To reduce the trade imbalance, the British marketed massive amounts of Indian opium to China. Faced with a drug crisis, Qing officers pursued at any time far more aggressive steps to halt the opium trade.[fifty seven]
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right away after the transfer, Hong Kong was severely impacted by numerous crises. The federal government was forced to utilize significant overseas-exchange reserves to maintain the Hong Kong greenback's currency peg in the 1997 Asian money disaster,[sixty nine] plus the recovery from this was muted by an H5N1 avian-flu outbreak[seventy eight] in addition to a housing surplus.
[33][34][37] "Fragrant" could make reference to the sweet style from the harbour's freshwater influx through the Pearl River or for the odour from incense factories lining the Coastline of northern Kowloon. The incense was saved in the vicinity of Aberdeen Harbour for export right before Victoria Harbour formulated.[37] Sir John Davis (the second colonial governor) available another origin; Davis mentioned which the name derived from "Hoong-keang" ("purple torrent"), reflecting the colour of soil more than which a waterfall to the island flowed.[38]
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All travellers involving Hong Kong and China and Macau have to go through border controls, regardless of nationality.[116] Mainland Chinese citizens don't have proper of abode in Hong Kong and are topic to immigration controls.[117] Public finances are managed individually with the national authorities; taxes levied in Hong Kong don't fund the central authority.[118][119]
The Joint Declaration assures the Basic legislation for fifty a long time following the transfer of sovereignty.[75] it doesn't specify how Hong Kong will probably be ruled just after 2047, as well as central government's role in pinpointing the territory's long term technique of presidency is the subject of political discussion and speculation.
The Hong Kong Jockey Club, the territory's major taxpayer,[288] features a monopoly on gambling and offers more than seven per cent of presidency profits.[289] Three kinds of gambling are authorized in Hong Kong: lotteries and betting on horse racing and football.[288] education and learning
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