Asian business and finance Essay Example | Topics and Well Written Essays - 1250 words

Asian business and finance - Essay Example Australia, as this was a big opportunity to expand the gambling and entertainment industry in Asia5. By last year, 2006, there are 23 established casinos alongside other illegal gambling dens in Macau and the number of casinos is expected to rise. Along the development of the gambling entertainment industry mimicking Las Vegas are also the opening up of theme parks. In comparison, Hong Kong in terms of size is larger than Macau and in terms of historic significance has benefited quite well under the administration of the British government who levied a low flat income tax rate over Hong Kong before the handover in 1997. Although Hong Kong is slightly struggling politically under the leadership of the People's Republic of China (PRC), nonetheless its economic background is still going strong6. Considering that there is a small population in Macau and in Hong Kong an influx of expatriates and migrants from the Chinese mainland there is a steady, albeit more of a 'second choice' among Hong Kongers to move to Macau in search of work. Recently, Hong Kong's economic boom has been moving steadily although its tourism industry hasn't yet been able to fully recover from the Asian crisis and despite increasing numbers of tourists in 1999 to the year 20007, there is an actual decline in the tourism and hospitality industry. This is attributed to the spread of the SARS virus in Hong Kong and its open reputation for bad service. In fact, with the PRC's diversification of economy Hong Kong is no longer seen as the main financial base for the country and with this in mind if Macau's tourism industry will continue to grow it will finally overcome being under the shadow of Hong Kong's prominence. As I have mentioned above,... Macau’s increased attention by the Chinese government has resulted in China trying to diversify the economy. The PRC’s extensive means as to allow Macau to be the ‘gambling’ and entertainment hub of Asia will result in the creation of many and new jobs for the Chinese population, however Hong Kong’s slump in the tourism industry will greatly reflect on the Special Administrative Region as it is one of the major income earners for Hong Kong. The SAR however has taken steps to revive the Hong Kong tourism and hospitality industry including the Disneyland project that completed in September 2005, and last year, 2006, there were a series of tourist attractions and countless advertisements to give Hong Kong another go as a tourist destination. Although this move has yet to be seen in terms of Macau’s development as an ‘adult entertainment’ hub but it could be projected that with different aims on the two SARs could well benefit Chinaâ €™s transition towards mobilization of the modern economic global market. But Macau is selling itself short to say the least, it has not exploited its cultural traits, evident from the several Portuguese monuments that line the peninsula, it hasn’t fully understood its potential as Cheng has aptly put, its cultural ‘janus’, its fusion heritage that is nearly half a millennium old. It could have used these monuments to build Macau up not only as an ‘adult entertainment’ hub but a cultural heritage hub that needs China’s protection and maintenance.