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given that the mainland liberalised its overall economy, Hong Kong's transport sector confronted extreme competition from other Chinese ports. Fifty for each cent of China's trade products were routed through Hong Kong in 1997, dropping to about thirteen per cent by 2015.[216] The territory's minimal taxation, popular legislation technique, and civil support draw in abroad organizations wishing to ascertain a existence in Asia.
Immediately following the transfer, Hong Kong was seriously influenced by various crises. The federal government was pressured to utilize substantial foreign-Trade reserves to maintain the Hong Kong greenback's currency peg over the 1997 Asian economic disaster,[69] plus the Restoration from this was muted by an H5N1 avian-flu outbreak[78] in addition to a housing surplus.
at first a sparsely populated region of farming and fishing villages,[sixteen] the territory is becoming one of many globe's most vital money centres and commercial ports.[21] it really is the world's tenth-biggest exporter and ninth-biggest importer.[22][23] Hong Kong has A significant capitalist support overall economy characterised by small taxation and totally free trade, and its forex, the Hong Kong greenback, is the eighth most traded currency on the earth.
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Hong Kong is governed by a hybrid regime that's not thoroughly consultant of your populace. Legislative Council associates elected by functional constituencies made up of Skilled and Particular curiosity groups are accountable to Those people slender company electorates rather than most people. This electoral arrangement has confirmed a pro-establishment the vast majority within the legislature Considering that the transfer of sovereignty. in the same way, the Chief govt is selected by establishment politicians and corporate users with the Election Committee rather then instantly elected.
All travellers between Hong Kong and China and Macau should go through border controls, regardless of nationality.[116] Mainland Chinese citizens would not have suitable of abode in Hong Kong and are matter to immigration controls.[117] community finances are handled independently in the countrywide governing administration; taxes levied in Hong Kong usually do not fund the central authority.[118][119]
Even though the territory experienced amongst Asia's largest production economies during the latter 50 % in the colonial era, Hong Kong's economy is now dominated from the assistance sector. The sector generates 92.7 for every cent of economic output, with the general public sector accounting for around 10 for every cent.
The government maintains a plan of "mother tongue instruction"; most educational institutions use Cantonese as being the medium of instruction, with penned schooling in both equally Chinese and English.
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it's minimal arable land and handful of normal assets, importing a lot of its food items and raw elements. in excess of ninety per cent of Hong Kong's food items is imported, which include nearly all its meat and rice.
Hong Kong is actually a really created territory and ranks fourth around the UN Human advancement Index.[29] The city also has the largest variety of skyscrapers of any town on this planet,[30] and its citizens have a number of the best lifetime expectancies on the planet.
The territory is divided into 18 districts, Every represented by a district council. These recommend The federal government on community difficulties for instance public facility provisioning, Neighborhood programme servicing, cultural marketing, and environmental coverage.
The identify of the territory, very first romanised as "He-Ong-Kong" in 1780,[35] originally referred to a little inlet Found among Aberdeen Island plus the southern coast of Hong Kong Island. Aberdeen was an Preliminary position of Make contact with involving British sailors and local fishermen.[36] Even though the supply of the romanised identify is unfamiliar, it is usually thought to be an early phonetic rendering in the Cantonese pronunciation hēung góng. The identify interprets as "fragrant harbour" or "incense harbour".