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Hong Kong’s unemployment rate fell to 4 percent in December 2010 – its lowest level since November 2008. The rate spiked in 2009 from a low of less than 3 percent in 2008.
Hong Kong has been regarded as a place where everyone who wants a job can get one. It scores highly for labour market freedom, union density is low, and average wages are well above New Zealand levels.
The country has introduced a HK$28 (NZ$4.50) per hour minimum wage set to take effect on May 1 which economists say may restrain hiring.
But compare this rate with the $12.50 per hour minimum wage that even young workers now face in New Zealand: a far greater barrier to employment of low-skilled people and youth.