TITLE:
Empirical Research on the Influence of Four Major Service Industries in Hong Kong on Its Economic Growth
AUTHORS:
Haiquan Tan
KEYWORDS:
Four Pillar Industries, Economic Growth, Regression Analysis
JOURNAL NAME:
Open Journal of Social Sciences,
Vol.4 No.4,
April
26,
2016
ABSTRACT: Since service industry is the leading industry in Hong Kong; it contains four pillar industries including financial service, trade and logistics, tourism, and professional service and industrial as well as commercial support. Based on the regression analysis method, this article carried out empirical analysis on the relationship between four major service industries and economic growth in Hong Kong, by using the data of added value of four pillar industries and local total output from 1995 to 2014 in Hong Kong. The empirical results showed that financial service, trade and logistics, tourism, and professional service and industrial as well as commercial support drive economic growth positively, among which the positive effects of professional service and industrial as well as commercial support are the largest on economic growth. Meanwhile, the pairwise intersections of four supporting industries also facilitate economic growth with stable influencing index.