Hong Kong is a special administrative region of the People's Republic of China. With 7.4 million residents of various nationalities in a 1,104-square-kilometre (426 sq mi) territory, Hong Kong is one of the most densely populated territories 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 that studies economic activity and factors affecting it. It can also be considered a subfield or method in economics. There are four branches of economic geography.
One of the major subfields of urban economics, economies of agglomeration, explains, in broad terms, how urban agglomeration occurs in locations where cost savings can naturally arise. This term is most often discussed in terms of economic firm productivity. However, agglomeration effects also explain some social phenomena, such as large proportions of the population being clustered in cities and major urban centers. Similar to economies of scale, the costs and benefits of agglomerating increase the larger the agglomerated urban cluster becomes. Several prominent examples of where agglomeration has brought together firms of a specific industry are: Silicon Valley and Los Angeles being hubs of technology and entertainment, respectively, in California, United States; and London, United Kingdom, being a hub of finance.
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 the urban spatial structure and the location of households and firms.
Metro Detroit is a major metropolitan area in the U.S. state of Michigan, consisting of the city of Detroit and over 200 municipalities in the surrounding area with its largest employer being Oakland County. 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.
A global city, also known as a power city, world city, alpha city, or world center, 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.
The metropolitan area surrounding and including Detroit, Michigan, is a ten-county area with a population of over 5.9 million, a workforce of 2.6 million, and about 347,000 businesses. Detroit's six-county Metropolitan Statistical Area has a population of about 4.3 million, a workforce of about 2.1 million, and a gross metropolitan product of $200.9 billion. Detroit's urban area has a population of 3.9 million. A 2005 PricewaterhouseCoopers study estimated that Detroit's urban area had a gross domestic product of $203 billion.
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.
Innovation economics is new, and growing field of economic theory and applied/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), commonly referred to as metro, is a type of high-capacity public transport that is generally built in urban areas. A grade separated rapid transit line below ground surface through a tunnel can be regionally called a subway, tube, or underground. They are sometimes grade-separated on elevated railways, in which case some are referred to as el trains - short for "elevated". Unlike buses or trams, rapid transit systems are railways, usually electric, that operate on an exclusive right-of-way, which cannot be accessed by pedestrians or other vehicles.
Yehua Dennis Wei is a Chinese-American geographer. He is a professor in the Department of Geography and a senior scholar in the Institute of Public and International Affairs at the University of Utah. His research has been funded by the NSF, Lincoln Institute of Land Policy, National Geographic Society, Ford Foundation and Natural Science Foundation of China (NSFC). He has received awards for research excellence from the NSFC, Association of American Geographers' (AAG) China, Asian and Regional Development and Planning Specialty Groups, and University of Wisconsin-Milwaukee.
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 economy of Chongqing, China, has developed rapidly since it was separated from the Sichuan and became a centrally-administered municipality in 1997. In 2019, it was the sixth-largest Chinese city economy and ranked as China's third-largest municipal economy. In China's overall layout, Chongqing is also important for connecting China's underdeveloped western region with its more advanced eastern region, as well as promoting the economy of the mid-lower reaches of Yangtze river and the central western region.
The Guangdong–Hong Kong–Macao Greater Bay Area, commonly as the Greater Bay Area (GBA), is a megalopolis, consisting of nine cities and two special administrative regions in South China. It is envisioned by Chinese government planners as an integrated economic area aimed at taking a leading role globally by 2035.
