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right away following the transfer, Hong Kong was seriously affected by numerous crises. The federal government was pressured to utilize significant overseas-exchange reserves to maintain the Hong Kong dollar's forex peg in the 1997 Asian fiscal disaster,[69] and the recovery from this was muted by an H5N1 avian-flu outbreak[seventy eight] and a housing surplus.
at first a sparsely populated location of farming and fishing villages,[sixteen] the territory has grown to be among the globe's most important financial centres and professional ports.[21] it truly is the world's tenth-largest exporter and ninth-largest importer.[22][23] Hong Kong has An important capitalist support economic climate characterised by low taxation and totally free trade, and its currency, the Hong Kong dollar, is the eighth most traded currency in the world.
Hong Kong represents itself independently from mainland China, with its very own sports activities groups in Worldwide competitions.[282] The territory has participated in almost every Summer Olympics given that 1952, and has acquired three medals.
Hong Kong is governed by a hybrid regime that is not completely agent with the inhabitants. Legislative Council members elected by practical constituencies composed of Experienced and Particular fascination groups are accountable to These narrow corporate electorates and not most of the people. This electoral arrangement has confirmed a pro-establishment bulk while in the legislature Because the transfer of sovereignty. likewise, the Chief Executive is selected by establishment politicians and corporate customers on the Election Committee instead of instantly elected.
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The federal government has had a passive function in the economic climate. Colonial governments experienced minor industrial coverage, and carried out Pretty much no trade controls. Under the doctrine of "optimistic non-interventionism", article-war administrations deliberately averted the direct allocation of methods; Energetic intervention was regarded harmful to financial advancement.
The federal government maintains a policy of "mom tongue instruction"; most universities use Cantonese as the medium of instruction, with created training in equally Chinese and English.
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Western classical tunes has Traditionally experienced a powerful presence in Hong Kong, and continues to be a substantial Portion of regional musical training.[280] The publicly funded Hong Kong Philharmonic Orchestra, the territory's oldest prediksi belgia vs rusia Experienced symphony orchestra, regularly host musicians and conductors from overseas.
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The name with the territory, to start with romanised as "He-Ong-Kong" in 1780,[35] at first referred to a small inlet Found amongst Aberdeen Island as well as the southern coast of Hong Kong Island. Aberdeen was an First issue of Speak to in between British sailors and native fishermen.[36] Although the source of the romanised name is not known, it is generally believed to be an early phonetic rendering with the Cantonese pronunciation hēung góng. The title translates as "fragrant harbour" or "incense harbour".