To reduce the trade imbalance, the British marketed significant quantities of Indian opium to China. Faced with a drug disaster, Qing officials pursued at any time far more aggressive steps to halt the opium trade.[57]
because the mainland liberalised its economic system, Hong Kong's delivery industry faced extreme Levels of competition from other Chinese ports. Fifty for every cent of China's trade items were being routed by Hong Kong in 1997, dropping to about 13 for every cent by 2015.[216] The territory's small taxation, frequent law method, and civil services appeal to abroad businesses wishing to ascertain a presence in Asia.
Immediately once the transfer, Hong Kong was seriously affected by various crises. The government was pressured to utilize substantial overseas-exchange reserves to keep up the Hong Kong dollar's currency peg through the 1997 Asian money crisis,[69] plus the recovery from this was muted by an H5N1 avian-flu outbreak[seventy eight] along with a housing surplus.
Originally a sparsely populated space of farming and fishing villages,[sixteen] the territory has grown to be among the list of earth's most vital money centres and professional ports.[21] it truly is the whole world's tenth-major exporter and ninth-biggest importer.[22][23] Hong Kong has a major capitalist service economic system characterised by reduced taxation and totally free trade, and its forex, the Hong Kong greenback, will be the eighth most traded forex on the planet.
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With several organic lakes and rivers, significant inhabitants density, inaccessible groundwater resources, and intensely seasonal rainfall, the territory doesn't have a reputable source of refreshing drinking water.
All travellers involving Hong Kong and China and Macau need to pass through border controls, no matter nationality.[116] Mainland Chinese citizens would not have appropriate of abode in Hong Kong and are topic to immigration controls.[117] Public finances are dealt with separately through the national federal government; taxes levied in Hong Kong never fund the central authority.[118][119]
The Joint Declaration assures The fundamental legislation for 50 decades once the transfer of sovereignty.[75] it doesn't specify how Hong Kong might be ruled after 2047, along with the central government's purpose in identifying the territory's foreseeable future technique of government is the subject of political discussion and speculation.
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it's very little arable land and few purely natural methods, importing most of its food stuff and Uncooked components. much more than 90 per cent of Hong Kong's meals is imported, like almost all its meat and rice.
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The territory is divided into 18 districts, Every represented by a district council. These advise The federal government on community problems for example general public facility provisioning, Local community programme upkeep, cultural promotion, and environmental plan.
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