Hong Kong, officially the Hong Kong Special Administrative Region of the People's Republic of China, is a city and special administrative region of China on the eastern Pearl River Delta in South China. With 7.5 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated places in the world. Hong Kong is also a major global financial centre and one of the most developed cities in the world.
The economy of Hong Kong is a highly developed free-market economy. It is characterised by low taxation, almost free port trade and a well-established international financial market. Its currency, called the Hong Kong dollar, is legally issued by three major international commercial banks, and is pegged to the US dollar. Interest rates are determined by the individual banks in Hong Kong to ensure that they are market driven. There is no officially recognised central banking system, although the Hong Kong Monetary Authority functions as a financial regulatory authority.
Economic geography is the subfield of human geography which studies economic activity and factors affecting them. It can also be considered a subfield or method in economics. There are four branches of economic geography. There is, primary sector, Secondary sector, Tertiary sector, & Quaternary sector.
One of the major subfields of urban economics, economies of agglomeration describes, in broad terms, how urban agglomeration occurs in locations where cost savings can naturally arise. Most often discussed in terms of economic firm productivity, agglomeration effects can also explain the phenomenon where large proportions of the population are clustered in cities and major urban centres. Similar to economies of scale, the costs and benefits of agglomerating increase the larger the agglomerated urban cluster becomes. A prominent example of where agglomeration has brought together firms of a specific industry is Silicon Valley in California, USA.
Urban economics is broadly the economic study of urban areas; as such, it involves using the tools of economics to analyze urban issues such as crime, education, public transit, housing, and local government finance. More specifically, it is a branch of microeconomics that studies urban spatial structure and the location of households and firms.
The Detroit metropolitan area, often referred to as Metro Detroit, is a major metropolitan area in the U.S. State of Michigan, consisting of the city of Detroit and its surrounding area. There are varied definitions of the area, including the official statistical areas designated by the Office of Management and Budget, a federal agency of the United States. Metro Detroit is known for its automotive heritage, arts, entertainment, popular music, food, cultural diversity and sports. The area includes a variety of natural landscapes, parks, and beaches, with a recreational coastline linking the Great Lakes. Metro Detroit also has one of the largest metropolitan economies in America with seventeen Fortune 500 companies.
A global city is a city that serves as a primary node in the global economic network. The concept originates from geography and urban studies, based on the thesis that globalization has created a hierarchy of strategic geographic locations with varying degrees of influence over finance, trade, and culture worldwide. The global city represents the most complex and significant hub within the international system, characterized by links binding it to other cities that have direct, tangible effects on global socioeconomic affairs.
The 2000s in Hong Kong began a new millennium under the People's Republic of China (PRC).
A business cluster is a geographic concentration of interconnected businesses, suppliers, and associated institutions in a particular field. Clusters are considered to increase the productivity with which companies can compete, nationally and globally. Accounting is a part of the business cluster. In urban studies, the term agglomeration is used. Clusters are also important aspects of strategic management.
The Detroit–Windsor region is an international transborder agglomeration comprising the American city of Detroit, Michigan, the Canadian city of Windsor, Ontario, and the Detroit River between them. The Detroit–Windsor area acts as a critical commercial link straddling the Canada–United States border and has a total population of 5,976,595. It is North America's largest cross-border conurbation.
Spatial inequality refers to the unequal distribution of income and resources across geographical regions. Attributable to local differences in infrastructure, geographical features and economies of agglomeration, such inequality remains central to public policy discussions regarding economic inequality more broadly.
Economic restructuring is used to indicate changes in the constituent parts of an economy in a very general sense. In the western world, it is usually used to refer to the phenomenon of urban areas shifting from a manufacturing to a service sector economic base. It has profound implications for productive capacities and competitiveness of cities and regions. This transformation has affected demographics including income distribution, employment, and social hierarchy; institutional arrangements including the growth of the corporate complex, specialized producer services, capital mobility, informal economy, nonstandard work, and public outlays; as well as geographic spacing including the rise of world cities, spatial mismatch, and metropolitan growth differentials.
In China, a megalopolis is a designation by the government to promote the development of a group of cities through transportation and communication links. The Economist Intelligence Unit in 2012 identified 13 megalopolises: Chang-Zhu-Tan, Chengdu, Chongqing, Greater Beijing i.e. Jing-Jin-Ji, Greater Shanghai, Greater Xi'an, Greater Zhengzhou, Greater Guangzhou, Hefei economic circle, Shandong Peninsula, Greater Shenyang, Shenzhen and Wuhan.
Innovation economics is new and growing field of economic theory and applied and experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological, but not only, into economic use, in classical economics this is the application of customer new technology into economic use; but also it could refer to the field of innovation and experimental economics that refers the new economic science developments that may be considered innovative. In his 1942 book Capitalism, Socialism and Democracy, economist Joseph Schumpeter introduced the notion of an innovation economy. He argued that evolving institutions, entrepreneurs and technological changes were at the heart of economic growth. However, it is only in recent years that "innovation economy," grounded in Schumpeter's ideas, has become a mainstream concept".
Rapid transit or mass rapid transit (MRT), also known as heavy rail or metro, is a type of high-capacity public transport generally found in urban areas. A rapid transit system that primarily or traditionally runs below the surface may be called a subway, tube, or underground. Unlike buses or trams, rapid transit systems are railways that operate on an exclusive right-of-way, which cannot be accessed by pedestrians or other vehicles, and which is often grade-separated in tunnels or on elevated railways.
Megaregions of the United States are generally understood to be regions in the U.S. that contain two or more roughly adjacent urban metropolitan areas that, through commonality of systems—of transport, economy, resources, and ecologies—experience blurred boundaries between the urban centers, such that perceiving and acting as if they are a continuous urban area is, for the purposes of policy coordination, of practical value. The antecedent term, with which "megaregions" is synonymous, is megalopolis, which was coined in relation to the Boston through Washington, D.C., corridor in the Atlantic Northeast, by Jean Gottmann in the mid-twentieth century. America 2050, a project of the Regional Plan Association, lists 11 megaregions encompassing urban regions in the United States, Canada, and Mexico. As of December 2000, these clustered networks of American cities contained an estimated total population exceeding 280 million persons.
An entrepreneurial ecosystems or entrepreneurship ecosystems are peculiar systems of interdependent actors and relations directly or indirectly supporting the creation and growth of new ventures.
A secondary city often follows after a primate city and can be seen in the urban hierarchy. Secondary cities often have between “500,000 to 3 million inhabitants, but are frequently unknown outside of their national or regional context. Many secondary cities in the Global South are expected to undergo massive expansions in the next few decades, comparable to city growth in Europe and North America over the past two centuries.
Innovation districts are urban geographies of innovation where R&D strong institutions, companies, and other private actors develop integrated strategies and solutions to develop thriving innovation ecosystems–areas that attract entrepreneurs, startups, and business incubators. Unlike science parks, innovation districts are physically compact, leverage density and high levels of accessibility, and provide a “mash up” of activities including housing, office, and neighborhood-serving amenities. Districts signify the collapse back of innovation into cities and is increasingly used as a way to revitalize the economies of cities and their broader regions. As of 2019, there are more than 100 districts worldwide.
The Guangdong–Hong Kong–Macao Greater Bay Area also referred to as the Greater Bay Area (GBA), is a megalopolis, consisting of nine cities and two special administrative regions in South China. It is envisioned as an integrated economic area aimed at taking a leading role globally by 2035.
