureaucratic institution. As he was putting his administration together, â€Å"Nixon was always bringing in new people†¦this was one of the keys to his success. † He chose to work with a small group of assistants, advisors â€Å"and his longtime secretary Rose Mary Woods. † Nixon had a simple, but efficient philosophy: to bring in new blood to his administration. â€Å"He understood that people can perform up to a certain level; then they may lose interest, or may get bored. Moreover, one of his biggest strength was his political foresight. â€Å"Some of the best political minds of the past twenty years have been Nixonâ€⠄¢s finds. † (Strober & Strober, 2003) Domestically, Nixon believed in equality in the repartition of civil rights. He insisted that the country should help black people and that â€Å"the answer was to give them a chance to be capitalists – not just jobs† but figure out a way to have them involved in the American economy and the capitalist system. Afterwards, black people began to have more ‘office’ jobs and less hysical or illegal jobs, for instance â€Å"they became employers and tax payers,† which â€Å"shifts the whole burden in the economy. † Nixon also believed that although it was not necessarily a good political move because it will not get the administration any votes, they â€Å"will do it, because it’s the right thing to do. He had a conviction that that was something that needed to be done. † Subsequently, the program was called Minority Business and was expanded to â€Å"four ethnic groupings of people in th e United States that are considered by the Congress to be minorities: blacks, Hispanics, Asians, and American Indians. It was a success but what Nixon mostly saw in it was what he called â€Å"an equal Place at the starting line. † Nixon continued to fulfill his domestic policy, and one of his most remarkable works in this area is clearly the integration of the South. His â€Å"administration had to desegregate the school systems† they tend to do it in a diplomatic way in order not to impose radical changes on very conservative people in the South. â€Å"And by 1972, the South had some of the most integrated systems in the country. This whole integration issue made Nixon very popular in the South. (Strober & Strober, 2003) Furthermore, Nixon brought reforms to ex-President Johnson’s Health care system. In Nixon’s proposal on health care systems, he proposed a health insurance coverage that everyone would benefit from and created the Environmental Protect ion Agency. According to Max Weber â€Å"The charismatic leader gains and maintains authority solely by proving his strength in life. If he wants to be a prophet, he must perform miracles; if he wants to be a warlord, he must ‘prove’ itself in that those who faithfully surrender to him must fare well.If they do not fare well, he is obviously not the master sent by the gods. † (Weber, 1946) Thus, Weber’s notion of â€Å"Charismatic leadership† perfectly suits Adolf Hitler. Since he joined the German Worker’s Party in 1919, he generated a cult around his person. In 1933, Hitler became Chancellor of the third Reich and in the same year the Reichstag passed the â€Å"Enabling act of 1933† that gave Hitler full power. Moreover, after the death of the president Eidenburg, Hitler became Fuhrer of the 3rd Reich, which is the fusion of Chancellor and president. Nicholls, 2011) therefore, he was the leader of the â€Å"German nation defined in racial terms†¦he was the leader for whom people had been waiting: The Hitler Myth. † People placed him above every sacred thing in their lives; then it made â€Å"it possible for him to retain his status as charismatic leader. † Traditional authority rests on â€Å"an established belief in the sanctity of immemorial traditions and the legitimacy of those exercising authority under them. † (Swedberg, 2005) Hence, this kind of rulership â€Å"involves subjects accepting rule because the king or chief has always exercised power. (Whimster, 2004) This definition is applicable on the deceased king of Morocco Hassan II. His reign extended from 1961 until his dead in 1999 after he had inherited the throne from the Alaouite dynasty generally and from his father Mohammed V in particular. Hassan II was a conservative; he established the first Moroccan constitution in 1963 and it granted him with large powers. Hassan II and Adolf Hitler were both characterized by thei r strong rulership. Hitler was a dictator who transformed the Weimar Republic into a totalitarian regime known as the third Reich.Thereafter, he drove the whole nation into World War II. On the other hand, Hassan II whose methods also were too radical, if not to say dictatorial, was at the head of an authoritarian government or a disguised dictatorship. Under it people did not enjoy their civil rights, they lived a dark period called â€Å"years of lead† because of the brutality, the assassination such as the case of Ben Barka who was kidnapped from a pubic area in Paris, and the deportations to Tazmamarte prison.Otherwise, although Hitler was a dictator, he came to power in a legal manner when his party the National Socialist German Workers Party came at the head of the electoral vote with 43. 9% in 1933. Unlike Nixon and Hassan II, Hitler is very segregationist and he was willing to fulfill his pan-Germanist ideology to gather German origin people in one country. He eradica ted black people, Jews and the disabled while Hassan II gave the same rights to Moroccan Jews and Muslims, and Nixon established health care programs for ill and disabled people. Nicholls, 2011) Furthermore, Nixon, Hassan II and Hitler had different foreign policies. The keyword of Nixon’s foreign affairs was ‘overture. ’ As soon as installed in the White House along with Kissinger, his National Security Advisor, Nixon planned to withdraw from the War in Vietnam. Nixon firmly believed that â€Å"the American policy should be one that stressed the withdrawal of external forces. † (Lee & Haynsworth, 2002) Hassan II was an ally of the West especially the USA; he also was a intermediate between the Arab world and Israel. (Dalle, 2011).However, Hitler’s plan was to eliminate all Germany’s enemies especially France and the USSR. He also planed to make Germany economically self-sufficient by series of territorial conquests in Central Europe, France and USSR. (Nicholls, 2011) In conclusion, we may say that according to Weber notions of ideal types of authorities and kinds of leaders, Nixon is a rational legal leader, Hitler is a charismatic figure and Hassan II is a traditional leader. However, we also notice that these classifications are not radical; therefore, one leader can fit in two or all the types of Weber’s ideal type of authority.Consequently, in our case, Hassan II and Nixon are also charismatic figures in addition to their original classification. Even though people believe Hitler came to power with brutality and terror, he actually became chancellor in a legal democratic way. In 1933, the national Socialist German Worker’s party won the popular vote and then Hitler was appointed Chancellor. Then he used manipulative (Reichstag incendiary) and brutal ways (imprisonment of political opponent) to become the Reich Fuhrer. Thus, Hitler was also a legal rational leader once he became chancellor of Germany.O therwise, Weber’s classification of types of authorities does not mean that each category of leaders share the same values and govern with the same manner. Indeed, Both Hitler and Nixon were charismatic, and legal rational leaders, yet Nixon was an ardent defender of Human and civil rights. He launched programs of desegregations and health care systems, and withdrew the American troops from Vietnam. On the other hand, Hitler started World War II and invaded several countries such as France and Poland. Further, he was responsible of the holocaust and created a segregationist program of pan-Germanism to gather German people in Germany.References Dalle, I. (2011). Hassan II: entre tradition et absolutisme. Paris: Fayard. Nicholls, D. (2003). Adolf Hitler: A Biographical Companion.. Santa Barbara: ABC-CLIO. Swedberg, R. , & Agevall, O. (2005). The Max Weber dictionary: key words and central concepts. Stanford, Calif. : Stanford Social Sciences. Weber, M. , Gerth, H. H. , & Mills, C. W. (1946). From Max Weber: Essays in sociology . New York: Oxford University Press. Weber, M. , & Whimster, S. (2004). The essential Weber: a reader. London: Routledge.

2 Easy Ways to Get Zinc Metal

2 Easy Ways to Get Zinc Metal Zinc is a common metallic element, used to galvanize nails and found in many alloys and foods. However, its not easy to get zinc from most of these sources and you may have trouble finding a store that sells it. Fortunately, its easy to obtain zinc metal from common products. All it takes is a bit of chemistry know-how. Here are two simple methods to try. Where to Find Zinc in a Penny Although pennies look like copper, they are really made with a thin copper shell that is filled with zinc. Its easy to separate the two metals because they have different melting points. Zinc melts at a lower temperature than copper. When you heat a penny, the zinc runs out and can be collected, leaving you with a hollow penny. To get zinc from a penny, you need: United States pennies (minted in 1982 for the right chemical composition)pliersa gas stove or torcha heat-proof container to collect the zinc Extraction Turn on the stove or torch so it will be hot enough to melt the zinc.Hold a penny with pliers and place it in the tip of the flame. This is the hottest part of a flame. If the metal is not melting, make sure its in the right part of the flame.Youll feel the penny start to soften. Hold it over the container and gently squeeze the penny to release the zinc. Be careful with this process, as the molten metal is very hot! Youll end up with zinc in your container and a hollow copper penny in your pliers.Repeat the process with more pennies until you have as much zinc as you need. Allow the metal to cool before handling it. An alternative to using pennies is to heat galvanized nails. To do this, heat the nails until the zinc runs off of them into your container. Use a Zinc-Carbon Lantern Battery Batteries are useful sources of several chemicals, but some types contain acids or hazardous chemicals, so you shouldnt cut into a battery unless you know exactly what kind it is. To get zinc from a battery, you need: a zinc-carbon batterygloves to protect your hands from sharp edgeswire cutterspliers Extraction Basically, youre going to break open the battery and dismantle it. Start by prying the rim or top off the battery.Once the top is removed, youll see four smaller batteries inside the container that are connected to each other by wires. Cut the wires to disconnect the batteries from each other.Next, youll disassemble each battery. Inside each battery is a rod, which is made of carbon. If you want carbon, you can save this part for other projects.After the rod is removed, youll see a black powder. This is a mixture of manganese dioxide and carbon. You can discard it or place it in a labeled plastic bag to use for other science experiments. The powder will not dissolve in water, so it wont do you any good to rinse the battery. Wipe out the powder to reveal the zinc metal. You may need to cut open the battery to completely remove the powder. Zinc is stable in air, so once you have it, you can put it in any container to store it. Safety Information The chemicals in this project are not particularly hazardous, but either method of obtaining zinc should be performed by an adult. Melting pennies presents a burn hazard if youre not careful. Getting zinc from batteries involves sharp tools and edges. Otherwise, this metal is one of the safest chemicals to obtain. Pure zinc metal does not present a health hazard. If all else fails, you could always buy zinc metal online. Its available as a metal ingot or as a metal powder from sellers.