| Following the gradual recovery of domestic and international economies in the second half of 2003, the global economy staged a strong upturn in the second half of 2004, giving a shot in the arm for the business of the personal services. Affected by international energy prices and interest hikes of major industries, pace of global economic expansion started to slow down from the second half of 2004, but the domestic personal service industry continued to grow in 2005, in terms of both the number of business establishments and revenues.
Prospects for the development of personal-service businesses on the island are still moderately promising, in light of the gradual recovery of the domestic economy, the accumulation of local people's wealth, and the increasing demand of high-quality, diversified services among local consumers. Despite the ample room for further development, domestic personal-service businesses still suffer constraints from their limited scales of operations and many other management problems.
Consequently, to achieve prosperous development in the future, personal service businesses should keep an eye on trends in economic development, expand their operational scale, upgrade their management, diversify and enrich the contents and items of their services, and promote intra-industry exchanges, thereby upgrading their service level and progress in the direction of modernization. |
