With significant influx of immigrants being noticed over the recent years to Asian countries, the question pops up in our mind, or more appropriately in the mind of prospective immigrants that ‘Which is the best Asian immigration destination?’ Have you been able to decide on this question yet? Well, it is not something that can be decided with little time in hand, considering the fact that we have so many options to consider. To cut a lengthy process of choosing your Asian immigration destination into short, why do not cut down your choices to only two destinations!
Well, when it comes to the best of all Asian destinations, two destinations automatically comes to the mind- Singapore and Hong Kong. They are the prominent economic hubs in Asia, thanks to their geographically favored locations. The city states have been the attractions of the continent for a long time. Boasting strong historical and economic backgrounds, Singapore and Hong Kong are two of the best Asian cities in their own rights.
The strategically developed cities have been attracting people, not only from its neighboring countries, but also from the far west. There are obvious reasons for the influx that the cities are experiencing in the recent time. It’s only seasonal tourists, Singapore and Hong Kong are being considered as popular immigration destinations for entrepreneurs, business people and professionals. Before you make either of the two as you’re your immigration destination, just let us make you familiar with a few facets.
Just an overview
Having been parts of the British colonization, Singapore and Hong Kong evolved as Asian commercial centers in the nineteenth century. They served the British as free ports, only to become two prospering economies in today’s context. Continuing the legacy of British colonization until it hit the 1970s, the city states’ economies were only trade and export based. It was with the arrival of the 70s, Singapore and Hong Kong walked into service-based industry, with the sectors like finance, communications, transport and tourism. It did not take long for the cities to evolve as diversified economies.
A more common thing between Singapore and Hong Kong is that both are strategically located, making them the ideal harbor ports for trade and export. No wonder, why both economies are getting affluent contributions from foreign trade. They are some of the economies in the world whose foreign trade outdoes their Gross Domestic Product.
Singapore and Hong Kong are unarguably similar in many things- the only aspect that makes them different is the economy. These city states are committed to certain doctrines when it comes to the economic policies they boast. Even though, both the economies are export-and-trade-led, they vary in their economic performances. So, how do they differ? At the first place, despite having export-based economies, Singapore and Hong Kong adhere to different set of policies. While the government in Singapore has to play an important role in its economy, it is still committed to free trade policy. Ever since its separation from Malaysia in the year 1965, the city has relied on export-oriented industrialization, electronics and manufacturing being some of the niche sectors.
On the other hand, Hong Kong’s free trade doctrine is free from the government’s intervention. Yes, the city state’s economic system is based on the policy of ‘positive non-interventionism’. The government is fine with the large role of private sector over its economy.
Even though both Singapore and Hong Kong comply to free trade policy, the scenario in latter is more practical. There are virtually no differences made between foreign and Hong Kong’s local firms, expect some sensitive areas. The Special Administrative Region of the People’s Republic of China is known for its flexible wage structure and simplest tax structure. Reportedly, Hong Kong boasts the lowest tax rates when it comes industrial economies in the world. Having been a Special Administrative Region, the city state has independent set of legislative regulations and self regulating labor market, which are different from China.
The bottom-line is that despite having economies based on export and free-trade policy, Singapore and Hong Kong differ in certain aspects. Besides, similarities lie in various facets, including a slow pace of population growth; and then being the economies whose overall foreign trade surpasses their Gross Domestic Income, as well as drastic rise in standards of living.
Work cultures influenced by the economic policies
Different economic systems, different work cultures! That’s what we see when we compare Singapore and Hong Kong. With decades-long predominance of the government and multi national corporations, Singapore is home to more conservative and watchful investors, while Hong Kong has always housed a highly entrepreneurial culture. But, in introspection, both city states are looking for a cultural shift in their labor markets. Singapore soon may see privatization of its government firms. We will surely not be surprised if we see the Singaporean economy taking the shape of its neighboring economy (Hong Kong).
Talking about the Hong Kong’s labor market culture, we have already mentioned that private sector has been leading the way in its economy. While we may say Singapore is inspired by Hong Kong’s economic system, the latter is aspired to bring a twist into their non-interventionism policy that existed for decades. The SAR in China has some plans to allow the government to play its role, owing to the consequences the city state has been facing being an entrepreneurial capitalist economy, as well as due to some political issues!
Making a choice between Singapore and Hong Kong
Both Singapore and Hong Kong have emerged as world-class immigration destinations, and if we are to put them to comparison, anyone would undoubtedly get confused. Comparing these two cities is a difficult task, since both have a reputation of being excellent in their own rights. They are some of the favored Asian immigration destinations, for obvious reasons. Be it culturally or technologically, they are top-notch. With diverse culture and business-friendly environment, they have been attracting people from across the world, who were given the opportunity to venture into their flourishing economies.
People from Asia and Western countries alike are flocking to Singapore and Hong Kong, for these city states offer excellent employment opportunities and world-class standards of living. The dense population in both the places is a result of the growing number of immigrants who are making Singapore and Hong Kong their permanent or temporary home.
Our advice to people who are interested in immigrating to an Asian destination is to do your homework which is of comparing Singapore and Hong Kong. Both may have certain pros and cons- the choice should entirely be yours as to where you want to immigrate. No matter whichever destination you decide on, we are always there to assist you! For any assistance, contact us at [email protected]!