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instantly following the transfer, Hong Kong was severely influenced by numerous crises. The federal government was compelled to utilize considerable foreign-Trade reserves to maintain the Hong Kong dollar's currency peg in the 1997 Asian money crisis,[69] along with the recovery from this was muted by an H5N1 avian-flu outbreak[seventy eight] and a housing surplus.
initially a sparsely populated space of farming and fishing villages,[16] the territory has become one of many environment's most important monetary centres and commercial ports.[21] it can be the earth's tenth-biggest exporter and ninth-premier importer.[22][23] Hong Kong has a major capitalist services financial system characterised by minimal taxation and totally free trade, and its forex, the Hong Kong dollar, will be the eighth most traded currency on this planet.
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All travellers amongst Hong Kong and China and Macau need to go through border controls, in spite of nationality.[116] Mainland Chinese citizens do not have correct of abode in Hong Kong and therefore are issue to immigration controls.[117] community finances are taken care of individually with the national govt; taxes levied in Hong Kong will not fund the central authority.[118][119]
Although the territory experienced considered one of Asia's largest producing economies in the course of the latter 50 % on the colonial period, Hong Kong's overall economy has become dominated through the service sector. The sector generates 92.7 for every cent of financial output, with the general public sector accounting for around ten per cent.
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Hong Kong is really a highly created territory and ranks fourth about the UN Human improvement Index.[29] the town also has the biggest amount of skyscrapers of any city on the earth,[30] and its residents have a lot of the greatest everyday living expectancies on earth.
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The identify of the territory, first romanised as "He-Ong-Kong" in 1780,[35] at first referred to a small inlet Positioned amongst Aberdeen Island along with the southern coast of Hong Kong Island. Aberdeen was an First position of Speak to between British sailors and native fishermen.[36] Although the supply of the romanised title is unfamiliar, it is normally believed to become an early phonetic rendering on the Cantonese pronunciation hēung góng. The name translates as "fragrant harbour" or "incense harbour".