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:
“Not only our future economic soundness but the very soundness of our democratic institutions depends on the determination of our government to give employment to idle men.”
—Franklin D. Roosevelt (1882–1945)
“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)
“What most clearly characterizes true freedom and its true employment is its misemployment.”
—G.C. (Georg Christoph)