Employment
60.2% work in the general services sector, 13.9% in manufacturing, 5% in real estate, 5.1% in finance and insurance, and 12.3% in other industries. Most work in managerial positions; they were either hired in Hong Kong and sent to Shanghai afterwards by Hong Kong or foreign firms, or established their own companies in Shanghai. However, the growth in their population is limited by competition from increasingly well-educated local employees, who demand much lower salaries.
With the rise in value of the renminbi, an increasing number of Hong Kong residents working in Shanghai who had previously been paid in foreign currencies such as United States dollars have begun to prefer receiving their salary in local currency instead. In order to control capital inflow, Hong Kong residents living in Shanghai, in common with residents from Macau and Taiwan, are limited to purchasing one house or apartment per Home Return Permit-holder (the so-called "one permit, one house" scheme), but the Shanghai municipal government suggested it may relax this restriction to three houses or apartments per permit-holder.
Read more about this topic: Hong Kong People In Shanghai
Famous quotes containing the word employment:
“What exercise is to the body, employment is to the mind and morals.”
—Henry David Thoreau (1817–1862)
“It is easier for a man to be thought fit for an employment that he has not, than for one he stands already possessed of, and is exercising.”
—François, Duc De La Rochefoucauld (1613–1680)
“My job as a reservationist was very routine, computerized ... I had no free will. I was just part of that stupid computer.”
—Beryl Simpson, U.S. employment counselor; former airline reservationist. As quoted in Working, book 2, by Studs Terkel (1973)